Business And Personal Finance

The French engineering group Egis was selected Monday to modernize one of the main Brazilian airports, as part of concessions for a total of 24.5 billion reais (10, 9 billion euros) granted for the 2014 World Cup and 2016 Olympics.

Conversely, the candidacy of another French group in the running, Aéroports de Paris (ADP), has not been selected, said a spokesman for ADP. ADP filed a joint bid with Schipol Airport (Amsterdam) and two Brazilian partners, she said.

Contracts, for which 11 consortia have submitted bids well above the floor set by the government, focused on the expansion and terminal management at two airports in Sao Paulo and one in Brasilia.

While Brazil is organizing two major sporting events, this upgrade should improve infrastructure and uncomfortable sources of delays.

The concessions were awarded in each case of large Brazilian companies allied to the international airport groups. 

Egis Airport Operation, a subsidiary of Egis which is 75% owned by the Deposit and Consignment Office, joined forces with the Brazilian group Triunfo Participaçoes to be awarded the expansion of the airport of Viracopos-Campinas, near Sao Paulo. The consortium will pay 3.8 billion reais (1.7 billion euros) for this contract.

For their part, Brazilian groups Invepar and OAS, in partnership with the South African ACSA, won to 16.2 billion reais (7.2 billion euros) for the concession ; modernize the airport of Guarulhos, in Sao Paulo, the most active and most lucrative of the three sites.

The new Italian Prime Minister presented his austerity plan to rescue the country from the grip of the market. Mario Monti – who is also Minister of Economy – promised to keep the accounts of Italy, while stimulating growth for the time being very sluggish. Mario Monti.

The new Prime Minister Mario Monti on Thursday presented a very ambitious program of austerity and recovery to restore "credibility" of Italy and help save the euro in a European Union through its worst crisis of the post the war. "Discipline, Growth and Equity" are the great watchwords of Mr Monti, which was the first speech programs before the Upper House of Parliament before it obtains in the late evening with confidence 281 votes support of 307. The vote of confidence of the members are expected Friday and should get on this occasion also an overwhelming majority.

China must wait for Europe proposes a plan to end the crisis of sovereign debt feasible prior to contribute, said Friday an adviser to the People's Bank of China (COPD) but stressed that Beijing should have " some controls "on the use of funds provided.

China will study with other emerging countries, namely Brazil, Russia, India and South Africa possible initiatives to help Europe overcome the crisis of sovereign debt, said Li Daokui , a member of the Monetary Policy Committee of the Chinese central bank, speaking at a conference in Beijing.

"If we make money (the Europeans), we need some controls. We can not say we give you the money you spend as you wish.It's not fair that you keep a lavish lifestyle, "said Li told reporters.

The European Union is the largest trading partner of China and Li provides a limited contraction of the Chinese trade surplus this year to 150-160 billion yuan.

"For Europe, we can not just watch what happens and do not help," he added.

Li Daokui said that the figure of $ 100 billion to buy European sovereign debt and the media have given it was only a "theoretical figure."

Li warned that the growth of China's GDP to slow to 8.5% in 2012 from 9.2% expected in 2012, adding that China should maintain its current economic policy throughout the next year.

Eviction announced by Pierre-Henri Gourgeon Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta, could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in the red and controversial management of the disaster of the Rio-Paris.

In this scenario mentioned in the press Monday, Juniac Alexander, former chief of staff Christine Lagarde, not only would the management of Air France, a decision that was already widely expected, but is positioned to take forward direction General of the entire Air France-KLM.

A spokesman for the group declined to comment, confirming only holding a board in the afternoon and the likely release of a statement later in the day.

Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, retained the presidency.

The shelving of Pierre-Henri Gourgeon reached in just over three months after its renewal in early July for a four-year term by the shareholders of the group by an overwhelming majority.

"It's a shock. It is a little surprised because Air France is not a company that used to act like that.However, it is rather good news for Pierre-Henri Gourgeon not really good news to analysts, "said one analyst who requested anonymity.

Around 24:15, the title gained 4.4% to 5.753 euros.It has fallen 62% since the beginning of the year, bringing its capitalization to only 1.7 billion euros, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and the Spanish Iberia.

Pierre-Henri Gourgeon and pay the price for its management of the company, which the French state holds 15.7% stake, which is too much debt, too slow to react and too wasteful, including labor costs well above those of its competitors.

According to press reports, Pierre-Henri Gourgeon Juniac Alexander would have required the newly created position of Chief Executive Officer of Air France as Jean-Cyril Spinetta supported the candidature of Lionel Guerin, CEO of Transavia France.

The catastrophe of the Rio-Paris flight in June 2009, the third serious accident suffered by Air France in a decade, has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and Analysts (BEA).

According to a report published Wednesday, parallel trade in cigarettes leads to a shortfall of 2.7 billion euros a year for public finances. About 50% of that traffic comes from cross-border shopping. About 30% of parallel trade in contraband cigarettes comes from the

Parallel trade in cigarettes poisons public finances. Less than a month after the plan to fight against this phenomenon announced by Valérie Pécresse, three MPs filed Wednesday in the Finance Committee of the National Assembly, a report detailed information on "the tax consequences of illicit sales of tobacco. " And the result makes you cough. Details.

A loss of 2.7 billion euros in state

The shortfall in the accounts of the state is estimated at 2.7 billion euros each year.The report states that 20% of sales of tobacco are outside the formal network, made up of 28,000 tobacconists state-controlled. The deputies focused their attention on two types of trade: sales outside formal network but legal (cross-border shopping, duty free …), and the illegal (smuggling, counterfeiting, Internet purchases, etc.).. The first 15% of total cigarette sales, the other 5%. Untaxed, these two forms of traffic respectively deprive France of nearly 2 billion euros in tax revenues for one and 800 million for the other.

The exception rolling tobacco

The report also draws attention to the more favorable taxation of rolling tobacco. This product is a substitute for cigarettes when their prices rise.The consumption of rolling tobacco is in fact the only increase (9% between 2004 and 2010) and continues to pull up the turnover of manufacturers (16.6 billion euros in 2010, + 27% since 2000).

And also the tax side, the economic consequences are "devastating" the report said. No fewer than 5,000 tobacconists have closed since 2002 in France. The border departments undergo the phenomenon of head-on, sales were down 52% in volume from 2002 to 2010. By way of explanation, the report points including "differences in prices and taxes" in Europe. In the Hexagon, cigarettes cost between 60 cents and 3.30 euros more than in all neighboring countries. And it's not over: 17 October, the prices of packages will grow by 6%. Even if it does not explain everything, the total tax applied to tobacco products is one of the main causes.In France, it is one of the most aggressive in Europe, representing over 80% of the original price.

Cross-border cigarette smuggling accounts for 50% of parallel trade

This environment encourages such cross-border purchases, depressing the French tobacconists. Such traffic is 50% of informal trade of cigarettes, according to professionals. "These purchases are legal. The French government authorizes, for now, consumers to return five packets of foreign countries. But they are expensive to the state. And we must not delude ourselves. Many do not meet the threshold legal, "says the rapporteur Thierry Lazaro, UMP deputy from the North.

To stop it, Members recommend to first "convergence of prices of tobacco with the neighboring states," including by simplifying tax, but also by setting the initial prices in consultation with the countries concerned.The report also urges governments to implement the price increases coming in a measured and steady in the Cancer Plan 2009-2013. The idea is to avoid sharp rises and irregular.

Finally, against the advice of the Government, Members reiterated the importance of maintaining the limit of purchases of cigarettes abroad in five packages. The European Commission recently sued France to the European Court of Justice to prevent the free movement of goods. It calls for the removal of the threshold of five packets. If France and sentenced, the threshold will be deleted, or it will be fined. "Tobacco is not a commodity like any other. It is harmful and addictive. We must insist and keep this limit. Regardless of the European Commission", insists the rapporteur Jean-Marie Binetruy, UMP Doubs.

Haro on smuggling and the danger of counterfeiting

Smuggling (30%) and Internet purchases (20%), a process banned in France, representing nearly all the rest of the parallel trade. Vendors buy illegal cigarettes at low cost abroad, then sell them in France, in the street or on the Internet for example. The report is also concerned about the increasing number of cigarettes made by manufacturers in countries neighboring the EU that do not meet its standards, but also end on the French market. "Smuggling is dangerous for the economy but also for health. There are many counterfeit, especially from Eastern Europe. These cigarettes often contain anything," warned Thierry Lazaro.

The report calls for the launch of an information campaign about the dangers of counterfeiting, backed by the government and tobacconists.Should then increase the traceability of packets to trace the supply chains and where cigarettes are manufactured. MEPs recommend, finally, hardening and improving the judicial arsenal, for the training of magistrates instructions and rulings, as well as the ability to give justice to disable a suspect website time to investigation.

The trial of Michael Jackson's doctor will soon bring the light of the circumstances of the death of the King of Pop. It is also an opportunity to revelations gains post-mortem of the star and use. Michael Jackson has reported nearly 400 million since his death June 25, 2009.

Two years and three months after his death, Michael Jackson continues to be talked about. The trial of the doctor opens Tuesday in Los Angeles. Conrad Murray is accused of manslaughter for having administered a powerful anesthetic June 25, 2009. But the trial is also an opportunity to shed light on the business post-mortem of Michael Jackson.

A hoard of 400 million

According to a report filed with the court a few days ago by the two executors of Michael Jackson, John Branca and John McLain, the gains of the singer since his death amounted to $ 310 million.And again, this sum is it terminated in December 2010. "Since then, commercial sales have continued to report additional income," specify the executor without giving the amount. According to Forbes, his total income would be close in fact $ 400 million, after the commercial success of his posthumous album "Michael" (3 million records) and sales of the DVD "This is it."

The singer's productions are not the only source of income. The catalog of songs owned by the company and Sony Jackson, valued at $ 1.5 billion, would yield each year between 50 and 100 million to two companies.It includes a half-million songs including 250 Beatles songs, titles of Bob Dylan, and Elvis Presley.

A fortune used to offset debts

The financial windfall of the singer in particular was used to pay the huge debts accumulated by Michael Jackson. And there were many. The Wall Street Journal has even mentioned the $ 500 million in the aftermath of his death, but this was not confirmed. He owed money to "tens of debtors," said the report simply the executors. Of the total 310 million won, "159 million was spent to pay the debts, maintenance of children and to cover funeral costs," Forbes understands.Canadian newspaper The Winnipeg Free Press said that some of the debt has been mopped but some creditors are still demanding their money.

Jackson claims his family heritage

Part of the remaining amount will soon return to the family of the singer. According to the document, John Branca and John McClain, the heirs have requested the release of $ 30 million. This amount will be divided between the mother of Michael Jackson, Katherine, and three children of the singer, Paris, Prince and Michael Joseph Junior, custody of their grandmother since the death of the artist. Another part will be allocated to charities, but the text does not mention who they are or how much will be allocated. In addition, the document states that $ 30 million will be only the beginning, other unlocks should come later.

The text adds that Katherine Jackson would sell the family home in Encino Hayvenhurst. It has not yet been estimated but it was worth $ 4.15 million in 2010. The family should take a much higher price, after making many renovations inside. The judge in the case must approve such requests on Wednesday.

Jackson brand: a bottomless pit?

The revenues of the star continue to benefit from the huge wave of nostalgia that has gripped the world after his death June 25, 2009. U.S. magazine Billboard have estimated the first anniversary of his death that the singer had reported $ 1 billion of revenue to the various cultural actors in the sale of CDs, movies, ringtones by phone, or even video games …

The effects on sales, however, should stabilize in the coming years, says Forbes.But nothing to worry about the Jackson family. According to the calculations of the magazine, the singer's earnings could be between 75 and 100 million dollars a year. Enough to leave Paris, and Prince Michael Joseph Junior freedom from want for a few years …

Manchester United football club's most successful in England, received the green light from the Singapore Stock Exchange for an IPO representing one billion dollars (722 million), told Reuters two sources familiar with the operation.

With the amount so raised, the club held by the U.S. Glazer family since 2005, wants to reduce a debt of nearly $ 500 million, the cost has weighed on its books in recent years.

Of 2009-2010, Manchester United has posted a record operating profit of 101 million pounds (115 million), but the level of net income, the loss was 84 million pounds due to the cost of debt.

By choosing a listing in Asia, the club hopes to increase the already very important, its supporters in the region.

Of the 330 million Manchester United fans worldwide, two thirds live in Asia.

By drawing a name as famous as that of Manchester United, Premier League title, the Singapore Exchange makes a killing in the race for IPOs brought to Hong Kong.

This leads, however, because the ball has become a destination for major international brands such as luxury goods group Prada and cosmetics manufacturer L'Occitane.

Preference Shares

The placing on the market including Manchester United should be made through the issuance of preference shares do not offer voting rights to the Glazer family does not lose control of the club, the sources said.

The choice of preference shares, which are attached a higher dividend than ordinary shares, has been criticized by investors as well as fans, they have always denied the presence of the Glazer family to head the club.

The Glazer, the club also own the Tampa Bay Buccaneers American football in the U.S., are accused by supporters to have high debt Manchester United in their takeover of the club, thus limiting its ability to recruit players.

Drasdo Duncan, general manager of "trust" supporters of Manchester United, told Reuters that the degree of control of a majority shareholder was likely to be a source of concern for minority investors seeking a return on acceptable investment.

Experts in corporate governance have criticized the Singapore Stock Exchange for allowing a form of IPO minimizing the influence of new shareholders.

Manchester United spent the last week to tour the major Asian institutional investors, including sovereign wealth fund Temasek in Singapore, according to sources.

The media group News Corp. and movie has awarded its CEO Rupert Murdoch and son James of large increases in wages, but James said Friday waive his bonus, highlighting the controversy the illegal wiretapping of British tabloid News of the World.

The annual premium, announced Friday, would have increased the compensation of James Murdoch to 73%. His father, aged 80, received a 47% increase, bringing its total earnings to $ 33.3 million.

James Murdoch was to receive a payment of 17.9 million, with the bonus of six million. He will receive 11.9 million.The premium for his father is 12.5 million.

Vice President Chase Carey has seen its fee increase by 16% to $ 30.2 million.

As head of international affairs, James Murdoch is under fire from the media and the public since the revelation of the scandal at New Plays of the World July 4.

That same day, two longtime directors have announced their intention to leave the board. This is Thomas Perkins, who turns 80 this year, and Kenneth Cowley, 76. Jim Breyer, 50, will seek election to the board.

James Murdoch said he would consult with the Compensation Committee "to see if any premium might be appropriate at a later date."

London Stock Exchange confirmed on Friday to discuss the purchase of the clearing house LCH.Clearnet, which is coveted by both the service provider Markit UK by rival Nasdaq OMX.

The LSE, which had been, two months ago, put his hand on the Canadian exchange operator TMX Group, said Friday that it "is currently in discussions with LCH.Clearnet to a potential transaction." He added that discussions were preliminary.

LCH.Clearnet, the majority of whose capital is owned by its customers, had said three months ago, she had been in contact about its possible sale.

The LSE said in late May that he did not discuss with LCH.Clearnet.Media evoked them Markit, a specialist in derivatives traded over-the-counter and Nasdaq OMX, in partnership with NYSE Euronext.

For its part, the Financial Times reported Friday that the LSE has submitted a bid for a majority stake in LCH.Clearnet that values ​​the company around one billion euros.

A takeover of the LSE of LCH.Clearnet would be logical in that, unlike most of its competitors, it does not own its main clearing house.

The LSE is already owner of the Italian clearing house CC & G, which it inherited when it bought Borsa Italiana in 2007.The Director General of Xavier Rolet LSE is keen to diversify its business and to increase the share of revenue under the compensation.

"LSE is not to miss the boat but it is likely he will not be part of a larger group with NYSE and Markit," said one trader in London.

The action LSE lost 1.4% to 919.5 pence in early trade while.

European shares are hesitant in early trading Wednesday, shared expectations of measures to support the U.S. economy that the Fed could announce Friday and a persistent stress associated with growth faltering and sovereign debt crisis.

Around 9:30, the CAC 40 index, after opening up a passage and then into the red, ahead of 0.31% to 3093.85 points

London fell slightly by 0.23%, Frankfurt is 0.24%, 0.71% Milan, Madrid 0.12%.

The EuroStoxx 50 is 0.09%, Eurofirst 300 lost 0.14%.

Anxiety remains on the market, related professionals, the decision of Moody's lowered by one notch the debt rating of Japan, to Aa3, having come to remind the absence of long-term solution to the crisis sovereign debt.

"The actions may give the impression of falling back on their feet, but the financial stress is always on the rise," said strategists rate of Societe Generale, who are concerned about the widening spreads on CDS and cash banks and their difficulties of long-term financing.

Those responsible for the asset allocation of Societe Generale noted in turn that hedge funds are net short positions opened on a scale comparable to those of 2008 (in a financial crisis, Ed) on the most liquid segment of market shares, that is to say about the S & P 500.

They add that the same hedge funds unwound their net short positions in U.S. government bonds.

"Fears of a recession wiped out expectations of rising bond yields as well as the recent decision by the Fed to keep rates low until at least 2013," they say.

The euro declined against the dollar and is trading around 1.44 against 1.4432 dollars late Tuesday.

Yields on government bonds French and German 10-year stay close to their historical low, respectively 2.12% and 2.78%.

Investors are waiting in the morning the Ifo index of business climate in Germany, then the durable goods orders in July in the United States.