US & World News

The U.S. crude futures were closed Friday up 60 cents at 97.88 dollars a barrel, the highest since September 2008.

On the whole week, the future has gained 11.68 dollars, up 13.5%.

CGG Veritas announced Friday a net loss for the fourth quarter due to charges related to its plan to profitability but said its operating conditions should improve gradually in 2011.

The specialist services and geophysical equipment for the oil industry also said in a statement it was this year's free cash flow positive, whereas it was negative $ 108 million in 2010.

CGG Veritas believes that the equipment market should grow by 5 to 10% by 2011 and that in services, the demand for contracting activities should increase by about 15 to 20% in volume and gradually absorb the excess capacity from the second Navy semester.

The group said its industrial investments and multi-client should be about 600 million dollars this year and the utilization of its fleet, penalized by upgrades in the first quarter, "should then improve gradually ".

CGG Veritas, which has particularly suffered in recent months the moratorium in the Gulf of Mexico after the explosion of Macondo wells operated by BP last spring, has unveiled a plan late 2010 that it must improve its profitability.

In the fourth quarter, the company recorded a net loss of $ 35 million (26 million) against a loss of $ 411 million in the fourth quarter of 2009 and its operating loss amounted to $ 11 million (9 million) cons -393 000 000 a year earlier.

GOOD PERFORMANCE OF EQUIPMENT

According to the consensus reached by Thomson Reuters I / B / E / S, analysts on average expected for the fourth quarter net loss of $ 40 million.

Before restructuring and impairment charge, operating income reached $ 120 million, however (90 million), against 55 million in the fourth quarter of 2009.

The quarterly revenue totaled $ 905 million (672 million), up 21%.

Over the whole of 2010, CGG Veritas has posted a net loss of $ 59 million (44 million), against a loss of $ 360 million in 2009.

The decline of the group results was limited by the strong performance of Sercel, its subsidiary specializing in the production of geophysical equipment, with sales and operating margin rose by 29% over one year, while activity "services" group decreased by 12% in dollars.

The backlog of CGG Veritas totaled $ 1.45 billion in early 2011. Its net debt stood at $ 1.5 billion at end-2010.

The company also announced two agreements to create joint ventures.The first, with the tanker Elnusa, focuses on 2D and 3D seismic surveys in Asia Pacific and particularly in Indonesia, while the second, with Geotech, concerning the operation of seismic vessels in Russian waters and CIS.

The action CGG Veritas closed Thursday at 23.81 euros. The title took nearly 4.5% since the beginning of the year, bringing its market capitalization of 3.5 billion euros, after surging close to 53% in 2010.

Inflation fell in France in January with the winter sales, but rising energy prices remain high and rising price remains stable at 1.8% annual rate.

The price index (CPI) fell 0.2% from one month to another in January after rising 0.5% in December.

The price index HICP, which allows a comparison at European level was down by 0.3% in January and rose 1.9% year on year.

Nineteen economists polled by Reuters expected, on average, down 0.1% on month and up 2.1% year on year.

The indicator of underlying inflation, which excludes public tariffs and products with volatile prices including food and energy, fell 0.1% on month and grew by only 0.7% on a year.

The decline in consumer prices in France excludes an upward revision of the HICP for the euro area in January in its final release Monday, say economists at Barclays Capital.

The flash estimate of inflation in the eurozone stood at 2.4% was over a year, according to data released by Eurostat on 31 January.

"A 1.8% yoy in January, rising prices in France remains at an altogether comfortable and close to the target by the European Central Bank," said Alexander Law, chief economist at the institute Xerfi.

"Given the state of the French economy, any increase in rates would be detrimental especially when the price level does not justify in any way," he adds.

The revival of inflationary pressures at the international level and within the euro area has led the ECB to get tough on prices since the beginning of the year.

CONSUMER BERNE?

"The decline in prices in January, comes largely from the prices of manufactured goods, related to winter sales," said INSEE said in a statement.

"It is tempered by soaring energy prices: rising oil prices and rising electricity prices," says the institute.

The rates of petroleum products rose by 4.8% over one month and 17% year on year, according to data published by INSEE.

"The situation is unlikely to improve anytime soon with the extreme tensions in the Middle East and the recent rise of around $ 100 barrel price," noted Alexander Law.

"The tensions in some oil producing countries continue to penalize significantly the purchasing power of households," he warns, while consumer spending remains a key engine of French growth.

The steeper decline than expected and consumer prices in January in France could also reflect a slowing of consumption.

"We do not expect inflation also low, with notable declines in transport and communications," notes Dominique Barbet, an economist at BNP Paribas.

Prices in transport and communications fell 0.6% on month and 1.7% over one year.

"The food prices are another surprise with a significant decline in fresh food prices, which contrasts with rising food commodity," said the economist.

Food prices fell 0.1% on month (+0.1% yoy) and those of fresh 1.9% (-0.4% YoY).

"The main reason may be that consumption declines and threatens to decline more. Both producers and distributors may have lowered their prices to maintain sales volumes," said Dominique Barbet.

The figures for household consumption of manufactured goods for the month of January will be released Friday.Household spending on manufactured goods had increased by 0.6% in December 2010 compared to the previous month and 1.0% on average over the whole year after +0.8% in 2009.

Diageo, world's largest producer of spirits, has sealed an agreement on Monday on the takeover of the Turkish Mey Içki group for 1.3 billion pounds (1.54 billion euros), an operation that will allow him to gain a foothold in this market high growth.

The British group, which produces among others the Johnnie Walker whiskey and Smirnoff vodka, will buy a number of spirits Turkish investment firms TPG Capital and Actera. The sale will be completed in the second half of this year.

Mey Içki dominates Turkish markets vodka and raki, the more alcohol sold in Turkey.The group also has an extensive network of distribution in the country.

Its turnover stood at 300 million pounds (355.6 million euros) in 2010 and earnings before interest and taxes (EBIT) stood at 120 million pounds.

This acquisition will be accretive by approximately 1% for Diageo in the first full year after the operation.

The British group said the agreement would speed up the growth of its international brands of spirits in Turkey through the distribution network of Mey Içki and extent of its clientele.

"Turkey is an attractive market for Diageo and developed with strong growth in gross domestic product.The acquisition of Mey Içki improves our position in the spirits market with high growth, "the CEO Paul Walsh said in a statement.

Wall Street closed higher Friday, making a third straight week of gains, and money market professionals see nothing on the horizon that could put this trend into question.

Despite low volumes and a myriad of signs that rating is ripe for a correction, the Dow and the S & P-500 are of the highest in more than 30 months.The Nasdaq Composite him at the top for over three years.

The S & P 500 is up 28% since early September and has doubled its level at the end of this week, compared to its low of March 2009, which represents the rebound 100% the fastest pace since the Great Depression .

The technical elements betray an overbought market but for weeks that the stock market defied expectations of a downturn, analysts arguing there is no shortage of investors willing to jump into the market at the slightest sign of weakness on the side for purchases on the cheap.

Strong corporate earnings and quarterly economic indicators showing an improvement in economic conditions in the U.S. have helped keep the score at the top.

Overall, investors will come to realize that staying on the bond or cash will be expensive, said Charles Lieberman (Advisers Capital Management). "In both cases, they feel it happen," he says.

However, throughout the session was no great relief, on the eve of a long weekend. The Exchange will be closed Monday for Presidents Day.

The volume of the order of 7.13 billion shares was below the estimated daily average last year of 8.47 billion shares.

China's decision, announced Friday morning, raising again the required reserve ratio of banks has increased its weighed on European markets as their American counterparts.

The Dow Jones gained 73.11 points (0.59%) to 12,391.25.The S & P-500 is 2.58 points (0.19%) to 1343.01. The Nasdaq Composite lead of 2.37 points (0.08%) to 2833.95. Over the entire week, the Dow and the S & P 500 gaining 1% and the Nasdaq Composite rose 0.9%.

As for values, Caterpillar argued the Dow gaining 2.42% to 105.86 dollars.The supplier said sales of machinery through dealers had accelerated over a period of three months to end January.

DuPont chemist, who has extended its offer until April 1 on the Danish Danisco takes 0.7% to 55.98 dollars.

Campbell Soup, which published a quarterly earnings decline and reduced its forecast for the year, however yields 3.89% to 33.58 dollars.

Brocade Communications Systems jumped 6% to 6.38 dollars, a consequence of results and goals above the consensus.

The Foreign Ministry has lifted its restrictions following the return to normal in major touristisques. Tour operators announced that they would favor the Red Sea and Nile Cruises. Ships on the Nile cruises will resume where.

The French Ministry of Foreign Affairs Thursday lifted its restrictions on travel to Egypt due to a "quasi-normalcy of the security situation in most regions," he announced on his website. "Stays in major tourist centers are no longer recommended. The Red Sea area is experiencing a normal situation, as well as the cities of Luxor and Aswan. There is no objection to it travel by air, "the ministry said in the Travel section of the site (www.diplomatie.gouv.fr).

"The road trips, especially in Middle Egypt, however, are discouraged.The North Sinai is itself the scene of recurring problems and should be avoided, "he adds." The proliferation of social movements and calls for protest on Friday, however, can have an impact on living conditions in Egypt, particularly Cairo, Alexandria and the cities that have experienced recent events (the Delta, Fayoum, Suez). It is therefore necessary to maintain an attitude of vigilance general, "says Quay.

This decision was eagerly awaited by the French tour operators have suspended all departures holiday to Egypt since January 29. Tourism accounts for 12% of Egypt's GDP. In 2010, 600,000 French people have visited the country. Germany, Switzerland and Belgium have already lifted their restrictions.The French Association of Tour Operators (Ceto) said Thursday evening that the decision allowed "to consider the imminent reopening of the destination." "They'll favor the Red Sea and cruises on the Nile," he told AFP the president of Ceto Rene-Marc Chikli. "This will be done next week, with probably from Friday, February 25 or Saturday, February 26 the establishment of rotations," he added. Tour operators "will meet Friday morning to replace the entire air and ground organization," he said Chikli, while welcoming the fact that France has lifted all of a sudden restrictions trip, while other European countries like Great Britain, were confined to some portions of the territory.

The North American division of EADS said Wednesday it has submitted a final offer for the contract for refueling tankers to the U.S. Air Force at a reduced price to try to win over Boeing.

"We submitted what we believe is a very competitive proposal," said Ralph Crosby, chairman of EADS North America during a press briefing.

Asked about the extent of this lowering of prices, he said: "Just enough to win."

The award of this contract, which is valued at approximately $ 35 billion (26 billion euros) and will focus on 179 units is expected in about a month, which should put an end to a drama that lasts for nearly ten years.

Ralph Crosby said that unless a huge flaw in the process, it did not provide EADS denies the result of the tender.

EADS said its tanker, built on the basis of its subsidiary Airbus A330, would be assembled in the company of commercial freight aircraft in a new plant in Mobile, Alabama.

According to Ralph Crosby, the group will, if successful, the new site starts after the announcement of results.

He added that EADS had commissioned a study on the number of jobs related to the tanker contract and will publish soon.In the past, the European group had said that the contract would cover at least 48,000 jobs in the United States.

The rival bid by Boeing is based on a modified version of its 767 jetliner will, if successful, meeting in Washington state and Kansas.

EU finance ministers will put the question of a possible freezing of assets of seven former officials of the Mubarak regime to the menu of a meeting Tuesday in Brussels. Switzerland, she decided on Friday to freeze with immediate effect "the assets that could detain Mr. Mubarak and his entourage

The Egyptian authorities have asked several European countries to freeze assets of former senior officials of the regime of Hosni Mubarak, but not the deposed president himself, and the issue will be addressed by the entire EU on Tuesday at a meeting Brussels.

Paris was seized by the Egyptian authorities "a request to freeze assets of former Egyptian officials," said AFP Monday the spokesman of the Ministry of Foreign Affairs, Bernard Valero."We consider this request and we will cooperate well with the Egyptian authorities," added the spokesman stating that it "does not cover former President Hosni Mubarak nor members of his family."

In London, British Foreign Minister William Hague also said to have "received a request from the Egyptian government to freeze the assets of several ancient Egyptian officials. "We will of course cooperate" with the Egyptian authorities "working with EU and international partners as we did in the case of Tunisia," added Mr Hague, referring to the gel by the EU assets of the former Tunisian President Zine El Abidine Ben Ali and his family."If there is evidence of misuse or illegal use of public funds, we will take firm and swift action," he assured the chief of British diplomacy.

At the request of Great Britain in particular, the EU finance ministers have decided to put the issue of a possible freezing of assets of seven former Egyptian officials on the menu at a meeting Tuesday that they must have in Brussels, told AFP a diplomatic source. "There are six or seven Egyptians on the list, but it does not definitively Mubarak," she said.

The EU will also discuss aid to countries on the southern shore of the Mediterranean."I asked what was mentioned together, and I know it will be tomorrow, the situation in countries such as Tunisia, Egypt in particular, to examine the financial and economic aspects is ie both investment opportunities and support, including the European Investment Bank, through the various development agencies in each of our countries, "said French Minister of Economy Christine Lagarde .

We need to "see how we can all support the democratic movement that is taking root in these countries," she added.

Germany has also announced it was approached by Egypt with a request to freeze assets. "A request for assistance from the Egyptian authorities concerning the freezing of assets of former members of the Egyptian government and parliament came to us," he told AFP a spokesman of the German Ministry of Foreign Affairs."We are reviewing this request," he added.

None of the three capitals has detailed the immediate amount of the assets concerned or the personalities involved.

The name of Hosni Mubarak, who left the presidency of Egypt on Friday after 30 years in power, was not mentioned either in London and Berlin. According to the British press, Mr. Mubarak has millions euros of assets in Britain.

Switzerland, she decided on Friday to freeze with immediate effect "the assets that could detain Mr. Mubarak and his entourage.

Social Democrat Peer Steinbrueck, a former German finance minister, said on Sunday not to be interested in the presidency of the European Central Bank, being the same opinion as the outgoing president of the Bundesbank Axel Weber.

The name of the Social Democrat Peer Steinbrueck had been proposed by Frank-Walter Steinmeier, head of the opposition in the Bundestag.

Axel Weber confirmed on Saturday in an interview with Der Spiegel magazine that he would not be candidate to replace Jean-Claude Trichet as president of the ECB.He said that a president with minority positions would have been bad for the credibility of the ECB.

Axel Weber was particularly critical of the decision last May by the ECB to buy bonds as part of a concerted plan to try to resolve the debt crisis in the euro area.

"I am not available for this position," said Peer Steinbrück, the Sueddeutsche Zeitung published Monday by stressing that he shared many views of Axel Weber.

"Therefore, I am automatically in a minority position," said Peer Steinbrück, who was finance minister until 2009.

It also indicates that in his opinion, former Ministers of Finance shall not apply to organizations such as the ECB.

The German government on Friday announced the resignation of Axel Weber, president of the Bundesbank one year before the end of his term, which ends the chances of becoming the next president of the ECB.

His withdrawal is a blow to Chancellor Angela Merkel, who wanted the presidency of the central bank of the 17 countries adopting the euro back this time to a German.

With a surprise rebound in activity in the fourth quarter, Spain limits the extent of its recession throughout the year. The unemployment rate did not exceed minus 20%. Spanish unemployed are queuing in front of a labor office in Madrid in November 2010.

The Spanish economy has recorded a slight decline in 2010 its GDP of -0.1%, better than expected by the government, with growth of 0.2% in the fourth quarter, according to preliminary figures released Friday National Institute of Statistics (INE).

The Spanish government's official forecast for 2010 was a decline of 0.3% of GDP a year. Madrid, however, had warned in recent weeks that the figure would probably be a little better than expected.

Spain is one of the three economies in the eurozone have decreased in 2010, with Ireland and Greece, according to estimates by the European Commission.

Spain had the first quarter 2010 GDP growth of 0.1% from the previous quarter. She continued to recover in the second quarter, +0.3%, but had stagnated in the third.

Spain ended 2010 with the unemployment rate the highest in the OECD, 20.33%, the highest since mid-1997. Labour Minister Valeriano Gomez had recently estimated that the country "needs to grow by 2% to create jobs."

For 2011, the government expects growth of 1.3%, optimistic figure from the expectations of the International Monetary Fund (IMF) expects +0.6%.

The Ine must publish the final figures for the growth for 2010 on February 16.