The deposit Aldous Major South discovered early August in the North Sea is higher than expected. It could be one of the ten largest ever found in the waters of the Scandinavian country said on Tuesday the Norwegian oil company Statoil. August 8, the group had evaluated the capabilities of this new pool of 200 to 400 million barrels of oil equivalent (boe). Today, the giant of black gold confirms Aldous Major South "communicates" with the deposit Avaldsnes. Together they form a reservoir could contain between 500 million and 1.2 billion barrels of extractable oil equivalent. "Norway has not made a similar discovery of oil since the mid-1980s," says Tim Dodson, a senior official with Statoil.Further drilling will now be held to determine whether Aldous / Avaldsnes also communicates with the reservoir Aldous Major North.

This is great news for the Norwegian continental shelf. As a result of declining reserves and the absence of findings sufficient to replace the volumes extracted, the Scandinavian country's oil production has been declining since the peak in 2001 cash advance to savings account. It is now significantly lower than 2 million barrels per day (bpd), against 3 million a decade ago.

But the oil industry is the backbone of the Norwegian economy. The oil is a state monopoly, managed on a sustainable development perspective.

Boost production

In 2006, according to the Norwegian Ministry of Petroleum and Energy, the oil sector accounted for 26% of the value added of the country.The same year, Norway ranked fifth in the world ranking of Petroleum Exporting Countries and the tenth in that of oil-producing countries. This discovery is very good news for Norway, but also for farmers who had to manage the decrease in production.

The deposit Aldous Major South is owned 40% by Statoil, which shares ownership with the state-owned Norwegian Petoro (30%), another Norwegian Det norske oljeselskap (20%), and Swedish Lundin (10% ). The information was applauded by investors: Det norske oljeselskap action jumped from 21% to the opening of the Oslo Stock Exchange and that of Statoil 1.9%, while Lundin clinching 6.5 % in Stockholm.

A cold shower! Well than expected by economists, the announcement of a French no growth in the second quarter 2011 is a very bad surprise. The surge of 0.9% of GDP in the first quarter is no longer a distant memory, the stagnation of activity between March and June changed all that in full preparation of the budget in 2012. Because the government now sees its growth forecasts for 2011 and 2012 seriously undermined.

The cold snap of the second quarter mainly due to a decline of 0.7% of household consumption. "This is the highest in fifteen years and the third largest drop in consumption in fifty years," notes Laurence Boone, chief economist for Europe Bofa Merrill Lynch. The end of the scrapping weighed heavily on automobile purchases.But the damage is deeper: "Households have reduced their spending in all positions in industrial goods," notes Catherine Stephan, at BNP Paribas.

Now, with an asset growth of 1.4% since early 2011, observers doubt the capacity of France to meet its objectives over the next two years. Jennifer McKeown at Capital Economics, expects no more than 1.5% in 2011, far from the 2% of the government. BNP Paribas, it is hardly more optimistic, showing 1.7%. "To achieve a growth of 1.8% throughout the year, it takes a minium that GDP grew by 0.5% in the third and fourth quarters," said Philippe Waechter, Natixis AM. This is exactly what INSEE predicted in June, before the market crisis.But "given the surveys suggesting a slowdown in July, balances that are a priori not unique and shock the financial markets, an increase of 0.5% in the third quarter was the highest of the range, "he says.

Tax loopholes

Under these conditions, the forecast of 2.25% of GDP growth for 2012, on which the budget was to be built next year, is totally obsolete. "This year we will be online," however, assured Baroin RTL on Friday, saying that "this second quarter, disappointing that the first course, which was far ahead was anticipated."For the Minister of Economy, therefore, "it does not change the matrix on which we are working on the budget."

This position should change Aug. 24, at the meeting at the Elysee, presided over by Nicolas Sarkozy, to wedge the new budgetary decisions. At that time, many expect a downward revision of growth forecasts that will involve … an upward revision of cost savings! "We will no matter what the objective of reducing the public deficit to 5.7% of GDP in 2011 and 4.6% in 2012 to reach the 3% in 2013," insists there be tireless in the entourage the budget minister, Valérie Pécresse. The equation is simple. "A lower growth of 0.25 points in 2011 will not prevent Bercy to meet its objectives for the year. However, at current rates, the deficit is moving more towards 4% of GDP in 2013, "calculates Laurence Boone."To return to the 3% target should be achieving 20 billion in additional savings over two years."

So far, the government planned to cut 3 billion in tax loopholes. He will have to change gear. Philippe Marini, rapporteur of the budget in the Senate, calls for 6 to 10 billion in additional savings. If the final figure is not stalled, the method is refined: there will be a general plane of the tax loopholes, coupled with the removal of some of them, for the sake of "tax justice" according to Bercy. Niches affecting corporate tax for large companies are in the sights and the tax on real estate gains could be reviewed upwards. No question, however, to one year of presidential, touching the 5.5% VAT in catering. A niche that cost 3 billion each year and the economic effects, however, uncertain.

• Why raising the ceiling of the U.S. debt is it so urgent?

The race against Barack Obama committed by a deadline, a week today. Established by Congress to 14.294 billion dollars, the upper limit of U.S. debt has been reached in mid-May and, according to its own calculations, the Treasury will no longer meet its obligations vis-à-vis its creditors on Aug. 2. It will no longer pay its bills or not the officials. And two days later, on August 4, it must be replaced for 87 billion of bonds maturing.

• What would happen in the absence of agreement?

The United States currently receive the highest rating (triple A) to the three major rating agencies, allowing them to borrow at market interest rates particularly advantageous. They would automatically degraded.Standard & Poor's and Moody's warned them in July: the risk of default will result in a sanction. The interest charged by investors to lend to the United States would go up instantly. The Democrats do not hesitate to the argument.

China, the first holder of U.S. Treasuries with 1.16 trillion dollars in May, also has a strong appeal for Washington to protect its interests. "We hope the U.S. government will take concrete measures to build confidence in international financial markets," said Chinese foreign exchange administration.

Deterioration of the debt of the United States when Europe is in turmoil, subject to the constant pressure of these rating agencies, would inevitably have consequences on chain U.S. and international financial institutions, which must be able to pledge AAA-rated assets to get themselves ready. The credibility of the country abroad would be tainted, as well as the presidency of Barack Obama. All this would jeopardize U.S. economic activity – and, by implication, the world. Already, the earthquake in Japan penalizes industry, unemployment remains high and the Conference Board provides a "slow growth". A default could dramatically worsen things.

• What is blocking the negotiations?

Little relief on the side of Greece in the night from Tuesday to Wednesday, the Greek Parliament gave its confidence in the socialist government revised last week – 155 votes for and 143 against (or all members present of the Opposition). Prime Minister George Papandreou will be able to set up a new austerity plan, prerequisite to release a new loan tranche of 12 billion euros, which is vital for the country.

The Prime Minister asked the members' confidence to continue to deal with the crisis and the deficit, avoid bankruptcy and ensure the maintenance of Greece in the core of the euro "was heard.The statesman had also explained that the government is committed to "putting all his strength to overcome the crisis (…) there is a perspective, a path set, we have the support and assistance of the international community and the European Union with a loan mammoth. "

This vote was also welcomed by the President of the European Commission. José Manuel Barroso said that "the vote tonight in the Greek Parliament removes an element of uncertainty into an already very difficult. This is good news for Greece and the European Union as a whole. "

For its part, the new finance minister, Evangelos Venizelos, has committed to go beyond the requirements of the European Union and International Monetary Fund, to address his country.He said Athens' needs a parallel restructuring plan "that is consistent with the objectives set by the troika, but also to enable" better on the budget, growth and social justice. "

But before that Greece must vote before June 30, the austerity plan that provides savings of 28.4 billion and 50 billion privatization until 2015. Has yet to convince the public. In fact, the call of "outraged" Greek camp to parliament, several thousand protesters gathered outside Parliament to protest against the policies of austerity and privatization of government booed the vote of confidence from Parliament.

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Despite the crisis, the 1000 British richest people saw their wealth rise by an average of 18% over the last twelve months, reaching 452 billion euros, according to the annual ranking of The Sunday Times. With 20 billion euros, the steel magnate Lakshmi Mittal is the leader, even if he has suffered the greatest loss, 22%, due to the decrease of its shares, followed by two Russian oligarchs, Alisher Usmanov , another steel giant, and Roman Abramovich, owner of the famous football club Chelsea direct payday lenders.

In a country with 73 billionaires, against 53 last year and 75 before the crisis, Queen n 'PAGE arrives at the 257th place with an estate valued at 300 million pounds, up 3%. This circle has 108 women in total.

Avoid taking unnecessary risks. This should be the credo of investors on Wednesday at the Paris Bourse. The CAC 40, which strengthened yesterday after eight consecutive sessions progresison, thus starts the day on a drop of 0.18% to 4089.64 points.

The movement is exactly the same on other European markets. At the London Stock Exchange, the FTSE-100 index lost 0.54% to 6049.96 points in early trade. The Frankfurt Stock Exchange also opened down 0.34% to 7475.18 points.

Investors have no clear upward or from Wall Street or the Asian markets. In addition, the program of the day is very busy. In addition to a series of important industry publication, several statistics are on the agenda. In France, there will be counts of the trade balance in March and the PMI services in April.This indicator is also expected across the eurozone, as retail sales in March. United States, employment is under the spotlight. So what awaited the traditional monthly report Friday, the markets will have an overview of the U.S. labor market from Wednesday with the Challenger study on employment, which will be followed by the ADP report. Next came the ISM services and oil stocks weekly.

Oil markets precisely, prices are still trending down in morning trading. A barrel of light sweet crude for June delivery lost 76 cents to 110.29 dollars while that of Brent North Sea also June delivery yielded 69 cents to 121.76 dollars. Brokers are questioning the declining demand in the United States. On the currency markets, the euro fell slightly to 1.4813 dollar.

BNP Paribas beats consensus

Orpea

The group announced Wednesday an increase of 26.7% of its sales in the first quarter of 2011 due to high occupancy of its homes and its clinics. It confirms its target of a 2011 turnover of at least 1.210 billion for the full year (964.2 million in 2010) and "maintaining profitability remains strong."

BNP Paribas

The group reported results well above expectations for the first quarter. Net income was up 14.6% to 2.6 billion euros over the first three months of the year, revenues rose 1.3% while provisions for bad debts fell by over 30% .

Alstom

The specialist in energy infrastructure and transport on Wednesday released results 2010-2011 in sharp decline, especially because of its activities in energy, and confirmed its targets for this fiscal year cours.Sur ended March 31, Alstom recorded a net profit of 462 million euros (-62%), operating income of 1.570 billion (-12%) and a turnover of 20.923 billion (+6%).

CGG Veritas

The oil services group has widened its losses in the first quarter to 37 million. Its sales rose 5% but at 728 million euros. The group recorded a backlog at April 1, to 1.22 billion on a market that is expected to strengthen gradually.

Iliad

The company said sales rose 1.1% to 509.8 million euros in the first quarter.

Scor

The French reinsurer posted a first quarter net loss of 80 million euros, mainly due to the cost of natural disasters in the first three months of 2011.

Side publications are expected on Wednesday égalment those Nicox and Boursorama (first quarter results). M6 and Gecina unveil their turnover in the first quarter. After trading, the income of Cegedim, and Mr Bricologe SeLoger.com are expected.

Vicat

The group announced on Tuesday a jump in sales in the first quarter thanks to a rebound in its business in Europe, helped by particularly mild weather conditions.

NRJ Group

The group announced Tuesday an increase in advertising revenues in France since the beginning of the second quarter, after posting a jump in sales over the first three months this year thanks to its television division.

Hermes Jean Paul Gaultier officially leaves

Valeo

The U.S. investment fund Pardus has criticized the leadership of Valeo's not doing more to address the valuation gap between the automotive supplier and its competitors.

Hermes

The broker said Tuesday the sale of its 45% stake in Jean Paul Gaultier perfume Catalan group Puig. The sale price of securities and loan repayments will generate a book profit of EUR 30 million in 2011, said the saddler.

Europacorp will present its strategic plan while Air Liquide holds its general meeting at 15 o'clock.

Sermon of the rating agency Standard & Poor's on the U.S. national debt and lowered polls because of soaring fuel prices: If last week was hard on the economic front for President Barack Obama, one that starts this Monday should not be much brighter. Many statistical publications should confirm that the pulse of the U.S. economy beats slower the last three months.

One of the main events of the week should be the first release on Thursday, the figure of U.S. growth in the first quarter of 2011. Economists are pessimists: the average of their predictions came to a small 1.8% growth in gross domestic product (GDP) over the first three months of the year. Is small compared to the rate of progression of the end of 2010 (+3.1%).

Slowdown in consumption

Involved, "the slowdown in consumption of households" of 4% in late 2010 to 2% in early 2011, according to economists at Credit Agricole. The main engine of U.S. growth suffers from higher prices, primarily of those fuels. A gallon of gasoline has surpassed the symbolic $ 4 in recent weeks. Prolonged depression of non-residential property sector should also stopping growth.

Tuesday's publication of consumer confidence, should give a foretaste of the gloom that gnaws the Americans. Again, "the price of petrol should weigh heavily on consumer confidence which could result in penalizing the outlook for consumer spending, analysts expect the bank Nomura.

Still, "the resumption of the United States is on track," said Jean-Marc Lucas, an economist at BNP Paribas.Certainly, commodity prices will weigh on consumption, but "on the labor market, workers' incomes are starting to take off and the unemployment rate down." Goldman Sachs economists also expect that the expected slowdown in the first quarter is only temporary, due mainly to bad weather. "The situation is more difficult to read than usual (…) but we expect a recovery in the second quarter," they say.

Bernanke speech expected

The U.S. central bank, the Fed, for its part should give some details on its new economic forecast on Wednesday evening. Its chairman, Ben Bernanke, would then launch a new practice, the press conferences. For the sake of transparency and clarity, the Fed follows the lead of the European Central Bank. This latter practice this exercise since its inception.Not sure the words of Ben Bernanke be able to reassure the markets, amid debate about the effectiveness of monetary stimulus. Economists expect at best a status quo growth forecasts of the Fed.

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The specter of 2008, marked by a significant decline in fuel consumption reporting the recession in the industrialized countries, is he trying to re-emerge? The figures for the month of February – during which oil prices have been propelled to the top – will not be released until next week. But signs of a change in driver behavior are already there. These signs, especially those that are full split – or "little full," between 10 and 15 euros – evidenced by several operators. The phenomenon is not new, as noted in Total, but it now tends to intensify. There is also the increased use of carpooling.Frédéric Mazzella, president of covoiturage cash advances pay day loan.fr – the main market player, with some 960,000 members – referred to a traffic increase of 16% over the last three weeks: "Every day, between 60,000 and 80,000 people log on site, with a balanced ratio of about three passengers for a driver. "Frederic Mazzella take the example of a Paris-Lyon motorway, which currently costs about 90 euros (60 euros plus 30 euros for fuel toll): "The driver will be able to recover all variable costs, however, fixed costs, beginning with the depreciation of the vehicle, remain in her care."

Threshold effect

From our Washington correspondent

The Pentagon chose Boeing and EADS not to deliver 179 aircraft-refueling tankers. The European group had, however, in 2008, won the giant contract estimated at $ 35 billion. But Boeing was able to invalidate the win. In a politically charged climate, Boeing had argued errors committed by experts from the U.S. Air Force in the evaluation of their offer."Disappointed and puzzled," according to the terms of Executive Chairman of the European manufacturer, EADS has ten days to enter to turn the U.S. Court of Auditors, which would be a hundred days to decide.

EADS offered to assemble a plant in Alabama, specially built for this purpose, a military version derived from the Airbus A 330.

Boeing wants his side to replace its old KC-135, in operation since 1950, for derivatives of the Boeing aircraft B-767 products in its factories near Seattle. The selection of Boeing will cause a stir in Congress, especially among Republicans from Alabama. Conversely, deputies and senators, anxious to defend Boeing and employment in the United States are met.The contract is more sensitive than the needs of the Air Force is pressing and unlikely to be affected by cuts in appropriations that hit other weapons programs, including those who live Boeing.

Operating Costs

The formula used by the Pentagon to compare the operating costs of both units played a crucial role in the decision. Indeed, the tanker offered by EADS is larger than the unit proposed by Boeing. To compare the two options, experts from the Defense Department have established a mathematical formula that adjusts costs to reflect this difference free instant credit score.

The model incorporates various scenarios of conflicts and situations of refueling more or less far from U.S. bases. It also takes into account the likely increases in fuel during the operating period is 40 years.However, Boeing had long argued that the formula favored EADS. It does not reflect the actual costs of operating the Boeing tanker supposed to be lower.

The manufacturer also claims that EADS is a company illegally subsidized by European states. Moreover, Boeing submitted to the Congress that the U.S. should not rely on a foreign company for a contract as important to national security.

The Pentagon had clearly rejected these objections. On the one hand because the dispute between Boeing and Airbus to the World Trade Organization (WTO) is not resolved, Boeing accused of being eligible for public subsidies. He also believed that competition between the two manufacturers was the ideal way to get the best tanker at the best price.Only against Boeing since Northrop Grumman has renounced his alliance with EADS on this project, the EU has even seen the Pentagon grant it the status of "prime contractor", reserved for the largest U.S. companies weapon. Still, a second phase is planned. The work carried out by EADS is not lost and he could catch up on this occasion

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Great Britain and the Netherlands can expect a new massive rejection. Despite the final adoption by the Icelandic parliament of the agreement on the repayment plan of nearly four billion euros lost in the bankruptcy of Icesave, the Icelandic President Olafur Ragnar Grimsson on Sunday called for a new referendum. The President of Iceland has essentially honorary missions, but has the power to decide to call a referendum … procedure that had already been initiated after the vote by MPs of the previous agreement in early 2010. Icelanders had then decided against, to more than 93%.

"The citizens of Iceland will be asked to vote on a new agreement on Icesave with British and Dutch governments," said Olafur Grimsson who had delighted in March of massive rejection of the previous plan in which he opposed.

Better deal

The new text adopted by the Icelandic parliament last Wednesday, however, is more favorable to Iceland than last year. It provides that Iceland plunged into crisis by the collapse of its banks in late 2008, will spread its payments between July 2016 and 2046, at an interest rate of 3% to EUR 1.3 billion due The Hague and 3.3% for the remainder due in London. Last year, the agreement provided for repayment between 2016 and 2024 only, at an interest rate of 5.5%.

Great Britain and the Netherlands and wanted to show their goodwill in seeking a solution. In a recent survey, the text was approved by 57% of Icelanders.

The Icelandic Prime Minister Johanna Sigurdardottir said she was very "disappointed" by the president's call. "It's disappointing.We anticipated that the president would sign the agreement on Icesave, "she said. "The agreement was approved by a majority in Parliament and this is not common that a president is opposed to an agreement adopted such a majority," she said, adding that there was "little chance that Great Britain and the Netherlands are willing to renegotiate the agreement. " On 10 January 2011, the International Monetary Fund announced it had finally released the fifth installment of its loan to Iceland for a $ 160 million. Disbursement of funds was previously blocked by Icesave.

No date was given for the poll, which according to Prime Minister, should take place "as soon as possible.Maybe in a month. "

(With AFP)

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