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The articles below ar a translation from Spanish into English of articles received from
For original Spanish version of these interested themes, visit : http://www.gurusblog.com
Fernando Guzmán Cavero
Posted: February 12, 2010 09:25 AM PST
The French tire manufacturer, Michelin, Announced Friday that its 2009 net profit fell further than expected, due mainly to the decline in tire sales and high costs of internal restructuring which is leading to field the crisis.
Moreover, from its headquarters in Paris, are not safe mut orientation will take, financially speaking, the company in 2010.
If we get into flour and, as we read in all the international medias, net profit fell 71% to 104 million euros (from 357 million euros the previous year), well below the estimate of analysts estimated at 125 million euros.
As to his billing fell almost 10% from the 16,500 million euros, to 14,800 million euros. This fall, 9.8% exactly and, as the company said was largely due to falling by over 15% of the direct sale of tires.
Operating profit fell to 862 million in 2009 from 920 million euros in 2008, Reflecting the cost of some capacity idle production hours. Net debt at the time, fell to 3,050 million euros, improved leverage of the company was 55%, a record for the company.
Llos results were worse than expected because committed 412 million euros in restructuring costs during 2009, but its fixed costs benefited from this measure with a reduction of 7.1% or measured workers: they stopped a total of 109,200 employees in 2009.
As for other major revenue sources as sales of Michelin car and light truck tires fell, but the profit margin for this segment improved by making extra income from 4% to plan. This was due to strong pricing power of Michelin in the market, a rebound in sales volume and lower raw material costs.
They are very curious about poor performance, Caused a greater way by high restructuring costs and poor internal business case for your main selling: the tires. In my opinion, and after reading the figures quietly, we might say that by 2010 it should not take many trouble.
Internal restructuring will be completed by midyear, cutting costs as compared with those of 2009 for that reason that the idle work hours in their complex, they would be productive (which is in restructuring plan) and also the power of their corporate muscle should focus on improving those margins thanks to its strong pricing powerCould improve further.
Posted: February 12, 2010 07:18 AM PST
The cost of debt insurance Dubai are rising out of control Friday, especially credit for five years, figures above 600 points for the first time since the crisis of the past famous November 2009. Your CDS trading has reached peaks of 627 points basic medium today, a rise of 43 basis points from yesterday's close Thursday.
This seems a priori that it means nothing, makes cost more than $ 600,000 securing $ 10 million sovereign risk Dubai for a period of five years. The CDS of Dubai have been rising since late January and have risen over 130 basis points during the month of February.
World markets and were shocked last November when asked creditors Dubai a deferral of billions of dollars in debt that had circulated for several subsidiaries of the conglomerate state: Dubai World.
According to one of the most recognizable in the world on the CDS, Elisabeth Grui, emerging debt strategist at BNP Paribas said a moment ago about the Reuters news agency:
Clear that while Dubai is concerned, as well as other world economies. Furthermore, the postponement of several corporate bond issues This week was already affecting confidence in Dubai, considered as a few weeks also vulnerable in the fall of global confidence.
Posted: February 12, 2010 04:13 AM PST
Today let's play a game very funny: The rise of the Euribor.
The current situation of continuing down the Euribor up limits very close to 1.2%, in my opinion, is about to break, collapse, terminate or as we like to describe it so enjoyable. The European Central Bank already gave us a renewed joy a few days ago the situation of interest rates to 1%Is ready and knows he can not retain that position for much longer.
Interest rates are currently playing bear market and expansionary liquidity to flow, to ensure that GDP is not entered and that financial institutions begin to recover the cash they had lost, well maybe the latter is what are doing them on their own accord when they should do is translate that level of liquidity to traders: each of us.
Now, as I said, let's play the reverse game. Think possibly within a few months the European Central Bank will make the decision, so that the large European economies are rising not falling in super inflation, increasing the interest rates in the Euro Zone (my personal bet is a blow to rise 2%). This will be good for those economies could be very bad for us, the Spanish foot.
Imagine the current situation, or worse of a few months if it begins to produce a rise in interest rates, which would cut even more liquidity, the giving of private credit and if above this, our game, started in place to Euribor rates as sympathetic as 3% or 3.5%.
A good safe family's ailing economy of our country would become even worse. If there are more than 2 families in our country with no income or fail to make ends meet, imagine what would happen if, in a worse economic situation, raise prices and produce an increase in mortgage repayment installments. Of course this game is becoming a shit, right?.
In my opinion, do not dismiss this game start later this year, I just hope that by then our politicians have put some batteries and trying to have at least put some order in our national economic chaos.
Posted: February 12, 2010 02:00 AM PST
Inmobiliaria Colonial has approved the plan to restructure the debt of the company. The most curious thing is that on the news the stock rose more than 9%. To me, a totally unjustified upward movement, which except for speculative or pure ignorance have no rational explanation.
Than Colonial not enter into composition, I think it is a point made clear at this point in the film, the banks are not interested in a bankruptcy of the company, which does not mean you are faced with a process of orderly liquidation where shareholders may not receive a penny.
Characteristics of the Debt Restructuring of Inmobiliaria ColonialThe Board of Directors approved a restructuring of the debt tranche of 4,900 million euros from 6,400 million of total net debt (I think it has yet to receive the compliance of all financial institutions so carefully, with the following characteristics and in three installments
1) Banks led by La Caixa and Popular capitalized through the issuance of new shares, loans € 1.700Mn (attention because it seems that the issue price shall not exceed the nominal, which is 0.12 euros)
2) Loans € 2.200Mn be linked to the rental activity and property, which is the jewel in the crown of the real estate group 53% of SFL.
3) € 980Mn debt will be linked to activity and residential land (a kind of company "bad")
In summary, purchase shares of Colonial above its nominal value (0.12 €)At the moment, is absurd.
Shareholders with shares of Colonial, will be diluted after the enlargements which azucarillos, if not totally disintegrated, and the best, if the company can survive, will devote the cash flow you can get in the next 20 years repay debt from banks. A totally disappointing outlook.
Already indicated a few months ago when one of the main creditors, and also one like Goldman Sachs, decide to sell their debt at a discount Colonial above 40%, We can expect little is left of the shareholders.
Posted: February 12, 2010 12:03 a.m. PT
New Jersey is now one of the richest states of the United States. Having been in one of the world's largest university, Princeton, and the proximity to large urban centers like New York or Philadelphia, make it a financially stable and always been a great progression upward.
What we know is not the bad situation running the public purse of this state who think it is a situation far more serious than, presumably normal, in times of crisis.
The Governor of New Jersey, Chris Christie, Said Thursday the state of "fiscal emergency" is politically similar to the famous "state of siege" military. What this does is: let stay or freeze state spending as part of its plan to address a major gap in 2011 between states USA.
The current budget deficit, which ends June 30, is 2,200 billion, but the gap was enlarged in the next revision Budget (in January) to 11,000 million, a real craze, from a forecast, in the worst possible cases, from 8,000 million (in November).
Ultimately what it shows is a clear deficit and, therefore, Chris Christie has found that the best you can do to freeze public spending instead of raising taxes. We'll see how this situation continues, but to date delve into the idea: New Jersey, with the latter data from a deficit of 11,000 million (8,000 million), is the state with the largest per capita deficit of all USA.
Posted: February 11, 2010 11:04 PM PST
We started the day with a vignette of the most curious, is it true that it seems that the Spanish eocnomía is / is better than every one of us can verify empirically every day?. The ironic tone of the cartoon shows clearly how most of us do not understand how it finished those who speak say that all is well and those who actually have to live never stop suffering.
The vignette reads as follows:
I do not understand how the economy might be a better Spanish and the Spanish did not improve nor hair.
Economists, "Economists are perhaps a superior race can understand" these things "?
Vignette | Mingote