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American International Group (AIG) and the U.S. administration unveiled Thursday on the plan that would enable the insurer to begin paying next year on some $ 182.3 billion (134 billion euros) of state aid received since her rescue there just two years.

The agreement, reached after a meeting Wednesday between the directors of AIG and representatives of federal authorities, shows that the group is gradually reducing its dependence on public funds, although the return to normal must pass through a first time by a new increased state participation.

At the NYSE, AIG's share gained 6.5% up in the morning before reducing its earnings in the wake of the major indexes.

The plan provides for the conversion into common shares of some of the preferred securities held by the Treasury, prior to an assignment of this progressive market participation.

AIG will repay the same time received $ 20 billion under a credit facility open by the Federal Reserve Bank of New York, drawing on the proceeds from sale of assets such as its life insurance subsidiary in Asia AIA.

The Group Managing Director, Robert Benmosche, told Reuters the group was negotiating with its bank credit line of about three billion dollars intended to substitute for the ease of the Fed.

He said a sale of the aircraft leasing subsidiary, ILFC or subsidiary of United Guaranty Credit Insurance were also considered.

POLICY ISSUE

The administration of President Barack Obama is working to prove that the state manages to pull out of many expensive devices and support the financial sector implemented during the crisis, which accounted for up to 1,000 billion dollars in total .

The situation of the financial system, the state action in this area and economic conditions would weigh heavily in the midterm elections in the United States on November 2.

The TARP (Troubled Asset Relief Program) developed at the height of the financial turmoil of the fall of 2008 expires Sunday.

According to the repayment plan for AIG, the Treasury will receive approximately 1.66 billion ordinary shares representing 62 billion at Wednesday's closing price, in exchange for preferred stock valued 49.1 billion.

This transaction is expected to be completed by end March 2011, thus lead to a gain lantente over ten billion dollars, while paying the state participation to 92.1%.

AIG will also issue up to 75 million warrants to its shareholders shares of common stock at an exercise price of $ 45 per share.

The exchange of shares reserved for the Treasury will not begin until the repayment of the entire facility of the New York Fed.

This should be funded among others by the IPO to come AIA and sale of American Life Insurance Company (ALICO) to MetLife, a pledged $ 15.5 billion.

Takefuji, the first company in consumer credit in Japan, announced Tuesday a bankruptcy filing $ 5.1 billion (3.8 billion euros), due, inter alia, regulations become more stringent .

Takefuji, which were considered at risk because she did not support a major bank, said it had filed its record bankruptcy filing with a court in Tokyo, referring to repayments interest, tighter credit standards and fierce competition.

President Akira Kiyokawa and Vice President Takeru Takei, son of founder Yasuo Takei, resigned in the wake of the bankruptcy filing.

Companies consumer credit have a rough life in Japan since a decision reached in 2006 forced them to repay their customers, saying they had been too heavy hand on interest rates.

Moreover, the government recently capped the interest rate, which has compounded their woes.

The obligation to repay a portion of the interest charged to customers has led to the bankruptcy of many companies in consumer credit smaller than Takefuji.Its competitors are concerned that their customers do not demand their refunds mass for fear of not being able to get their money if they also went bankrupt.

A lawyer involved in the process of filing for bankruptcy, Takefuji exposed to some 2,000 billion yen (18 billion euros) in claims for overpaid interest from two million customers in more .

NO BIG IMPACT

Analysts, however, minimize the impact of the fall of Takefuji's financial sector."Takefuji has lifted most of its capital through bonds, held in large part by foreign investors, especially hedge funds, and its bankruptcy filing will not have any big impact on the financial system "said Junichi Shimizu, an analyst at Deutsche Securities.

Takefuji liabilities amounted 433.6 billion yen (3.8 billion euros) in late June, according to Tokyo Research, including approximately 135 billion in bonds.

The transactions in the share Takefuji, which has lost 56% since the beginning of the year, have been suspended since Monday because of an excessive volume of sell orders.

The Tokyo Stock Exchange has put the title on review for a possible strike that would be related to the bankruptcy filing.

The actions of competing Takefuji attacked.Acom, the bank Mitsubishi UFJ Financial Group holds 37% and that goes for the strongest of the four leading companies in consumer credit in the archipelago, has lost 1.3% Tuesday. The independent Aiful lost 3.3%, while Promise, including Sumitomo Mitsui Financial Group owns 20%, yielded 0.9%.

Shinsei Bank, the first Japanese financial institution foreign-owned, operates two subsidiaries of consumer credit, Aplus and Lake, who, unlike their competitors, are funded by deposits.

While approaching the banks, some companies consumer credit secured a stable source of funding, according to Takehito Yamanaka, an analyst at MF Global FXA Securities."Takefuji had no counterpart in order to make new loans while others are not in such a situation," he said.

BARELY BETTER THAN WEAR

Companies consumer credit have prospered in the 1990s, the Japanese economy while giving signs of weakness and banks begin to curb credit. They could borrow at low rates, while charging interest of up to 30%, which allowed them to absorb high default rates on unsecured loans.

The ruling of 2006 and the intervention of the state have put the kibosh."It may be that lenders need to increase their reserves and increase the depreciation of their capital as a result of higher claims," says Junichi Shimizu at Deutsche Securities.

"Aiful has a capital buffers relatively flat compared with Acom and Promise. Promise is lower but the market for Acom think SFMG could help raise funds."

Aiful has escaped bankruptcy in late 2009 by persuading creditors to defer repayment of principal on 280 billion yen in bank loans around.

Takefuji has modest beginnings after its founding in 1966 and then became the first company in consumer credit in Japan.Yasuo Takei its founder was ranked second-richest man by Forbes Japan's in 2005, with an estate valued at $ 5.6 billion.

Series of scandals and Yasuo Takei's conviction in 2004 in a case of plays of journalists led the state to pay more attention to this financial segment, which some experts practiced conditions little better than wear. Yasuo Takei died in 2006.

The offensive of the State in the consumer credit peaked in June with the cap interest at 20%, against 29.2% previously, and the establishment of the rule limiting household debt to a third of their maximum income.

The state wants EDF is about 5% to 6% share in Areva's capital at the draft strategic alliance between the two groups aimed at strengthening the French nuclear industry, said on Monday said government source told Reuters.

Following the report on the French nuclear Roussely, the Elysée has asked EDF to play a central role in this reorganization.The French players in the nuclear, disorganized and divided by tensions between the leaders of EDF and Areva had indeed suffered a setback in late 2009 leaving scathing out a huge contract in the UAE.

The rise, limited, EDF Areva is expected to integrate into the framework of a capital increase of the nuclear group, up to a maximum of 15% which would normally be implemented before the end of 2010 to finance investments necessary for its development.

"The idea is that EDF up capital of Areva in the general framework of an opening of Areva's capital to around 15%," said the government source told Reuters.

In this context, the share of the electrician in the capital of the nuclear group from 2.4% to 5-6%, says the same source, thus correcting news reports that EDF would alone 15% of Areva.

Moreover, according to the daily Le Figaro, Henri Proglio, CEO of EDF, and Anne Lauvergeon, CEO of Areva, met recently to discuss the case and gave the green light to the establishment of six groups dedicated work.

The reluctance of ALSTOM

"The starting signal was given during the first half of September with a meeting between Henry and Anne Lauvergeon Proglio.Since then, six working groups were formed with, already, many exchanges, "the newspaper said.

According to Le Figaro, the working groups focus on the "fuel cycle", the "reactor services", the "feedback on reactor projects," "expanding the range of reactors," "l The organization offers reactors to international "and" capital of Areva.

"In the entourage of the nuclear group, although no formal voice was raised against the scenario of an entry of EDF, one wonders how other customers electricians Areva may be willing to see EDF's board of administration, "says Le Figaro.

An Areva spokesman recalled however that the rise in the capital of EDF Group was a possibility considered by the report Roussely.

A part of EDF limited to 6% -7% would however welcome other investors.Sovereign wealth funds from Qatar and Kuwait, and Japan's Mitsubishi Heavy Industries were approached to participate in the round.

According to La Tribune, Patrick Kron, Alstom's chief executive, would however be opposed to an entry in its Japanese competitor Areva.

According to the same newspaper, redefining the scope of Areva could also be an opportunity to revive the idea of a French mining hub that would collect the assets of Areva in mines with those of Eramet.

EDF REVIEWED THE USA

And placed in the heart of the French industry, EDF has undertaken a strategic about its international activities, particularly in the United States.

EDF has hired investment bank Lazard to advise on the future of its U.S. operations.

EDF is in conflict with its U.S. partner Constellation Energy Group, which has until late December of a put option to the French group of two billion dollars in assets.

According to sources familiar with the matter, EDF might well opt for the sale of its stake in the nuclear division of Constellation UniStar or dissolve the partnership that the two groups were formed to develop new generation reactors in the United States.

EDF spent in 2008 an agreement to buy 49.9% of the nuclear division of Constellation for $ 4.5 billion.At that time, the American group to experience severe liquidity problems because of the financial crisis.

The title EDF closed Monday up 0.28% to 31.78 euros while the investment certificate Areva rose 0.61% to 323.10 euros.

EDF and the Elysee Palace have declined to comment on this information.

The Tokyo Stock Exchange ended down 0.99% Friday, hampered by rising tensions between Japan and China, while rumors late in the session for further surgery this month by Japanese authorities to contain the rise of the yen eased pressure on exporters groups.

The Nikkei lost 94.65 points to 9,471.67 points and the Topix broader yielded 8.11 points (-0.96%) to 838.41 points.

The reasons are increasing discord between Japan and China engaged in a diplomatic row that could have economic consequences, as regards the first two Asian powers.

The groups most exposed to China, like the glass manufacturers Asahi Glass and Nippon Sheet Glass, which use of cerium, a rare component produced by China, have lost 3% and 1.6%.

If concerns about the global economic slowdown, with the opening penalized exporting groups working with the United States and Europe, rumors late in the session of a new intervention from Tokyo to stem the yen's strength have helped alleviate the pressures on export values.

Sony Corp. and Honda Motor, which lost up to 1.7% and 2.44% in sitting, eventually ending on the respective decreases of 0.12% and 0.75%.

Asda, the British subsidiary of U.S. retailer Wal-Mart has to find a buyer for nearly a quarter of the stores he wants to redeem Netto to get the green light from regulators.

The Office of Fair Trading (OFT), the authority responsible for consumer protection, said Thursday that to mitigate its concerns about the transaction between Asda and Netto, a subsidiary of Wal-Mart was selling 47 points of sales , more than expected.

Analysts estimate that such a requirement could reduce earnings on redemption of Netto UK for 778 million pounds (914 million euros), although the profitability of this operation will depend largely on which stores will be sold and the ability 'Asda to find a buyer.

"As noted, interest in the stores is no shortage," said Justin Scarborough, analyst at RBS, in reference to development projects of virtually every major UK wholesalers.

"But that creates uncertainty," he adds.

Asda, the second UK wholesaler behind Tesco, said that the sale of 47 stores required by the authorities was at the top of its forecast range, but it was sure to find buyers and transform, as expected, the remaining Netto outlets in supermarkets Asda by the end of summer 2011.

"Although Asda and Netto offer somewhat different products to customers, our survey shows Asda is an important competitive force for Netto in a number of areas where they are both located," said Amelia Fletcher, Director of mergers at the OFT.

"The OFT is confident that, if accepted, this package will preserve competition in 47 areas in the interest of local buyers, while allowing the continued purchase of other stores."

Asda said he hoped to create about 1,000 jobs with its purchase of Netto stores.Whether they plan to close one of Netto deposits in central England, Daventry, the majority of affected employees would be reassigned in the distribution of the British group located in the vicinity.

Airlines around the world this year should reap profits well above expectations, thanks to a rebound in activity more pronounced and faster than expected initially, said Tuesday the International Air Transport Association (IATA).

IATA now expects annual profits accumulated $ 8.9 billion (6.8 billion euros) for the entire industry, a forecast for more than three times higher than the previous one, which gave 2.5 billion.

Last year, airlines have suffered losses estimated at nearly $ 10 billion.

"This is a marked improvement, much stronger than expected," said IATA Director General Giovanni Bisignani, told reporters in Singapore.

"But I would not say that the time has come for great rejoicing. Suffice it to a nice party."

IATA said in effect that the capacity increase to the many aircraft deliveries expected next year should lead to a slowdown in industry growth and increased pressure on yields and load factors of companies.

Accumulated earnings and should ease in 2011, to 5.3 billion.

"The cyclical recovery in traffic and yields has been faster than expected, reflecting a rebound from the recession and building on.However, the sustainability of this recovery is subject to growing doubts in North America and Europe, "said IATA said in a statement.

The organization added that companies from the Asia-Pacific are the main beneficiaries of the upturn in freight transport. It has revised its profit forecast for the region to 5.2 billion, three billion more than previously.

In contrast, European companies are expected to remain broadly deficit this year, even if IATA has cut its forecast losses for 2010 to 1.3 billion dollars against 2.8 billion previously estimated.

Zodiac, which reported Monday in an annual sales increase sharply in the fourth quarter, announced that its operating margin to roughly 11% for the past year and its net income would be stable.

The aerospace supplier, whose family shareholders are to forge a new pact in the form of defense against bridging proposals from Safran's sales totaling 2.15 billion euros at the end of its fiscal year 2009-2010.

This figure is down 2.5% as reported and 0.9% at constant scope and exchange rates.

But in the fourth quarter alone, sales rose 13.5% to 601.2 million euros (+7.1% on a comparable basis).

This increase illustrates, the company said, "a gradual recovery of the economy aeronautics, in a rebound in air traffic and business growth after sale".

Zodiac, which will publish its annual results on November 23, already announced that its operating margin to be approximately 11% of turnover, whereas previously it expected to only 8% return.

He said that its ratio of net debt on EBITDA is less than two and that his net result should be similar to that of 2008-2009, retired from the effects related to the sale of its navy.

For 2010-2011, he believes that the favorable trends in its markets confirm the gradual recovery of "aerospace cycle," adding that it will continue its growth strategy combining internal and external, while continuing its efforts to improve its profitability.

In the medium term, it is an organic growth target of over 40% over the next three years and an improvement of 2.5 to 3.0 points in its operating margin, based on a rate of Euro- dollar at 1.30.

The Brazilian oil giant Petrobras announced on Friday that its capital increase, already one of the largest ever launched, could reach the equivalent of 60.6 billion euros, which suggests that the transaction is in strong demand.

The over-allotment option (greenshoe) could bring 940 million additional shares instead of 564 million originally planned, the company said.

This increase could mean that investors are not concerned by the prospect of the exchange agreement "against oil shares" of $ 43 billion agreement with the government, an arrangement which, for some analysts, penalizes the private shareholders group.

"A good sign: it could mean a big buyer like a sovereign wealth fund, has expressed interest," said Marcio Macedo, manager of Humaita Investimentos in Sao Paulo.

The preferred share Petrobras, the largest group under the Treaty, yielded 0.23% to 26.30 reais in afternoon at the Stock Exchange of Sao Paulo.

Earlier this month, the group announced its intention to issue 1.59 billion new preferred shares and 2.17 billion shares (excluding green shoe option).

At Thursday's closing price, these programs represent a total of 107 billion reais (47.8 billion euros).

The issue price of new securities must be fixed on September 23, less than two weeks before the presidential election in Brazil.

The deal, which should result in increased state participation in capital Petrobras aims to finance part of investment projects of Petrobras over the next five years, representing a total budget of 172 billion euros.

Kingfisher, Europe's number one for DIY and interior design, on Thursday posted a first-half profits above expectations, supported by cost reductions and reorganization of its activities that should help mitigate the impact of climate not conducive to consumption.

The British group, which owns among other things teaches B & Q UK and Castorama and Brico Depot in France, achieved the 26 weeks to July 31 profit before tax and exceptionals of 354 million pounds sterling (425 million euros).

Financial analysts on average expected a profit of 342 million pounds.

"The immediate outlook for household consumption are fragile, particularly in the United Kingdom, where they are likely to remain difficult for some time," said Chief Executive Ian Cheshire.

"The continued growth of our profits will be handled by our well-established internal initiatives."

All UK retailers are currently facing the difficulty the United Kingdom to emerge from a long and severe recession, coupled with the prospect of budget austerity measures that could weigh on demand.

Kingfisher, which operates over 830 stores in eight countries, reported a 1.3% decline in sales on a comparable basis in July, reflecting poor performance in Britain.

But its gross margin increased 140 basis points in the UK market and 100 points in France, the group has continued to reduce costs and centralize its purchases, more and more frequently performed in low-cost countries manufacturing such as China.

Kingfisher holds its semi-annual interim dividend to 1.925 pence.

The action Kingfisher gained 3.06% to 225.6 pence in early trading while the London Stock Exchange.The stock has underperformed the index Stoxx 600 European distribution sector by 12% since the beginning of the year.

During Wednesday's closing, she valued the group of five billion pounds.

The Paris Bourse was little changed early Tuesday meeting after three consecutive weeks of increases on European markets, investors took some profits on a background of continuing uncertainty regarding economic developments.

Around 09:15, the CAC 40 advances from 0.11% to 3767.27 points after four consecutive sessions of gains.

Suez Environnement (2.33%) tops the index increases. Morgan Stanley raised its weighting council online overweight.

EADS (-1.12%) shows the largest decrease in the CAC 40.Credit Suisse initiated coverage of the title to underperformance.

London (+0.04%) and Frankfurt (0.01%) are also stable, as the pan-European Euro Stoxx 50 index (0.01%) and Eurofirst 300 (-0.03%).

The dollar, which hit a new low of 15 years against the yen remains firm against the euro. It is trading around 1.2880 per euro against 1.2870 late Monday.

The price of a barrel of U.S. light crude oil is almost stable at around 77.20 dollars.