Eurotunnel should be firm offer on Friday-Veolia CEO

The operator of the Channel Tunnel Eurotunnel Group (GET.FR) is expected Friday in the day a firm offer on the activities of Veolia Cargo France, said its chairman and CEO Jacques Gounon at A conference call Friday morning.
Selon un porte-parole du groupe, J.Gounon n’a pas souhaité s’exprimer sur le montant proposé par Eurotunnel pour la reprise de ces actifs, et a souligné que l’acquisition répondait à la volonté de l’opérateur du tunnel sous Channel to develop the rail freight market, as it considers the potential.
Veolia Cargo is a subsidiary of Veolia Environment (VIE.FR)
This development will be gradual, however, stressed the CEO, which justifies the decision to make a joint bid with SNCF, candidate for the resumption of German subsidiaries, Dutch and Italian Veolia Cargo.
“This transaction is the first external growth operation carried out by Eurotunnel, made possible by the financial restructuring in 2007,” says the group in a statement.
J. Gounon said that any acquisition would be financed by equity. At the end of the first half, Eurotunnel had a cash reserve of 257 million euros.
The operator of the Channel Tunnel has shown a net loss of 8 million euros in the first half of 2009, compared with net income of 22 million euros a year earlier, due to the fire that struck the tunnel in September 2008 and which has particularly affected the truck traffic. Thus, heavy vehicle traffic fell by 53% over the first six months of the year, Eurotunnel believes that it should not return to full capacity on this segment before the end of the year, “said J. Gounon during the conference call.
The number of cars transported navetttes in Eurotunnel fell by 18% in the first half, while the number of Eurostar passengers fell 6%. The group states that the rate of decline on these two segments slowed in the second quarter compared to the first.
Accordingly, the turnover of the first semester enrolled in sharp decline of 28% at constant exchange rates over the same period last year to 266 million euros.
Eurotunnel said to have received 141 million euros of its insurers since the September 2008 fire. A deposit of 36 million was recorded in the first half of the amount of insurance indemnities paid in the period in respect of operating losses.

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Road haulage: The renewal of old vehicles is down

The General Federation of Transport on roads and ports rises niche by attracting the attention of the Government on the need to make a progress report to correct the failures of the program of renewal of the fleet of road transport of goods to be down .

The MTR is disappointing. This award is without appeal Abderrahim Channaoui, Secretary General of the General Federation of transport on roads and ports that some 1,500 beneficiaries over 16,000 more old vehicles older than 15 years in the national park, is a figure very modest.
A. Chennaoui, expressing concern about the turn taken by the program, said that the Ministry should make the evaluation of the implementation of the program, together with partners of this operation, including the National Federation of Road Transport and the General Federation of transport on roads and ports. The ministry has decided to forge ahead through the involvement of new organizations to give the impression that the program is running, says our interlocutor.
To the point, the General Federation of Transport on roads and ports has released a statement criticizing the government’s initiative in referring to the meeting the Minister for Infrastructure, Karim Ghalab with the National Federation of Democratic truck drivers and the National Federation of Democratic owners of goods vehicles in Moroccan ports, stressing that with this initiative, the social and economic process opened since 13 March 2007 in the framework of social dialogue with government which is a step backwards.
In these circumstances, the General Federation of Transport on roads and harbors doubts about the usefulness of such a dialogue.
It should be remembered that the renewal of the fleet of road transport of goods launched on 15 June 2008 is part of integrated strategic plan for emergency and road safety concerns carriers wishing to renew their old vehicles aged 15 years and older.
This agreement was signed between the National Federation of Road Transport, Riad Motors Holding, the People’s Bank, the insurance company and RMA-Watania the General Confederation of Enterprises of Morocco.
Under this agreement, carriers eligible to purchase a new vehicle may receive a government requirement to provide the state of the old vehicle for its demolition.
The proposed premium carriers ranges between 90,000 and 130,000 according to DH the tonnage of the vehicle. This grant could reach a ceiling of DH 260,000 for the class of carriers wishing to acquire a truck with trailer.
It should finally be recalled that the transport sector accounts for 6% of Gross Domestic Product, employs 10% of the workforce in urban areas and accounts for 15% of tax revenue.

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Review of mid-season crops strained

The stage was set for a summer crop, but the black cloud that wanders over from the Quebec Saint-Jean-Baptiste is now spoil the party. Strawberries, hay, corn, slow fields, suffer, yellow.

To read the bulletin in mid-season the Financière agricole du Québec (FADQ), which describes the condition of crops until 6 July, one could almost believe that all is well in the sun.

Indeed, the gel has done little damage during the winter, except in some fields of legumes and some strawberry. The harvest of maple syrup was “above average, both in quantity and quality.” Even seedlings were completed one week in advance, except in Abitibi-Témiscamingue, where they were all delayed. The earth has been satisfactory, although the cool temperatures in mid-May to mid-June have slowed growth.

Pressed farmers, who have benefited from good weather to run the first cutting of hay before the Saint-Jean-Baptiste, were also rewarded. The volumes were not stunning, but the quality, often exceeding the average.

It was after the festivities that it was spoiled. The rain has put the party and the crops watered almost daily basis almost anywhere in Quebec. Strawberries, the first treats of the summer, had a complexion Palot or simply rot on the plants. For fodder and maize, the effect of this excess water is devastating. At the point where some farmers in the Gaspé and the North have not even released their mower!

“What is special this year is the variability of returns. Some growers have not begun their hay, while others have done. Ultimately, it gives an average year, “says Bruno Bélanger, director of FADQ for Bas-Saint-Laurent and Gaspésie.

Michel Noreau, producer of sweet corn in Neuville, did not think “the worst season of his life,” recorded last year, could repeat itself so quickly. Normally, it should raise spikes from a good week, but he did not expect to be able to proceed for several days yet. “Everything is ready: employees, harvesters, trucks, warehouses. It looks … “sighed he.

Tomatoes want the sun

As for vegetables, the situation is less worrisome. Certainly, growth retardation, ranging from one to three weeks is found in several regions, including around Quebec, but at least the plants do not rot in the fields. Root vegetables, especially, are well on, while the tomatoes, peppers, cucumbers and squash desperate call from heat and sun.

Organic farmers, who deliver baskets every week to their families’ partners’ are able to honor their commitments, provides Équiterre. Only the diversity is affected. “I have a small hole in vegetables this week. I will compensate for other weeks or add a basket at the end of the season, “says Sylvie Deschênes Tuesday, the firm sand, Pintendre.

For the rest, raspberries are on the borderline of what they can endure with regard to moisture, but suggest that blueberries yields above average. For apples, it is impossible to draw a general picture. Orchards in the Montérégie and Lanaudière, major producing areas have suffered from strong winds, late frosts and storms accompanied by hail, but the greater region of Quebec is doing quite well.

In general, it is too early to talk about a bad year for farmers. “All our seasons are upside down. There are things that will take time to replace. We work with life, and sometimes on a big surprise if September is very merciful, “philosopher Claude Girard, director of FADQ in Chaudière-Appalaches, a region particularly affected by the vagaries of weather for two years.

1742 Notice of damage

The experts from the Financial, which administers the crop insurance program, also concluded in their review that “it is a good start to the season.” Exactly 1742 notices of damage were enrolled as of July 6, 1993 against 2008 and an average of 1901 for the last five years.

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Insured vehicles exceeding expectations

The insurance company Qualitas Mexico presented its financial results for the second quarter of 2009, stressing that despite the adverse economic fundamentals remained strong.

At June 30 last, reported that the insured vehicles reached 901 million 412 thousand, to grow 1.3 percent, which was driven by an increase of five percent in the segment of cars and trucks, higher premiums, while the motorcycle found a 76.3 percent drop.

In its quarterly report sent to the Bolsa Mexicana de Valores (BMV), said that her cousin Qualitas issued decreased 15.1 percent, in line with their estimates and below the 38.5 percent drop in sales of new cars during the quarter.

Sales of the traditional line of business increased 8.2 percent during the quarter.

Besides, the premiums written fell 5.1 percent as a result of the fall in sales over the past 12 months, especially in multi policies. The loss ratio was 72.6 percent, ie 49 per cent less than the figure for the second quarter of 2008.

The cost of claims has benefited mainly from the decrease in cost of cranes and larger recoveries of their reinsurers.

The firm said in its report that continues to invest mainly in short-term government paper and less in equities, private debt has also become well-qualified and solid guarantees.

The premium reached 921 thousand million pesos, 15.1% less than the same period of 2008, as a result of the decrease in sales of financial institutions and the segment of road, 35.8% and 20.6% respectively.

The insurer AXA Mexico celebrated its first year of operations in the country, during which time have achieved up to ten percent of premiums subscribed in the industry.

In a communique said that at the beginning of AXA is positioned as the leader in the operation of non-life insurance and had a significant growth in the segment of life.

During its first year of presence paid over 15 million pesos to its policyholders in the classes of claims for health, auto, life and damage, thus demonstrating its commitment to its customers.

AXA entered the country after the purchase of business insurance and bonds to ING 500 thousand million dollars. From June 2008 to date had a total premium volume of 25.6 billion pesos, as well as growth of 8.7 percent in the year.
The premium declined 15.1%, in line with its estimates