Jenoptik restructured debt with government help to

The Optoelektronikkonzern Jenoptik has restructured its debt with state aid and thus saved the medium-term financing. A funding package of nearly £ 90 million had been completed, making the funding framework was secured to partially until 2012 or 2014, Nasdaq informed the Jena group on Thursday. For part of the financing package Jenoptik received a federal-state guarantee of 44 million euros. As early as mid-August, had requested the Jena TecDAX group of state guarantee. This should help to shift the financing and to convert short-term loans into medium-to long-term loans. It has become more difficult to carry out the refinancing of banks alone, it was said by the company At about the reasons for the desire for state assistance. The financial liabilities of Jenoptik had hitherto been largely short-term nature: At mid-year was the indebtedness of Jenoptik at just under EUR 190 million, of which approximately EUR 93 million short-term liabilities were. The Group has successfully converted the maturity in the wake of the financing package, said Jenoptik now. Medium-and long-term debt now accounted for about 80% of its debt, thereby Jenoptik reached the 2009 target. Jenoptik estimated the long-term debt to more than 150 million euros. Only £ 35 million would continue to refinance the short term. For short-term liquidity fluctuations Jenoptik can draw on unused credit lines of around 50 million euros. Chief Financial Officer Frank Einhellinger said: "With this investment package we have been able to adjust the financial structure of our business model, which includes in particular long-term contracts in the defense and security technology and the aerospace industry." "With the now long-term and financing as well as the cost-cutting measures, we have secured the competitiveness of Jenoptik for the coming years," said CEO Michael Mertin, Jenoptik. The business of Optoelektronikkonzerns clears up, however: In the next few quarters was a first slight recovery in optical systems for the semiconductor industry to be expected, it said. With a short return to the level of 2007 or beginning of 2008, the Company does not expect. Due to the successful saving Jenoptik expected in the coming financial year, a consolidated operating profit (EBIT) in the double-digit million euro range. 2008, the EBIT at EUR 37 million had been good. For 2009, the technology group expects sales conditions and impeded due to the high levels of competition due to the economic crisis, with significant declines in sales and earnings. Revenue is expected to lie at the end of December from 460 million to 500 million EUR, after nearly 550 million in 2008. Operational and adjusted for special effects, thanks to the stable segment will Jenoptik Defense & Civil Systems Leave operationally in the black. To cushion the impact of economic crisis, Jenoptik had been scheduled several months ago, the red pencil. In the long term the costs should fall by more than 10 million euros. In mid-September exacerbated the chosen austerity then, Jenoptik said that further staff reductions were necessary. The aim is - inter alia through compulsory redundancies - a skeleton staff of just over 3,000 employees. The company had at the end of December 2008 approximately 3,400 employees. The stock market forecast for 2010 was positively received. "The initiated cost-cutting measures seem to bear fruit," said market participants. A restructuring of the debt had been expected, however, and therefore, not surprising. At midday, the stock traded with a gain of almost 1.6% for 3,87 EUR, before the statement of the shares had been as high as 3,73 EUR...

Societe Generale wants to pay off debts to the state

The BNP Paribas will also increase the French Societe Generale bank capital repaid to State aids. The capital will increase by 4.8 billion euros, Société Générale in Paris. Tuesday, 6 October 2009 / 16:32 For the 3.4 billion euro capital of the state aid would be eliminated and included funds for acquisitions. A new share will cost 36 euros, a discount of nearly 27 percent to the closing price of Monday evening. For nine existing shares would be offered two new papers. The subscription period runs from 9 to 20 October. The French bank Societe Generale wants to pay back state aid. / Last week, BNP Paribas had already launched a capital increase of 4.3 billion euros in order to redeem itself from the state. The market leader had received 5.1 billion euros from the state. How the Societe Generale, BNP Paribas had to commit to supplying the industry with loans to pay for 2008, no bonuses to managers and to amend the remuneration of the stock traders. Overall, the state had reached the banks with more than 20 billion euros under the arms.

Greece selects in the shadow of high debt

A week after the German elections to choose the Greeks today its new parliament. And the problems are daunting: The coffers are empty and the debt high. "With at least 260 until 280 billion euros in debt, we Greeks are" appreciated financial experts. In Greece, where the Herod Atticus Theater, under the Acropolis in Athens, is chosen. Photo: Orestis Panagiotou / dpa In Greece, where the Herod Atticus Theater, under the Acropolis in Athens, is chosen. Photo: Orestis Panagiotou / dpa 00 Photo gallery Images on For each of the approximately eleven million inhabitants of 25 000 euro means debt. Thus have the Prime Minister Kostas Karamanlis and his conservative challenger, socialist Giorgos Papandreou is no room for big promises. A cumbersome bureaucratic state apparatus and everywhere-present cronyism curb any attempt to reform and enlarge the daily deficits. The largest pension fund IKA, the country with more than 1.3 million pensioners need till November, around 530 million euros to pay the pensions of the last two months of the year. "We are still ahead two difficult years," said Karamanlis (53). He will "fix responsibility" all the mistakes of the past years. And he promises a half years after his first election victory in March 2004 to combat nepotism. "Now I have more experience," Karamanlis said during an interview with public television. His political opponents he accuses only making "empty promises" to. Opposition leader Papandreou (counters 57): The country needs a new vision and transparency everywhere. Greece wants to lead it with state investment from the economic crisis and the large capital and taxing the rich more. "There is not a pleasant or unpleasant taxes. There's only fair tax, "Papandreou said again and again called on the electorate:" Give me the chance to prove that I can lead the country out of crisis. " Polls indicate a clear victory of the Panhellenic Socialist Movement (Pasok) by Papandreou. For Karamanlis and his conservative party New Democracy (ND) have implemented some of its earlier announcements. Karamanlis wanted to renew the state from the ground up, root out corruption and nepotism. It won the elections in 2004 and 2007. Meanwhile, Greece slipped on the list of countries with the highest corruption at the rearmost seats, together with African and Central Asian states. A Labor of the Karamanlis government employed illegal immigrants without reporting it. One of the closest aides of Karamanlis was convicted because he had tried to save one of his core constituencies a process for participation in a drug deal. Under pressure from these and other scandals and the bad poll numbers in early September Karamanlis was forced to announce early elections. Economic experts are certain that the Greeks need to save. "We will have to close the belt buckle," says the expert Nikolaos Wroussis. EU member country that is threatening punitive measures from Brussels because Athens) with an estimated seven percent deficit as a proportion of gross domestic product (GDP massively violated the Stability Pact. "The (in Brussels) will make us easily under surveillance. Then the economy will practically controlled from Brussels, "continued Wroussis. The campaign against Papandreou, Karamanlis is a remake of the classic Greek Political duel. The feud between the two families for power going on for almost 50 years. Already in 1961 stood Konstantinos Karamanlis, the uncle of the current prime minister, George Papandreou, the grandfather of the current Socialist leader, and in practice, alternately ruled against Greece. Karamanlis, the uncle again ruled Greece from 1974 to 1981, Andreas Papandreou's father from 1981 to 1989 and again between 1993 and 1996. For the 300 seats in parliament to apply and the Communist Party of Greece (KKE), the ultra-Orthodox movement as a whole VB (LAOS) and the alliance of the Radical Left (SYRIZA). The Greek Greens have to tremble because of the three-percent hurdle for representation in parliament. Despite the precarious situation for the Conservatives, it is not clear whether the Socialists get the necessary majority of 151 seats in parliament. And here in Greece coalition governments with the political parties are very unpopular, the country could face a long period of political uncertainty.

Mietingen must make new debts

Meta council unanimously of the supplementary budget for 2009 has decided. The 2008 financial statements was approved by all Council members. The town ended the year 2008 with a Abmangel of 153 000 euros. The economic crisis has made the planners at City Hall Mietingen a huge upset by the bill. Mayor Buck and treasurer Stooß admitted on Monday for the first time must submit a supplementary budget during their terms. "Serious differences," said Martin Stooß would force them to. These are attributed partly to tax shortfalls. So would lead the administration Meta compelled to correct the revenue from the business tax by 175 to 000 below. When income tax is expected to land 122 000 Euros less than budgeted in the municipal coffers. The loss cause by the administrative budget of less money left over to flow into investments. The feeding rate reduced by 321 000 euros. It has almost halved. Not only the taxes not gush so lush. The expected subsidy from the Ausgleichsstock, the school construction grant program and other subsidies have failed rarer than hoped. The hope is that still flow from the Euro 239 000 school construction funding program if the school enters into cooperation with Meta Schwendi. For these reasons Mietingen sees itself compelled to press on the expenditure side of the brake. How will the sewage be saved on the local roads and water supplies around 400 000. The planned output of 150 000 euros for the new development in kindergarten Baltringen is moved to the new year. On the other hand will not move this year, the builders of the multi-purpose hall Baltringen body. She experiences an energy recovery, with the cost, of 217 000 grants of around 173 000 euros compared. The additional expenditure was not included in the budget for 2009. This also applies to the deficiency of the previous year, which is included in the supplementary budget of 153 000 euros. This is due not least to the purchase of land in the "Chapel of fields in Mietingen, who weighs in at around 160 000 euros. To shoulder the financial burden, is a handle designed to reserves. Approximately 330 000 euros will be brought from the high ledge. Even so, the community does not come through the rounds. Since 2003, the chosen path of solid Finazierung leave must be taken up and going to the credit department. The current favorable conditions, it is clear from the statements of the chamberlain to facilitate a borrowing. To balance the budget, a credit balance of just under 684 000 Euros is planned. The per capita debt is at the end of 367 euros. Thus, doubling the previous year.

German financial situation: debt vigorously press

Federal bankruptcy eagle or vulture? Back to the gigantic mountain of debt from the current 1.6 trillion every year, new debts are in the tens of billions of dollars. Mounting: Infographics How dramatic the financial situation really is? At the start of coalition talks all sorts of numbers whizzing across the room. We are looking for a path through the jungle. 40, 49, even 75 billion euros for allegedly missing from the next budget. Where are these numbers? ! Head of the Chancellery, Thomas de Maizière has undertaken an assessment of the budgetary situation. It lists 49.1 billion euro, which hit a new debt this year to book. The German Institute for Economic Research (DIW) speaks of 75 billion, which should be saved until 2013, when federal, state and local authorities. And this year, half of which the federal government. What causes the debt? ! One reason lies in the economic and financial crisis caused the billion-dollar bailouts of banks. However, the black-red coalition also issued before the crisis triggered lively money and so durable expenditure of 43.5 billion euros. Critics, including the FDP was one, had always warned that financial management. So now announced a strict austerity measures? ! The Liberals would have liked. The CDU wants to avoid the rather, because he also could stifle investment in the economy. Kanzlerin Angela Merkel will "der Krise nicht hinterhersparen." In addition, the new "debt brake" of the Basic Law allows more debt, ever be lower economic growth and requires strict savings only when growth has resumed. Some institutions are predicting a higher economic growth than previously expected. How helpful is it? One to two percent could be in it because of the Konjukturpakete that unfold until next year, its full impact. In addition, the former Finance Minister Peer Steinbrueck has conservatively planned, if the growth is higher than expected, increasing the revenue. So the situation is, despite the budget hole is not so tense? ! Starting in 2011, takes the new debt brake. Then move out of the finance ministers of the generous mood has fewer loans and record - as it says in the Constitution. By 2016, the loans must be reduced so that only a deficit of 0.35 percent of gross domestic product (now equivalent to about eight billion euros) to finance the expenditure. If the economy goes well, it is even less. Nor did the European Union have a say? ! Germany is not satisfied for the moment both so-called Maastricht criteria. They say that) the annual government deficit (net borrowing shall not exceed 3.0 percent of gross domestic product should. Moreover, government debt should not represent more than 60 percent of GDP. What does this mean for tax cuts, which would reduce the revenue? ! The margin is extremely low. Possible is an increase in family allowances in 8004 of euros during this year, perhaps small corrections to inheritance and corporate taxes.

Crisis, other countries must do more ULYSSE BERGERON

The Governor of the Bank of Canada, Mark Carney, and the Minister of Finance, Jim Flaherty, argue that other countries should make more efforts to stabilize the global economy. Canada has done what it was, they said at a meeting of G-7. The main challenge of reducing economic imbalances among the major powers. Mark Carney, has argued that the United States should work to reduce its debt while Mr. Flaherty said that Asian currencies should move more freely.

"There is no question that Canada contributes more," Mark Carney cut. The G-7 has reiterated that "excess volatility and disorderly movements in trade threaten the economic recovery. The instability of the U.S. dollar plumbs the economic recovery. For example, the U.S. dollar has lost 14% of its value versus the Canadian dollar. The weak greenback concern the Minister of Finance of Canada notes that the decline in exports that it has generated has plunged the economy.

6 myths about public finances

Some say we should not worry too much debt to the state. Continue to spend without restraint, because the relative weight of debt will decrease with the growth of the economy. Quebec's debt is not she rose from 52.2% of GDP in 1998 to 42.7% in 2008 without any repayment of capital?

I see two big problems with this reasoning. First, he must pay annual interest of several billion dollars to our lenders. The debt service is also the third largest item in state spending after health and education. These interest payments are so many billions of dollars that can not be spent on hospitals, schools or road maintenance. Second, it assumes that the Quebec economy performs particularly well in the coming years. However, the growth potential of the Quebec economy is severely limited by an aging population.

2. Quebec is rich

We can measure the wealth of a population is not the value of production (IP or income of its population. Choose any indicator, Quebec is one of the poorest places in Canada.

GDP per capita in Quebec is $ 6,000 less than Ontario and almost $ 9,000 less than other Canadians. As in real personal disposable income per capita (all revenues less all taxes), it is 23 $ 324 in Quebec, is 3477 dollars less than the average for other Canadians.

3.The Quebec can all afford

Even if Quebec is poorer, our government spends 2503 dollars more per capita than the average of other provinces. This is possible because Quebecers are more indebted than other Canadians. Net debt per capita in Quebec was 16 336 dollars per capita in 2008 against 9759 dollars for the citizens of other provinces. A difference of 67%.

4. It is the poor who always end up paying

Quite the contrary, thanks to a very progressive tax. Between 1980 and 2006, the number of tax-payers has grown three times faster than the number of taxable taxpayers. Thus, 41.4% of Quebecers do not pay taxes in 2006.

3.2% of Quebecers reported revenues of $ 100 000 and over in 2006. Between them, they paid almost as much tax as 81.1% of taxpayers, that is to say all those who earned less than $ 50 000. Those whose incomes range from 50 000 to $ 100 000 - the middle class - constitute 15.7% of taxpayers paid 39.7% taxes.

5. The current situation is temporary and due to the crisis

Instead, time is running out to bring order to public finances. Health spending rose from $ 15 billion to 27 billion dollars over 10 years and we have not seen anything yet. In 20 years, the number of Quebecers aged 65 and over will increase from 1.2 million to 2.1 million. The only effect of aging will create additional costs of 19 billion dollars for health care of Quebecois. Indeed, a person under 65 years costs the state $ 1 600 per year on average, against 15 000 for someone over 65 years.

6. The money is in Ottawa This is the historical goodwill of the governments of Quebec and the two parties committed to independence. I will not comment on a particular issue and I am the first to admit that the question of the profitability or lack of profitability of Canadian federalism is of unprecedented complexity. However, I'd be extremely surprised if Quebec would not only benefit from the situation in recent years. First, the Statistical Institute of Quebec estimated $ 51 billion spending on goods and services and federal programs in Quebec. By cons, not Ottawa that would reap 43 billion dollars in tax revenues in the province. Second, the federal government has increased in recent years of 5 billion dollars in transfer payments to quebec.ca 'is substantially more than the cost of the fiscal deficit estimated at 2.5 billion dollars in the report Seguin (2002) and substantially more than one billion dollars would be saved by an independent Quebec in Budget Year 1 of the former member François Legault published in 2005. Finally, if Quebec really was the cash cow of the federal government, as seems to think many Quebecers, how is it that he did not even have the resources to balance its budgets and reduce its own debt. Albertans, two times less likely than Quebecers pay so much money in taxes to the federal government.