International News

lefigaro.fr / jdf.com – Unemployment remains very high, growth for this year looks soft (OECD expects U.S. GDP growth of 1.5% in 2010, Ed). Could we expect that?

David Kalfon – It's a real disappointment given the amounts that have been injected into the financial system, that is to say, the $ 800 billion in the TARP (Troubled Asset Relief Program or TARP – Name Secretary to the Treasury of the United States – implemented from September 2008 to address the financial crisis) and the many unconventional actions taken by the U.S. central bank. The difference with the resumption of U.S. corporate profits have rebounded strongly since 2008 is obvious. However, if we analyze the situation correctly, this gap between macroeconomics and microeconomics is not so surprising as that.

To restore their operating margins, companies have been very aggressive in their restructuring costs declined sharply. What was the logical consequence of increasing the rate of unemployment (two years, from about 5% to 10%, Ed). Today, financial markets do not know who to trust. They oscillate between good corporate health and chilling the speech of the U.S. central bank.

Next Wednesday, the Fed should just announce in detail the measures it intends to take to support the economy. What should you expect?

I think that financial markets expect the Fed probably too much and its measures to support the economy. One can wonder about their effectiveness. Indeed, this "Quantitative Easing 2" (monetary easing) is the recognition of the failure of the Quantitative Easing 1 ".This monetary easing is likely the specter of deflation, but at what price? In reality, everything will depend on the tone adopted by the Fed than the amounts it will announce.

If investors and households feel its determination to support the economy, it could anchor inflation expectations in the minds of various economic agents. They will then be convinced that we must invest, borrow and consume now, because tomorrow, inflation will result in higher prices and higher cost of credit to what we enjoy today. A virtuous circle can be a lasting positive impact on the U.S. economy.

Next week will also feature the midterm elections in the United States. What should you expect as well?

If the Republicans win, the constraints on budget spending will be more stringent.From there, the dollar should strengthen the American economy and be penalized in the short term, a weak dollar is helping U.S. exports.

How are financial markets behave?

With these two appointments of monetary policy and fiscal stance, we should expect that financial markets are very volatile. One might wonder with an increase of 13% S & P 500 in a straight line on the last two months how the rates are not already incorporate a favorable outcome. If the news is disappointing, there is no doubt that the U.S. indices will consolidate. However, given the recent behavior of the indices, even with good news, it is not obvious to see the S & P 500 continue to rise unabated.

What attitudes must take investors?

I advise investors to remain relatively cautious and not take excessive risks. After thoroughly enjoyed the upward movement of the markets, and particularly the technology sector, we have decided to take a portion of our earnings and reduce our exposure somewhat action pending announcements next week, leaving to reposition itself quickly once the uncertainty lifted.

«Remake. Since Wednesday, the U.S. stock markets close an unaddressed, despite good earnings and weekly jobless claims up to three months. The Dow Jones lost 0.15% to close at 11,109.70 points, while the S & P 500 gained 0.10% to 1183.67 points and the Nasdaq 0.16% to 2507.37 points.

After a series of mixed quarterly results of companies, markets remain extremely cautious at least one week of the decision of the Federal Reserve, which must finally explain, Wednesday, Nov. 3, if it raises, and under what conditions, purchases of long-term obligations of the Treasury. An eagerly awaited decision, and commented, especially following the publication of an article on the subject Wednesday night in the Wall Street Journal. This is in effect two months as the dollar weakened by uncertainties surrounding the Fed's actions.Two months too reminiscent of the analysts at BNP Paribas, the market indices, by contrast, are progressing, "in anticipation of the second plane of quantitative easing by the Fed."

Unexpected drop in jobless claims for

Side of macroeconomic indicators, the weekly jobless claims fell unexpectedly to 434,000 during the week of Oct. 23. This is well below the 453,000 expected by analysts, and less than the 455,000 the previous week.

3M dives, flies Eastman Kodak

On the corporate side, the agenda of the quarterly publications have been busier than ever this week, both sides of the Atlantic. United States, 177 companies in the S & P have published their results, and 7 of Dow Jones.The record companies have released Thursday was mixed: 3M (-6.43% to 84.56 dollars), Goodyear (-9.04% to 10.56 dollars) and Avon (-5.63% to 31.01 dollars) have fallen, while Eastman Kodak (15.37% to 4.58 dollars) flies. Otherwise, Colgate-Palmolive lost 0.77% to 74.92 dollars, Exxon Mobil advance of 0.84% to 66.22 dollars) and Monster from 0.56% to 14.38 dollars no teletrack payday loans.

The U.S. computer giant Microsoft released after-hours trading Thursday a net profit up 51% in the first quarter of fiscal offset, to 5.41 billion, better than expected, accompanied by a 25% increase in sales business, also above expectations.At the close, the stock has gained 0.88% at 26.28 dollars.

The chemicals group Dow Chemical (-1.12% to 30.86 dollars) announced on Thursday a net profit down 28% to $ 512 million in the third quarter, but above analysts' expectations, thanks to the good performance of its specialty products.

JPMorgan Chase (-0.08% to 37.51 dollars) and HSBC Holdings (0.83% to 52.42 dollars) are the subject of two complaints from investors who accuse them of understanding to lower the price of silver, which would have yielded hundreds of millions of dollars in illicit profits.

Genzyme (+0.26% to 72.26 dollars) responded after the statements by the CEO of Sanofi, Chris Viehbacher, which ruled on Thursday that he was "not at all clear" that Sanofi is the price offered by Genzyme and dismissed it as part of a takeover bid, saying "totally unrealistic" some growth forecasts raised recently by the U.S..

Side of the Web, the Internet portal Yahoo! (-0.12% To 16.40 dollars) announced Wednesday the hiring of Ross Levinsohn, a former head of digital operations for Fox (News Corporation) to conduct its business in America beginning in November. In addition, Yahoo! explained on the same day that the agreement with Microsoft (+0.88% at 26.28 dollars) in July 2008 on the search engines of the two groups was fully in force in the United States and Canada.Now research on North American sites of Yahoo! (Internet, photos, videos) are made by the algorithms of Bing, the Microsoft search engine, while Yahoo! retains control of the presentation.

The bleeding has finally stopped. For the first time in two and a half years, the wealth management division of UBS, Switzerland's largest bank, has not lost money this quarter. Better still, the Zurich has attracted nearly a billion new francs on a stock of 945 billion.

The movement is certainly very modest if we compare this influx of new dollars to 250 billion francs, which had left the coffers of the bank since March 2008. UBS, the European bank hardest hit by the subprime crisis, then started to register losses. To make matters worse, his legal battle with the IRS worried customers.

The good news is the last quarter, however, an essential step for Oswald Grübel, formerly of Credit Suisse, called the branch of UBS in the heart of the crisis in February 2009.The new boss had shown its ambition: to restore the reputation of the bank to regain the trust of customers. Swiss banks are based on a model as simple and efficient: large deposits of fuel asset management investment activities. If it was not contained, the flight of customers threatened to upset that balance.

The worst seems to be avoided even if the finance director of UBS, John Cryan, refused yesterday to declare victory too soon. "This is not because we have a positive quarter as we got out of trouble. We're not where we want to be, "he firmly told.

Home comeback. To reassure its customers, Grübel had first tried to heal the anguish born of the long standoff that pitted the UBS U.S. tax services easy payday loans.

Secret bank dehorned

Washington accused the bank to have pushed some of his fellow citizens for tax evasion, with the lure investments very attractive in Switzerland. After years of investigation, the IRS was ready by summer 2009 to embark on a trial whose outcome would have been disastrous for UBS. To find common ground, the bank had resolved to break into the banking secrecy, delivering customer names to U.S. authorities.

In addition, UBS has benefited from the austerity of the Swiss regulator. In early October, the authority announced it would require two major institutions, UBS and Credit Suisse, solvency ratios are much higher than the new international standards of Basel III.In a banking environment remains unstable, the reputation of strength can only help the image of the Swiss funds.

UBS yesterday announced quarterly results mixed. The weakness of its banking business investment as a surprise. After a good first half, the division has fallen into the red, while its major competitors on Wall Street posted solid performances last week. In three months, however the bank is raking in a profit of 1.66 billion Swiss francs. But investors have mostly retained the unfavorable comparison with the two billion francs in profits last quarter. Result, the price of the bank backed off yesterday from 4.99%.

• Transport

– National level:

TGV eight out of ten on average, two B and three.

To Corail trains day and night (Lunéa), traffic will be 6 out of 10 trains.

The traffic is normal on the Eurostar and Thalys.

– Region:

Intercity trains: six out of ten trains in the north, a second train in the west, three out of four trains in the Southeast.

Ile-de-France: two in three Transiliens average during peak hours. A second train on the line H. Normal traffic is expected on the RER A. Two out of three trains on average for the RER B, C, D, E.The subway and bus traffic is normal.

In Toulouse, the bus depot Langlade was blocked on Monday morning.

– To monitor traffic in real time:

http://www.sncf.com

http:// www.infolignes.com

http:// www.abcdtrains.com

http://www.ter-sncf.com

• Stations

The return to normal at the pump is still uncertain. According to the French Union of Petroleum Industries (UFIP), we can expect a further deterioration of the situation-off Monday because of supply slowed Sunday by the compulsory rest of lorry tanker.

The same goes for the Independent Union of Petroleum Importers (IPU), which estimates that a three-tion is in trouble on Monday."Since there was no replenishment stations yesterday (Sunday), and the return of the weekend, especially on highways stations, has been intense, we find ourselves this morning with a situation little tense, "said Alexandre de Benoist, Chief Executive of the IPU, which represents supermarkets (4,800 stations 12,300).

Jean-Louis Borloo, confirmed on the evening of Sunday, he could "be some difficulties on Monday morning"

Ille-et-Vilaine, near a station is on two dry fuel on Monday morning, according to the prefecture.

It is very difficult to fill in Rennes.

• Refineries and depots

Twelve refineries in France are always off. Seven of them, at least, are on strike Monday.Other voters will vote on the motion in the following day.

The filing of Saint-Pierre-des-Corps near Tours has been released, while that of Fos, near Marseilles was again blocked on Monday morning by agents of the port and dock workers.

At Grandpuits, Seine-et-Marne, where the police had intervened to release the deposit, the loading of tankers resumed. Mohamed Touis, CFDT union delegate stressed however that the stock of available fuel was no longer an active day. "There are only 480 trucks to load. In normal times, was charged with 400 trucks per day, you see, is the story of a day of independence. "

In Marseilles, the port returns to his thirtieth day of the strike and the conflict has already cost 600 million euros.

ALSO READ:

"The bill strikes gets heavier

For now, the Ministry of Economy, there is no question of declining growth again in 2010, set at 1.6%, due to unrest caused by the pension reform. "In 1995, strikes had reduced the fourth quarter growth of only 0.2 percent of GDP. However, the movement is now much softer, "says one at Bercy. Prior to qualify: GDP is not always a relevant indicator. Thus, a person who can not take public transportation and uses his car consumes more gas and pushed the GDP! "We have estimated the real economic cost, especially taking into account the time lost and losses in different sectors, "says one at Bercy. Verdict: The bill would be 200 to 400 million euros a day of strike. A cost of 1.6 billion to 3.2 billion for the eight days of disruption suffered.But at Bercy, we refuse such a multiplication. And it adds that "we must also take into account the degradation of the image of France, inchiffrable." One thing is sure, if the impact is different for different sectors, SMEs are the first affected california payday loans. President of the CGPME, Jean-Francois Roubaud despairs: "The construction will soon be forced to close for lack of raw material sites," he explains. The slow economic recovery is almost annihilated by these movements that are more of economic terrorism that the right to strike. "Medef denounced the" serious malfunctions ".

Chemical industries: 33 million per day

After 30 days of conflict at the port of Marseille, the EU chemical industry amounted to one billion the cost of this social movement, or 33 million euros per day.Peulin Jean, Director General of the Federation is particularly concerned about the future of some SMEs are losing customers due to lack of raw materials.

Air France: 5 million per day

Air France believes that this type of movement cost him 5 million every day. The cost of cancellations added those delays, diversions or any precautions filling fuel depots. The cost of strikes would exceed the 188 million caused by the eruption of the volcano in Iceland. For its part, the SNCF wishes to be discreet about the cost of strikes until the movement is not over. It is recognized that a general strike causes a loss of 20 million per day.

Trade: growing concern

"In food stores, there is no supply problem, says the Federation of Trade and distribution (FCD).The impact on attendance is not encrypted, but no panic or significant decline in traffic to report. "The concerns are more acute in inner cities. The scenes of vandalism on the fringes of protests in a dozen cities "create a climate particularly harmful, leading to a strong decline in attendance and sales since mid-October," up to – 40% indicate Federation signs of wear (FEH) and the Union of the great trade center (UCV) cheap payday loans . But it is at the distribution of fuel that the impact will be heavier."The refinery shutdowns or deposits result in additional transport costs," says one at Carrefour, a quarter of 1 200 service stations are facing shortages.

Hotels and restaurants penalized

Tourism professionals see a slowdown in bookings due to customer expectations. In the hotel, strikes and shortages of gasoline have already cost at least 3% occupancy rate, according Protourisme. In catering professionals observe decreases in attendance very sensitive, especially on weekends.

ALSO READ:

"Port of Marseille: the conflict has cost 600 million euros

The unions mobilize next Thursday and Nov. 6

"Back to normal at the pump still uncertain

A cordon citizen "of about 80 people, residents and activists of other corporations, attempted to prevent early Friday morning requisition refinery Grandpuits (Seine-et-Marne) ordered by the prefect.

The police, acting with his bare hands, pushed the protesters to clear the gate of the refinery, and it was during the stampede that people were slightly injured.

The law provides that "in cases of emergency when the interference found or expected in good order, cleanliness, tranquility and public safety requires it", the prefect can "commandeer any property or service, require any person required to operate this service.

The 12 refineries in the country are paralyzed and several blocked fuel depots, sometimes temporarily, in actions which have become the main means of pressure in the protest against the reform plans to reduce the minimum retirement age to retirement from 60 to 62 years.

Oil refinery strike Grandpuits, near Paris, was requisitioned by the government early Friday morning "on behalf of the interests of national defense."

Total Grandpuits site, Seine-et-Marne is one of twelve oil refineries located on French territory, advanced in the protest movement against pension reform. "What has happened is extremely serious," denounced Charles Scarf, coordinator of the oil group Total CGT, the union's general secretary in charge of the oil industry, during a press briefing in mid-night.

"From time to Petain, we knew the raids, in the era of Nicolas Sarkozy, we know the roundup of our social, trade union rights of the raid by this request because it hinders the employees in exercising their right to strike" , he said.

Despite the movement around the refinery, the strikers reiterated their willingness to continue the blockages in their fight against the proposed pension reform. Toufefois they decided to lighten the picket line Friday morning that there were "a couple of people" before the arrival of police.An hour and a half later, the number amounted to "a fifty employees," says Frank Mantle, CGT union representative who noted that other strikers were coming strengthen their movement.

The prefect of Seine-et-Marne, Michel Guillot, along with some of his collaborators, "came to himself requisitions to staff in order to supply service stations and all clients of Total, all that pretext of a code Defense, "railed one union official.

Blocking refineries and fuel depots caused disruptions in the supply of gas stations with the approach of the first departures on holiday of All Saints. Of the approximately 12,300 stations that include France, 2790 were facing shortages as the score made Thursday by the government.

Traveling in the Eure-et-Loir, Nicolas Sarkozy defended Thursday the release of hydrocarbon deposits paralyzed by stating that it could leave a "minority" to hijack the daily life of French. "We have no right to take hostage the people who have nothing to do in their daily lives," he said. "By taking hostage the economy, business and everyday life of the French, it will destroy jobs," he added.

The police continued Thursday release of deposits, such as Ruby in Rouen, which supplies the Rouen area and part of the Ile-de-France, said the interior minister, Brice Hortefeux on Europe 1.September filings were released last night, he said, adding that 14 remained paralyzed on the 219 countries of which 96 are considered "priority".

The strikers had decided to lighten the picket line Friday morning that there were "a couple of people" before the arrival of the applications, he added. An hour and a half later, the number amounted to "a fifty employees," saysMantle, who noted that other strikers were coming strengthen their movement.

Friday morning they intended to "oppose legal way" to requisitions, but had "used every means in (their) possession to continue to assert (their) right to strike," he warned.

The prefect of Seine-et-Marne, Michel Guillot, along with some of his collaborators, "came to himself requisitions to staff in order to supply service stations and all clients of Total, all that pretext of a code Defense, "railed the union official.

"We're not at war, we are not under siege, code defense does not apply in this case," he stressed.

The prefecture of Seine-et-Marne, joined by AFP, did not comment.

The CAC 40 moves upward slowly but surely the psychological threshold of 3800 points. Today, the trend is in effect an opening in decline, despite the close up on Wall Street, supported by good results from Citigroup, Apple or IBM. But industrial output unexpectedly fell and Asian stock markets move in a disorganized Tuesday morning.

On the macroeconomic front, the number of start-ups in September will be announced at 8:45 by the National Institute of Statistics and Economic Studies. The European Central Bank will present the balance of payments Euro area (10 hours). Around 14 o'clock, the European Commission in Brussels will present proposals on reforming the EU budget.The idea of a European tax could be revived.

In the U.S., one indicator is on the agenda this Tuesday: the housing starts and building permits in September (1430).

On the currency markets, the euro remains below the $ 1.40 to precisely 1.3903 (-0.44%).

Computers and power supervision

As for values, investors will follow especially energy companies, after France began to dip into its oil stocks to compensate for disruptions in fuel supplies caused by strikes at refineries, including those of Total.

The markets will also be attentive to the values computer, after the publication of results from Apple and IBM.

PSA and BMW are expanding their cooperation in hybrids

PSA Peugeot Citroën and BMW announced Monday night that they would extend their cooperation in hybrid vehicles but did not disclose financial details.

Havas reported Monday in an acceleration of its business in the third quarter thanks to a rebound in France and a return to positive growth in the Asia Pacific for the good performance of China and India.

Aeroports de Paris said Monday it posted a 5.2% increase in passenger traffic in September, driven mainly by flights in association with the Middle East and Africa make quick cash.

Soitec said Monday expect a net operating profit on the entire first half of 2010-2011, following a sustained demand in the second quarter from the automakers and manufacturers of mobile phones.

Steria has revised its annual goals down on Monday night, relying on organic growth in sales of around 1% in 2010 against an earlier indication of 1.4%. Services company in computer engineering is now targeting an operating margin of around 7% this year, against 7.3% previously.

Compagnie des Alpes announced Monday that it would take an approximate 45% stake in the Futuroscope, for 63 million euros, becoming the largest shareholder in the third largest leisure park in France.

April Group on Monday issued a revenue decline in the first nine months of the year, hit by weakness in the segment of insurance. Sales of the insurer are listed down 9.8% to 556.5 million euros.

Results: the turn of Radiall Edenred and Pierre et Vacances

Guyenne et Gascogne reported Monday in a persistently sluggish consumption for the third quarter, although its network of French supermarkets pulled the pin of the game franchise of Carrefour believes that its Spanish subsidiary will release for its "no problem majority "of the recent crisis.

Transgene Monday issued a turnover in nine months by 11.1 million euros.The biotechnology company, which states have a cash of about 194 million euros at end September, confirming it was on track to bring to market its first product in 2015.

Cellectis has signed, through its subsidiary Cellectis Plant Sciences, a license agreement with Midwest Oliseeds for the plant transformation technology of the American.

Radiall, before trading, and Edenred, after market, will publish their turnover for the third quarter. Pierre et Vacances will present the fourth quarter after-hours trading.

While large retailers announced this morning that thousands of service stations are out of stock and that strikes were continuing in the twelve metropolitan refineries, truck drivers have joined, as they had suggested this weekend, mobilization against the pension reform. As a result of blockages or deposit of industrial zones are multiplying across the country. Some have not taken the night, others continue on Monday.

Thus, thirty unionists since Sunday night block inputs and outputs of a logistics site in Carbon-Blanc (Gironde), which supplies fresh produce every supermarket group Auchan's southwest, officials said Monday morning from a trade unionist.According to Jean-Pierre Mespoulède, EDF employee and trade union CGT, teachers, railway and road transport workers involved in picketing, which aims to "stop the manufacturing process of wealth in order to get negotiations with the government"

At Le Mans, where the road had established roadblocks filtering 22h Sunday night, the area south of the industrial area was still blocked Monday by hundreds of protesters, all unions combined. The trucks are stopped using harrows craft and forced to park at the roadside. The congestion created a total ban on access to oil depot of Le Mans.

Deposits and oil terminals blocked

In the middle of night, the two oil depots of Caen and Ouistreham in Normandy, as well as that of Saint-Pierre des Corps, near Tours and Ruby near Rouen, was again blocked.These four deposits had already been blocked for several hours last Friday. Began around four o'clock that night according to police, the oil terminal in Port-la-Nouvelle (Aude) is also blocked on Monday mid-day with a hundred people on foot, mainly truckers that prevent all trucks coming to refuel. "We'll stay on until we can," said Joseph Sieiro the CFDT Transport Languedoc-Roussillon adding that he expected that "reinforcements interprofessional" are involved in blocking the course of the day.

The oil terminal at Fos-Lavera near Marseille, entered his 21th day on strike, blocking roads in 61 vessels including 47 tankers. To Lyon, blocking the fuel depot of Saint-Priest was up early this morning."We have blocked access to the deposit of one hundred trucks to deliver supplies from supermarkets and we left around 6:30 as planned," said Secretary General of Transport Rhone CFDT.

The game of cat and mouse

At Lorient (Morbihan), the game of cat and mouse continues. About thirty demonstrators blocked to half past three this night, a roundabout giving access to the port area where they were evicted by police an hour later, said Jean-Paul Le Dantec, the CFDT. Around half past six, the protesters, who received the backing of dockers, again blocked access to the port area. However, the oil depot was under control of law enforcement, "he said. In Brest, it is students have stepped in to block the protesters from the port fuel depot.At first repulsed by the police, they retreated to the two roundabouts leading to the filing, denying access to the port to thirty trucks.

In Dunkirk, dozens of opponents of pension reform try to block since this morning two fuel depots. Of road, railway, as well as employees of Total were present to form human barriers, playing "cat and mouse" with police, according to Philippe Wullens, Steward South Total refinery at Dunkirk . The prefecture, which confirmed the presence of 80 demonstrators, however, indicated that the deposits were not bloqués.Selon Mr. Wullens, a dozen trucks were out of deposits, but none could enter."We make mobile actions," said Philippe Toulouse, secretary of the CGT union local of Dunkirk. "It is not for confrontation," he added, explaining that the police were already on hand for the arrival of the demonstrators and that they alternately blocking fuel depots and the entrance from highway 25, up from Grande-Synthe (North).

Tension mounts between government and unions

Despite these many obstacles morning, FNTR, the main federation of motor carriers did not expect Monday at ten o'clock, a social movement to scale in the sector."Trade unions of employees to succeed nationally to mobilize a few hundred employees but we do not think it could be a widespread movement," said Nicolas Paulissen, Executive Assistant FNTR

For his part, Christian Estrosi industry minister said on RTL radio: "There will be no obstacle for companies, not blocking transport, not blocking the road users." Last night on TF1, Prime Minister Francois Fillon has warned the protesters. "The right to strike is not the right to prevent access to a fuel depot, it is an illegal action," he said. "I will not let our country block, I will not let the French economy choked by a blockade of fuel supplies."Right before the Interior Minister Brice Hortefeux had said he would appeal again "if necessary" force to "unlock the deposits."

While the government is sticking to its positions and hopes a slowing of movement, the unions are desperate to reopen the debate. "The country is not blocked. That said, the disruption on daily life begins to be real. The country is rooted in the mobilization sustainable, "warned the CGT leader Bernard Thibault, who has called for" suspend "the votes in the Senate. "If the dialogue resumed this week, the problem is solved," urged his counterpart of the CFDT, Francois Chereque, about the "risk of economic stagnation."

But not all unions are not in agreement on the method to adopt for relaunching the debate on reform.The CFE-CGC (frames) reported on Monday that it "condemns the actions of blocking and general strike" against the pension reform, the secretary general also stating that the trade union no longer participate in the events after that of Tuesday. "We are not in line to fight the government but to influence pension reform. From the moment the Senate after the National Assembly adopts the law, the context will be different, "said Carole Covered, general secretary of the Central Association, confirming this position.

ALSO READ:

A TGV two operations snails Road

Met Friday in Luxembourg, Ministers of Transport of the 27 have agreed to tax the noise and pollution generated by heavy vehicles. The rate of this tax, which already exists in some countries will increase from 0.03 to 0.04 euro / km (it is between 0.15 and 0.25 euro / km for the moment).

After two years of negotiations, the text was adopted by a narrow margin, because Spain and Italy were opposed. France would have liked a more ambitious text personal loans for bad credit.

Brussels hopes that the directive will encourage the sector to use more environmentally friendly vehicles and to focus on the rail. But professionals are afraid of heavy additional costs.

A study by the International Road Transport Union, only the French and German economies come out winners of the new system.

ALSO READ:

"Oil: the trucks roll this weekend