International News

The ears of Michel Barnier, European Commissioner – French – in charge of Financial Services, had whistled Thursday morning. Jean-Pierre Jouyet, the president of the Financial Markets Authority (AMF), which held its annual interviews, did not mince words in criticizing his proposed reform of the financial markets in Europe. "The responses of this text do not match" issues, said Jean-Pierre Jouyet who fears that "to continue the movement toward more opaque."

The European Union last month presented a draft revision of MiFID came into force in 2007, which led to a proliferation of trading platforms, which make more complex markets work and the work of monitoring their police.Today, "it replays the same scene!" Complained Jean-Pierre Jouyet.

The tackle of the President of the MFA vis-à-vis Brussels has earned strong support from representatives of the Paris present yesterday morning, as Mestrallet (GDF Suez CEO and president of Europlace), Dominique Cerutti ( Nyse Euronext number two) but Ramon Fernandez, director of the Treasury. But on this subject as on others, the good alignment between gendarmes and police positions in finance in France lack relay abroad. But "it is here that we must share our ideas," Ramon Fernandez fell Thursday. "It's the G20 that plays the game."

Credit Risk

Global or European scale, several parties have just recently lost by France. The recapitalization of the banks decided at the Brussels summit of 27 October had not favored by Paris.

McDonald's could have done this new scandal. Committed for 10 years in a campaign to improve its image and to defend the quality of its products, the giant U.S. fast food undergoes further attacks of his detractors. At issue this time, the treatment of chickens by a subcontractor of the group providing the eggs used in the preparation of McDonald's products. The title of the video is unequivocal: "McDonald's, the truth rotten egg McMuffin"

Made with a hidden camera and broadcast for the first time Friday on ABC, the video was shot by Mercy for Animals Association (Pity for animals) in a poultry farm in Minnesota "Sparbo Egg Farms" .

Oil flirts with $ 100 a barrel. But it could climb higher, it is in any case the feeling of the experts of Edmond de Rothschild Asset Management which assumes about $ 120 a barrel next year.

The return of the production of Libya on the market faster than expected: it reached about 700,000 barrels per day (against 1.6 million before the crisis in the country), "a figure that was thought best to reach the end of years, "said Edmond de Rothschild Asset Management. The country should, in this study, return to its previous capacity until mid-2012. Meanwhile, production of mature countries such as Norway, Mexico and the United Kingdom declined. And falling stocks including the United States.

"Countries like Saudi Arabia require that the price of oil is at a relatively high (above 90 dollars per barrel) in order to balance their budgets," said the study payday loans.OPEC therefore intervene in the case of lower prices. A scenario that does not, however, resist a global recession.

A further increase of gold expected

Among commodities, gold has also been rising by several asset managers. Edmond de Rothschild Asset Management believes that in a context of very low interest rates, the market should remain strong.

The Swiss Bank Wegelin, too, advises his clients to hold physical gold, not least because it considers the euro, the yen and the dollar overvalued. "When all the current problems are resolved, then it will be time to get out of gold" summarizes Magne Y. Orglandes, managing partner of the Swiss bank.

In the third quarter, gold demand has also increased by 6% according to statistics from World Gold Council, reaching a record $ 57.7 billion (42.7 billion euros).

Meanwhile Cannes … The G20 finance ministers, held Friday and Saturday in Paris, was aimed to prove once again to the European partners that it was at the bedside of the crisis currently affecting the area, but also to mark the stage for the G20 heads of state to be held in early November on the Croisette.

This Saturday, the central bankers have therefore agreed to support and rebalance the global economy in a context of heightened tensions, and lead coordinated policies in the short and long term."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances," it said in the final communiqué.

While in the coming days, the United States should "clarify" their budgetary consolidation measures and China commit to "rebalance" its growth engines, the Europeans themselves have promised to respond "comprehensive and sustainable "to the debt crisis that mine. In this context, the results of the European Summit of 23 October will be "decisive," assured on Saturday the Minister of Economy, Baroin, who chaired the summit.The G20 ministers expect indeed a "comprehensive plan" that will "provide an aggressive response to current challenges."

All topics to be discussed in Brussels at the EU summit and then to Cannes and is listed in the press release.If the finance ministers and central bank governors of the G20 welcomed the decisions taken in late July to strengthen the powers and capacity of intervention of the European Financial Stability Fund (EFSF), they said to wait for new work to maximize the impact of the fund, and that to "avoid any risk of contagion" from the Greek crisis to other economies.

The warning from Christine Lagarde

On the issue of banks, ministers say they will ensure "that banks have an adequate level of capital and have adequate access to funding to address current risks," while the new haircut on debt of the Greek state held by private creditors will be known on October 23.

Controllers return to work gradually. After La Rochelle and Paris Sud Est (Gare de Lyon), several sites have voted Friday morning to return to work, like Bordeaux, Reims, Chambery, Dijon, Lyon, St Etienne, Toulouse or Besancon. Other websites should take a similar decision at general meetings planned in the afternoon. The management of the SNCF

Many controllers SNCF had exercised their right to withdraw on Thursday afternoon to work after the announcement of the attack on a colleague on a train on the Corail Lyon-Strasbourg. In an interview with Figaro.fr, the president of the SNCF appealed to the coolness of the railway to resume work soon and would discuss with the unions to turn.Management has undertaken to present an emergency plan with the security services.

Traffic TGV, Corail and TER is still disrupted, although the situation has improved significantly over the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2. To find out if their train is running, users are encouraged to consult regularly Infolignes site, or call toll free (free from a landline) 0805 90 36 35 credit score.

Toll and information site

SNCF always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket. Good news however for users Transilien (train network in the Île-de-France), the Thalys and Eurostar.Traffic on these lines is normal according to SNCF.

"There is no point in penalizing travelers"

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night. According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

After still closed higher Thursday evening, the U.S. stock markets remain on their momentum on Friday. In early trade, the Dow gained 0.44% to 11.484 points, the Nasdaq is 0.37% to 2617 points and the S & P 500 climbed 0.53% to 1216 points.

Investors are focused on reassuring news from Europe, as the announcement of a new agreement between central banks to provide dollar liquidity to European banks and Japanese. "This program already exists, say the analysts at Aurel BGC. The ECB offered this week, two European banks to dollar liquidity in 7 days "

Suddenly, the "four witches" today is to say the expiration of four types of futures contracts on indices and stocks, "will be addressed, according to Aurel BGC in a more serene.Recent events have reassured investors and market expectations about European officials said after the meeting of the Ecofin support actions ".

U.S. consumer debt and European

At the macroeconomic agenda of the day, the index of consumer sentiment for the month of September is expected this afternoon, 12:00 to 3:55 p.m.. But such macroeconomic indicators may well be once again overshadowed by political events related to the debt crisis and European banks.

Indeed, this Friday as European finance ministers and the U.S. Treasury Secretary Timothy Geithner, this exceptional, try to resolve their differences at a meeting of high voltage in Poland payday loan. This is to complete a second plan of aid to Greece, imperative to save the country and the euro area, whose failing health is in turmoil the entire planet.Timothy Geithner has already openly believed that Europeans should inject more funds to avoid a major crisis.

RIM collapses

On the corporate side, Research in Motion (-21.77% to 23.11 dollars), the maker of BlackBerry smartphones, collapsed after publishing quarterly results fell sharply, well below analysts' forecasts.

The rating agency Moody's said Thursday it placed under surveillance notes of the bank UBS (3.42% to 11.80 dollars) with for a potential degradation due to "weaknesses in risk management the group. "

At the heart of the news, Google (0.24% to 543.59 dollars) has purchased additional patents in 1023 the computer company IBM (0.68% to 171.38 dollars) to strengthen its portfolio and to attempt trial to deter intellectual property infringement.Google expects the other hand that the number of Internet users in India to be tripled in three years through improved access to wireless internet and at prices more affordable smartphone, reported on Friday Wall Street Journal.

Boeing (1.59% to 65.34 dollars) could finally respond to the order by Air France-KLM of 110 long-haul aircraft, including 50 firm orders, builders Boeing and European Airbus to ensure the renewal of its fleet.

Prevention rather than cure. Monday, Pierre-Henri Gourgeon, CEO of Air France, met with unions to prepare them for a more austere than expected return. Deemed "constructive" by the company management, the meeting was to "share" a moody vision of the coming months, which will result in a strengthening economy measures probably formalized in October after the committee Strategic Air France-KLM.

In 2010-2011, Air France announced a cost reduction of nearly 600 million euros. This time, no figures were mentioned. But Monday, Pierre-Henri Gourgeon spoke of "the lack of visibility" on the economic and spoke of the "specter of recession."

No to social at first. A voluntary redundancy scheme has indeed completed at Air France. In two years, the company lost 10% of its workforce.It is not clear that new candidates would raise his finger when a window was open initially. "We should make use of unwanted departures. Now we want to respect the social contract of the company, "said one member of management. Yet behind the scenes, some trade unionists believe that a cost reduction plan will not be enough: "If growth is not to go, plan on removing items from 5,000 to 10,000 is to be feared," stated Monday a trade unionist. Air France has 58,000 employees.

"We will target the fixed-term contracts and temporary contracts and make greater use of outsourcing," lists a spokesman. The hiring freeze, eased in recent months again become very strict.But the recruitment of drivers provided as part of the opening of bases from province to Marseille, Nice, Toulouse and Bordeaux should not be affected payday loans.

Air France will ask all departments to review their budget down. Each manager will be responsible for making proposals in this direction, allowing a second step to calculate the new plan to reduce costs. Another source of savings, reduced capacity of the company, that is to say the removal of flights. After the announcement in late July from a reduction in the growth of long-haul traffic during the winter, is now expected to do the same during the summer of 2012.

In ten days of the announcement of his mégacommande of long-haul aircraft, shared with KLM, the management of Air France said that his austerity plan, however, should not affect aircraft deliveries.

The arrival of Alitalia

A new period of turbulence looks while the current management of Air France to start his estate. The prospective dolphins Pierre-Henri Gourgeon shall take the levers when the profitability of the company has won compared to that of its major European competitors such as Lufthansa or IAG (involving British Airways and Iberia). For its part Lufthansa said on Monday it would sell its subsidiary to British Midlands, which allowed him to gain a foothold in London.

Air France-KLM does not transfer. The Franco-Dutch group is preparing for a majority stake in Alitalia.

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After launching its offer in May with mobile calls, text messages and unlimited internet for 24.90 euros monthly subscribers to its box (and 49.90 euro for non-subscribers), Numericable goes further. Reportedly, the operator will now enable call abroad from the mobile unlimited. An option to pay 10 euros per month, which will be available as of September 19 for all.

"This is a world first, exclusive service and unprecedented," enthuses Jerome Yomtov, general secretary of Numericable. "We want to bring all the mobile services already on the box at home, at home or abroad called unlimited," he says. Over 100 countries are included in this offer, including most major destinations throughout Europe, the DOM, the United States, Canada, Asia.It is extended to calls to Morocco and Algeria for Numericable subscribers who have subscribed to the "Maghreb More" on the NCbox.

This new offering "world" not only to make calls to landlines abroad, but also to the Chinese mobile, U.S. and Canada. And supply expected to be enriched in the coming months. "You can call the U.S. since its unlimited mobile to 34.90 euros a month. United States, to call a mobile to mobile unlimited is $ 70. In short, it will be cheaper to call the U.S. from France, than to be there! "Said Jérôme Yomtov.

Numericable says the offer will be profitable.While the cost of communications decline in Europe and the world, he found a business model by negotiating agreements with major international operators such as Verizon, Telefonica, Cable and Wireless, Tata Communications.

One way to cut the grass under the feet of Free which means lower prices but also change the mobile uses. "This is the mobile revolution continues," trumpets for days on Numericable Tweeter … which led to his being sued by Free, which considers the term as its slogan identity. Atmosphere!

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Teens and their parents flock there. The phenomenon Abercrombie & Fitch has landed in France on May 19, down the Champs-Elysees, with its formidable marketing clout. Home glamorous youths by the Paris flagship store of American education is the temple of polo shirts, tee-shirts and jeans, amid loud music, light and fragrance ultratamisée excessive."We are very happy with our opening in Paris," said mercredila leadership of the group, still very concerned about its image … Irritated by the bad publicity that makes him free Michael Sorrentino, a member of the cast of reality show "Jersey Shore" on MTV, she just offered to pay the person to change his wardrobe!

Despite the quarterly results better than expected, the action Abercrombie & Fitch has lost 6.5% Wednesday to the New York Stock Exchange, investors who held that the prospects bleak in the face of declining consumption and increase in the prices of raw materials in textiles. Sales in late July, the group, which operates 1073 stores, rose 23% to 916.8 million dollars.In stores constant, the increase was still 9%: 5% for the brand Abercrombie & Fitch, Abercrombie Kids 7% and 12% for Hollister Co, which plans to open four stores in France by the end of year no fax payday loans. Net income totaled $ 32 million, against 19.5 million a year earlier. "The cost pressures will be stronger during the second half of the year and macroeconomic uncertainty is greater," warned Mike Jeffries, president of Abercrombie & Fitch.

From 60 to 65 closures in the U.S.

United States, consumer confidence fell in August to its lowest level for over thirty years. Further price increases may slow their spending even more, while the new school year is crucial for the ready-to-wear.In this difficult context, Abercrombie & Fitch warned that it would close from 60 to 65 stores in the United States, most corresponding to maturities of leases at year end. But the chain has confirmed its willingness to open five flagships during the fiscal year 2011 (including Paris). Madrid, Dusseldorf, Brussels and Singapore are scheduled for the fourth quarter. Hamburg is announced for spring 2012, and Hong Kong in the summer. Hollister provides more than 40 openings abroad, in shopping malls.

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