International News

In the third five-day strike of cabin crew of Air France, the company hopes to provide 85% of the flights scheduled that day, she warned this morning, while a strike notice was filed until Wednesday, November 2 included. Sunday night, Air France said it had secured 88% of its flights of the day, and sent 120,000 passengers.

Remember, the movement is to protest against the proposed reduction in the number of cabin crew in some aircraft, as well as against a reform of the evaluation of these same individuals. The conflict has generated over the weekend a battle of numbers between unions and management. According to the latter, there would be 30% of strikers. The UNSA has instead assessed the proportion of strikers to 65% Sunday, after 50% Saturday payday loan.

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the volunteers PNC reserves are currently using." For him, "we arrive at a peak" from Monday. "From experience, the third day, ie Monday, which will be very complicated," Judge Philippe Sports Meanwhile, the UNSA.

Player Figaro BFM

"It will take place, and this is probably a matter of months, the issue of financing of our welfare. It will probably include the participation of imports. "In two sentences, the head of state made it clear that social VAT probably figure prominently in its program during the next presidential campaign. The mechanism is to fund Social Security by a consumption tax, so among other products imported from countries practicing "social dumping". In exchange, the contributions that affect the cost of labor is lightened, in order to gain competitiveness – a leitmotif of the presidential intervention on Thursday night. Social VAT is not exactly a topic that shares the political class on the line right to left as usual low fee payday loans.Manuel Valls, only the PS, is favorable, as the centrist Jean Arthuis or UMP Jean-Francois Cope and Valérie Pécresse, Xavier Bertrand and others in the majority are reluctant, fearing an inflationary effect, so a loss of purchasing power of households.

The president has however ruled out any attempt at protectionism to fight against offshoring. Establish tariffs would "make sense", he decided, in a clear allusion to the "de-globalization" praised by Arnaud Montebourg.

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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.

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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The CAC 40, which gained nearly 4% over the last three sessions, was down 0.65% at 3119 points on Thursday on the eve of the intervention (16 hours on Friday, Paris time) of President of the U.S. central bank, Ben Bernanke. He could announce new measures of monetary easing to support the U.S. economy. Or, failing that, to maintain low rates. Meanwhile, despite cost-cutting measures announced yesterday in France, and which could have an impact on some companies, the stock index, which opened up this morning, was up until about 1530, slowly approaching the 3200 points mark. Before turning down, weighed down by various rumors, immediately denied, one on the degradation of the AAA rating in Germany, the other on a total ban on short selling in the country.These rumors have pushed the Dax in Frankfurt ended sharply lower after losing 1.71% to 4%.

On the macroeconomic front, two indicators were expected at the meeting. The morale of German consumers, hit by the debt crisis in the eurozone and the agony of a recession has reached its lowest level since late 2010, announced Thursday the specialized institute GfK. The GfK said its consumer confidence index, which provides for their behavior in September according to data compiled in August stood at 5.2 points and finds its level in November 2010. This is his sixth consecutive decline.

Above all, the weekly jobless claims in the U.S. rose unexpectedly during the week of Aug. 20, at 417,000 against 412,000 the previous week, according to data from U.S. Department of Labor unveiled at 14:30.What foster uncertainty and investor concerns about the health of the world's largest economy, while analysts had forecast 405,000 registrations.

In France, unemployment figures and job seekers for the month of July will be released after market close at 6:00 p.m..Labour Minister, Xavier Bertrand, warns that unemployment figures "are wrong as were those of the previous two months."

Side raw materials, oil prices rose Thursday to open in New York a barrel of "light sweet crude" for October delivery was trading at 85.99 dollars, up 83 cents from the previous day.

Sharp decline in quarterly profit of Crédit Agricole

On the corporate side, the ball of the results continues.

Crédit Agricole: + 4.81% to 6.511 euros – largest increase in the CAC 40 to BNP Paribas (2.74% to 34.36 euros) and Societe Generale (3.44% to 22.13 euros).

Crédit Agricole has published a net profit down 10.6% to 339 million euros in the second quarter 2011, due to a charge of 640 million related to Greece.In addition, the group could spend 1.5 billion euros to recapitalize its subsidiaries in Southern Europe including the Greek bank Emporiki, according to the Letter of expansion without citing sources.half-year results of companies, including Credit Agricole and Edenred, the branch of Accor Services.

Edenred: + 1.58% to 17.70 euros

Edenred announced interim results and annual targets in line with analysts' expectations, the strong activity in Latin America continue to boost the profits of the group.

Alstom: – 0.91% to 30.485 euros

Alstom has signed two contracts for more than 100 million euros to supply equipment for controlling the air quality in the Middle East.

Cellectis: 12% to 6.72 euros

Cellectis has entered a development agreement and license with the American Recombinetics on "the creation of transgenic large animals" such as pigs, sheep or cattle.

Schneider Electric – 0.18% to 89.14 euros

Schneider Electric announced that its takeover bid for Telvent Git SA expire 30 August instead of September 12.

Gemalto: + 6.33% to 31.41 euros

Gemalto has reported a strong growth in its half-yearly sales, thanks to the strong growth of its secure transactions that are now the most profitable activity of the group.

Bureau Veritas: + 1.14% to 53.89 euros

Bureau Veritas announced adjusted net income up 10% to 164.2 million euros in the first half, operating margin declined 70 basis points to 16.0%, and confirmed predict a sharp increase in the number and business results in 2011.

Red Cedar rising from the ashes. The brand furniture and decorating high-end look forward to sign this year a profitable year, after reaching the balance last year. "Our sales have increased sixfold, from 1 to 6 million euros in 2010. We expect a turnover of 8-9000000 euros this year, "said CEO Henry the Minstrel. A great success because, in its heyday in the early 2000s, Red Cedar posted sales barely higher (12 million euros in 2001). And by exploiting ten stores, not two, like today.

The company suffered a severe weight loss, following its failed merger with Le Prince Jardinier in 2006.When Henri Le Menestrel, accompanied by the fund Nextstage already present in the capital (20% today), took over the business in late 2008, the group "was making a million sales and a million casualties," recalls it. He who had just sell its media agency online Lagardère decided to open a shop for a new genre, while preserving the historical site at Châtelet and the brand, much appreciated. "We have broken the codes of high-end furniture, installing Red Cedar Feucherolles end of 2009, twenty minutes drive from the Porte d'Auteuil, in the fields," says its CEO. Having seen that "unlike the fashion industry, the decoration brands have never built their own store and are difficult," he wants a "multi-specialist" and exposes the Fermob chairs, sofas and Marie's Corner sunshades in the "dedicated showrooms."

The project won: true destination of family visits on weekends, the store was expanded this summer, for the fourth time, from 700 square meters two years ago in late September 4200. Besides the fifty brands presented, the brands of Red Cedar – tables and mailboxes with Christmas decorations – there are still very place. "With little marks in furniture and decorating high-end customers need to compare really to understand the quality factors and to choose the range that suits them," said Henri Le Menestrel.

Seize opportunities

Same strategy to the shop on the Internet, including a new version has just been put online: the user can learn and even to shop, but it is especially encouraged to move Feucherolles.For if the sign already generates 10% of its sales on the Internet, she wants to see progress especially the number of visitors.

"We feared that the store does Châtelet suffers from the rise of that of Feucherolles, but the opposite is true!", Says the CEO. These good results may prompt Red Cedar to relocate in town to present, for example, one or more product categories in smaller areas. It is precisely to capture "many and varied opportunities" of this type, but also small acquisitions like that of a small specialist light in early 2009, as Nextstage invest in the fall about 2.5 million. A larger amount than in 2008 (1.5 million), a sign of his confidence and that will advance the participation of the fund to 30%.

Republicans and Democrats tear each other apart in Washington for several weeks to avoid economic and financial catastrophe. The draft plan expected Sunday night was supposed to at least prevent markets open Monday morning in Asia, the dollar collapses. Since mid-May, when the debt ceiling up to 14,300 Treasury billion was reached, investors have been remarkably patient. But tired of political impasse, however, they could start selling U.S. Treasury securities and cause a sudden rise in bond yields.

Beyond the immediate threat looming two major systemic risks. Chronologically, the first is that of a selective defect of the Treasury. The latter says that beyond the August 2, it will no longer have sufficient liquidity to pay all its bills.The only way to continue to pay both current expenses such as salaries of civil servants, pensions of the elderly, as well as interest and principal on its debt, is to issue new bonds. $ 87 billion of federal government bonds maturing on August 4. It can only do that by issuing new shares. For this, it must have the authority of Congress as the upper limit of 14,300 billion debt would be exceeded.

Risk of asphyxiation

Without authority to do so, the treasure is August 3 in a position to "selective default" is to say, forced to choose which to honor its debts. Even putting hundreds of thousands of civil servants laid off to focus on pensioners and holders of government bonds, the Treasury can hardly make time.Uncle Sam is, in fact, take roughly 42% of what it spends. If he can not borrow, it quickly asphyxiated. This asphyxiation born a global crisis of confidence, the stock market crashes and bond, a collapse in domestic demand in the U.S. and global recession. The enormity of the threat calls for a last-minute compromise, reducing public spending, paving the way for a poll under the ceiling of the debt.

The second danger is less serious, but the probability is much higher: it is the degradation of the AAA rating given to the debt of the United States. American paper would no longer be the instrument chosen by the risk-free banks and investors around the world to park their cash. The returns required by investors to hold bonds tarnished increase.An increase of one percent of these returns would result in $ 150 billion more than annual burden of debt for the Treasury.

The three major agencies have warned the White House and Congress: America does not deserve to keep the rating the best expense only if it engages in a credible plan to reduce the medium to long term its debt. It is therefore possible that next month, noting that the compromise that made it possible to raise the debt ceiling is accompanied only by inadequate measures of savings, one or more agencies degrade America.

While markets plunged Monday on fears of contagion from the debt crisis in Europe, central bankers in the euro area have tried to reassure. "This is to resist the risk of contagion" in Italy, which seems to be the new target markets, or to Spain, and "maintain financial stability in the euro area," said the head of the Eurogroup Jean-Claude Junker.

Thus, the finance ministers of the euro area, following a meeting that lasted nine hours Monday, were willing to increase the size of the Financial Assistance Fund, which has now a lending capacity 440 billion euros. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt and reduce interest rate loans to Greece.Other measures are also being considered to "improve the sustainability of government debt." No specific plan of support for the country, however, has been announced. What angered the Prime Minister George Papandreou who believes that "there is no room for indecision and errors", and regrets that European leaders are indulging in "cacophony".

For its part, the executive director of the International Monetary Fund, Christine Lagarde, said she, that the effort of Greece to reduce its budget deficit is still "not enough". The patron of the institution has also sought to reassure over Italy. While the surge in borrowing rates to 10 years in Italy has shown concern on the situation of the country, Christine Lagarde said that "some of the Italian figures are excellent easy pay day loans."She added that "it is clear that Italy is currently facing problems which are essentially driven by the markets." Former Economy Minister further stated that the rating agencies' role "without elaborate. These are singled out: besides the Brussels wants to silence forbade them to assess a country subject to an assistance plan.

The international community "can not save Spain"

But nothing works. Markets are not satisfied and the stock markets tumbling again Tuesday morning. Bank stocks have been particularly affected. In Madrid, the Ibex index lost more than 2%. The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. ""If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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William Multrier, the CEO of Aegis Media France, leaves office. Present since 2005 in the first group of consulting and media buying in France, he was appointed head of the French subsidiary of British group Aegis in 2009. However, the leader, now forty years old, opted to develop its own projects. Indeed, it is the majority shareholder of Webedia group he founded in 2007 and home to sites like Purepeople.com, Puretrend.com, Purefans.com, but Puremedias formerly Ozap.com bought a few months ago M6. This group should post a turnover of nearly 15 million euros in 2011 and "several million" statement business cards design.Guillaume Multrier, "it became indeed difficult to be both at the head of a media agency and several activities in the media."

However, William Multrier should remain in the group until the end of the year. "I want to help customers but also help the group Aegis to organize my estate and to find my successor," he told Le Figaro.

Aegis Media France is the first French media agency, shoulder to shoulder with Havas (Havas Media). It is also one of Aegis Group's main subsidiaries, which totaled in 2010 a total turnover of 1.68 billion euros.

China is disappointed and all stock markets suffers. While the Middle Kingdom has unveiled a disappointing trade surplus in May, the S & P Asia fell back by 0.7% shortly before the close of the Tokyo Stock Exchange. The Nikkei, the benchmark index of the place in Tokyo, which gained 1.3% even in mid-session before the release of Chinese statistics, not put more than 0.6% to 9,522 points shortly before the close. The S & P ASX 200 Index Australian star, he has ended up slightly from 0.1% to 4553.90 points. Of the other major Asian markets, the red predominates. In Shanghai, the China Shanghai Composite fell back by 0.4% while the Hang Seng index in Hong Kong landmark, losing 0.7%, South Korea's Kospi dropped 0.5% and the Sensex Stock Exchange Mumbai was down 0.3%.

China's trade surplus in May released by China Customs reveals to be significantly below expectations.He came to 13.05 billion against $ 11.4 billion in April, but analysts were betting where, on average, about $ 18.6 billion. Chinese exports totaled last month in May reached a new record value of $ 157.16 billion, up 19.4% while imports reached 144.11 billion dollars, up 28 , 4%, according to the joint Customs. These figures were even more disappointed investors they contrast with those published in the United States. The trade deficit the U.S. has significantly reduced in April, falling to 43.7 billion dollars as a result of lower imports, according to figures released Thursday by the Commerce Department.

Moreover, the consequences of the nuclear disaster that followed the tsunami of 11 March the authorities continue to worry.Japanese Minister of Economy has warned Friday that the prolonged suspension of nuclear reactors beyond the areas affected by the tsunami of 11 March, notably in the west, could lead to electricity shortages and hamper recovery. "Energy production may fall, especially in western Japan" if utilities can not rely on their nuclear reactors, Banri Kaieda warned during a press conference, the agency Jiji.

The Bank of Korea raised its key rate

Also on the macroeconomic chapter, the Bank of Korea raised its key rate a quarter point to 3.25%, defying predictions of economists who expected a freeze for the third consecutive month.Seoul remains concerned about inflationary pressure continues to threaten the performance of the fourth largest economy in Asia.

As for values, the title of the Chinese bank Citic Securities fell back by 0.6% to 5.08 HK dollars after it bought 19.9% ​​stake in the trading business in Europe and Asia two subsidiaries of Crédit Agricole Cheuvreux and CLSA. The transaction, valued $ 374 million, confirms the global ambitions of Citic, and should help make Cheuvreux and CLSA a global leader specializing in research on the equity market.

Also, Takeda Pharmaceutical folds of 2.7% in Tokyo while France wants to remove two blockbusters dulaboratoire its market.

Hynix Semiconductor fell back by 4.7% while its shareholders that the group of semiconductors intend to transfer 15% of their participation, according to the Wall Street Journal.