Air France had played down the incident last week. Its CEO, Alexander Juniac, changed his tune on Thursday by announcing that the airline had suspended the maintenance of its aircraft by China Taeco. Mid-November, an Airbus A340 that had just been completely revised in China had to be immobilized in Boston after the discovery of thirty missing screws on a panel fairing. "We stopped sending our aircraft at the moment," said the boss of Air France on a visit to Beijing quick payday loan. An internal investigation into the incident of the A340 is in progress, and should last "a few days," he said.
Taeco, headquartered in Xiamen, southeast China, has also opened an investigation into the incident Tuesday. The Chinese maintenance company is a leader in the maintenance of large aircraft and works including Lufthansa, British Airways, American Airlines, JAL and Emirates.
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December 1st,2011
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Financial markets now include in their forecasts scenarios of "extreme risk" in Europe. Among these include a breakdown of the single currency, an outflow of Greece to the euro, but also larger countries such as Italy or Spain. The widening of spreads between countries in the euro area shows a clear divide between North and South. France is in the middle, but it looks more and more dangerously on the side of vulnerable countries instant payday loan.
The current political developments in key countries of the South do not seem to reassure markets. The departure of Silvio Berlusconi and his replacement as head of government by Mario Monti has not calmed the markets doubt the ability of the new chief executive to impose Italian program of deficit reduction required by the European Commission .
The G20, which takes care of everything but no matter what, is interested. At their summit on 15 October in Paris, the central bankers of major economies in the world have endorsed the charter "consumer products and financial services." This text prepared by the OECD focuses "on the effort of education and awareness of financial issues," the general public.
The debate rages in the United States since the mortgage crisis "subprime" that erupted in 2007, putting the straw millions of Americans. Already 7.6 million families were divested of their homes, unable to meet their deadlines bank, and additional 7.4 million expected to be dislodged by 2016, the consultant provides Housing Predictor.This disaster certainly responsible for financial institutions that have dangled their customers become unbearable when mortgage interest rates began to climb. But as a last resort should we not blame the naivete and ignorance of borrowers unable to understand what they were doing?
President Obama has made it a priority that "Americans have the skills to effectively manage their disposable income and guard against deceptive practices and predatory." It is in these terms that the White House, with a "Council for Financial literacy" (financial literacy), decreed that April is "National Financial Literacy Month." One way to educate the public each spring operational introduction to finance more and more overseas.Even the Federal Reserve Bank (Fed) devotes part of its website with practical advice for a wide popular audience.
There is much to do. According to a survey conducted by FINRA (Investor Education Foundation), 68% of households have no personal events to finance as predictable as retirement or education for their children. And only 49% of households have "sufficient funds to cover the expenses of three months in case of illness, unemployment."
Carelessness or incompetence? "Most Americans lack the basic numeracy skills and knowledge of basic economic principles, such as the mechanisms of inflation, risk diversification, and the relationship between interest rates and financial asset prices "said Annamaria Lusardi economist, the George Washington School of Business.He has just published a series of studies on the subject.
This decision is based on a strict set of five test questions contained in the survey FINRA and here are the results. Thus only 65% of respondents answered correctly that "a capital of $ 100, paid 2% per year, worth over 102 dollars in five years overnight pay day loans." Similarly 64% understand that "if inflation is 2% and the returns on their savings by 1%, their capital will be worth less in a year." Only 21% know that the price of a bond decreases mechanically when interest rates rise in the market. This is the question most cotton test: the Financial Times noted for its readership "high end" has to explain every time the mechanism in its reporting of the market.In contrast, 70% of Americans know that "a fifteen-year loan requires monthly payments higher than a loan of thirty years, but that all interest paid over the life of the loan will be lower." They are, however, that 52% believed that the purchase of a share of one company is necessarily more risky than the subscription of shares of mutual funds in shares. In total "less than 10% of Americans are able to correctly answer all five questions," said Annamaria Lusardi.
The French should not make fun of poor performance. The Institute for Financial Literacy public (IEFP), established in 2006 at the initiative of the Financial Markets Authority (AMF), is about to publish a similar survey conducted in the Hexagon. However the results appear even worse, can we prevent the IEFP.
The issue is probably lower in France.The balance of PAYG pensions and group health insurance does not appeal to individual decisions. Besides the French are much less indebted than their cousins across the Atlantic.
Weaknesses in the calculation are the best thing in the world shared. Luc Chatel, Minister of Education and Xavier Darcos, his predecessor, did they not been trapped on television to have a mistake in a rule of three? This rule of proportionality, it is nevertheless essential to know the place to convert into euros the amounts in dollars! While it is fashionable to "be angry with the figures," while no one admits not knowing how to read. "Everyone complains of his memory, and no one complains of his trial," said La Rochefoucauld.Failing to properly count unfortunately causes the tragic misjudgment we know, both for households and for states. Hence the saying advisors financial products, worthy of the name: "It must be understood before taking."
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The applications are increasing in the resumption of Swiss France Telecom. In any case, think they know what the Echoes, which announced Friday the opening match of Xavier Niel in the race for the resumption of the Helvetic subsidiary of the French operator. According to the newspaper, the co-buyer of the World with Pierre Bergé and Matthew Pigasse, have filed an application for the acquisition of the asset, the group wants to get rid Stéphane Richard since late July. Announced during half-year results, this operation should yield between 1.5 and 2 billion euros to France Telecom. Or so hopes in the group.
Despite the difficult conditions of funding and the increased reluctance of banks, the French operator has not given up the sale. The facts seem to prove him right, a dozen candidates who have passed the process of selling the asset.But the arrival of Xavier Niel somewhat diversified profile of potential buyers. So far, the majority of applications related investment funds: Apax, Providence, EQT, Bain Capital, Liberty Global, Doughty Hanson and Carlyle separately and Altice, Numéricable shareholders.
Support of Goldman Sachs
Xavier Niel, the head of the Iliad, the 297th ranked Fortune Global Forbes, meanwhile intervene personally. The Egyptian billionaire Naguib Sawiris politician, former CEO of the operator Orascom is also in the race. Faced with these heavyweights of finance, the French entrepreneur has joined forces with the U.S. bank Goldman Sachs, report echoes.
"At 2 billion Swiss francs (1.6 billion euros, Ed), Orange Switzerland is valued six times its gross operating profit on the stock exchange more than 3.8 times that of France Telecom," the daily explains.A premium is explained by the fact that the sale of Orange Switzerland is the only major operation in progress on the Old Continent now, and that France Telecom has commissioned ahead of banks, including Credit Suisse, HSBC, JP Morgan, to prepare a financing plan ahead in order to facilitate the implementation of the operation.
At the second round of bidding, all filings seem to hold the interest of the French operator, since no application has yet been ruled out.
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The opening of a new generation of "palaces" some months apart, Le Royal Monceau (opened October 18, 2010), Shangri-La (December 17, 2010) and Mandarin Oriental (28 June 2011), has changed as ever the small world of luxury hotels in Paris, forcing the oldest palaces in a serious challenge. In this new context, the Ritz is not alone in having to close for repairs.
Reportedly, Le Crillon, recently sold by Starwood Capital to one of the descendants of the Saudi royal family, plans to close in the second half of 2012, probably for a period of two years. Management has already attacked the facade and roof, but not inside. The idea is to keep the French style, classic 18th, upgrading the hotel, he in turn can officially claim the distinction of "palace", introduced in May by the government.The hotel has no spa, no pool. The technical installations and the rooms have aged. According to a close case, the amount of work would be between 70 and 100 million euros. Not far from the Place de Concorde, the Plaza is also preparing for months of work, avenue Montaigne. "The Plaza Athénée will start the work of great importance following the acquisition of three buildings adjacent to the hotel last year, says Le Figaro Francois Delahaye, his boss cash advance no fax. These projects are planned for the end of 2012.Among the possibilities, a closure is planned for five months, from November 2012. "
According to Gabriel Matar, director of Jones Lang LaSalle Hotels France, the average price of a night in a palace of between 750 and 1000 euros, "defending his position became increasingly difficult as competition comes from both new entrants and old, who spend millions to keep the quality of their product. " For the record, the George V was completely renovated between 1997 and 1999. "Otherwise, it would be today as the Royal Monceau and The Prince of Wales prior to closing," said Gabriel Matar."We currently have the best average revenue per room in Paris and we did not want to raise our market share by newcomers!" Says François Delahaye.
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A debt crisis could lead to another. The Greek fire is not yet off the government needs to rush to the bedside of local authorities and their bank moribund, the sulfur Dexia. Not a week goes by without a large community calls upon the State to the rescue. At least 200 cities, councils, hospitals and housing associations are home loans on their books "toxic" with huge interest rates have put their finances at risk. Listed, some heavyweights as Saint-Etienne, Marseille, Grenoble, but also the urban community of Lille and the General Council of Seine-Saint-Denis. To reopen the tap credit to communities that provide 75% of the investment in the country, the government had to address the problem urgently Dexia.Will this be enough there?
Last month, the government has activated for the first time a special support fund created in late 2010 for the departments in need. The beneficiaries are seven departments (six rural) whose debt is massive, and revenues, almost entirely absorbed by the distribution of welfare. Hitherto considered the spoiled children of decentralization, regions require the State to review the financing of rail, now they consider "untenable" for their budgets low interest rate personal loans.
The alarm level is reached. In ten years, spending communities have increased by 60%, and local taxes, 45%! These figures are staggering.Whose fault? A lax politicians and poor managers who prefer to treat their customers (36,000 hiring officials last year when the state removed 34,000 positions)? The lack of political will of the state, hostage to local barons? Bankers incendiary? To have the heart net, Le Figaro Magazine has plunged into the accounts of local authorities, was shelled and analyzed partnered with the Thomas More Institute and Public Evaluation System.Inspiring!
"Cities: heat stroke on taxes (pdf)
"Departments: the weight of social spending (the Ain to the Haute-Garonne)
"Departments: the weight of social spending (the Gers in Puy-de-Dôme)
"Departments: the weight of social spending (in the Pyrenees-Atlantique to Val d'Oise)
"Region: always a sacred way of life
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The fall of France-Soir is looming. Placed backup procedure for a period of four months last August by the Commercial Court of Paris, the daily, which was acquired in 2009 by businessman Alexander Pugachev, plans to stop his paper. This is very serious option to be considered Friday during a works great. After an operating loss of 31 million euros last year, the results remained in the red, France-Soir with a loss of 12.8 million euros at end June
The relaunch of the title earlier this year, with a lot of promotion, did not halt the inexorable decline of sales, which stood at 59,102 copies in France spread paid on the first eight months of the year , against nearly 64,000 copies a year earlier, according to OJD.The new formula would allow France-Soir to cross the threshold of 100,000 copies.
Deletion of 80 posts
In total, more than 60 million euros have been invested in the revival of the legendary title that had its heyday in the 1950s. The France-Soir Pierre Lazareff flowed 1 free instant credit score.5 million copies every morning … Encouraged by its owner, the son of Russian oligarch Sergei Pugachev, the team in control has taken risks, such as increased sale price (60 cents), to seduce an audience younger and more feminine. But the drastic reduction of book horse, which provided a daily basis for loyal readers, was the most damaging to sales of the title.
The plan will be offered Friday provides for the elimination of 80 positions out of 120. He plans to leave the paper, never to appear on the Internet.It would, if the plan is adopted, the first French national newspaper to take this approach. The business daily La Tribune, also in the process of SAVING, had already tried it in August but for a simple two-week period. General meeting Monday evening, the employees of France-Soir refused "the scenario of the disappearance of the title in the near future along with a large number of layoffs" and voted to strike. The log does not appear on Tuesday morning.
The automotive sector is on the alert. As shown in Le Parisien on Saturday, Brussels would consider tax per liter of diesel in Europe from 8 to 15% more than gasoline. A directive to this effect must be examined by the European Parliament in November for an application expected in 2013. Objective: To fight against this highly polluting energy, used by nearly 7 million cars in Europe.
The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.
Concern
For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros business cards design. What scare away customers. If in addition the price of a liter of diesel were to increase significantly, the diesel car market could collapse.
The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.
Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.
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While the member Franck Riester delivered Monday Valérie Pécresse its second report on "improving the numerical relation to the user," the budget minister is determined to increasingly facilitate the administrative users. It offers users to respond to 15 new proposals to improve e-government. Users can provide feedback, respond and comment on the website set-simplifions.fr
Already, Valérie Pécresse asked the Directorate General for Modernization of the State to work on five priorities:
1 – Developing for priority services, personalized assistance to users during the process online (telephone, email, chat).
2 – Offer the user evaluation surveys on the Internet or mobile at the end of any administrative process.One way to take into account the voice of users and improve services according to their reactions.
3 – 5 Launch pilot projects on social media in the areas most relevant to the user: health, human services, education, employment and culture.
4 – Offer a mobile application offering users a personalized list of deadlines and the status of its efforts.
5 – Allow the user to present to the administration's vouchers via their mobile phone with a flash code (income tax, electricity bill and telecom).
While this report confirms the strategy implemented by the government in 2010, Valerie Pécresse welcomed the tangible results already achieved.
* 160 public websites have been consolidated or eliminated to improve the readability of the presence of the state line.End of 2011, the volume of websites of the state has been reduced by 50%. For greater efficiency.
* 2.5 million users have opened an account on the site mon.service-public.fr steps online.
* 76% of administrative procedures expected by most users have been dematerialized.
* The mobile phone version of the portal administration is now available (m.servicepublic.fr).
How long the French banks will they resist the attacks of which they are the target market? BNP Paribas, Societe Generale and Credit Agricole is in the eye of the storm: their actions have lost between 50% and 55% of their value in three months! This distrust, more violent and against many of their European competitors has two main explanations. On the one hand, French banks are exposed to the vulnerable countries of Europe device (Greece, Spain, Italy …) they hold a large stock of debt of state and they often have subsidiaries. Moreover, their model "universal" makes them more dependent than the average market financing. However, funding has become, if not rare, at least very expensive.
In that context very high voltage, a parade could be a battle plan based on that 2008.The rumors for weeks on a recapitalization by the state of all French banks. The Sunday Journal Sunday evoked an injection of 10 or 15 billion euros. At its off the plane from Washington, the Minister of Economy, French Baroin furiously opposed to "the most categorical denial." Same reaction at the Elysee and the Bank of France. Such an operation would be "useless, or even against-productive," said a source familiar with the matter. For now, anyway, "banks do not want it, they are not in a logic of solidarity, but prefer to play their own cards." The "special case" of Franco-Belgian Dexia, in the words of the governor of the Banque de France, is the subject of specific thoughts.Started in late 2008, the restructuring could involve an alliance with Caisse des Depots et La Banque Postale in the field of financing local authorities (our editions of September 23), but without dismantling or modification of the shareholders, Dexia said.
Maintain and adapt
Rather than a recapitalization, institutions such as the authorities prefer to place a battle plan: take and adapt. Friday, Bloomberg TV, the governor of the Banque de France, Christian Noyer, reiterated his confidence in the strength of French institutions. However, it has raised its requirements: all French banks will have to comply, from 1 January 2013, new prudential regulations known as "Basel 3", that is to say six years ahead of schedule. The effort required is considerable.All things being equal, the transition to Basel 3 means a financial institution that it should, about four times its equity. In fact, banks will reduce the volume and level of risk of their assets and their businesses, so that the capitalization is less effort. The banked profits and payment of stock dividends must achieve the required level. For three years, the sector in France has already accumulated 50 billion euros of additional capital. The line of defense erected by the European Central Bank, whose windows are wide open cash to banks in the euro zone, is also a key element of the device.
"But we're not crazy," says a source familiar with the matter. The possibilities of slippage are many, starting with one that Greece would go bankrupt.Better to be prepared for any eventuality and have a plan B shares at any time, ideally in a European context. Tools that were used by the state in 2008 to recapitalize banks and guarantee their loans have not been dismantled, they can return to duty at any time.
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