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.
December 1st,2011
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The French shun savings products they preferred. A booklet after earlier this week, it's life insurance to take stock bleak for the month of October. The French Federation of Insurance Companies (FFSA) has published figures from the Sunday collection. Last month it dropped from 16% to 9.1 billion euros. The amount of contributions collected in the first 10 months of 2011 amounted to 107 billion euros, down 12% over the same period of the year.
Worse, the agency confirmed that the withdrawals were higher than inflows. In October, the balance is negative to the tune of 1.4 billion euros. It is, indeed, a little less bad than a month earlier. In September, withdrawals have exceeded payments of more than 1.8 billion euros.But above all it confirms that life insurance through a bad patch with unprecedented for the first time two consecutive months of negative collection cash advance america.
Questioned by AFP, the FFSA wants to be reassuring. "Let us not forget that these are data points. If you look from the beginning of the vision is very different, "cautions Bernard Spitz, President of the FFSA, underlining that the payments exceed 17.7 billion euros withdrawals in the first ten months of 2011 . A figure that compared to last year's data with the same period, however, shows a precipitous drop of 63%, the statement of the FFSA.
Pensions of baby boomers
These results reflect a combination never seen before, the structural and cyclical factors unfavorable. Life insurance suffers from the retirement of baby boomers. These offset the drop in income by drawing on their life insurance.
European markets opened down on Friday. The CAC 40 lost 0.83% to 2985.19 and points in early trade. London also yield 0.81% to 5,379.08 points and Frankfurt 0.84% to 5800.79 points. Despite a week marked by political developments in Italy and Greece, the risk of contagion from the debt crisis strongly disturb the markets. Yesterday, France and Spain have made bond in high yields. Rates in Spain reached 6.975% of never-seen since the creation of the euro and a further step towards the 7% threshold considered dangerous. In the process, Wall Street closed lower and Asia was plunged into the red today.
In Italy, the new Chairman Mario Monti has presented its program focused on "fiscal discipline", "growth" and "equity.""The future of the euro will also depend on what will Italy in the coming weeks," he said. "Europe is experiencing its most difficult years of the postwar period. (…) The European project could not survive a possible collapse of the monetary union. "
The euro rose slightly against the dollar
On the foreign exchange market, the euro rose slightly against the dollar the slope after reaching a low of five months yesterday at 1.3421 dollar. It evolves around 1.3479 this morning but the dollar traders believe that the downtrend remains intact.
On the macroeconomic front, investors will be watching today the publication of the indices of orders received value in the industry for the month of September, published by INSEE at noon.
New stage in the European debt crisis, and new Franco-German opposition. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.
Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.
According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …
Roles reversed
For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.
France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.
Pre-aid to Greece
In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.
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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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The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain. According to AFP, German Chancellor Angela Merkel has won the support of its majority.
The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd. "The German MPs have overwhelmingly demonstrated their sense of responsibility," responded the French Minister for European Affairs, Jean Leonetti, in a statement.
Of 611 votes cast, 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Only 85 deputies voted against and three abstaining.As expected, two of the three opposition parties, the Social Democrats (SPD) and Greens, have made their voices.
More importantly, 315 members of the coalition voted for the building according to the AFP and a Conservative MP quoted by Reuters. Clearly, Merkel would not have needed the votes of the opposition guaranteed high risk personal loans. This was not a foregone conclusion, the majority having spread its divisions, the previous weeks on this subject.
If the Chancellor had failed to gather his troops, the German government would have been seriously destabilized, fueling doubts about the survival of the coalition. Angela Merkel would have indeed been "made in Germany as a loser," said Holger Schmieding, of Berenberg Bank.
Germany is the eleventh country to approve the reform of the rescue plan initially set up in 2010 to assist countries in the euro area in need.Berlin, because of its predominant economic weight in Europe, will be the first contributor.
The vote of the Bundestag is the first in a series of three crucial. In the coming weeks, he will speak on a second plan of aid to Greece and early 2012, on a permanent rescue mechanism (MES) to succeed the EFSF.
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Greece:
In the aftermath of yet another meeting "for nothing" between the finance ministers of the euro area, said Baroin continue to trust in Greece. And, while 68% of the French disapprove of the increase in French contribution to the rescue of Greece, according to a poll Ifop. "Greece knows what she has to us, insists Baroin, invited the Grand Rendez-vous Europe 1-i> Tele-Le Parisien. We have said it, she has commitments, duties vis-à-vis its creditors, it has the requirement to provide answers. "
While Europe still can not agree to release the 158 billion pledged to Greece on July 21, Baroin announced that the European Stability Fund would be active in mid-October . "The agreement of July 21, expands the interventions of European fund, says he. It enables him to act in advance.This tool is good, just it is not yet implemented. We need the European Parliaments vote, and all Parliaments have given a date. " For him, this fund is not intended to please the Greeks but to save the euro.
Banks:
Former colleagues in government Fillon and Christine Lagarde Baroin do not seem to take the same position on the banks, now that the former Minister of Economy and Finance has been leading the International Monetary Fund. Three weeks ago, Christine Lagarde, sounded the alarm and called for "urgent recapitalization" of banks.
Europe 1, Baroin, sought reassurance, noting that "central banks assured liquidity to ensure any problems.This means that the question 'Are there any cash flow problems?', The answer is no and the question 'Is there a solvency problem?', The answer is no. We are not worried. " And to the question: 'Should we recapitalize European banks? "The finance minister said," They already recapitalize since 2008. They increased their capital by 50 billion euros, "said he.
Growth:
While the European Commission Thursday lowered its forecast for French growth to 1.6% in 2011, Baroin assured that the growth target of 1.75% this year was achievable. "We were on a line at 2%. It was fixed at 1.75% and we have reasonable grounds for regarding it's achievable. There will not exceed one euro in terms of deficit compared to what we have taken as a commitment. "
Budget 2012:
"Demanding".That's how Baroin defined the 2012 budget to be presented Sept. 28. While the opposition calls for a recovery plan, the finance minister was adamant. "I am convinced that a recovery would have an adverse effect in the current financial situation. In a long-term strategy, which should take us in 2013 to 3% deficit, we can not afford us the luxury to satisfy such demand, such as department or lobby, "he said.
Economic project of the Socialist Party:
Finally, the finance minister has been very critical of the socialist project. "The project of the Socialist Party fell.They need to throw in the trash, they must forget their plan to create jobs and increase public more than 50 billion taxes, "he said, saying the government side," It is not about one second of a general increase in taxes. "
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The U.S. stock markets are reluctant. On Tuesday, the Dow Jones lost 0.24% to 11,034 points while the Nasdaq climbed 0.33% to 2503 points and the S & P 500 gained 0.09% to 1162 points.
On Monday, the New York Stock Exchange ended in the green while Rome had asked China to buy the Italian debt. The salvation of the euro area could therefore eventually come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area.But this morning, market rumors suggest that Beijing is not finally ready to buy Italian bonds, taking again the indices into the red in Europe.
Faced with these contradictory information, caution remains appropriate today. In addition, U.S. carriers, such as Europe and Asia, remain very concerned about Greece. They fear it will not be able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe. An output of the euro in Greece is also now considered by many economists.
This morning Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF), said on iTV that Greece may have to undergo further restructuring of its debt than expected.German side, Angela Merkel is trying to catch up about his Economy Minister Philipp Rösler, who spoke Monday the event of a default of Athens. In a radio interview BBB, the Chancellor found it necessary to "avoid any uncontrolled process in the euro area."
The United States involved in resolving the crisis in the eurozone
The United States also stressed that they became involved in resolving the crisis in the eurozone, as the Treasury secretary, Timothy Geithner will participate Friday in the meeting of Ministers of Economy and Finance Union European Poland.
On the foreign exchange market, the euro was down slightly Tuesday against the dollar and the yen on Monday after falling $ 1.35 for the first time since February and the lowest for 10 years against the yen, and the voltage was strong, the markets fear more a possible failure of Greece no teletrek payday advance.Around 11 am, the European currency was worth 1.3608 dollars against 1.3624 dollars.
As for oil prices, they were mixed, helped by a relative weakening of the dollar-weighted but the latest projections of OPEC anticipates a lower than expected growth in demand for crude because of the nervousness of the markets. In early electronic trading, a barrel of "light sweet crude" gave himself 80 cents to 88.99 dollars a barrel while Brent North Sea, more sensitive to economic conditions in Europe, gave 52 cents to 112 , $ 25.
On the macroeconomic front, investors will monitor including import prices to be unveiled in late afternoon.
Samsung attack Apple
The side of values, Hewlett-Packard announced on Tuesday that 41.62% of the shareholders of Autonomy British had supported his bid.The U.S. group also announced it was extending its offer until Oct. 3.
The giant South Korean electronics Samsung Electronics filed a complaint in France against its U.S. rival Apple for a litigation involving three patents relating to UMTS technology. "The complaint focuses on three technology patents, and not the design of the shelves," as was the case during a recent trial in Germany, said a spokesman for Samsung.
Rating agencies could worsen them.Moody's has indeed said yesterday that it planned to degrade the note by the McGraw-Hill, who announced his intention to focus on competing rating agency Standard and Poor's division after educational activities.
For his part Nordson Corp. announced yesterday after the close had authorized a share repurchase program of $ 100 million.
Note also the U.S. internet group AOL has appointed a new editor for TechCrunch, the site of information on technologies he had bought in September 2010, after 10 days of controversy over the fate of the former owner, Michael Arrington . The new editor is Erick Schonfeld, Associate Editor edited by Michael Arrington. AOL announced that Michael Arrington, founder of the site, decided to leave TechCrunch and AOL to devote to investment funds that it recently launched.
Pens, binders and notebooks just sold, the aisles are already crowded with bottles of wine. Casino at the wine fair began yesterday, Carrefour, Monoprix and Leaderprice follow today. The stakes are high for retailers: the event is about 10% of their annual sales within that radius.
While retailers feared a drop in consumption, the 2011 is again under the sign of exclusive regional, but especially low price. "More than six out of ten bottles will be offered to less than 6 euros," explains Stéphane Cathelain, head of wine fairs in the Casino Group stores (excluding Leaderprice, Franprix and Monoprix). The distributor, which doubles the operation of a fair whiskey, playing more than any other card of its private label wines with a score of "Club des Sommeliers Grand Reserve" a total of 450 brands, from 2 euros.
At Carrefour, the entry level is the same at 1.25 euros as the company has chosen to focus on the prize "this year". In hypermarkets, where 680 wines will be offered, "30% of the selection is less than 5 euros and 45% to less than 7 euros," explains the group. In supermarkets Carrefour Market, "the average bottle price is 6 euros." This argument should convince men-client type of the Wine Fair, to fill their baskets for 55 euros on average, at Carrefour.
"Two bottles purchased, offered a"
Leclerc also offers many affordable bottles from its 3000 references. The company, which invented the event in 1973, has seen its turnover grow Wine Fair from 8% last year to 80 million euros (12% of sales over the year).
Auchan, there are many "quality of the vintage 2009 to incite customers to buy," anticipates Olivier Mouchet, Group Head wines. Two-thirds of the offer (1200 references, up to 800 per store) will consist of wine this year. "For three years we have strengthened the promotions of the type bought two bottles, one offered. This offer is valid this year about a bottle of five, "said the official, adding that" the choice is our main argument. "
Last year, Auchan has achieved a turnover of 54 million euros, up 7%, representing 15% of sales over the year. This is double the grouping of the Musketeers, for which the event (45 million in sales) accounted for 8% of annual sales in 2010.
"Systeme U is" over-seller "of wine during the fairs, more than its share of food market over the period," said Emmanuel Podevin, the head of the national product of the wine brand. Rather than the lowest price, Système U emphasis this year on the value. The bottle sold in U at the Wine Fair is about twice as that sold during the year: 7 euros for the first, against about 3 euros for the second. The strategy has proven itself in 5 years, the turnover of the event has doubled in U system, reaching 36 million euros last year.
New twist in the controversy over the health of European banks which opposes the IMF to European officials. The new CEO of the Fund, Christine Lagarde Wednesday held the first meeting of its Board of Directors of European banks. On this occasion, the Fund's economists presented their calculations indicate a probable equity gap of around 200 billion euros for all European institutions, the Financial Times. While European banks inscribed on their balance sheet obligations of States in the euro area market value, their tangible equity would fall from 10% to 12%, said the newspaper.
The newspaper stresses, however, that the amount shown in the "Report on the global financial stability", the traditional semi-annual report due on 21 September, is not final.These figures are obviously equivalent to those that led Christine Lagarde Saturday to encourage Europeans to recapitalize banks on the continent.
Analysis strongly opposed by European leaders. "The vision of the IMF is biased," said the Spanish Finance Minister, Elena Salgado, the FT, explaining that the Fund was wrong not to take into account potential losses without regard to assets Bunds, which saw During their ride. Wednesday, the Minister of Economy, Baroin, has in turn ensured that the French banking sector did not raise "no worries".Statements in line with those of the governor of the Banque de France Christian Noyer and the president of MEDEF Laurence Parisot, who had followed the lead of European leaders as the Commissioner for Economic Affairs, Olli Rehn.
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