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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Air France-KLM is one of the biggest disappointments of this year the stock market. Title drop 59% since January 1. The strike, which lost, according to our calculations, about 10 million per day to the company, is only one element in a more negative balance very dark.
"There is no question that I invest in this action. There is no visibility. They mastered neither the personnel nor the cost of oil prices. They face strong competition from other companies, "said one portfolio manager bad credit payday advance. This opinion, indeed radical, summarizes the weariness of many managers who do not want to invest in Air France KLM.
The numbers speak for themselves. Market capitalization is more than 1.67 billion euros, less than 7% of annual sales and less than 25% of equity. The group is in any case weighed down by a net debt of 6 billion euros.
The government wanted to know the outcome of EU summit Wednesday evening, presented as crucial for the future of the euro area, prior to revise downward its growth forecasts. Despite the success of the meeting of the seventeen member countries of the euro area, which found the night of Wednesday to Thursday an agreement to stem the crisis at the moment on the Old Continent, the head of state n has been recognized that the Thursday night: the economy would not be up to expectations next year.
Until then, Bercy expected a GDP growth of 1.75% in 2012. But since the beginning of summer, the situation has deteriorated considerably. "For the sake of seriousness, we decided to lower our forecast to 1% next year," said Nicolas Sarkozy, who is aligned and the assumption by our German neighbor.And, near the line thickness, on the average forecast of economists (0.9%).
To keep the deficit targets despite this deterioration – and this is the top priority – must be found "6-8000000000" euros in savings or additional tax revenue next year, said Chief of the state.
Nicolas Sarkozy has asked Prime Minister Francois Fillon, with Valérie Pécresse (Budget) and Baroin (Economics), floor of the copy. And this new austerity program will be announced "in ten days," just after the G20 which takes place in Cannes.
What is certain is that "we must spend less on operating and investment to support growth (…).But calling for a tax harmonization with Germany, the president did not rule out the idea of raising the reduced rate (set at 7% across the Rhine at home against 5.5%) or the introduction of an intermediate VAT rate (between 5.5% and 19.6%) for products now subject to a reduced rate (catering, building …)
It announces clearly no "social VAT" – renamed "VAT antidélocalisation" to the UMP – hypothesis was raised in the procession of the tracks in the study. He implicitly endorsed the idea but has returned to the next presidential debate "in a few months."
However, companies should be tapped. Address the tax differential between multinationals and SMEs is a carrier. It is almost assumed that the new austerity plan will include a surcharge of corporate tax targeted at large enterprises.
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.
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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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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After two sessions of gains, the Paris Stock Exchange is divided into negative territory on Friday and so its losses widened in mid-session, the CAC40 index lost 1.28% to 3046, 20 points. London and Frankfurt follow with respective losses of 0.74% and 1.43%.
The banking sector raises again the concerns of investors. It emphasizes its losses from the statements of Christine Lagarde under which a liquidity crisis was not to dismiss as some banks needed additional capital. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.
Result: mid-term, Societe Generale falling 6.66% to 18.21 euros and signed the largest decrease in the CAC.Behind her, Crédit Agricole loose 4.34% to 5.60 euros, Natixis 4.65% to 2.48 euros, BNP Paribas 3.77% to 31.01 euros and Axa 3.82% to 9.78 euros.
Obama's plan is not reassuring
Investors also unenthusiastic welcome details of the plan for employment unveiled by U.S. President Barack Obama in the night. He introduced a bill on the release of 447 billion dollars for the Americans out of unemployment. "This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .
As in Asia this morning, traders seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote.Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."
As Wall Street yesterday, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and jobs last night. The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears.This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.
Inflation slows in China
Still on macroeconomic, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).
In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6 no teletrack payday loans.2% in August.Industrial production is she up 13.5% in August.
In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .
On the agenda are also on Friday, stocks of wholesalers in the United States. Are also expected in the afternoon, the first estimate of U.S. consumer confidence from the University of Michigan.
As for currencies, the euro hovers around $ 1.38, having dropped below the threshold for the first time in six months (1.3789 to 24:10 in Paris). Oil rises for its part, supported by a surprise drop in U.S. inventories.In early electronic trading, a barrel of "light sweet crude" for delivery in October gained 23 cents to 89.28 dollars per barrel of Brent North Sea crude for October delivery 21 cents to 114.76 dollars.
Values to follow
• TF1 (-6.73%), M6 (-5.10%) Bolloré (3.63%) Vivendi (1.49%); NextRadioTV (-1.28%)
Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.
• Total (0.62%) signed the second largest increase after Vivendi CAC40 (1.55%)
The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.
• Sopra (0.70%)
The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.
• Pierre & Vacances (-4.30%)
The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.
• ArcelorMittal (-4.30%)
The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.
• EADS (-0.16%) on the second step of the podium
The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.
After three sessions of consecutive increases, optimism fell Thursday on Wall Street. Markets remain nervous before surgery, eagerly awaited Friday afternoon, the President of the U.S. central bank (Fed), Ben Bernanke. The Dow Jones gives 1.52% to 11,148.84 points, the S & P-500, wider, lost 1.56% to 1159.27 points. The Nasdaq Composite was down on his side from 1.95% to 2419.63 points.
The weekly jobless claims 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.
Wednesday night, orders for durable goods in the United States had rebounded in July, prompting stock markets to rise, on both sides of the Atlantic. "But the indicator of business spending showed the U.S. economy remains fragile," do, however, keep stock analysts from Barclays. In a context marked by the end of the indicators is misguided, or worse in reality than it seems, investors are clearly on their defense.
Meanwhile Jackson Hole
Especially since tomorrow is Friday that Ben Bernanke will speak from Jackson Hole on Friday in 16 hours. We will then know whether a possible third last monetary easing, on which markets have been speculation this week, will be decided. Otherwise, investors will likely welcome the continuation of low interest rates.The second estimate of U.S. GDP for the second quarter will also be unveiled.
The growth rate of the world's largest economy in the spring, which had greatly disappointed a month ago, could then be revised down 0.2 percentage point to 1.1%.
As for commodities, oil prices ended up in a small New York. A barrel of "light sweet crude" won 14 cents to 85.30 dollars.
Values of the day
The title of Apple, the Apple brand famous, lost 0.65% to 373.85 dollars after the announcement of the departure of its founder, Steve Jobs, Tim Cook replaced. The title, which had plunged by 7% in electronic trading after the close of trading, limits the breakage, while the name of Steve Jobs was closely linked to the success of the giant consumer electronics. The markets were confident in the group's ability to continue growing.August 9, the computer giant had a happy time at Exxon Mobil's first-place capitalization in the world in full trading day before falling on the second step of the podium payday loans in 1 hour.
Bank stocks, meanwhile fly, first Bank of America, which ended up 9.44% to 7.65 dollars after surging 25% in early trade. The markets welcomed the surprise announcement that Warren Buffet announced an investment of $ 5 miliard in Bank of America through his Berkshire Hathaway fund. The bank is facing many challenges including the accumulation of legal proceedings against him related to mortgages "inherited from its subsidiary Countrywide. She plans to eliminate 3,500 positions during the quarter.
JP Morgan Chase lost 0.31% to 35.72 dollars after gaining 7.2% on opening. Citigroup gained 5.10%, Wells Fargo and Morgan Stanley 1.43% 2.72%.Goldman Sachs sells 0.46%
Google (-0.62% to 520.04 dollars) on Thursday announced a new agreement with a French publisher to digitize books, this time signing a contract with La Martiniere, which is between 5,000 and 10,000 works not reprinted. Wednesday night, we learned that the search giant online had agreed to pay $ 500 million to settle a dispute related to its advertising activities in the United States.
The manufacturer of the phones Research In Motion (-1.23% to 28.22 dollars) plans to make its new models of Blackberry smartphones compatible with the application platform Android for Google, Bloomberg reported, citing sources familiar with the project.
The aviation sector also suffers from fears about Hurricane Irene threatens to hit the east coast of the United States, especially the city and the airports of New York at night from Saturday to Sunday.Yield 2.97% American Airlines, Continental United 2.91% 4.15% US Airways.
Applied Materials (-4.84% to 10.81 dollars) Wednesday reported results above expectations as part of its third quarter, but forecast judged disappointing for the last three months of its fiscal year have reduced its activities in the transactions electronic. For the current quarter, the Group expects adjusted earnings between 16 and 24 cents per share, against a Reuters consensus of 30 cents.
Big Lots (-0.62 to 32.18 dollars) Thursday raised its profit forecast for the year after having exceeded expectations in the second quarter, with earnings per share excluding items of $ 0.52. The Thomson Reuters consensus was counting on $ 0.44. The group now expects fiscal 2011 earnings per share between $ 2.90 and 2.80 (consensus: $ 2.89).
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Attendance up 5%. An average expenditure which increased by 4% in its parks. Taking advantage of a particularly mild weather in spring and the return of British and Italian visitors, Euro Disney rose 7% on sales of its parks and hotels, to 344 million euros in the third quarter (ended late June) of its 2010-2011 fiscal year. This is his fifth consecutive quarter of increases. Taking into account the sale of a significant real estate asset, Europe's leading theme parks accumulated 903.5 million euros in turnover in nine months (+1.2% compared to last year ).
The French, who represented 51% of customers last year came less numerous: the slight improvement in the economic environment has led them to more from the spring.In contrast, British and Italian clientele grew, encouraged by policies coming promotions more pronounced than last year.
The good weather has also contributed to the performance of Euro Disney. A pleasant weather naturally encourages visitors to stay longer in the parks. A plus for the restoration, especially at night. It also encourages the regulars in the last minute to finally take their ticket. Knowing that about 50% of French customers of Euro Disney lives in Ile-de-France, it is far from negligible.
"An incidence of 30% attendance"
The bad weather of July and early August this will inevitably impact on revenue of Mickey and, more generally, on most other amusement parks online payday loans. Euro Disney does not give a forecast for the full year.But the last quarter, the summer months, is the largest of the year. At the Compagnie des Alpes, which owns the Parc Asterix and Futuroscope, the last quarter of fiscal year (July-August-September) concentrates 50% of the business of amusement parks. A bad summer does not catch up. "July and August are the two biggest months of the year for the industry, insists Didier Arino, Chief of Staff Protourisme. Bad weather penalizes all parks outdoors, especially water parks Aqualand and as Walibi. Parc Asterix, which has a strong client focus, also suffers. Parks attractions offering coverage, such as Futuroscope, aquariums or Crocodile Farm, do better. "
According to this expert, the great advance made in the spring will allow the largest farms (more than one million visitors) to record another year of growth."But 2011 will not beat attendance records in 2010," he predicts, ensuring that "the weather has an incidence of 30% attendance at outdoor parks."
Already facing a strong seasonality of revenues, theme parks have so decisive a card to play in protecting itself further to the vagaries of time. But this represents additional investment. "Vulcania, for example, has developed a open air that did not exist at the start," said Didier Arino.
