Current News Headlines

In a few days, the management of Air Méditerranée know the number of candidates to voluntary redundancy scheme and the number of those who wish to be reclassified from Hermes Airlines, a Greek subsidiary conveniently created in August 2011 by Anthony Ferretti, the president and largest shareholder Air Méditerranée.

The new company proposes to take Greek pilots and stewardesses its parent, provided they opt for a Greek status and pay accordingly – lower by at least 30% to those in force in France.

Affected by the Arab Spring

Outwardly, nothing appears. The three aircraft in the fleet of Hermes Airlines registered in Greece wear the shoe Air Méditerranée. Flights operated by these aircraft are also consistent with those made by the parent. Hermes is it then a ghost airline intended to lower costs to manage the activities of its parent company in trouble? "It's ten years as the president of Air Mediterranean dream to relocate, says a captain of the company. At first he did not dare use the word. Today, it frightens him more. He says it is for our good and it will help revive the company's business. "

Mediterranean air, which mainly works with tour operators and individuals by selling low-cost flights on the Internet, has been hard hit by the crisis Tunisian and Egyptian. In 2011, it achieved a turnover of 220 million euros and would have recorded a small loss.

Unions, convinced that the "relocation" was illegal, responded: "We met with leaders of the General Directorate of Civil Aviation (DGCA) on numerous occasions, said Denis Roumier, the SNPL. But they told us that there was nothing illegal in this montage. Nothing prevents an employer to operate equipment by registering in another country. ". Hermes Airlines has recruited crew members from different nationalities in Greek status to ensure the flights of the three devices with operating licenses Greek.

The salary of a hostess who received 1200 euros net per month in France rose to 900 euros in Greek status. That of a captain of 5000 euros to 3700 euros a copilot from 3500 to 2600 euros.

By summer, the Greek subsidiary should operate six aircraft, as declared by the president of Air Mediterranean in council.

Faced with this "misuse" of their flights, the 450 employees of Air Mediterranean – including 85 in CDI will leave the company under the plan to safeguard employment – wrote an open letter to President: "In the process things are going, we expect, if nothing is done, not only to pursue the relocation of six ten but had to start our whole fleet, the disappearance of our company and, worse , that the method is spreading to other French airlines … "

ALSO READ:

"Soon, one pilot on the plane

"Ryanair threatens to leave Marseille

Determined to help the growth, in this election year, Republicans abandoned their zeal for deficit reduction. While the campaign for parliamentary and presidential undertakes November, Republican leaders of the House of Representatives agreed to a compromise that will cost nearly $ 100 billion budget for the current year.

This is extended through December of reductions in social charges weighing chiefly on wages. Some 160 million Americans benefit from this gift, supposed to boost consumption and sustain growth to be too fragile by Barack Obama. The average American will have 80 dollars a month more.

Rise of Barack Obama in the polls

Since December the right wing of the Republican Party, very influential in the House, tried to package this as looking for savings of an equivalent amount elsewhere in the budget.

The Republican retreat is the rise of Barack Obama in the polls thanks to recent signs of improvement in the labor market. He campaigned on the urgency of reducing taxes on the middle classes, while wishing to increase taxes on the rich. Maintaining a budget deficit greater than 8% of GDP this year, and about 5.5% of GDP next year, do not seem to scare the Americans, or on Wall Street, which is found even at its highest in seven months.

Unemployment benefits reduced

The compromise that should be passed by Congress this week also provides a progressive shortening of the maximum period during which the unemployed can receive benefits. It will increase from 99 weeks to 73 weeks now by the end of the year.

The Republicans would rather reduce the period to 59 weeks. In yielding on this point, they got the cost of this measure is funded in part by an increase in pension contributions for federal employees. In addition, the Republicans give up a projected savings in health spending.

The electoral climate that prevails in Washington is so tense that it is likely that once the tax package passed no important legislation can not move forward until December. It was at that time, and after that we know of who emerges victorious in November elections, as important decisions will be taken to respect the timetable set last year in budget savings.

ALSO READ:

"The rebound in U.S. growth remains fragile

»December 2011: tax cuts in the U.S.

BNP Paribas has limited the damage last year. Despite the crisis of the euro, which hit the banking sector especially during the second half of the year, the French group reached 6 billion euros in profit in 2011, down only 22.9%. It's better than expected by the market.

This figure covers two very contrasting. On the one hand, the retail place performance. Over the full year, this activity reached 5.9 billion euros'' profit before tax, of which nearly $ 2 billion in France (12%). the fourth quarter alone. Networks alone will clear almost all of the taxable profit of the group: 1.2 billion on 1.3 billion.

On the other hand, the sovereign debt crisis weighed heavily on the bank. A pressure that is exerted on the first banking business and investment banking. The division will have realized that 6 million profit last quarter, although this remains more than adequate compared to the losses recorded by many major European banks that have already published their accounts.

Especially, BNP Paribas will found in 2011 more than 4 billion euros in losses on its portfolio of European government debt: $ 3.2 billion on Greece, whose value was reduced by 75% in the perspective plan restructuring being finalized at the European level, plus 872 million of realized losses on the sale of government securities. Since the summer, BNP Paribas has significantly reduced its exposure to sovereign debt. She also collected 148 million of losses on loans it has sold to lighten its balance sheet.

With 6 billion profit in 2011, BNP Paribas is expected to maintain its lead over its competitors. Credit Agricole SA announced in December that he would complete the year in the red after a cleaning operation of its balance sheets. Societe Generale – which will publish its Thursday tomorrow – has warned it would not distribute any dividend.

In this regard, BNP Paribas says it will affect a quarter of its distributable income to the payment of a dividend payable in cash or shares. The bank says in effect have already exceeded the target of 9% capital adequacy set by the authorities in the whole industry in Europe.

ALSO READ:

"Banks soldent invoice Greek

"Banks: the austerity measures did not result in large market

Committee for the Six Nations, the puzzle of the new date of the France-Ireland postponed last Saturday, should be completed tonight. This is not the case of French Rugby Federation (FFR), she also faces the unpleasant consequences of the postponement at the last minute of the match on the second day of the Six Nations tournament.

And for good reason: about 78,000 spectators, with the majority of them paid for their seats, were present in the stands Saturday night. In addition to travel expenses and accommodation, went up in smoke, they had paid to enter the Stade de France between 36 and 110 euros for the major shows of European rugby. "The general conditions of sale do not provide reimbursement for these tickets, it says in the FFR. However, the different parts (FFR, insurance, Consortium Stade de France …) studying the subject and the possibility of compensating the injured fans the most. " If the hypothesis of simple reimbursement of tickets for spectators unable to return seemed logical at first glance, it is not acquired at all.

Necessarily financial compensation pa

If the game is postponed from this Sunday, it will be difficult for the FFR, lack of time to fill the shortfall by the potential resale of tickets redeemed. In the event that the Committee of Six Nations would choose the date of March 3, the leeway to the FFR to re-market these tickets would be wider … and could therefore support the decision of any reimbursement, in whole or part , tickets. The Federation also confirms that no final decision will be taken before choosing the new date, but an official communication will be made on the site of the FFR, when setting the terms of any repayment online payday loans. It also emphasizes the study of "compensation, not necessarily financial supporters the most affected." In case of default, there are still more likely that the fans away from Paris trying to resell their tickets on the black market.

A weekend in 1000 euros for two

In addition to sporting disappointment, the financial damage is also for fans of rugby. Mainly for the fans from the south-west, but especially Ireland. For the latter, the cost of the weekend in Paris often resort to over 1000 euros for two people.

Another player injured by this fiasco: France Televisions. Often questioned, as her sisters, to put pressure on the maintenance of programming events to large audiences, the public broadcaster said, however, have fought to advance the game in 15 hours. Without success. Cost of operation: 130,000 euros, according to Daniel Bilalian, sports director of France Televisions.

Finally, in the Stade de France, the loss is more difficult to assess. According to the task, the final match between France and Italy on February 4 was generated € 1.5 million profit, and a recipe for 300,000 euros for the FFR. The France-Ireland being postponed, not canceled, the loss on the sale of products, beverages and other sandwiches should be controlled.

ALSO READ:

"We would have liked to play

"The postponement of the Ireland-France scandal

"" Comforted in our great stadium project "

After resisting the morning, the Paris index has increased its losses Tuesday mid-day, finishing down 1.43% to 3174.29 points. Parisian investors have expressed a wait-and very excited at the eve of an EU summit in crisis considered major. Sign of a strong wait-and trading volumes did not exceed 2.6 billion euros. Some profit taking after two sessions of strong gains also came influencing the trend. Less marked decline elsewhere in Europe, where the German Dax has limited its losses to 0.14% at 6045 points and the FTSE in London 0.41% to 5525.54 points.

Immersed for weeks in a deep pessimism, investors had played the crisis Friday and Monday. However, the ability of European leaders to respond definitively to the debt crisis is still struggling to convince.A phenomenon that confirm the disagreements between countries in the euro area on the measures to adopt, and just wiping out the gains Monday. If the preparatory meeting of finance ministers of 27 (Ecofin) has been canceled, the leaders of the euro area, however, continue to negotiate before the meeting tomorrow Wednesday of Heads of State and Government (first of 27 and 17 of the the euro area).

At the heart of the discussions: the recapitalization of banks, the amount of the discount of the Greek debt, and strengthening the European bailout fund (EFSF). According to one diplomatic source, the representatives of the banks would like to limit the discount to 40% volunteered to stabilize the Greek debt, against 50 to 60% required by the euro area.Moreover, concerns about the Italian situation is escalated, as Silvio Berlusconi may have trouble getting the promised reforms the last weekend to reduce the debt of his country payday advance. The Prime Minister pledged to push trans to 67 years of age retirement.

Diving morale of U.S. households

In this context, mixed economic data revealed the Atlantic have increased pessimism. Stabilization of U.S. house prices in August, according to the Case Shiller index, and the unexpected plunge in the morale of U.S. households in October, have reinforced doubts about the health of the world's largest economy.

By sector, banks are logically the most attacked, BNP Paribas, lost 3.75% to 30.80, Societe Generale fell back to 3.80%, to 19 euros. Axa was down 1.76% to 10.90 euros.François Fillon, French Prime Minister confirmed that the banks of the Hexagon should recapitalize to the tune of "ten billion euros."

In contrast, cyclical stocks including oil services, were well oriented, supported by oil prices that reached a high for about three months. Maurel & Prom has awarded 2.86% to 14.90 euros and CGG Veritas was up 1.21% to 16.73 euros.

Also against the current, and two days before unveiling its sales for the third quarter, the title of Plastic Omnium has continued to rise (3.35%, to 20.76 euros) having already jumped more than 10% two sessions. Finally, on the eve of the announcement of its quarterly revenue, PPR has taken the lead in the CAC 40 with a gain of 3.84% to 111 euros.

ALSO READ:

"CRISIS SPECIAL: fear of debt

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 pay day loans. What scare away customers. If in addition the price of a liter of diesel fuel 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.

ALSO READ:

"Despite gas prices, the French roll more

"The State will continue to support the electric car

Delivery today in Seattle, industrial seat Boeing 787 Dreamliner's first B to All Nippon Airways (ANA), the company's launch long-haul next-generation American, is good news for the French aerospace industry. The latter was, for the first time, closely associated with the development of Boeing and has also lived in the pace of industrial failures and flexible program that accuses more than three years behind its original commitments.

Before the Dreamliner, Boeing's cooperation with subcontractors, but former French was limited. "Boeing has opted for the CFM-56 engine, co-developed by GE and Safran, to equip its B 737 and he turned to Dassault Systèmes to draw the B 777," says Yves Galland, president and CEO of Boeing France."The implantation depth of French aviation has made possible and with as Boeing 787 B is increased from 2 to 14 partners meeting in the French Team Boeing. We now work with hundreds of French companies, "says the CEO.

When Boeing launched the program in 2004, he decided to review its parallel in industrial organization by giving up 80% of the unit to major partners. It launches international tenders and the French make a lot. Some drop their first contract with Boeing. This is the case Latécoère that provides long-haul passenger doors of (8 air).

"For the first time a French industrialist involved in the structure of an American plane," said Yves Galland. Once a foot in the door, Latécoère won a second contract to supply the cargo doors of the B 777.For his part, Messier-Bugatti a world first on an airliner: the design of the electric brakes B 787. "After winning the contract, Messier Bugatti was referenced on the B 737 to replace the brakes," said Yves Galland no fax cash advance. For its part, Labinal was selected for the wiring of the unit, or a hundred kilometers to install per machine. A particularly crucial position on the B 787 presented "as the more electric aircraft ever designed."Just as the power conversion system entrusted Thales was also selected for in-flight entertainment and integrated flight displays.

23,000 jobs created in France

A total of ten French companies, among which there are also Zodiac, which will provide 100% of the seats of 55 B 787 ordered by ANA and management systems and waste water and slides, Dassault Systems (Catia) Messier Dowty Michelin and boarded the program which counts 821 orders from 56 airlines.According to several experts, the B 787 alone should generate between 600 and 800 million dollars in sales per year for the French industrial partners.

In total, Boeing 787 and B have shown "significantly more" than $ 4 billion purchase of components and assemblies to the French aerospace industry, 80% are made in France. Of this total, $ 2.8 billion came from direct purchases. The U.S. giant has generated 23,000 jobs in France and half direct. "Boeing buys in France ten times more value than it sells," said Yves Galland noting that Boeing will be exported to France three aircraft this year.

The rise of French subcontractors will not stop there. The "Boeing French team" is growing to meet from 17 to 18 members by 2012.

ALSO READ:

"Boeing delivers its first Dreamliner

Unity is strength. Armed with this saying and to respond to the stock market crash that plagues the financial markets around the world, the twenty richest economies in the world decided to act jointly. Thus, after a dinner Thursday in Washington, finance ministers and central bankers from the G20 pledged to provide "a strong and coordinated international response" to the crisis.

No statement should be issued initially. But given the urgency of the situation and "the common observation of the need for a collective response," said French Finance Minister Baroin, the G20 is prepared to take "all necessary measures to maintain stability banking systems and financial markets. " For banks, countries ensure that "they have adequate capital," they keep "sufficient access to finance."Central banks provide them with "the necessary liquidity."

At the same time and in response to a request by the G20 in September addressed to Nicolas Sarkozy, the euro zone countries have pledged to implement "necessary measures to increase the flexibility of the European financial stability and maximize its impact to prevent contagion bad credit unsecured personal loans. "

And G20 members say they are committed to act on all fronts: against "increased risk of deterioration" due to soaring public debt, against "the weakened financial system" and "turmoil" growth "low" and "unacceptable level of unemployment." To do this, they will take action to "support growth" while adopting "credible fiscal consolidation plans."And the time is short since the club 20 is the adoption of "an ambitious collective action plan before the summit in Cannes," in early November.

ALSO READ:

"Wall Street tumbles at the end

"CRISIS SPECIAL – Fear of debt

"G20 leaders wrote to Sarkozy

The U.S. stock markets resist panic that has driven down European shares on Monday. At the close, the Dow gained 0.63% to 10,061.12 points, the Nasdaq climbed 1.10% to 2495.09 points and the S & P is 0.70% to 1162.27 points.

Very hesitant, the indices increased to rise at the very end of the session after the Financial Times announced that Italy has asked China to perform major purchases of its sovereign debt. Senior Italian officials told the FT that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Dspositi e Prestiti.

In addition, investors seemed anxious not to pass down the technical threshold of 1140 points on the S & P 500 (he flirted with during the day)."If we can not maintain this level, the next support is around 1120 points," said Marc Pado, an analyst at Cantor Fitzgerald.

U.S. operators, such as Europe and Asia, however, 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. The German Minister of Economy Philipp Rösler has also not ruled out a bankruptcy ordered Greece to save the euro.

These uncertainties have weighed heavily on European banking stocks, weighed down by their exposure to sovereign debt but also by fears about their solvency and funding.

Busy schedule for

United States, Barack Obama will submit to Congress today plan to revive the economy and employment announced Thursday.The president renewed his call "to Congress to adopt this bill, which contains the kind of proposals to grow the economy and create jobs."

Week is low in business results – the retailer Best Buy and diverse manufacturing Pall is the only component of the S & P 500 to publish figures – investors will focus primarily on a series of macroeconomic indicators.The latter include retail sales, the producer prices and consumption as well as statistics on the manufacturing sector.

Note, however, leading indicators of the Organization for Economic Cooperation and Development (OECD) published this morning, reporting a "slowdown" of the world's major economies.

Oil climbs the slope

In the wake of renewed tensions, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, due to another bout of market panic response to the crisis in Europe. End of the session in Paris, the single European currency was worth 1.3645 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb. 16. The euro also fell to its lowest level in a decade against the yen. The euro bought 104.64 yen against 105.91 yen Friday.In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

Oil prices have them finished up in New York Monday, bouncing after suffered early in the day of the depressed European stock markets. On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery ended at 88.19 dollars, up 95 cents from Friday. "All the elements seemed to fall together in oil prices. I do not know why they are up now. I talked to brokers in the trading room, everyone is scratching their heads, "said Rich Ilczyszyn, broker at MF Global. As equity markets, it evokes a technical reason "because of coverage positions."

Broadcom target NetLogic

The side of values, Bank of America (0.86% to 7.04 dollars) on Monday announced it would cut about 30,000 jobs "in the coming years", or just over 10% of its workforce, in As part of the first phase of a major restructuring.

The chip maker Broadcom (-1.11% to 33.07 dollars) plans to buy NetLogic Microsystems (50.80% to 48.01 dollars) to $ 3.7 billion (2.7 billion euros) to develop its line of chips for wireless networks. The announcement helped to bring the technology sector.

The French group Technip Engineering said Monday the acquisition of the entire capital of the U.S. Global Industries (51.07% to 7.78 dollars), a specialist oil services submarines, based on a valuation of $ 1.07 billion (770 million).Technip will pay $ 8 cash per share, Global Industries, a premium of 55% over the closing price of its prey Friday night on Wall Street.

For its part, the online retailer Amazon (2.45% to 216.56 dollars) would be in discussions with publishers to launch a book rental service digital subscription, said Sunday the Wall Street Journal in its edition line.

After the unexpected departure of the patron saint of Internet giant Yahoo!, Carol Bartz, rumors of a union between Yahoo! (-1.48% To 14.27 million) and AOL (0.14% to 14.74 dollars) have resurfaced. The CEO of the Internet service provider America, Tim Armstrong, have consulted with investment companies to test investor appetite for a reconciliation between the two groups advance Bloomberg.Tim Armstrong become the leader of the group.

For his part, Hertz Global (-1.73% to 9.66 dollars) has extended the date of its offer for Dollar Thrifty (0.05% to 64.92 euros) Automotive Group (DTG) until November 1 .

Wynn Resorts (2.19% to 151.68 dollars) through its subsidiary, Wynn Macau has announced the acquisition of land over 20 hectares to the government of Macau for approximately $ 193 million. The plot, located on the Cotai area, should allow the development of a resort and recreation.

Free for now will accept cash, or take away from the call for applications for licenses 4G. Wednesday, the Council of State rejected the application for an interim operator to obtain a spreading of the payment. The sages have ruled that Free was justified "or a breach sufficiently serious and immediate interests, or consequences that may affect sustainable competitive market structure that would be likely to constitute an emergency." In other words, not Free convinced that the call for candidates favored the larger operators, who have the means to immediately implement the fixed portion of the license.

Free for all is not over. The State Council will consider the application for annulment of the procedure "in the coming months." Meanwhile, the call for applications for these frequencies will take its course. And the timing is tight.The operators concerned must submit an application before September 15 for the 2.6 GHz band and before December 15 for the 800 MHz band, which relate to the state at least 2 low fee payday advance.5 billion euros and accelerate access mobile Internet. "We were as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, "explained the Minister of Industry Éric Besson Le Figaro on Monday.

Two other cases against the call for applications for licenses 4G remain. Several unions require the licensing to be accompanied by a clause of "location of jobs in France." Bouygues Telecom, for its part, denies that the operators have to bear the costs associated with the 4G frequency interference by the signals of TNT."We assess that risk to less than 2% of homes," said Eric Besson minimized Monday in Le Figaro. In response, however, the government will establish "a single phone number with a small call center, so that individuals can report any such interference on their TV and get the linkage with the responsible operator."