These announcements reflect "what we know today," said Hans Peter Ring, Chief Financial Officer of EADS. The band plays caution. He prefers to deliver defect-free devices instead of doing everything to meet its production schedule. The European giant draws lessons from the excesses of the A380.The announcement of the delays of the A380 in June 2006 caused a collapse of the action and the most serious crisis in the history of the company.

This decision revealed seventy-two hours before the opening of the Dubai Air Show was predictable. In June, during the Paris Air Show, Airbus announced a year and a half behind two of the three versions of the A350 XWB. Management had set the stage by explaining the weeks preceding the calendar was tense for "a very risky program."

In late September, Thomas Enders, CEO of Airbus, told the BBC: "We always start date for the final assembly of the first aircraft in late 2011. But there is no magic date. We learned a lesson simple enough for the A 380: it is useless to push sections of the aircraft on the assembly line if they are not ready. "

Investors should in all cases be cautious on the Old Continent, especially after the deterioration of the Italian sovereign debt on Tuesday, which must be added the absence of a clear response from the area in the euro area on the Greek crisis. The conference held the day before between the Greek Finance Minister Evangelos Venizelos and the heads of mission of the "troika" of the creditors of the country has still not been completed. Only "good progress has been made," the European Commission ruled in a statement. Yet it must release the next tranche of aid and vital in Athens 8 billion euros.The Greek authorities are pressed by their foreign creditors to accelerate the reduction of budgetary expenditures, while the other side, protesters denounced the daily ravages of austerity.

Brazil could help the euro area

In addition, the Greek daily Kathimerini Athens unveiled Tuesday would consider holding a referendum on the continuation of Greece in the euro area to strengthen its legitimacy in its management of the debt crisis. A bill prior to the referendum would be discussed in the coming days, the newspaper said, quoting unspecified sources.Athens, however, denied such a referendum.

While the BRIC countries (Brazil, Russia, India, China and South Africa) had indicated last week the possibility of supporting the euro area by increasing their holdings of bonds, the President of Brazil, Dilma Rousseff, confirmed this position at Barack Obama on Wednesday at a meeting in New York.

On the macroeconomic front, the United States, home resales for the month of August are expected in 16 hours as the weekly inventory of crude oil at 16.30.

In Britain, the public finance figures for August are expected.

In Italy, the current account balance for the month of July will be published.

In Japan, foreign trade figures for August will also be unveiled.

On the foreign exchange market, the euro remained stable against the dollar Wednesday after Greece has reported "satisfactory progress" with the troika of creditors, but the markets remained nervous awaiting the announcements of the Fed . Around 8 am, the European currency was worth 1.3703 dollars against 1.3702 dollars the night before.

As for oil, it was down Wednesday morning in a market desperate to face the crisis of debt in the euro area, pending a decision by the Fed to promote economic recovery of the largest consumer of crude in the world.In early electronic trading, a barrel of "light sweet crude" for October delivery gave up 53 cents to 86.38 dollars per barrel of Brent North Sea crude for October delivery lost 37 cents to 110.17 dollars.

Values ​​to follow

• Banking

After the degradation of Italian sovereign debt, Societe Generale, Credit Agricole and BNP Paribas, which are exposed, will still be observed.

Attention will also Dexia, which would have allowed for 25 billion euros in loans toxic entities in 5500, according to Liberation.The additional cost of these credits was estimated at 3.9 billion euros at the end of 2009.

• Bouygues

The group filed with the Autorité des marchés financiers (AMF) the prospectus of the takeover of shares of € 1.25 billion announced on August 31, at 30 euros per share.

• Saffron

The aerospace equipment mandated banks Mediobanca and UBS to bid for the Italian manufacturer of aircraft engines Avio, reports the newspaper front page.

• Canal +

The Competition Authority decided Wednesday to withdraw the decision to authorize the merger of satellite packages CanalSat and TPS, completed in 2007, finding that Canal Plus had "failed to comply with a number of commitments" made to avoid misuse its dominant position.Groupe Canal Plus also sees a fine of 30 million euros.

• JCDecaux

According to Les Echos, the group won an exclusive contract advertising on two subway lines in Chongqing in China for a period of 15 years, but did not disclose financial details.

• Le Noble Age

The company announced in a press up all its results in the 1st half (34% to 3.68 million euros for the net) and confirmed the increase in its forecast of EBITDAR margin ( Operating income before depreciation, amortization and rent) at cruising speed greater than 27% by year end.

But this slight improvement has not benefited the hexagonal marks. Registrations of PSA Peugeot Citroen fell 3% to 31,867 cars sold, sealed by the brand Peugeot (-6.1%), while Citroën has increased slightly (+1%). The Renault was down 1.4% to 27,116 cars, despite the rise of the Renault brand (4.8%), due to the fall of its inexpensive Dacia vehicles (-22%). At the Paris Bourse, the new goes wrong with investors. Title Peugeot unscrewed from 3.73% to 20.53 euros by 10:50, in a market down by 1.10%.The action leaves Renault at the same time 2.88% to 27.52 euros.

Featured Nissan

Sales of French cars have fallen by 2.2% over the period while those of foreign cars grew by 10.5%. The Nissan group, whose sales volume is much lower compared to the French cars (3880 cars passed last month) shows still an increase of 32.5%.

BMW saw its registrations increase by 29.5%, while rising by 18.7% Hyundai, Mercedes 17.8% and 15.2% of Volkswagen. Fiat, however, is always the trouble with registrations down 21.5%.

Difficult recovery

To observers, this underperformance against French manufacturers is a surprise. "We were pretty confident and we did not think the market would collapse in August," said Francois Roudier, spokesman for the CCFA."But you still have to be careful because August is a very small volume in terms of months," he added. According to him, the market will "gradually reduce" to the end of the year, due to the effect of the removal of the scrapping took place in late 2010.

Since January, the car market grew by hexagonal only 0.4%. French sales of the first eight months of the year are down 4.4% while foreign groups are gaining 7.7%.

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"The industry adversely affected by raw materials

"Peugeot maintains its sales in the first half

Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter. It rose 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In Frankfurt, the Dax-30, very bumpy this week limit case and ends with a drop of 0.84% ​​to 5584.14 points after losing more than 3% in séance.À the London Stock Exchange, the FTSE- 100 finished virtually unchanged: it loses 0.02% to 5129.92 points.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours. As for the oil markets, I Brent North Sea for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

In the euro area, regardless of major macroeconomic news.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.30% to 52.97 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.82% to 21.33 euros, BNP Paribas was down 2.33% at 33, 56 euros, Credit Agricole down 1.41% to 6.419 euros while Natixis closed the show the worst performance (-4.51% to 2.686 euros).

In an interview with Le Figaro, the CEO of Crédit Agricole (-1.41% to 6.419 euros) said the group had "significant cash reserves" and "has no difficulty in financing" .

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot (-0.62% to 19.36 euros) which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, folds to 2.03 %, to 19.01 euros. Renault wins its 0.46% to 26.32 euros.

Total: -0.73% to 32.5 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

Last year, about 5 million children and 2.8 million households had received this benefit, an average of 300 euros per child. "We do not yet know the exact number of beneficiaries, because some families must provide proof that they will have to re-entry. But a year on year, this figure varies very little, "says one to the National Family Allowances Fund (CNAF). In 2010, the CNAF had counted only 600 beneficiaries over from the previous year. A few weeks ago, Roselyne Bachelot noted that it had mentioned the figure of 4.6 million recipients.

Increase of nearly 7% of the cost of school

In 2011, the allowance for school was revalued by 1.5% to reflect inflation. Depending on the age of the child eligible under 18 if in school, the aid received varied from 284.97 euros to 311.11 euros per year. But the annual increase covers only a small part of the rising cost of school.

According to the Association of Family France, it rose by almost 7% since last year. For a student of the sixth, the only school supplies back to around 187 euros. Involved, the general inflation of around 1.9% a year in France, and the sharp rise in prices of raw materials, pulp and paper in particular is currently selling at record prices.

In the spotlight since the outcry over the wiretapping scandal in the UK and the abandonment of the News Corp. offer. the entire bouquet of satellite channels paid, son of Rupert Murdoch resisted so pretty well. It must be said that under his leadership, BSkyB can not stop producing exceptional results.During the fiscal year ended June, BSkyB managed to attract 426,000 new customers to over 10 million users. What increase its annual turnover by 16%, to 6.6 billion pounds, or 7 and a half billion euros. Operating profit, up 23%, even more than the symbolic billion pounds (1.14 billion euros). In short, BSkyB is a real cash cow for its parent News Corp., Which holds 39.1% stake. And that is why Rupert Murdoch would put both hands on the entire group. An ambition he had to drop against the scandal caused by tapping the News of the World. The penalty was immediate the London Stock Exchange: title BSkyB plunged nearly 15% in July.

Very angry shareholders

Faced with obviously very angry shareholders, BSkyB multiplies the gifts.The group will hand out a total of one billion pounds through a share buyback program of 750 million pounds and a dividend increase of 20% to 23.28 pence per share. James Murdoch, who is also chairman of News International and Executive Vice President of News Corp., Has certainly won a race, but it is nevertheless not completely out of the woods. The natural heir of the empire, Murdoch could be again required to explain himself to MPs in the summer. British MPs seek, in fact, to understand why James Murdoch supported them, during his hearing, there are about ten days, he was not aware of the extent of fraudulent tapping, as of News International's former colleagues say otherwise.

Besides, sources from the board of BSkyB, quoted by the BBC, the support of the Board of satellite package does not go on forever, if new evidence calling into question the credibility of James Murdoch, chairman of the British broadcasting company since 2007, its role could be reviewed.

"BSkyB close to 10 million subscribers

"The personalities in the heart of the scandal-tapping

"News Corp renounces the acquisition of BSkyB

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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Illustrating the arguments in favor of setting up the device, the centrist President of the Committee on Finance, Jean Arthuis regretted that choice. "Google does not pay taxes in countries where there is profit.Attention, so does the return to balance public finances and respect for our trajectory, "he said Tuesday. This tax, incorrectly called "Google", companies are taxed advertisers and not portals, would bring a little more than 20 million to state coffers. Several players saw this device the way to avoid tax evasion of income generated in France by Internet groups domiciled in other countries. For example, advertisers of Google domiciled in Ireland, escaped to the French tax.

Disappointments for other organizations, who hoped, through this measure, access to new resources to finance the creation free business cards. This is the case of the Society of Dramatic Authors and Composers (SACD), which campaigns since 2007 for the introduction of this tax, hoping of course to be part of the beneficiaries.

Taxation envisaged at European level

Relief on the contrary side of the digital players, for which such tax could hinder the development of a growing industry. The recent National Council of Digital (CNN) had indeed heard his opposition to the project. For its part, the Association of Community Internet Services (ASIC) in a statement welcomed the choice of the Senate "to preserve the French digital economy," avoiding "the potentially heavy burden on the shoulders of the few French companies, penalizing especially small and very small. "A relayed spoke about Senator Catherine Morin-Desailly, who denounced a tax against-productive: "It would be paid by advertisers, not by the large international groups, Google, Facebook, which were located in countries with attractive tax" has She stated Tuesday.

Remains that the taxation of Internet giants is not totally abandoned. Budget Minister Baroin invoked for the possibility to reflect on actions at EU level. "The government has pledged to establish conditions for a European standard for a tax on a broad base, without waiting for the G20," he developed Tuesday. An argument inadmissible under Jean Arthuis, for whom total absence of tax harmonization in Europe would only bury the project.

Only 70,100 civil servants have retired last year, where an assumption of 77,800 was used. In 2009 already, the 68,000 starts recorded (after 81,000 in 2008 and 2009) were below projections. But a "behavior change" occurred in mid-2009 that Bercy attributed to three phenomena.First, the 2003 reform, which requires officials to work longer for a full pension (since 2008, they have validated many quarters that private sector employees: 40 years for those born in 1948, which term will gradually raised to 41 years and a quarter for those born in 1953 and after). Then the crisis, which could push workers to postpone their departure – those whose spouse or children working in the private sector therefore at risk of unemployment, can you imagine, for example. Finally, "pending categorical measures": the revaluations of this or that body have increased since the beginning of the quinquennium, under the promise of Nicolas Sarkozy to "give back" to staff the savings generated by the non-replacement one out of two.

The end of "ages cleavers"

The Superannuation is calculated on their six months salary, a "nudge" decided during this period may lead to a significant increase in pension, they will benefit throughout their retirement!

Ultimately, the age of retirement from 58 years and 8 months in 2004 to 59 years and 9 months and a half (he is 61 years and 7 months for private sector employees). This average excludes the disabled and mothers of three children, likely to leave at any age. However it covers the categories of "active" (firefighters, police officers, prison guards, air traffic controllers, who can go so far from 50 or 55 years), who quit work an average of 56 years and 7 months, and other agents who remain in office until almost 61 years. For the military, the departures were a little higher than expected (13,000 instead of 12,000).The average retirement age rises too, but since 2006 only: it is past 45 years and 3 months to 46 years and seven months last year.

Finally, another report indicates that the reform of special diets in late 2007, also produces its effects, especially at the station with the late "ages cleavers" causing a retreat setting automatically "only half of the agents SNCF able to retire in 2010 actually did. "