Natixis and Publicis laugh, cry and Lagardère Dexia

Meanwhile, financial markets on Monday welcomed the news: Natixis gaining 3.26% to 4.57 euros and Publicis rose 1.50% to 34.95 euros in a market up slightly at 0.12%.Conversely, Lagardere was down 2.42% to 28.05 euros and Dexia loose 2.03% to 3.37 euros, to 10.30, the two largest declines the CAC 40.

Edenred, company resulting from the division of Accor, the chemist and Rhodia will join at the same time that antechamber of the CAC 40 in place of the services company Atos Origin and Land Regions.

These decisions were taken Friday night by the Scientific Council of the indices of the Paris Bourse. It meets at least four times a year to update the content index. To determine the entry or exit to a value of the CAC 40 are taken into account many factors: the respective weight values, number of transactions, volumes of shares traded and turnover.

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The withdrawal of the French group came at a time when the famous Wall Street bank saw its market capitalization melt after an investigation by the U.S. court on possible fraud. In the quarter, the title of the investment bank collapsed by nearly 23%.

Other major shareholders of Goldman Sachs have also reduced their stake in the bank business loan no fax payday. BlackRock and T.Rowe Price have respectively sold 1.6 million and 4.2 million shares Goldman Sachs.

Meanwhile, Axa has reduced its stake in U.S. Bancorp and that of Barclays and acquired stakes in Wells Fargo and Bank of America.

However, the bank always seems to be supported by Warren Buffett had invested in September 2008 – is in financial crisis – some five billion dollars in bank capital. The investor would also prominent candidate for the acquisition of Direct Line, a subsidiary of British bank RBS.

But optimists emphasize that, although down compared to July, the PMI indicator reflects a strong growth in business services as industry. This also recovers to 54.7 against 53.9 a month earlier. In general, grade Markit, the two sectors have "stronger growth in the volume of new business" on the month. What "confirm the solidity of the French takeover," analyzes Jack Kennedy, economist at Markit.The government has revised its forecast Friday for growth for 2011 downward from 2.5% to 2%.

On another positive note, employment continued to grow, driven by strong hiring in the services. Above all, companies "remain confident about their business outlook," "anticipate new business opportunities" and "hope for an improvement in overall economic conditions over the next twelve months," notes Markit.

Germany shaped

In Germany, activity has accelerated in August, reaching the highest since three years, according to Markit index. This was up by 59.3 points, against 59 in July. "The strong growth in services from the index, while the industry recorded a slight slowdown in growth."While some manufacturers are worried about the holding of world trade, the robust performance of services will be crucial in the second half" to maintain the dynamism of the recovery in Germany, analyzes Tim Moore, an economist at Markit.

The PMI index for the entire euro area fell slightly to 56.1, against 56.7 points in July. This result, which indicates a growth in activity, conceals alarming disparities between national economies, growth still based primarily on Germany and France, "warned Markit.

"After an excellent second quarter, growth in the third quarter should be relatively robust to the heart of Europe," said Pierre-Olivier Beffy, chief economist at Exane BNP Paribas."A further rise in significant business is in the cards, probably beyond current expectations."

Less optimistic economists at BNP Paribas' doubt that the dynamism in the services prevent the European economy to slow sharply in the second half. "

For a subscription of 19 euros per month, or 54 euros per year, the site provides access to a database containing the profiles and contact information of 283,000 men and women worldwide. These people, they register for free, detailing their name, age, place of residence but also hobbies and passions. The 2500 subscribers can then contact them by email or telephone to offer them to accompany them to the restaurant, cinema, for a stroll, a VIP or travel.

The company to 8 euros per hour

If no tariff is imposed, the friend offers to rent usually a base price of 8 euros per hour. The latter, for which all costs are borne by the person who contacted him, pocketed the entire sum at the end of the day. The site itself, survives financially through paid subscription for access to the base coordinates. "The site is profitable," says founder Scott Rosenbaum.

According to the American version of RentaFriend, launched in October 2009, it has been the rental of their friendship their daily livelihood. "If you charge $ 20 an hour and you work three days a week, you can make $ 1,920 a month. If you work full time at the same hourly rate, you can reap USD 3,200 a month, "promises the site. "There is no obligation to be friends with anyone.You decide which bind with a friendship, how much you charge and how long you want to work. You make all the rules! You're the boss! ".

"A new way to meet people"

This type of site is already paying friendlies in Japan, where the archipelago are at least a dozen. RentaFriend exports so the project in Europe. From what to wear uncomfortable associations fighting against loneliness. "The idea of connecting people who feel alone with others is positive because the latter do not occur. But it would be better if it was not paid. The danger in this scenario to be in a relationship distorted trade, while the need to promote human relations, "says Peter Villelongue, association, St. Vincent de Paul who fight against the phenomenon.

"I think people do not fully grasp the concept.Nearly 90% of members are not alone, or depressed. The evidence shown, "defends Scott Rosenbaum facing controversy. "The most common use is that of finding a local friend to play the guide during a trip or looking for dialogue for learning languages. People buy the company, they lease time another person for a specific purpose. Scott Rosenbaum said he also "stunned" by the debate provoked by RentaFriend since its launch in Europe: "I thought the U.S. was prudish and that other countries were more relaxed," wryly creator of the site.

Pinned on the risks of sexual abuses, Scott Rosenbaum scans again the critics: "Every profile is manually checked and we have a system of alerts that words allow us to act. Anyway, there are thousands of website offering sex on the Internet.There is no reason for an individual to try on RentaFriend.

For the rest, Scott Rosenbaum is confident. "I was approached by organizations and private funds but for now, I'm not looking for investors. However, if someone is interested in buying, I'm willing to listen to offers, "he says. Meanwhile, the young man of 30 years is an international coverage by the end of the year. "People should open their minds and see the benefits they can derive rather than judge, consider til.

Meanwhile, a meeting is being held in Switzerland and covers the establishment of new prudential standards proposed by the committee of "Basel III". The objective of these measures is to raise the level of capital requirements at banks to limit to reduce the risk of bankruptcy of these establishments, and limit the risk of traders in the market, including products derivatives.But even the regulators and central bankers seem to make concessions against their original objectives, under pressure from banking lobby. They are afraid that a new credit crisis since experts believe that these new rules would force banks to raise more than 1.000 billion in new capital. The final text must be presented at the G20 summit in Seoul in South Korea, 11 and 12 November.

Reform in Europe delayed

And in Europe, the Twenty-seven have found common ground on how to conduct stress tests that will be published July 23. However, the reform of financial supervision has been delayed over disagreements between the Parliament and the Council of Europe. It should not come into effect before September, according to the Wall Street Journal.

"Unjust and unacceptable"

Trade unions, traditionally opposed the reforms they consider "unfair and unacceptable" because it would further inequalities have already planned to protest during the presentation of the Council of Ministers."The proposed reform does not respond to questions of employment, particularly youth and seniors, or the reversal of gender inequalities, or to the recognition of the hardship … It refers to the uncertainty of future generations sustainability of pension secured by the division, they were justified in a statement. They also criticized the closure of financial reform that puts "more than 85% of efforts" to employees only and require "a different distribution of wealth produced, particularly through higher taxes than expected capital income and senior income.

Eric Woerth's proposal to improve the bill at the time of the examination to the National Assembly from September 7 on three aspects of the text (strain at work, and long careers polypensionnés) has yet not had the desired effect.Even the beginnings of a better consideration of the prevention of the hardship brought up by the entourage of the Minister of Labour at a meeting with labor, has left them unmoved. "We want a broader discussion, said Friday Eric Aubin, the negotiator of the CGT, after an interview Rue de Grenelle. The position of the government that it seeks to show a continued dialogue. But we ride seriously and it confirms our intention to build a strong mobilization on September 7. "

On this day, the unions have scheduled a new day of strikes and unit mobilization, hoping to do better than June 24 when 800 000 people (and by 1.9 million CGT) had beaten the streets across France to protest against the postponement of 60 years. And thus weigh more on debates in Parliament.They do not despair, no longer convinced by that number of MPs to amend by Social Affairs Committee – where the text will be examined from July 20 to 22 – the bill. The CFDT has also planned to "harass" the summer MPs in their constituency. Act II of the 2010 pension reform does so may just be beginning.

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Angela Merkel can boast of having imposed the virtues of fiscal discipline at the highest level. But to the relief of Barack Obama and Nicolas Sarkozy, she has not transformed the G20 summit of austerity."Recent events show the importance of sustainable public finances and the need for our countries to implement measures to consolidate budget spread over time, conducive to growth, and differentiated according to country and national circumstances," says the One of the phrases most discussed compromise.

Determined to make growth "priority" of the G20, the United States got to place the term "recovery" prominently in the declaration, a challenge, says a trader. "We need to let it work through our plans to consolidate fiscal stimulus recovery," said the G20 as well. "Adjustments in simultaneous biggest countries could undermine the recovery," it added.

Disagreement over the top on bank charges

Canada has not really managed to impose a stability pact worldwide."Advanced economies have pledged to take measures to consolidate budgetary decline by at least half the deficit by 2013, and stabilize or reduce the debt / GDP ratio by 2016, said the G20. Nothing that does very afraid of the euro area, or even France, which has promised to reduce its deficit to 3% in 2013. The White House, meanwhile, did not wait for the G20 to commit to reducing the U.S. budget deficit by half in 2013 to return to deficits of 3% in 2015.

If the disagreement at the summit endorsed the tax credit, due to strong opposition from Canada to Australia, but also emerging countries (China, India, Russia), the G20 mention the tax as an option for countries seeking to save public money in any future banking crisis.Defended by the Fund, this fee would be modulated according to risk profile of financial institutions.

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In Madrid

Again, it is a credit rating agency has sounded the alarm. Fitch recently lowered the rating one notch from Spain, was concerned about the weight of private debt for growth prospects. If market pressure in recent weeks has focused on the soaring national debt, the time bomb in Spain could come from private debt.

In 2008, the accumulated debt of households and enterprises was 220% of GDP according to Eurostat, against 159% in France, Italy 138% and 130% in Greece, dunce European government debt. Only Portugal beats the record of his Hispanic neighbor with 255%! The problem is summarized in one word: stone.Even today, real estate receivables represent over 70% of household debt.

The Spaniards pay the crazy real estate boom years of speculation-all does, where developers have built millions of square meters in gigantic projects, where banks have opened the floodgates of credit, increased interest rates by attractive. Since over 80% of Spaniards, Jose Maria Molina has invested his wages in stone. "I decided to buy an apartment because the reimbursement of the credit cost me nothing more than rent," he says. All were encouraged: the tax benefits, the abundant supply and the famous "cultura de propiedad the" culture of ownership. In Spain, a rent was seen as an expenditure and the purchase of a property as a profitable investment … well until the crisis. Jose Maria has the harsh experience.Employee of a security alarm company, he has always honored its debt carefully, paying each month "between 400 and 500 euros. A total flux, since the vast majority of Spanish mortgages are variable rate negotiated. They are indexed on the Euribor, the interbank lending rate for the euro … Russian mountain assured. In 2008, Jose Maria has lost her job. "When I was fired, I was given eight months of unemployment benefits. Then, I have received no assistance. "He stopped paying the bank for nine months, then his home was seized. Today, Jose Maria returned to live with his mother. At 42 years old. Same scenario for José Coy, who had established a small textile company in the region of Murcia. His property, purchased on credit, served as collateral for other loans that financed its activities. But in April 2009, he had to close shop, victim of globalization.Suddenly, he found himself without a business, jobless and soon without control of his apartment. Jose, who paid back 720 euros each month, tried to renegotiate its loans. But taken in the financial turmoil, the bank had granted its loans so easily does not listen anymore. In one year, his property will be auctioned on the market, morose, Spanish property. Meanwhile, Jose Coy has decided to fight back: he took the head of the Platform of victims of the credit of Murcia and claims to assigning his property in lieu to the bank in exchange for the cancellation of its debt.

Time bomb

These slices of life illustrate the squaring of the circle of the Spanish crisis. Victims of the recession that has resulted in tens bankruptcy and pushed unemployment to 20%, households and businesses no longer able to meet their deadlines.Their purchasing power risk of further deterioration as a result of austerity measures, higher taxes and lower social spending. "Private demand will fall further as the private agents tend to focus on reducing debt and it is not public demand, restrained by the austerity plans, which will take over as in 2008 and 2009," says Philip of Sabuco BNP Paribas. Even within the majority, concern is growing: "We have a private sector debt triple that of the public. The challenge is to ensure that the cost of financing does not stifle the economy, "said Parliament this week the leader of Socialist deputies, José Antonio Alonso. Spain can not inject billions as did the United States to stem the subprime crisis.Knowing too much debt – 71% in 2008 according to the McKinsey Institute – is in the hands of foreign creditors, potential lenders stung by fears of the market, especially if they are outside the Eurozone. This is not counting the other bomb that is a possible crash of the banking sector. How companies and banks refinance? At what rate? What implications for the economy in the long term? The IMF has pointed out, the heavy indebtedness of the private sector is a challenge for Spain struggling to revive growth.

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This bill deals with "three great subjects." First, it imposes in firms with fewer than 10 employees on a consultation list at the regional level every four years from late 2012. "This consultation will be through the internet or by mail, confirm there in the entourage of Eric Woerth. And it will affect all employees of small, except those of Agriculture whose election results, chambers of agriculture will be taken into account.In other words, all employees of businesses with fewer than 10 people will vote on the union they feel able to represent them in the territorial commissions, not the names of candidates.

Deuzio, the establishment of joint regional chambers (and the designation of their representatives) is returned to negotiations branch or inter-branch no fax pay day loans. The mission of these committees? "Monitoring and enforcement of collective agreements," says Bill.

Thirdly, the government postponed by two years the date of the next industrial tribunal elections to be held no later than at the end of 2015 and not 2013."There are many elections in early 2014 and we also want to allow time to analyze the recommendations of the Richard report," justifies a collaborator Eric Woerth.

"This is not the priority"

The Richard report, to be unveiled in the coming days, should offer new ways of "designation" of judges prud'hommes. One of the tracks would be considered to remove the election to go through an appointment of counsel based on the weight of each union at national level.Delaying the election of two years and has the advantage of allowing adequate time for governments to measure the weight of each plant under the new criteria of representativeness (will not be representative as the plants that, nationally, have a hearing than 8%).

No doubt this bill will meet the four trade unions signed the letter of intent in December with UPA: CFDT, CGT, CFE-CGC and CFTC. And will be fought by the MEDEF and CGPME rating as "excellent" social dialogue in the current SOHO and do not see the usefulness of measuring the audience of trade unions in the TPE.

"This is not the priority," has consistently indicated Laurence Parisot, the president of MEDEF, for several months.

"In addition to lost revenue for airlines costs to change the routes of their machines and take on passengers and equipment stranded in various airports," he added. This is a "first conservative estimate".

According to many analysts, the closure of airports in North Europe was difficult to quantify an impact on the finances of airlines. Experts estimate that it will depend on claims from customers.More recently prefer to postpone their flight, the more it will limit the losses to the industry.

"While we have no visibility on the duration of these disturbances, it is difficult to say what is the cost for companies," Marina J. Devitt, the Irish Goodbody brokerage told AFP.

An invoice of $ 30 million for Air France

In the ladle, it is possible to obtain an estimate by dividing the annual turnover of a company by the number of days during which the aircraft remain grounded. Based on this rough, it is possible to establish that, for Air France-KLM, the cloud would cost 30 million euros and 25 million for British Airways, advance a Paris-based analyst.

In Germany, total paralysis of traffic is expected to weigh on the entire industry to the tune of 50 million euros in total per day and "less than 10 million euros a day" for Lufthansa, said analyst Per-Ola Hellgren, bank LBBW, told AFP. An invoice less salty than the recent pilots' strike which had cost 48 million euros in total.

Finally, the "one-time impact on earnings of the Irish Ryanair should be low since most of the operational costs will be avoided, except for aircraft rental and labor costs," notes the brokerage Irish NCB.

Rush predictable

Companies should still limit the damage thanks to the predictable rush of customers at the end of the flight ban. The aircraft should then record load factors much higher than normal, making profitable at the same time much better flights.

Without waiting to preliminary figures, the titles of European airlines fell sharply on the Stock Exchange on Friday. At closing, Air France-KLM took down 3.42%, British Airways fell by 3.13%, 4.10% Lufthansa.

See also:

Twenty French airports closed until Saturday 8 hours

"Packages, mangoes and footballers blocked

»Flights canceled: what airlines offer