"There are ongoing discussions to find a proper tool to fight low-cost airlines," says one source under the cover of anonymity."The idea is to base part of the pilot province to Marseille, Nice and Toulouse to like easyJet: avoid that there are planes that découchent their bases.

"Sleeping out" means to sleep for the crew to the hotel in the province. The choice of locally based pilots and their colleagues in the selected cities would allow Air France to reduce costs. This transfer would be on a voluntary basis.

Rising wages and working

According to these sources, the organization would also enable Air France KLM to raise the efficiency of its rotations flights by making them less dependent on the platform of correspondence from Roissy-Charles de Gaulle."With this database system, we can thus clocking departures depending on the half-turn, the turnaround time required and thereby accelerate the rotation of aircraft, in other words, producing more in a day," says the same source.

More performance of work would mean an increase of about 20% for drivers. But the scenario at all expected. "Pilots have the same number of days worked, but would fly longer and they would be paid a little more without it being equal to the increase in productivity," says the source. The proposed salary increase would be 5%.

For now, the information has not been confirmed by Air France KLM. This project seems, however, part of the struggle against the British easyJet, responsible for the erosion of profitability on these routes.

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Eric Woerth's proposal to hold further discussions before considering the text on Sept. 7 failed to calm the ardor of unions to fight. "The minister's letter has also stiffened relations", says Jacques Voisin.The CGT will not lend itself to exchanges which are lip service to the thesis of social dialogue is still alive, so that no real negotiation is still the order of the day ", said Thursday its secretary General, Bernard Thibault.

For him, it will be to decide on the streets: "We're heading for a big day, perhaps even unique, and I can not imagine it will not affect the head of state," he said on RTL radio Friday. The boss of the CGT also judge Nicolas Sarkozy "much more feverish" at this time. In his eyes, his decision not to restrict the device housing assistance for students shows. "This is the topic that would put the students in the street," says a spokesman of the majority. "It's a sign, says Alain Olive, secretary general of the UNSA.Nicolas Sarkozy must remember that this is not the unions that have obtained the withdrawal of the controversial First Employment Contract in 2006, but the presence in the processions of schoolchildren and students. He is wary of a mass effect from them. "

"All the shots are allowed"

Alain Olive, too, considers that "the Elysee concessions are available to show that the president is listening, but only at the margin, on the issues left open (career long, arduous and polypensionnés) before summer . "The Head of State realizes that there are inequalities in policy and that the sum of these injustices becomes problematic," adds Marcel Grignard. Forgery, replica near the Head of State: "Nicolas Sarkozy is serene.He is less worried about the outcome of the reform for the good economic indicators released in recent days show that cuts to the budgets of state and social will be less painful than he thought. But he was more afraid of the reaction of the French on the issue of expenditure on pensions. "Even at the Elysee opinion:" We expect a large-scale mobilization, so it is unlikely that changes our text if so. "

Jean-Claude Mailly, general secretary of FOR, raises the bar "more than two million protesters. Either a higher level than at the last day of mobilization on June 24 "People will have something else in mind that the pension reform, warns Jacques Voisin: laborious recovery, employment, discipline …" But also the case Woerth-Bettencourt."Everyone knows that the reform will be polluted by his supposed status in question," Bernard Thibault launched yesterday, when he had thus far refrained from comment. A little phrase that has infuriated the Head of State, who "has now concluded that all shots are allowed," slips one of his relatives.

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"Lack of communication of the group"

A trust that does not necessarily share the financial markets.At mid-session, action Gemalto shows a decrease of 1.90% to 28.89 euros in a market up 0.76%. "This drop is excessive, an analyst who follows reacts value. The elements that have affected the first half performance was known. The discrepancy between results and expectations of the market indicates a lack of communication from the group. "

Gemalto in line with the consensus

However, the group released under the first-half turnover of 840 million euros, up 5% at current exchange rates. "We accelerated our offers have been very well received, because they correspond to a real need," said Olivier Piou. There is a real market potential of contactless payments, particularly in Africa and South Asia.In France, we are in trouble because we took too far ahead. "

The group's net profit amounted to 63 million euros, down 7.35% from a year earlier. "Today, the consensus of analysts is around 200 million euros profit the year is well within our range," says Olivier Piou. In 2009, the group posted a net profit of 148 million euros.

No new acquisitions

In addition, Gemalto first half operating profit down 15.2% to 67 million euros but he "remains in line with the company plan to increase its result in 2010," the group said in its statement. Gemalto is 300 million euros in income from operating activities in 2013.Of the three main activities of Gemalto, security has the highest increase (+21%) in the first half to 148.2 million euros (17.6% of sales) to the mobile phone (8%) to 451.7 million euros (53.8% of sales) and secure transactions (1%) to 207.4 million euros (24.7% of sales).

After several acquisitions, including the USA, Finland and Germany, the group does not provide new acquisitions. Olivier Piou said that Gemalto had to concentrate in the second half on the integration of recent operations.

Recently, the rumor was almost confirmed by Asian manufacturers produce components. According to the site DigiTimes, which is the mini iPad loan could be sold in early 2011. For its part, Apple is hiding behind a "we do not comment on rumors or speculation."This response is involved in marketing the firm headed by Steve Jobs who control the millimeter communication. Rather than confirm or deny rumors that often are based, as was the case for the iPhone 4, iPad, the first iPhone, iPod touch and the superdrive, the Cupertino increases curiosity and speculation. This mechanism allows the firm to apple to get much publicity at little cost. The iPhone 4, "lost in a bar" by an engineer from Apple and bought by the site Gizmodo, made news on both sides of the Atlantic. Interest is especially great that Apple has become the first market capitalization of technology companies in the United States.

Cheaper

In addition, his famous iPad has created a new family of products both for entertainment – with video, music and games – and a working tool, still connected to the Internet."We've created a new category of equipment that the" Web Book "which brings new products connected to the Internet that do not, as standard, making voice communications. These products are larger than just music players and have an operating system for mobile. The iPad is the only representative of this category with the Archos 7 Home Tablet, "says Matthew Cortesse, telecoms analyst at GfK. Apple could push its advantage to dominate the segment it created. His future competitors, the major brands of computers and the Internet have not yet entered this market and plan to do so by the end of the year shelf the size of the alleged mini iPad.

About the speculation, "I think that equipment 7 inches diagonally, at a price lower than the iPad is an opportunity for Apple," said Carolina Milanesi, analyst at research firm Gartner.But "there is a risk of cannibalization of the iPod touch, unless Apple plans to make its iPod Touch product entry for the players. A 7-inch equipment would then bridge between an iPod touch and the iPad. Finally, the mini iPad, less costly, would allow "Apple to entice an audience that does not afford the original." According to versions, the iPad has sold between 499 and 999, the price of a laptop.

Wednesday evening, the CAC 40 finished up slightly, from 0.35% to 3760.72 points. Road to 3800 points?

According to technical analysis, but very quickly exceeded 3770 points, the CAC 40 3% could consolidate … So watch this Thursday if investors choose to continue to increase frankly, if the correction will be severe.

Side currencies, the euro is back under $ 1.32 on Wednesday. At around 7:30 Thursday morning, 1.3161 should be dollar for one euro.The single currency has stabilized again after having passed the milestone of $ 1.31.

The ECB decision on interest rates

In terms of macroeconomic publications, we expect the course to 13:45 ECB decision on interest rates from the European Union. Shortly before, in Germany, industrial orders for the month of June will be known. Remember that Germany is the European country that is doing the best of the Old Continent.

American side, the weekly claims for unemployment benefits will déoilées 14:30.

Sopra and Vicat released yesterday after-hours

The services company Sopra (2.97% to 57.15 euros) on Wednesday confirmed its organic growth targets and slight improvement in operating margin in 2010, after a first half marked by a 59.2% jump in operating profit current with large contracts in France.

The Vicat Cement (+0.23% at 51.55 euros) announced Wednesday expect a gradual stabilization of its sales volume in France this year after a second quarter marked a rebound from its almost universal activity cement.

Wednesday, Societe Generale (+0.8% at 46.07 euros) published the results of good quality. CEO Frederick Oudéa, is much more serene than a year ago, can you read in an interview with Le Figaro. The bank reported operating results improved significantly.He believes that the euro crisis was excessive.

The mutual insurer Groupama in the first half net profit down 29% to 78 million euros, according to a statement released Thursday, partly due to an unfavorable base effect related to provision reversals in the first half of 2009.

Sector Analysis

As always, during the violent phases of the stock market rebound, there is the issue of market valuation and different sectors. According to Aurel BCG, called defensive sectors' health, utilities, and telecommunications "have a PER at their historic low. They care little downside if the market downturn but in the short term, they should not experience a strong increase in their recovery. "

The bank, after their recent rally, are less attractive.However, many investors have ousted this sector of their portfolios when they were at the heart of European concerns. And after the recent positive news on the sector (stress tests, good results), the value of bank shares could still rise.

The technology sector and industry, in terms of their business outlook remains attractive and still cheap. Warning against the industry by Food and beverages, the broker warned.

Finally, travel and leisure sector is expensive. But it has great potential for upward revision of profits for the coming weeks.

In detail, the Cadillac and Buick brands saw sales increase by respectively 142% and 137%. In contrast, Chevrolet, which represents the bulk of group sales with 139,916 units sold last month rose more slowly (12% yoy). The manufacturer announced the transition of its sales jumped 22.2% on a year in China last month.

Ford, the second of the Big Three, has published sales up 5% to 166,092 units sold on American soil. This increase remains well below the 13% expected by the markets awarded the title in stock (-1.44% to 12.97%). The increase is mainly attributed to the addition of trucks (+27.4%). Sales of the Ford Focus have plunged nearly 30%.

The third U.S. manufacturer, Chrysler, reported an increase in sales of the same order: 5% year on year to 93,313 units, driven by the success of the new Jeep Grand Cherokee (54%). The 2011 version of this model was launched only two weeks ago. This is the first new model since the release of the bankruptcy group in June 2009. "The vehicle has good international and national journals, welcomes the sales manager, Fred Diaz.

Toyota and Honda fall

The Asian competitors are not far behind.The South Korean Hyundai and Kia in particular have seen their sales increase by 19% and 21%. Japanese ad for Nissan's share of sales up 14.6%.

By contrast, Toyota saw its shipments drop 6.8% in the United States to 169,224 units. Honda also reported performance against the trend, with a decline of 5.6% of new car registrations last month.

Reassured

Analysts said the figures show an upturn for the industry according to figures from June which had emerged down compared to May "After the June data, everyone had said that, finally, the sector was not yet out of. Now, it appears that this month was a hiccup, "has said Al Castignetti, commercial director for the Nissan brand to the U.S. market.

On July alone, the American automotive market is expected to exceed the million new vehicles sold. On an annualized basis, analysts on average expect a market to 11.4 million vehicles in July, against 11.2 million a year ago and 11.08 million in June

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The preferred placement of the French reported below inflation which rebounded 1.4% in June compared to last year. Probable, the French have done in May last more withdrawals from their savings books that they have deposited money, announced the TFB end June A first since the beginning of 2010 online payday advance.

With 183.4 billion euros placed at the end of 2009, Book A is favored by the French more than ever.According to a report just released by the Observatory of regulated savings, there were no fewer than 59.3 million savings books (and blue, distributed by credit unions), to nearly 65 million people! With the 600,000 booklets initiated by associations, the French have nearly 60 million booklets A. Or 10 million more than the end of 2008. By law, yet each person can hold a booklet A.

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Yet as the heroes of comic books, Charles Beigbeder conducts its business in the charge, hussar to conquer Ukraine. "His outsider allows him to undertake the impossible in our eyes. He charges no ulterior motives. Grow 45,300 hectares in three years in Ukraine, with a small team, for us it was unbelievable, "explained his field man, Charles Vilgrain, young chief executive of AgroGénération who rents the land now six collective farms Ukraine.Charles Beigbeder is with his partner Alain Mallart, shareholder. They rely on the required increase of 70% of agricultural production provided by FAO, to feed the world population by 2050.

Nothing is too good to conquer the breadbasket of Europe, under-utilized in the courtyard of a huge kolkhoz Glukhov Case-IH Steiger articulated eight wheels, 535 horsepower, illustrates the enormity of the operation of 8000 hectares. With a tank of 1000 liters, it can run tirelessly in "three to eight" during the harvest. "The effect of size is a key to success, assures Joseph Alexander, CFO AgroGénération. The park is powered on average four times higher than in France, but the area 100 times greater. "

These farms were not chosen at random.The optimal humidity coincides with the very fertile black soil, the chernozem, the humus layer is so thick that it provides costly irrigation facilities. At Glukhov, no deep furrows of the earth scratch disks. This more gentle to the ecosystem is also good for the accounts: "The fuel savings and pesticides made possible an improvement in 30-50% of the margin," says Joseph Alexander. "The optimum is equivalent to 53 quintals per hectare wheat," says Charles Beigbeder. Today, farms are close to 43 quintals, or about the financial balance.

No taxes on corporate farming

Since the beginning of the adventure, all the activities required a total investment of 30 million euros (Shiloh, equipment …). Analysts expect a profit for the fourth year in 2011.For the current year the group should not be so far from equilibrium. Special zone: Ukraine no taxes on corporate farming, or VAT. To locate, AgroGénération relied on the experience of agri-industrial group Cereals French Champagne which it now sells its production of barley.

The risks are real: four guards protect equipment and crops. The GPS is used not only to optimize the use of fertilizers, but also to monitor the equipment to trace. To retain its 350 employees, AgroGénération offers the highest wages in the region (250-500 euros), while the average farm wage is 180 euros.

The company treats its relations with donors land farmed in 2800. Almost all are paid in kind with grain (750 kg) which will then feed the animals. But already Charles Beigbeder dream of other horizons."The presence in South America with the offset of the season will smooth the cash and share risks," says company founder, has set a goal: 100,000 hectares in 2012 in Ukraine.

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Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency draws she shot in the foot by publicly worrying about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

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