About 200 flights on the 1000 planned were canceled Saturday. "We have given the forecast. Saturday at midday, only 200 passengers 3,000 were in trouble, "noted the direction of the company. Air France has temporarily limited to 100 passengers the ability of its medium-haul flights from Orly to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. Result: Passengers waited. This strategy and the delays it caused affected customers were exasperated. "It's a nightmare bad credit payday loans. We have been waiting seven hours.Our flight departed. We could not board because Air France has focused on particular families. We were placed on a waiting list telling us that we might catch a plane at 12:30, chartered by another company. Shame, "railed one of them.

On the front of the long-haul Air France canceled at Paris ten flights especially to New York, Montreal, Los Angeles, Tokyo, Abu Dhabi, Douala.

Provided Air France does not rule out last-minute cancellations. Considerable uncertainty remains about the level of participation of PNC (cabin crew) in this movement, they are not obliged to prevent the company of their intentions. Moreover, unions provide them a "surge" of the movement. "All the volunteers PNC reserves are currently using," said Didier Foussat, the union FO.

After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines. On Thursday, he watched the decision of the European Central Bank (ECB) on interest rates.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Until today, investors will learn the weekly jobless claims.

Meanwhile, the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars payday loan.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials instant personal loans guaranteed. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

* Author of Europe can do without an economic government? (French documentation, to be published October 10, 2011)

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After many negotiations, members of the majority and the government managed to agree on a new system. Unless new amendment to the Senate, these reductions always will engage after five years in prison. But instead of 10% a year, they amount to 2% between the sixth and sixteenth years of detention, 4% between the seventeenth and twenty-fourth year and 8% thereafter.It was not until thirty years (instead of fifteen) to see its added value exempt. This regime will apply to final bills of sale signed on 1 February 2012. Given the usual delays, it will be necessary to sign the trade deadline in November. When the tax applies, the rate is 32.5%.

Increase in new sales

As a result, professionals expect an increase in offered for sale by then. "Owners who hold their property for at least fifteen years will want to take advantage of the current exemption of capital gains," said Jean-François Humbert, notary in Paris. Not sure, however, that buyers are at the rendezvous no teletrack payday loan. "Individuals who do like to let investment buy empty flats, said Laurent Vimont, president of Century 21.Or those who put their property to sell in a hurry are likely to already have a tenant. "

Sales of second homes, they weigh only 7% of the market (56,000 sales per year). And the fall is not a favorable period for transactions involving such property. But if the sale is finally concluded, it will probably be with lower prices. "Owners can grant rebates 5 to 10% up to sell quickly," said Jean-François Buet. As of February 1, however, the market is likely to seize up. "With the entry into force of this device and the negative pre-election period conducive to procrastination, the owners will be tempted to keep their property, advance Mael Bernier, spokesman for the loan broker Loans. The number of sales expected to decline. "

Is that the market is very sensitive to shifts in tax.Before the deputies did retouch the future scheme, the government announced on August 24 suppression of hard-reliefs and exemptions on real estate gains. The reaction was immediate. Within the network of estate agents Century 21, 500 sales agreement and terms of sale 1500 were canceled over the last two weeks. "In our 75 000 mandates, 5% were removed," adds Bernard Cadeau, president of the Orpi teaches.

One way to illustrate the policy to support training through professional transition contracts. But the Elysée had also clearing the way for some 60 miles away, sending his agriculture adviser, Daniel Perrin, to listen to the grievances of the employees laid off soon a group Lactalis Cheese Company, which manufactures including cheese … President .While polls show an improvement, but in the context of attacks on returning the case Bettencourt, Nicolas Sarkozy wanted to place his action under the sign of toughness. "The important thing is persistence. It is a keyword. (…) We are not in Libya would not have happened without toughness … the same tenacity will be put on employment, competitiveness of France. You have to fight inch by inch and finally get results, "he said.

By repeating the word seven times, Nicolas Sarkozy coined the slogan of the day.He also managed to draw a parallel between the end of the Gaddafi regime, which fell when everyone was betting on the stalemate, and the "titanic battle for France again become a place of production."

Sarkozy has nevertheless recognized that unemployment figures for the last three months were "clearly not good, but how could they be in the context of global economic and financial crisis?". He preferred to put forward some encouraging statistics, such as increasing the number of jobs created (120,000 in the first six months of 2011) quick cash. As his Secretary of State for Tourism Frédéric Lefebvre, he also established a link between unemployment and the demographic vitality of the country."A workforce that is increasing every year 150,000 people (…) is good news because in thirty years, France will be larger than Germany (and) it's good for the financing of our system of retirement, "he was glad. But "before reducing to one the number of unemployed is to find 150,000 jobs for 150,000 new" entering the labor market, he said.

On the concrete cures, Nicolas Sarkozy has remained modest. He announced a boost of 20,000 additional assisted contracts for young people and more than 50 years. But in a crisis of sovereign debt, no way to release the tightening imposed on the state budget. For the first time, the head of state has defended the new plan unveiled last week by Francois Fillon, who has to save one billion euros in 2011 and 11 billion in 2012.However, he vigorously defended the inclusion of the golden rule in the Constitution. "My God, but where's the catch? Are those temporarily in charge of the direction of France can not undertake that the annual budget goes toward equilibrium? ".

He cited the example of bipartisan agreement that has just spoken in Spain, "the Socialists and the Spanish right love their country more than their party, and I hope for France that politicians love their country more than their parties and their personal interests, "commented the head of state to the attention of the opposition.

U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.

Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.

The employment figures highly anticipated

Indeed, investors should react in particular the results of the ADP survey of employment in the private sector for the month of August, to be unveiled at 2:15 p.m. before, so the opening of Wall Street.The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.

On the corporate side, the American phone AT & T (1.23% on Tuesday in closing) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, where the green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.

Bank of America (-3.21%) is preparing to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal, citing people close the file.

Hewlett-Packard (-0.26%) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.

"Common sense would that loss of the triple A, synonymous with degradation of the repayment capacity of borrowers, resulting in a tension on the rate of pay required by lenders, said Jean-Louis Mourier, economist at Aurel BGC. But the United States are in a particular position.In a world facing many economic uncertainties, bonds issued by the U.S. state are still considered a less risky than most other investments. "

Experts call this the "fly to quality", that is to say the postponement of international investors on asset quality at the expense of investment risk. "On the merits, there is no big difference between a AAA and AA +, said Philippe d'Arvisenet, chief economist of BNP Paribas. Everyone knows that the U.S. is heavily indebted, but nobody doubts their ability to repay their debts. However, there are concerns about the viability of the euro area, especially on signs of a slowdown in the global economy.These weigh on the shares, since one can fear a deterioration of business results. "

The shares were most affected

Since August 6, the Dow Jones, which includes the thirty largest U.S. companies, has in fact lost more than 3%, bringing in its wake all the global indices including the CAC 40 index, down 7.6% on the same period. Jean-Marie Mercadal, director of management at OFI AM, states that "analysts are still waiting for an increase of 14% of the profits of U.S. companies in 2012, but this estimate could be up to a 5% drop in a recession" . That's exactly what operators fear most.

In this context, the loans issued by the United States appears more secure.The U.S. bond market is mainly the most liquid and deepest in the world, ensuring that investors can sell their shares at any time, even in case of crisis. An advantage not available to France, which would it heavily penalized in the event of deterioration in its financial rating.

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Institutions are trying to adjust to their new regulatory and economic environment heated, that undermine the profits of their activities and investment.

HSBC did not identify the countries involved in the wave of savings.But the new leader of the group since January, Stuart Gulliver, had clarified its intentions with the publication of its strategic plan in May: he wants to return to the strategy of geographical expansion at any of his predecessors, will focus its efforts to on Asia.

In 39 countries, the bank has planned to scale back or even shut down some businesses, as it did for its retail banking in Russia or Poland. In the U.S., it will sell 195 branches to First Niagara for one billion dollars. In total, approximately 10% of the HSBC will be affected by the wave of savings. "A brutal restructuring plunging thousands of employees in limbo," according to the union Unite.The purpose of the institution is to reduce by two years its fixed costs at least $ 2.5 billion.

New regulations

The markets expressed their good report: in a very depressed market environment, the title of the bank surged 2 online payday advance.19% Monday. Investors greeted the passage of publication of interim results of good quality, marked with a taxable income of $ 11.5 billion (8 billion), up 3% year on year.

The HSBC savings plan should also prepare the institution to banking regulations in the future. More demanding in terms of mobilizing capital and liquidity, the new rules have encouraged banks to lower their activity levels. The gloomy global economic outlook, fueled by the debt crisis, also pushing the leaders to be cautious.Especially for the upturn, the schools had massively hired two years ago, in trading activities, in particular.

Since the spring, the banking industry have frequent announcements of job cuts. Goldman Sachs will separate for "economic reasons" about a thousand employees in September. Barclays would have eliminated 600 jobs in its investment banking division, BarCap and 2000 in its retail operations, since the beginning of the year. His compatriot Lloyds Banking Group is preparing to offload 15,000 jobs in order to focus on the United Kingdom. Allied Irish Bank Irish plans to turn to go from 2000 employees. German Commerzbank has already eliminated 7,400 positions. Credit Suisse expects 2000 job cuts in its investment bank, Intesa Sanpaolo 3000 …

Jean-François-Salessy After his success in Budapest in August 2010, Camille has indeed come to me with Fabien Gilot Ménart and William, all three members of the Swimming Club of Marseilles, so we work together. In less than 24 hours in September 2010, and even if I was going to take a year off, it was decided. Camille's situation was a bit special because it suddenly goes from darkness to light, and was approached by many brands, especially in the beauty and cosmetics.We are closer to Clarins and their way of approaching things convinced us to work with them, rather than with other brands, less respectful of the requirements for driving a top athlete. The first six-year contract (to 200,000 euros per year, ie), indexed on the results of Camille and with a conversion clause, was based on what competitors offered. It was a beautiful first contract. We have also partnered with the OEM Tyre, which is unusual since Camille involved in the development and technical improvement of products it uses. He is also interested in the sale of these products, between 10 and 15% of sales according to the ranges.

French swimmers are they becoming future footballers?

I do not believe, and I do not want to turn into Camille Lacourt Christmas tree.We will announce in September a new partnership with a ready-to-wear, but it should be the last. He is now fine partnerships should not be wasted by "selling" in all directions. When talking about total earnings of Camille Lacourt (estimated this year to 700,000 euros ed), we forget that it is barely a month's salary football star. On the other hand, it is undeniable that the French swimming much more interested in brands and sponsors that there are six or seven years. I think Camille can say thank you to Laure Manaudou, who opened a gap, taking the very strong public support. It is no secret: it has made this popular sport, which attracted the public, media and sponsors. Today these brands look like a real sport discipline of competition, with major events and boys and girls out of the ordinary …who is a potential advertising. In a few months, these boys and girls who emerge may tell themselves, thank you to Camille Lacourt!

Jeremy just Stravius, who also athletic Tuesday, he may steal the show with brands?

It is a bit simplistic to look at it that way. Each swimmer to his personality. Camille Lacourt someone is authentic, casual and simple, has a rather glamorous image. This is not a scoop. But by winning yesterday with Jeremy Stravius ​​his world title in 100 meter backstroke, he also confirmed that he had not physically beautiful, he had another dimension. Which was very important to us because being European champion was not enough.If that fails, many would have indeed been delighted to say that he had lost in the advertising contracts and partnerships! The next objective is to confirm the sporting dimension to the London Olympics in 2012 (which would also provide the swimmer performance related bonuses as part of its contracts with Clarins and Tyre, ed.) For his part, Jeremy Stravius ​​has the best performance of his career. I am not his agent but I think its position corresponds to a different segment than Camille. His image more reassuring, more associated with strength, may be of interest to companies in the energy sector, banking or insurance. Like Alain Bernard for example, and partnerships with EDF Assurances or April.

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Late Monday night, the finance ministers of the euro area, following a meeting that lasted nine hours, have launched a series of runs measures: they were willing to increase the size of the Financial Assistance Fund , now has a lending capacity of 440 billion euros.They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt and reduce interest rate loans to Greece. Other measures are also being considered to "improve the sustainability of government debt." But no specific plans to support the country, however, has been announced. What angered the Prime Minister George Papandreou who believes that "there is no room for indecision and errors", and regrets that European leaders are indulging in "cacophony". And even more disoriented European stock markets.

For its part, the executive director of the International Monetary Fund, Christine Lagarde, said she, that the effort of Greece to reduce its budget deficit is still "not enough". The patron of the institution has also sought to reassure over Italy cash advances pay day loan.While the surge in borrowing rates to 10 years in Italy has shown concern on the situation of the country, Christine Lagarde said that "some of the Italian figures are excellent." She added that "it is clear that Italy is currently facing problems which are essentially driven by the markets." Former Economy Minister further stated that the rating agencies' role "without elaborate. These are singled out: besides the Brussels wants to silence forbade them to assess a country subject to an assistance plan.

The international community "can not save Spain"

But nothing works. Markets are not satisfied and the stock markets tumbling again Tuesday morning. Bank stocks have been particularly affected. In Madrid, the Ibex index lost more than 2%.The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. " "If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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