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Washington announced Friday it had cleared the merger between United Airlines and Continental Airlines. The Department of Justice indicated that the two U.S. companies had responded to his objections to their merger, leaving a number of slots for landing and takeoff at Newark International Airport near New York.

Downstream Europe in July

United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United. The European Union, the guardian of competition in Europe, had already given its approval to the transaction at the end of July. In a statement, Brussels stated that his investigation confirmed the complementarity of the two companies' networks for Transatlantic routes, since they operate hubs in different U.S. cities."So there will be a marginal increase in market share," concluded the European Union. But a refusal of the United States was to be feared, as authorities in 2001 vetoed a previous merger between United Airlines and U.S. Airways on the grounds that it would reduce competition in the transport sector to the detriment of the public.

Fusion 1 October

The U.S. Department said it had closed its investigation as a result of the merger between the two companies, which gives them the field libre.Dans a statement, the two companies said they expected to complete their reconciliation of by 1 October. By marrying, they hope to better withstand the difficulties faced by the industry today, including the rising cost of fuel and competition from low cost airlines.Together they serve 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.

The crisis has played a role in accelerating power for China. Faced with the slowdown in traditional engines of the planet are the U.S. and Japan, the People's Republic sees himself propelled to the rank of second largest economy, instead of his neighbor nippon, but still far behind the United States. "China is already the second biggest economy, has said over the weekend Yi Gang, director of the State Administration of Foreign Exchange (SAFE), in charge of foreign exchange controls.

In an interview with the magazine China Reform and accepted by the site of the Safe, Responsible merely formalizes what everybody expected this year. The calculation is done quickly. In late 2009, the gross domestic product (GDP) of Japan 5070 billion was already closely followed by that of China, to 4980 billion.With an expected growth of 9.5% throughout the year and 11.1% in first half against less than 3% for its neighbor, the Middle Kingdom has probably exceeded that of the Rising Sun between April and June And this, ironically, even as the country tries to avoid overheating. Manufacturing production slowed further in July for the second straight month, thanks to measures limiting credit growth and real estate speculation.

The Chinese authorities do not brag with their new status as world's second largest economy, since many challenges remain before inevitably take the top spot in a couple of years, according to the World Bank. "The problem of China's economy is the quality of its growth.Why we must proceed with structural adjustment and transform our business model, "said Yi Gang, referring to the refrain that government consumption has to take over investment and exports as an engine of growth.

The gap will shrink

This ongoing concerns prompt the government to closely monitor all aspects of the economy, starting with the very sensitive political exchange. Referring to the convertibility of the yuan, Yi Gang made it clear that no timetable had been arrested. China becomes the heir of the world economy without having an international currency.

But Beijing is still more to paradoxes, mixing the issues of developing countries with those of a rich country. Imbalances continue to widen between rural and urban, rich and poor.Before he finished his economic metamorphosis, the Middle Kingdom is already old. Today, six active contributors per pensioner, they will be more than two in 2040.

In fifteen years, GDP per capita – U.S. $ 3,600 in 2009 – will probably still not caught up with its rivals, with $ 42,000 for the United States and 37,800 in Japan. But the gap is very narrow. Yi Gang expects Chinese growth between 7% and 8% in the decade ahead.

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"The week will be very nervous," Franklin predicted Tuesday Pichard, director of Barclays stock. On the one hand, the low trading volumes (less than 3 billion at the close Tuesday) and other stress tests published Friday in 16 hours confirm this thesis. Since the beginning of the week, the CAC 40 index opened sharply higher supported by positive results from U.S. companies before gradually slowed down, as the sitting. The trend should be the same on Wednesday.

Asian stock markets closed on Wednesday in a disorganized, Tokyo lost 0.45% to 9258 points, while Shanghai was slightly higher than 0.06%, within minutes of closing.

Meeting between Lagarde and Schäuble

On the macroeconomic front, the appointment of the day is undoubtedly the meeting between Christine Lagarde, Minister of Economy and its German counterpart, Wolfgang Schäuble, at 12:45 pm.The two ministers would discuss the release of such stress tests, for which Christine Lagarde said he was "totally confident". These relate to BNP Paribas, Societe Generale, Credit Agricole and Dexia.

Other values to follow, Airbus, at a time when the fair takes place Fairnborough (south London) until July 25. The European aircraft manufacturer will easily exceed its target of orders in 2010 and could set up 400 orders against 300 originally planned, said Tuesday John Leahy, marketing director of manufacturer, Reuters Insider.

The European Union has also announced Wednesday it would appeal the conviction of the World Trade Organization (WTO) on subsidies provided to Airbus.

The airlines, including Air France will also follow, while five air traffic controllers' unions have called a strike for Wednesday.

World production of crude steel increased by almost 28% over the first six months of the year, but the pace of growth continued to slow in June: 18% from June 2009. Analysts believe the slowdown will become even more acute in the months to come. Investors follow the impact that this announcement will have on companies such as ArcelorMittal.

APRR said vehicle traffic had benefited in the second quarter of disturbances air and rail, and the improved economic No fax pay day loan.The group has published a quarterly revenue, excluding construction rose 5.8% to 491.5 million euros, with vehicle traffic rose 4.5% in the second quarter, in kilometers traveled.

Several publications for

The ball of results announcements or turnover continues: after-hours trade, Unibail-Rodamco will present its second quarter results. NRJ Group, Mersen (ex Carbone Lorraine), Cegid Sperian reveal them their turnovers in the second quarter.

Accor announced a growth of 5.1% of its turnover in the hotel industry in the first half on a comparable basis. The group earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices in France, Germany and the United Kingdom.

The manager of nursing homes and clinics, Orpea, achieved a turnover of 470 million euros, representing organic growth of 9.3% and confirmed its full-year 2012.

Manitou, manufacturer and distributor of material handling, reported Tuesday a sharp rise in quarterly sales, but said the second half anticipate a slowdown in orders and a possible impact of delivery on its sales business.

Hi-Media, publisher of consumer websites, has warned that its net profit in 2010 would be affected by restructuring. The group now expects an operating profit comparable to that of 2009 (16.5 million euros).

Vetoquinol, the veterinary pharmaceutical company, has published a turnover of 138 million euros, up 15% in the first half.The group expects to raise over 200 million euros to pursue its external growth.

Sword Group reported sales of 47.2 million euros in the second quarter, up 7.8% as organic. The services company confirmed its objectives for 2010.

The recovery of steel distributor by IMS Jacquet Metals by a swap of shares is now effective, IMS announced Tuesday a few days after getting the green light from EU authorities. The current CEO of Jacquet Metals, Eric Jacquet, has been appointed to head the new entity.

After the government advertisement To reduce the funds allocated to several departments, Jean-Louis Borloo has described some of the measures envisaged to his ministry, according to Les Echos published on Friday. The Department of Ecology and Sustainable Development is indeed an important concern to put on a diet of government: it gives rise to tax benefits more expensive for the state (15 billion euros after Les Echos) that it would reduce to 8.5 to 10 billion euros. Moreover, these measures increase of 800 million euros annually.

In all, nearly two billion euros would be saved by 2012, including one billion on niches "green" these tax benefits related to work "green".Jean-Louis Borloo has raised the deduction available to individuals who install photovoltaic panels on the roof of their home loans pay day. The shortfall for the State is estimated at 800 million euros. It could therefore be reduced by at least 50% reserved for existing homes.

The list of works "green" that give rise to tax benefits could also be reduced. The tax cuts themselves could also decrease by 10%. As for renovations "non-green", they could lose their advantage of a VAT at 5.5%.

Finally, the government also calls into question his support for biofuels. They enjoy a double benefit: a reduced fee and the requirement for all distributors to offer for sale.

After a year and a half after its establishment by the Minister Herve Nvelli SMEs, the results of self-contractor status is not all rosy. Apparently, the new regime seems to be a success. Since January 1, 2009, more than 500,000 people have created businesses under this scheme and, according to the Observatory of self-contractor, 85% of self-enterprises are still in business a year and a half after the creation of statute. Another favorable factor among 15% of enterprises out of the scheme, 8% have changed their business to another company status. Moreover, the Observatory notes that "self-entrepreneurship is an effective springboard since nearly one third of respondents would like to change its status in the short or medium term."And the average turnover is 830 euros per month among the 72% self-entrepreneurs who have sold or charged.

But upon closer inspection, the new status raises questions. The study teaches us that nearly one in ten self-contractor was forced to choose this status. In fact, some employees have opted for this scheme to keep their jobs. The creation of these self-enterprises thus substitutes contracts in CSD, even in temporary or permanent contracts. And for good reason, the statute represents a financial windfall for unscrupulous employers because the employers' costs will disappear.

However Observatory moderates this conclusion. François Hurel author of the report requested by Secretary of State for SMEs says that "self-entrepreneurship as a condition of employment by dishonest employers is fortunately very rarely practiced in reality.It must also be tackled as illegal and contrary to the spirit of the regime.

After only eleven of the twelve adminisitrateurs group had agreed in December last year, Accor shareholders adopted by an overwhelming majority (88.49%) splitting the group into two separately listed companies, at the end of a general meeting. A project that was focused by the fund Colony Capital and Eurazeo, who hold 30% stake between them. Conversely, he had raised questions with the Strategic Investment Fund (ISF) for which the merger was "too risky".

Gilles Pelisson "very happy"

The announcement pleased the markets because at the Paris Bourse, the Accor share gains 2.40% to 42.29 euros in a market down by 2.75%. She also meets Gilles Pelisson, CEO of the group: "I am very happy," he said after the vote.It simply means that the split is an idea that has much meaning.

During the meeting, issues of Accor shareholders have not dealt with the proposed demerger, except on technical tax issues.

One of the two entities retain the name of hotel and Accor, and the other called Edenred, takes over the prepaid (Ticket Restaurant, Ticket-food, gift certificates, Kadéos, Cesu …). On July 2, the two entities will be listed on the Paris Bourse. Consequence: during a trading session, the CAC 40 will be 41 values, do so before qu'Edenred index on July 5.This separation was made possible by the extensive development of the service arm that has doubled in size in four years and can become autonomous, "said Gilles Pelisson, Accor's CEO.

Technically, the division will lead the purge of the old order book Accor shares at the end of the meeting on 1 July instant payday loan. Shareholders who wish to sell their securities or those who wish to buy must act before July 2.On Friday, the shareholders of the "old" Accor will receive one share of "new Accor" Edenred plus one share for one share of the "old" Accor held.

For the CGT, the group only wants to make money on the stock market "

If this decision was thus obtained a plebiscite among directors and shareholders in Accor, this is not the case with employee unions, who see the split as a "dismantling of the group." They fear that the sale of hotels – Accor is to sell 450 hotels in the coming years – should lose benefits to employees.

In an open letter to shareholders of the Accor group, wrote that the CGT split "plunge the company and its employees in difficulty.""This is not for the good of the company that the group is divided by two, but only to make money on the stock market," says Angel Romiti, Secretary General of the Federation of the SGC services. Accor aims to open 40,000 rooms per year in France.

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The draft law reforming the consumer credit which was adopted in late April by the National Assembly must be considered in the Senate Monday on second reading. This text, which transposes into French law the European directive of 23 April 2008 aims to better encadrerla distribution of these credits, advertising and strengthens consumer information to avoid over-indebtedness. "This legislation, once passed, will provide a protective base for consumer credit," says Minister of Economy Christine Lagarde. guard, who hopes that the text be adopted as early as Monday, said her commitment to the Senate on a timetable for implementation "very accurate".

No less than 14 decrees and orders will be four needed for its implementation. Christine Lagarde, wants everyone to be published before the end of the year."I intend that all texts are published by the end of 2010 to ensure that all stakeholders are informed of the publication of texts and measures to implement," said the minister at a press conference. The entry into force of the texts will then be scheduled through May 2011.

Division on the register of credits

The minister promised to create, upon promulgation of the text, the Committee shall deliver foreshadowing, over the next 12 months, a report on the establishment of a national registry of credits, also called positive file. This file would identify all loans taken by the French and could be accessed for each request for new credit.Christine Lagarde has ensured that the committee was established following the enactment of the law shows that it is not "being in time to push for it (the positive file, ie) becomes the Arlesienne."

The principle of this file, however, continues to divide and most consumer groups will remain opposed, citing an infringement of individual liberties and the fear of use of information by credit institutions. .

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After the European Council, the International Monetary Fund (IMF). On Friday, it was the turn of Dominique Strauss-Kahn, IMF managing director, said to be "very confident in the prospects for the Spanish economy in the medium and long term." The latter was speaking after a meeting in Madrid with Spanish Prime Minister Jose Louis Zapatero Rodrgiuez. The day before, Thursday, Nicolas Sarkozy, speaking on behalf of the European heads of state, also explained that there was no need to worry about the financial health of Spain.

That trust, however, is conditioned "to efforts must be made" by Spain, according to the IMF."What I see today is that these efforts are underway, however, found the director of the institution, referring to measures to reduce public deficits and structural reforms announced by the Spanish government.

Focus on employment

Dominique Strauss-Kahn in particular called "crucial" reform of the labor market. According to him, it is "incredible" that the unemployment rate is rising so fast in Spain each economic crisis compared to other European countries. Today, the Spanish unemployment rate reached 20% of the labor force, double the average for the euro area.

The parton IMF was satisfied that the reform of the Spanish government will lay "the foundations of the Spanish growth for the next two decades.""If done correctly, I am very confident," he repeated, adding that "the steps taken by Spain in recent days were crucial.

Maintaining growth

For its part, the Spanish Prime Minister has reaffirmed, after his meeting with the Director of the IMF austerity measures that his government had put in place should not affect the growth of his country."Fiscal consolidation, reduced public spending, if we conclude the reforms, if reforms are strong as we think and produce enough confidence, should not affect the economic recovery and maintain growth in prices since the first quarter "said Jose Luis Rodriguez Zapatero.

Always with a view to reassure the markets, the Spanish Prime Minister reiterated the importance of resistance testing (stress test) should be conducted on European banks. These must be published before the end of July, after Nicolas Sarkozy. "The sooner the better," said Jose Luis Rodriguez Zapatero, who considers the initiative "absolutely critical" to "recover market confidence.He said the results will be noted that "most banks are in a good situation."

Spain, described by speculation, is now back to the wall. The country has a deficit that exceeds 11% of GDP in 2009. But Jose Luis Rodriguez Zapatero is confident: "I would not be surprised if market sentiment changes towards Spain in the weeks or months to come," he warned.

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European Banks Are they healthy? The question that torments the markets will soon find an answer. Under pressure from Madrid, the results of resistance tests carried out by banking regulators to assess the soundness of institutions will be made public. Paris wants a publication "before the end of July." Christine Lagarde, French Minister of Economy, told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the opposite case, Christine Lagarde said the banks to recapitalize.

Madrid triggers debate

The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."

Banks reluctant

Further to the announcement in Madrid, the German government long reluctant, finally decided to give him the green light too low fee payday loans. But Berlin has yet to convince its banks.German institutions showed far opposed the publication of these results.

Successful tests of Moody's

The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.

On the menu of discussions in Brussels

The issue of stress tests for banks will be raised at the EU summit held this Thursday.The Twenty-seven were found initially to discuss "strengthening of fiscal discipline." But the agenda should also focus on Spain, which raises concerns. Some even wondered if Madrid does not seek help from its European partners. A line of credit from 200 to 250 billion euros was raised.

Tens of thousands of trade unionists yesterday converged toward the center of Rome at the invitation of the CGIL, the main federation of workers in Italy (5.5 million members).

Shouting "not only on our shoulders," they denounced the sacrifices imposed by the government of Silvio Berlusconi to reduce the public deficit from 5.3% to 3.9% next year and 2.7% of GDP 2012.

At a rally Piazza del Popolo, Guglielmo Epifani, Secretary General of the CGIL, reiterated that his organization was not opposed to a correction of the accounts of the state. "We reject this maneuver only made budget cuts without structural reforms or measures to support investment, particularly in public education and research," he told Le Figaro before the start of the event."Those who will pay for will mainly employees and the lowest incomes while wealth and annuities will not be affected."

Guglielmo Epifani also calls for a broad mobilization to invite the Parliament, which will begin consideration of the bill next week "to modify" cash advance till payday.

The CGIL has launched on June 25 a word of general strike of four hours in the private sector and the public 24 hours.

For its part, the Democratic Party (PD), the main opposition, has announced a rally against the plan "unfair" in Rome June 19 while magistrates, public sector doctors and world culture multiply protests.

The government plans to freeze wages and hiring in the civil service for two years and 10% reduction in the allocation of ministries and local authorities.No new taxes would be raised and the taxation of financial income would continue to benefit from a preferential rate, but a greater effort would be made against tax evasion.

For the Bank of Italy, the austerity plan could result in a reduction of O, 5% of GDP in 2011/2012 "as a result of compression of consumption and investment." Italy expects a growth of 1% this year and 1.5% in 2011.