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Disturbing signal. The leading indicator of the economy, the PMI fell to 46.8 points in October, against 50.2 in September, Markit Economics reported. The index, published in draft form, is passed below 50, reflecting a contraction in activity.

"The PMI data are currently consistent with a negative growth rate (of about -0.5 or -0.6%) for the third quarter," that is the beginning of a recession, worries Jack Kennedy, economist at Markit. The French government, which still formally table a growth of 1.75% in 2012, suggested Friday that it has revised downwards this goal.

The contraction in activity has particularly affected the service sector. He has recorded its sharpest fall for 27 months, 46 points, against 51.5 in September. The industry is not much better.Despite a slight improvement, she underwent her third consecutive month of decline, to 49 points against 48.2 the previous month.

"The impact of European debt crisis may be felt on the real economy," says Jack Kennedy. Markit Economics and recorded "a further decline in confidence in the services sector." "The growing uncertainty surrounding the evolution of the economy leads in fact companies to revise downward its business prospects to twelve months, the optimism of the service providers also display its lowest level since April 2009" , notes the Institute for Financial Studies cash advance flexible payments.

Very little sign of hope for a quick turnaround the economy, companies have seen a decline in the volume of new business, "the highest in almost two years," notes Markit Economics.Especially in services, providers are concerned about "the largest decline in new contracts since July 2009." In industry, the decline in sales is that alarm. A trend in both export and domestic market.

Slowdown in Germany

The slowdown in activity is not only France, but also German industry. For the first time in two years, the PMI for the sector fell to 48.9 points in October, against 50.3 in September. Unlike the Hexagon, however, services are able to climb out of the area's 50 points marked a growth in sales, to 52.1 points, 49.7 points against the previous month.Overall, notes Tim Moore, economist at Markit, "uncertainty about the euro area largely explain, according to the companies, investment reports and cuts in non-essential spending."

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Six weeks ago, Canal + gave a big kick in the PAF, announcing the surrender of the two Bolloré DTT channel Direct 8 Direct and Star. The next day, Jean-Marc Morandini, "Mr. Media" commented one of Europe experts with the likely impact of this acquisition on the programs of the chain. A question for Jean-Marc Morandini in the first place, since officiated in five years on Direct 8, where he now presents two programs: "Morandini!" A daily talk show for over an hour on the media , released at 18:45, and the issuance of news items "Presumed Innocent", which aired twice a month in prime time. "I do not know if I fear this change, because we represent a large portion of the hearing of Direct 8. This week, "Presumed Innocent" Live 8 was passed in second place of DTT at 20:45. It all depends on what Canal + will do just that chain.At the moment, I do not know, provides the facilitator. We'll talk when the time comes but for now I'm not too worried, unless they really want to make a very different line, with only series and sports for example. "

If "Presumed Innocent" to beat his record of the hearing Tuesday, with 3.3% market share, and 804,000 viewers on average (with a peak of 1.17 million), the hearings "Morandini," have had difficult to take off since September. Since September, 400,000 fans of the media follow him on average every end of the afternoon, against 700,000 at the best of the previous season. "We fumbled a little early because we had stayed on the trend of last year which was that every time we talk about reality TV, audiences explode. There was a real demand from viewers. This is not the case this year.People are perhaps a little tired, the characters are somewhat less charismatic, so we changed our tune after fifteen days. We have invited less oriented "people", with a little more background, "explains Jean-Marc Morandini. With the approach of a major electoral event and in a context of crisis, the facilitator discusses the need to provide more information than entertainment, "People want programming where we learn something and not just where people come to their show. "

"Very advanced negotiations"

Present since 2003 in Europe 1, Jean-Marc Morandini also inherited at the start of a new installment for its "Grand direct media." The program now starts 90 minutes earlier at 9:30 for an hour of news media. "It was a request on my part, I would even begin to comment at 9 o'clock live audiences.This is the best time to issue a media: early to react immediately to what happened in the evening and be the first to provide information that can be. " The first audience figures on this new box should be available in mid-November.

Jeanmarcmorandini.com creator of the site, the host is present on three media. Still owns the site, however, it is entered in "very advanced negotiations" with Bolloré Media for an equity stake in the site. The facilitator explained that he had several proposals for acquisitions, but said he had "never sought to sell it." The time seems appropriate, while jeanmarcmorandini.com, long time near monopoly in its field, is now closely followed by new entrants.Last May, the site Pure Media (formerly Ozap), with 1.02 million unique visitors came to tickle its approximately 1.25 million unique visitors per month.

And to justify his choice, he evokes the editorial freedom of the likely new shareholder. "The site needs to move to a higher stage. The interest for me is that Bolloré Media is in print. And the group will separate its channels. I go to them will be in an independent and not be bound to talk about television. " It is likely that the proximity to his current employer (up to the finalization of the sale of Live 8 on Canal +) also facilitates the transaction. The moderator believes that it should be signed in the next two days, and states that retain editorial control of the site.

"All the Buzz Media

In the wake of European stock exchanges and the CAC 40, the U.S. markets aparaissent significantly in the red on Friday, amid disagreements with the ECB and debt crisis. At the close, the Nasdaq and Standard & Poors'500 100 respectively lost 2.67% to 1154.23 points and 2467.99 points to 2.42%. As for Dow Jones, falling 2.69% to 10,992.13 points. This is the biggest drop in Wall Street during the past three weeks.

Markets such as increased losses when Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons", the statement of the institution. The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.To this must be added the increasing fears of a major failure of Greece that have undermined investor sentiment. "The markets are falling heavily as the big concern is about the crisis of sovereign debt in Europe, especially in Greece," summarized Peter Cardillo, Rockwell Global Capital.

According to analysts, the drop is also due Friday the threat of attack ten years to the day after the attacks against the twin towers of World Trade Center. Washington said Friday morning that al Qaeda was behind the threat of attack "specific, credible but unconfirmed."

In addition, markets have shown little convinced by the stimulus of employment presented by Barack Obama on the eve of 447 billion.Operators are skeptical that the U.S. president to implement his program because of opposition from his Republican opponents that could block the vote.

Expectations related to the G7 Finance

To this must be added the words of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.So far, investors have also expressed no confidence in the discussions of the G7 finance that opened Friday in London to try to find an answer to the crisis.

Another item, from China, was not enough to appease both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy .

On the macroeconomic front, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in line with market expectations. Note that a first estimate of consumer confidence from the University of Michigan for the month of September is expected in the afternoon.

As for the euro, it is at present weighed down by concerns about increasing the economic health of the euro area and the global economic recovery.At the close of the New York Stock Exchange, the European currency fell to 1.3658 dollar (-1.63%), its lowest level since Feb. 23. For its part, the oil has finished on a decline, a barrel of "light sweet crude" for October delivery ended at 87.24 dollars, down 1.81 dollars compared to the previous day.

Threats to jobs at Bank of America

On the corporate side, no major publication was in sight Friday.

The job cuts planned by the management of Bank of America (-3.05% to 6.980 dollars) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the . The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions.These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.

Texas Instruments (1.08% to 26.08 dollars) remains small increase, after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest. The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.

The day after a session sharply higher on Wall Street and in Asia, the Paris market continued its rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Paris Bourse was awarded 1.22% in 3192, 69 points. But at midday, the CAC 40 is pressed into the red with shortness of breath and banking stocks before the release of U.S. indicators

Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the front of the foreign exchange market, the euro continues to rise slightly against the greenback, moving always on top bar $ 1.45. At about 8 am in Paris, the European currency was worth 1.4528 dollars against 1.4510 dollars late Monday.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire. The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas is stable at 34.41 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.

Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.

Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.

Economic Confidence Index, published by the European Commission, fell to 98.3 points against 103 points in July. This is the sixth consecutive decline. Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.

Are also expected in mid-day figures for business failures.

Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (1.60% to 14.58 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars. Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating.Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (6.12% to 23.50 euros) announced revenues up 5.3% in the first half. He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

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Still pending for a summit in the euro area. While Monday's major stock markets reopen on Tuesday, European capitals and investors will have their eyes on the meeting at the Elysee between French President Nicolas Sarkozy and German Chancellor Angela Merkel. After a week very rough on the markets, particularly in France, this meeting is an opportunity for two leaders to show their unity.

Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "

The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.

Pooling of liabilities

Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source no fax payday loans.

The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.

Most stubborn

The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.

A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.

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After a series of tests in the United States and a presentation in Europe under the Air Show at Le Bourget in June, All Nippon Airlines this week hired a campaign commercial test flights of B 787 in Japan . "The aircraft has already been tested by Boeing in the United States. Rather, it is here to check it fits well with Japanese airport infrastructure, "said a spokesman for the airline. The B787 must make several flights and ground handling at Tokyo Haneda via Kansai, Okayama and Hiroshima.

ANA, which is the company launching the new long-haul Boeing, should receive its first aircraft in August or September is more than three years behind the original schedule, which promised a first delivery in May 2008.The first two aircraft will carry a special livery combining white and blue display in the front of the unit's name in large letters. The first Dreamliner will be made available on domestic routes before being placed in service between Japan and Europe and the East Coast of the United States. ANA hopes to lead a fleet of 14 B787 by March 2012 (24 and a year later) of the 55 ordered to commence intercontinental flights no later than spring 2012.

So the final stretch for the Dreamliner.By the end of the summer, Boeing will complete the certification campaign and deliver the first aircraft and then initiate the ramp-up that should cause it to produce 10 B 787 a month in 2013 (against 2 per month in 2010 ) including seven in Everett, the birthplace of the Industrial U quick pay day loan.S. manufacturer and 3 in a new assembly plant based in Charleston, South Carolina, which opened on June 10.

Future B 787-10 announced in 2012

The stakes are high for Boeing who had not designed a new device from the B 777 in 1995. Launched in 2004, 787 B has made a commercial breakthrough with impressive 835 orders from 56 airlines. It has several technological breakthroughs including the massive use of composite materials. They represent 50% of the primary structures including the fuselage and wings of the aircraft.It also promises a fuel economy of 20% compared to legacy aircraft and new life on board passengers with innovations in the cab. B 787 family currently has two versions. The smallest, B 787-8, can carry between 210 and 250 passengers depending on version and its range is between 14 200 and 15 200 km (between 7650 and 8200 nautical miles). The largest, B 787-9, provides between 250 and 290 seats and its range reaches between 14 800 and 15 750 km.

The family may soon grow up with a B 787-10. The leaders of the Boeing discussed at the last Paris Air Show, suggesting that a formal announcement was possible in 2012. "We talked with the airlines and we have received strong expressions of interest," said Nicole Piasecki was then, Boeing vice president in charge of product strategy.With B 787-10, and Boeing could meet the future Airbus 350-1000, the largest member of the family future A 350.

"The project of the PS does not the road." The essayist Alain Minc does not beat around the bush to try the program of the Socialist Party should he win the presidential election in 2012.

In addition to his friendship with Martine Aubry, Alain Minc believes that this project is "totally unsuited to the economic situation." "This is a project that was modern in 1981!, Says in an interview with the daily Le Parisien / Today in France. Youth employment is the world of yesterday. We can not, with the blade of the debt so close to our neck, having a Keynesian program. " The essayist and remember that "debt represents 80% of our gross domestic product. 20% is what he had to do to end the crisis. The remaining 60% are the result of thirty years of accumulated cowardice, left and right wing. "

Alain Minc goes even further in his indictment.He said a victory for the Socialist Party in 2012 would be penalized by financial markets. "The application of the socialist project would lose to France's 'AAA'," says Alain Minc. If for now the rating agencies have confirmed the rating of the country, it could be questioned if France did not take more drastic measures to reduce its deficit.

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Among the various proposals of the PS, Alain Minc attacks the merger of the income tax and social contribution no fax cash advance. It considers the measure "extremely devastating for the middle class. I have long been convinced that all European countries should increase VAT by 2%. It will not escape, "said he.

Another topic discussed: compensation of top managers.While Nicolas Sarkozy and François Fillon supported the measure to overtax Xavier Bertrand and Jean-Francois Cope was cautious, Alain Minc "tearing his hair" when he sees the boss of Renault, Carlos Ghosn, will reach 10 million euros for fiscal 2010. "The selfishness of the ruling classes should encourage them to be more moderate in terms of pay. I persist and sign: we must know to practice self-regulation, "says he.

On the euro, Alain Minc said the German attitude to save Greece "intelligently selfish." "If Germany was up to the Deutschmark, it would be in recession," said he.

Finally, he welcomed the appointment of Christine Lagarde to head the International Monetary Fund."It's miraculous! Obviously there was a decisive push to Sarkozy, "he enthuses.

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"The crisis is over," says Louis Welsh, CEO of EADS. "The civil aviation goes, the market is left," he said, who looked forward orders for its Airbus "substantially" higher than the 263 aircraft already in his notebooks Bourget. The EADS boss also confirmed that the A380 superjumbo 'will fly today. "

In the third opening day of the 49th Paris Air Show in Paris, Airbus and Boeing should also announce a set of commands. But it is the European leading the way commands from Monday, with its Neo A320 with about 550 aircraft ordered to date. In two days, the two rivals have exceeded the 300 aircraft ordered.

• Airbus: two giant orders coming

On Wednesday, we are still waiting for two big new Airbus.Qatar Airways to place order of fifty five Airbus A320 and A380 Neo, the jetliner the European aircraft manufacturer. In addition, the Indian company should confirm IndiGo in the day a mega order of 180 Airbus A350 Neo worth $ 16 billion at list prices. In addition, the low cost Malaysian AirAsia is currently negotiating a contract with Airbus that could be up to 200 A320 Neo. Tony Fernandes, CEO of the airline, is expected Thursday at Le Bourget.

– The rental of aircraft ALAFCO Kuwait signed an agreement for six A350. Based on list prices only indicative, this represents $ 1.6 billion.

– The Latin American AviancaTaca company said Wednesday it has signed an agreement to purchase 51 medium-haul A320, including 33 re-engined A320 Neo.All of this command is a list price of about $ 4.5 billion.

– Republic (United States) signed a memorandum of understanding for 80 A320 Neo.

• Boeing

Since Monday, Boeing sign him, smaller contracts (41) Airbus for its medium-haul 737.

– The Russian company UTair sign a Memorandum of Understanding for 40 B737 for a list price of $ 3.2 billion.

• Sukhoi

The airline italienneBlue Panorama Airlines has ordered twelve aircraft Superjet 100 Russian Sukhoi group for $ 370 million (about EUR 257 million) announced Wednesday the Italian group Finmeccanica, Sukhoi partner for the Superjet.

The A400M grounded

A faulty gearbox which nailed to the ground during the A400M Paris Air Show is probably rooted in a manufacturing defect, said Tuesday one of the program.Airbus and engine manufacturers are studying this box, which broke a few days before the beginning of the troop transport plane in the sky at Le Bourget, forcing the manufacturer to cancel its demonstration flights.

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Speed ​​up the tempo and show the unity of France and Germany. Germany and France want a "quick fix" to the Greek debt crisis, said German Chancellor Angela Merkel in Berlin on Friday. At a press conference after a meeting with French President Nicolas Sarkozy, the two leaders spoke together on the resolution of the crisis in Greece.

"France and Germany defending the same position," said Nicolas Sarkozy on his side. More broadly, "France and Germany, together with all our might support the euro," he said. The French president added that the terms of the future agreement to support Greece needed to be "full agreement" with the European Central Bank.

Nicolas Sarkozy has declined four principles for the agreement: a voluntary basis for participation of private creditors, no default, the agreement with the ECB and a rapid conclusion.

The two leaders also stressed the need to speed up negotiations. "The sooner we have a solution, the better," said German Chancellor.

Rumor conveyed by the German magazine Der Spiegel that Greece had threatened on Friday to leave the eurozone was denied on all sides. "A provocation" by the Greek Minister of Finance, a "dumb idea" according to the chairman of the Eurogroup Jean-Claude Juncker, a "completely fanciful hypothesis" for Bercy.

However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, whose French Christine Lagarde, Germany's Wolfgang Schäuble The Italian Giulio Tremonti or Greek George Papaconstantinou.At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "

Accelerating privatization

At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient instant credit report. A sum which would, according to business daily, covering almost all the financing needs of the country in 2012.

Previously, however, the Greeks will accelerate the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.

Debt restructuring again rejected

However, the assumption of a debt restructuring Greek has once again been rejected by the participants. While Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem "President of the Eurogroup Jean-Claude Juncker reiterated that such an option was excluded.While stating that a new adjustment program would still be discussed at the next meeting of the Eurogroup on 16 May.

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