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It could save Giuseppe Orsi, CEO for six months in office, supported by the Northern League.

4 billion in debt

Whatever the future president, he will have the difficult task of restoring calm in a group rocked by scandal and poor performance. In the first nine months of 2011, sales were down 21%, the loss reached 324 million euros and the debt has ballooned to 4 billion euros totally free credit score. The share price collapsed to below 3 euros. The rating agencies are threatening to degrade the group to the rank of junk bonds.

Giuseppe Orsi has already launched a restructuring plan announced divestitures and able to generate a billion euros to deleverage the group. The only sale of rail division will not suffice.

The future common agricultural policy (CAP), presented Wednesday by the Romanian European Commissioner Ciolos on 2014-2020 proposes "a new compact between farmers and European society." With three challenges: food security, economic competitiveness and ecology together in preserving natural resources, and develop rural areas. Brussels each year spends about 45% of the total budget of the EU, mainly in the form of direct aid to farmers.

In the new project – budget of 435.5 billion euros – these are basic aid to boost growth and employment. "The average income of a farmer is still below 40% in other sectors," says one in Brussels. But they must be better targeted and more accurate.The Europe that "for years", has prompted farmers on the road "to productivity without constraint," should move towards "sustainable production practices," noted Ciolos.

Specifically, the aid will cover more than "active farmers", referring to the subsidies received by golf clubs or airports. They will also be progressively reduced from 150,000 euros per year per farm, while taking into account the number of jobs created, and will be capped at 300,000 euros. Dacian Ciolo wants to establish a single payment per hectare, to promote extensive agriculture and non-intensive, as is the case in France or Italy, where the aid is based on production levels.In fact, there are still large disparities between, for example, Greek or Italian farmers who receive some 400 euros per hectare, as against less than 100 for Latvian peasants no fax pay day loan.

Emergency reserve

The objective is to achieve by 2020 a rebalancing of budgets between states. The countries of Eastern Europe will see their share rise but France will continue to be the main beneficiary, receiving 7.6 billion euros a year, followed by Germany (5.1) and Spain.

To cope with crises and deregulation of markets, safety nets – private storage, mutual funds … – Brussels will be maintained and can tap into an emergency reserve of 500 million euros a year.

On the environmental side, 30% of farm payments will be conditional on good practices, namely set-aside 7% of the total area, minimum diversification three cultures.The Commission also proposes to double the research budget to promote innovation and support for young farmers under the age of 40 years, during the first five years of installation. It remains to convince the MEPs and the 27 Member States. The negotiations will be already difficult to reach an agreement by early 2013 at the latest. France has already expressed support for "the principle of greening" but believes that at the proposals from Brussels do not correspond to "the economic substance of operations." Same story with the FNSEA.

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The Greeks are paying the price of the crisis with their health. So says a British study published Monday in the medical journal The Lancet. The explosion in the number of suicides, increased drug use or an increase in HIV infections are in fact the direct consequences of the recession but also of austerity in Greece.

Depression and suicides on the rise

While the island is experiencing its worst recession in 40 years, doubling the unemployment rate in two years more than 16% leads to more and more Greeks to depression and drugs. In fact, suicides increased by 17% between 2007 and 2009 and 40% in the first five months of 2011 compared to the same period last year. Figures all the more impressive as the Greek statistical authorities, the suicide rate in Greece was among the lowest in the EU between 1990 and 2009.Some cases were particularly marked population, like that of a former businessman who has defenestration, leaving a note in which he explained that the financial crisis had had the better of him. Or that of an owner of a small store, found hanged under a bridge, with a letter that read: "Do not look for other reasons. The economic crisis has led me to this. "

Drug use has also risen sharply. Heroin use in particular has increased by 20% in 2009. And even more so in the context of austerity measures imposed by the international rescue plan, control programs against drugs has been reduced by one third fast payday loan no faxing.

A trend that explains the 50% increase in the number of HIV infections at the end of 2010. Researchers predict that the contamination will increase by 52% this year compared to last year.In addition, drug users have less access to small jobs or for pocket money from their parents, some of them prostitutes, which in the case of unprotected sex, also contributes to the spread the virus.

Public hospitals overwhelmed and corrupt

Finally, rising unemployment means that many Greeks no longer receive health coverage provided by their employer. Thus, those who consulted in the private massage now in public hospitals. Now hospitals have seen their budgets melt 40% between 2007 and 2009. A diet which leads to problems of lack of staff and medicines and waiting times exorbitant lead some patients to pay bribes to get an appointment earlier.

Result, the number of people who give to see a doctor when they are sick has increased by 17% between 2007 and 2009.The number of those who describe it as being "bad" or "very bad" health increased by 14% in two years. "Overall, the picture of health in Greece is alarming, the authors conclude. It reminds us that, in an effort to debt financing, they are ordinary people who pay. "

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The smart electricity meter – or communicating – also known as counter Linky, will be extended to all of France. The decision will be made official Wednesday by the Minister of Industry, Eric Besson, attended by all stakeholders in this important industry. So far, this counter had been the subject of a test phase, in Lyon and Touraine.

This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "

Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France easy payday loans.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.

According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.

A cost of 4.3 billion euros

To support ERDF therefore, which plans to spend 4.3 billion euros to widespread program Linky, to compensate for this investment by productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.

As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.

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McGraw-Hill confirms the dismantling of its activities. The group, which holds particular one of the three major rating agencies worldwide, Standard and Poor's (S & P), Monday announced its split into two independent companies.

One, called Mc Graw-Hill Market, will specialize in financial reporting. It will include S & P, but also the manager of indices S & P indices, the information service Platts Energy, the research firm JD Power and Associates market, and several publications such as Aviation Week, on the aeronautics. This new venture will be headed by a member of the founding family, Harold McGraw, who was already operating within the conglomerate.

The other company will be named McGraw-Hill Education. It will specialize in publishing, including the sale of school and university textbooks.The group is currently looking for a leader to lead this new company.

Reduce costs

This dismantling was called in late August in person by two shareholders of the group who felt that the issue had become a weight in the activity of McGraw-Hill. Indeed, it represented only 23% of operating profit last year while the activity of the only rating agency weighed nearly 50%. This division is not fully compliant with the wishes of those shareholders who demanded that the financial activity is divided into two with one assessment activity independent of the indices Low fee payday loans. In addition to a specific company for editing and one for the information professional. Four entities distinctness.

Mc Graw-Hill, a division of the two seems sufficient.It should eventually reduce the operating costs of approximately $ 1 billion and improve the group's value for shareholders. Lea management announced in passing that the repurchase program of its own shares will increase to $ 1 billion full-year.

McGraw-Hill Market this year should generate a turnover of $ 4 billion, made almost 40% abroad, and growing "double digit". McGraw-Hill Education should she reach the years of income of 2.4 billion.

On Wall Street, investors welcomed the ads. The action McGraw-Hill climbed 1.44 dollars to 39.26% at 17 hours, Paris time, in a market down 1.04.

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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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Wall Street was unable to string together a fourth consecutive session. The New York Stock Exchange opened down on Tuesday, the Dow Jones lost 0.65% to 11,408.05 points and the Nasdaq 1.18% to 2525.17 points.

Nervousness investors won again a few hours of a meeting in Paris between German Chancellor Angela Merkel and French President Nicolas Sarkozy. The two leaders are to discuss ways to implement to improve governance in the euro area and contain the problems of sovereign debt. No decision is fundamental to expect from this meeting, warned a spokesman for Angela Merkel yesterday, let alone on the front of the Eurobonds claimed by many investors. The latter will not even up for discussion. And it is this fact which disappointed observers who expected progress on the subject.In Europe, markets are plunged into the red.

European growth disappoints

The bad mood is also expected to result from the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

On the positive side: the United States, industrial production came out on Tuesday rose higher than expected for the month of July. This indicator should be closely watched by the markets, as they are concerned more and more sluggish growth of the world's largest economy. The release of housing starts, however, confirmed the slump.Departures from construction sites are in fact started to fall in July, after surging in June. As for import prices, they recorded an unexpected rebound.

Values ​​to follow

On the corporate side, Home Depot (1.51% shortly after opening at $ 33) released better than expected earnings in the second quarter, while Wal-Mart (1.74% to 51.71 dollars ) recorded a further decline in sales over the same period. The retail giant has nevertheless issued a profit and a turnover up more than 5%.

Agilent Technologies (-0.04% to 37.46 dollars) reported Monday after-hours trading from a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% The number of Business was up to 1.69 billion.

Berkshire Hathaway (-1.4% to 107.17 dollars) would have taken a stake in the retailer Dollar General.

Dell (+0.14% to 15.65 dollars) and Saks (-0.12% to 8.95 dollars) must also publish their quarterly results on Tuesday.

Raising the U.S. debt ceiling on Tuesday night after a Senate vote, did not end concerns. The harshest criticism emanating from the largest creditor of the United States, China. Washington failed to "defuse the debt bomb," has dealt the official news agency Xinhua on Wednesday morning.

To support this message, the governor of the central bank, Zhou Xiaochuan, announced that "foreign exchange reserves of China will continue to follow the principles of investment diversification and risk management." Clearly, the portion of funds invested in dollar continue to fall. "Large fluctuations and uncertainty in the market for Treasuries have an impact on the stability of the international monetary and financial system, and could affect the global economic recovery," said the Chinese official.Beijing has to worry: he has financial reserves of the largest in the world, or about 3.197 trillion dollars at the end of June, of which 1.16 trillion invested in U.S. Treasury.

The rating agency Dagong China has also downgraded the U.S. of A + to A, away from the AAA provided by Western agencies. She said raising the debt ceiling will "worsen" the situation. The show divisions between Republicans and Democrats in recent months "reflects the government's inability to solve the problem" of American finance, said she.

"A first step"

More lenient, Moody's affirmed the AAA rating of the United States, while combining it with a negative outlook. "The agreement voted Tuesday night is the first step to recovery of public accounts," she observed in a statement.But the financial health of the world's largest economy, and therefore its rating could be threatened if new austerity measures are not adopted in 2013, even if growth slows, or in case of sudden rise in interest rates.

The rating agency Fitch for its part, said Wednesday morning in a statement that it believes "the risk of default of the United States is extremely low." However, "the United States, like most countries in Europe, must confront difficult choices about taxes and spending in a sluggish economic recovery," and sufficient to redress public finances. Fitch confirmed Tuesday night the American note.

Standard & Poor's, the most influential of the three Western rating agencies, has not yet officially expressed.The director of sovereign ratings Takahira Ogawa, however, tried on Wednesday morning to alleviate the issues of possible degradation, "the market has to some extent already recognized the potential risk of a downgrade American." S & P had warned during the negotiations on the ceiling of the debt: the United States should save 4 trillion dollars over the next ten years to maintain their AAA. The plan adopted only on table 2.4 trillion.

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What are the consequences of a decline in the rating "AAA" American? The risk increases after a prolonged disagreement between Republicans and Democrats on the management of U.S. debt. The problem may seem far from the concerns of citizens, but U.S. President Barack Obama warned, "If we lose the AAA, everyone will pay more taxes. This will cause a rise in interest rates, which would have the same effect as raising taxes on all Americans. "And to raise the specter of rising rates of car loans on credit cards and in real estate.

Banks lend to their clients because at rates directly correlated to the performance of bonds. However, the higher the rating of a country, the lower the rates at which it must borrow increases.According to rating agency Standard & Poor's, the loss of "AAA" could cost between 0.25 and 0.5% growth rate in the United States. Analysis challenged by some economists, who point out that Japan, after seeing his note deteriorated in the early 2000s, had seen the contrary interest rates fall.

"Zero risk"

Still, never in the history of the United States has lost their prestigious note, despite a technical default part in 1979 (a few dates could not be met on time). It symbolized far "zero risk" to markets, which could buy U.S. debt with the confidence of being repaid.

A decline in the note, a real paradigm shift, "would affect the actions and change," warns Ciaran O'Hagan, strategist at Societe Generale. How much? Hard to say.The United States never lost their prestigious note, "the unprecedented nature of this reduction makes it difficult to determine all the ramifications of the financial markets and the economy," says agency Fitch.

Thus, it is not clear that the long-term investors seeking safe investments are fleeing the U.S. Treasury. For example, foreign central banks, which own 33% of U.S. debt, will not sell their shares, say analysts surveyed after UBS interested. According to Fitch, the Treasury will keep the short and medium term "their status as reference for interest rate markets."Clearly, there will be no widespread panic in the market for U.S. debt.

More than a threat to the United States themselves, "noted a deterioration in the U.S. crystallize the challenges for all developed countries, probably by opening the way for the degradation of other countries," says Jean- Baptiste Pethe, Exane BNP Paribas. If the U.S. lose their "AAA", France and the UK may well follow. The United States could then argue them, as Secretary of the Treasury Nixon had done about the dollar, "it is our rating, but your problem".

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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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