Knowing that the debt situation of Rome worries, even if the prime minister, Silvio Berlusconi, seems to have succeeded in extremis to convince its ally the Northern League to accept a pension reform required by its European partners in exchange their solidarity. Thus, the Heads of State and Government of the euro area may call Wednesday the European Central Bank (ECB) to continue its purchases of bonds to support Italy and Spain, according to a draft of their summit conclusions which Germany said, however, disagree for now.

A meeting of finance ministers canceled

Sign of the nervousness that dominates in Brussels: a meeting of EU finance ministers considered a prelude to the Summit of Heads of State and Government of Europe has been canceled.The meeting, originally convened at the request of countries outside the euro area to increase coordination with the countries of the euro, was removed from the agenda because some details of the discussions were not yet finalized, said several sources.

Furthermore, doubts remain about the effectiveness of the EU. "The European plan should improve the situation, but it will be nearly enough to end the crisis," summarized Douglas Elliot, the pole of economic studies at Brookings Institution. Clearly, all eyes are now turned towards Brussels. Prime Minister François Fillon asked Tuesday the issues preventing a failure "could push the European continent to unknown lands."

On the macroeconomic front, in France, INSEE will publish its economic survey for the month of October in the morning.For its part, the euro appears to balance against the U.S. dollar, rising 0.08% to 1.3921 dollars.

Values ​​to follow

• The banking sector, with Societe Generale (0.29% to 19.1 euros), BNP Paribas (-0.4% to 30 paydayloans.66 euros) and Credit Agricole (-0.2% to 4.9 euros) is under the spotlight as the International Monetary Fund (IMF) is considering taking part in a special investment vehicle that would be created by the European Financial Stability (EFSF). Although no decision has yet been made, officials said yesterday the euro area.

• PSA Peugeot Citroen (-2.4% to 16.45 euros) shows the largest decrease in the ACC after the revisions of its performance targets.The automaker, suffering from difficulties in the European market, also announced a plan for additional savings for 2012 of EUR 800 million which should have consequences for employment. The group also announced a new investment the order of 530 million euros in Brazil.

• Saint-Gobain (-2.2% to 32.2 euros) confirmed its 2011 objectives despite the deterioration in economic conditions which could lead to slower growth in the fourth quarter of the group.

• Ingenico (4.28% to 28.28 euros) estimated that the turmoil in the economy does not question its forecast for 2011, thanks to particularly strong sales growth in emerging and Europe, but the manufacturer of payment terminals has remained silent on the year 2012.

• Mersen (2.9% to 29 euros) which confirmed its 2011 objectives, supported by strong solar activity, and Asia, said he was careful, however, for 2012 due to economic climate remains uncertain.

• Lafuma (0.31% to 16 euros) confirmed its earnings targets for the year 2010-2011 following a growth of 1.7% of its turnover in respect of all of its financial year fiscal.

• JCDecaux (-0.34% to 19.22 euros) has renewed its contract to operate advertising space of the two airports of Lyon for a period of ten years."With more than 8 million passengers and 50 airlines serving 120 destinations direct airport Lyon Saint-Exupery Airport is the second French region's busiest," the group said in a statement.

• Danone (-0.1% to 47.9 euros) French giant Danone Agri-Food announced Wednesday the upcoming cancellation of 6.6 million of its own shares, representing 1.02% of its capital. These actions were originally intended to reward deserving employees through a stock option program, abandoned in October 2009.

• Air Liquide (-0.99% to 91.21 euros) on Wednesday released a turnover up 4.9% to 3.6 billion euros in the third quarter, a level of growth slowed due in an unfavorable comparison base and a slowdown in some markets.

The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).

The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .

Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.

The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …

Denial of a tax on financial transactions

The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.

Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.

Decisions deferred

For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of ​​supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.

For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.

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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According to Joe Biden, even if the agreement signed last moment three weeks ago by Congress to prevent this disaster has cost the country a deterioration in its S & P notes, "The United States remains the best option to invest."

The message is "clear"

Beijing, which holds nearly 1.17 trillion dollars of U.S. debt, had been very critical of the U.S. government after the historic decision of the rating agency. The country was particularly called on Americans to stop living above their means.

The visit of U.S. Vice President in China, entirely focused on the issue of U.S. debt and the solidity of the world's largest economy, appears to have reassured. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt," has said Premier Wen Jiabao. This will ensure the safety, liquidity and value of good Americans. " The Chinese leader also claims to have "full confidence in the fact that the U.S. will overcome their difficulties and put their economy back on track for healthy growth."

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"SPECIAL – Depression, fear of debt

Nokia, which has an alliance with the U.S. Microsoft to launch phones to counteract the rapid expansion of the Apple iPhone and Android smartphones system (Google), is in turmoil trying to trace the slope.The giant had announced in April the elimination of 4,000 jobs and the outsourcing of another 3,000 due to the phasing out of its own operating system Symbian for the benefit of the Microsoft Windows Phone.

"The difficulties we face in our strategic transformation have arisen more than we expected in the second quarter of 2011," said Nokia CEO Stephen Elop. "But I think our actions to limit the impact of these difficulties began to show positive effects on the health of our business.In addition, we make better progress than expected to achieve our strategic objectives, "he said payday advance low fees.

Job cuts

The Canadian leader, who came to Microsoft last September to address Nokia, however, indicates that "competitive pressure" that is currently experiencing will continue.

In the second quarter, Nokia posted a further decline in sales of 7% to 9.28 billion euros. If he remains world number one by volume, the number of phones it sold plunged 20% to 88.5 million units, against 111 million a year earlier.Its joint venture with Siemens, the supplier Nokia Siemens Networks (NSN), has negatively affected the result with an operating loss of 111 million euros.

In May, Nokia warned that its second quarter results were worse than expected and now that he would not give targets for the full year. The group, which employed the end of June 138,800 people (75,000 at Nokia Siemens), said yesterday that it will "accelerate" its savings plan through "several sources", including job losses and departures replaced.

Thursday late afternoon, the action gained 1.27% to 4.14 euros, but fell below the euro for four mid-July, it operates at its lowest level since 1997.

Caution remains the watchword. Rating agencies are maintaining pressure on fragile states. Degraded after Portugal, Moody's said yesterday that Ireland was also risky and that the country may need a new international support. The agency has pushed the debt of Ireland in the category of investment "hedge" by reducing the country's rating by one notch to "Ba1" with a negative outlook.Bond rates to 10 years in Ireland have crossed the 13% Wednesday morning, reaching its highest since the creation of the euro area.

A summit of Heads of States in the euro area is expected to take place this weekend. Aware of the seriousness of the situation, officials confirmed on Tuesday their "absolute determination to maintain financial stability in the euro area."

Lower start-ups in France

In this tense context, other macroeconomic announcements are often secondary. Investors, however, learn this morning that China's GDP has slowed slightly to 9.5% in the second quarter, less than analysts expected (9.4%). Retail sales in the country rose 16.8% in the first half and industrial production gained 14.3%.

In the U.S., the Fed has shown itself divided on the solutions to boost economic recovery.Some members called for the establishment of new flexibility in monetary policy, while others called for a tightening. All, however, have agreed on the fact that the recovery had slowed since their April forecast and estimated that the recent deterioration of conditions in the labor market was a concern. The minutes of the last Fed meeting will be published at 20 o'clock tonight. On the agenda also U.S. weekly oil stocks and the budget figures.

In Europe, industrial production in the euro area rose by 0.1% in May from the previous month, according to data released Wednesday by the EU statistics office Eurostat.It increased by 0.4% in the entire European Union.

In France, the number of start-ups fell by 10.8% in June from the previous month, after a sharp rise in May (29%) announced Wednesday the National Institute of Statistics (INSEE) . This brings out the creative self-entrepreneurs, adjusted for seasonal variations and the number of working days.

As for currencies, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars.The group warned it expects the same period a decrease of 23% to "about 760 million euros" from its current operating income, "primarily due to France."

Banking:

Banks respond well to ads in Europe.

Total: -0.40% to 38.67 euros

The oil company confirmed opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.

Sanofi: + 0.02% to 54.22 euros

The group and the American Regeneron Pharmaceuticals announced Tuesday that their experimental treatment Sarilumab allowed to show signs of improvement in patients with rheumatoid arthritis.

Auplata: + 1.13% to 2.68 euros

The group hopes to produce up to one ton of gold per year by 2014-2015 with a new plant is expected to increase the performance of its mines in Guyana, its president said Tuesday.

Belvedere: + 3.64% to 53.22 euros

The group of spirits and its CEO have been ordered to pay substantial fines by the disciplinary committee of the AMF for failing to inform the public and also for price manipulation in relation Rouvroy Jacques.

Tuto4PC. com Group: -6% to 5.95 euros

The title of Tuto4PC. com Group, the French specialist in display advertising on the internet was changing down sharply Wednesday morning on the first day of its listing on the Paris Stock Exchange, having already faced the warmth of investors before its introduction.

LE FIGARO. – You present Monday, there, your future based in Marseille. Why is this project so important for Air France?

Pierre-Henri Gourgeon. – This project is both innovative for our customers – they will be surprised, you see – and for Air France: the audacity this time is on our side. To understand this, it is necessary to realize the context in which this idea was born. In 2009, the company and its employees have taken a huge blow.The crisis came suddenly after several happy years for the company. We lost 20% of our revenue in one year, our cash burn and losses widened. It was very scary. The staff were awaiting a response. And thanks to an intense dialogue, without taboos, we have undertaken several major actions – including the freight. This project bases province was possible because Air France is out of his conservatism, and especially the face-to-face meetings between management and unions that the airline industry in general and our company in particular had the secret …

How does this project address the problems of your business medium-haul?

The medium-haul in Europe suffers the double competition fierce, the TGV and low-cost. It loses money. We had counted 140 active a decade ago, only 128 today.Other major European companies have chosen to throw in the towel. It is not our strategy. I think that Air France should continue to exist in the minds of customers, which means to offer solutions for all their movements. It is in this spirit that we planned to launch our brand TGV (in partnership with Veolia), but this assumes, as I recall, the French rail market is truly open to competition, thus n is still not the case.

So we need to regain market share over the medium-haul. However, there is a potential departure from the province, where our service is not quite satisfactory, because of this organization "spider web" centered on the capital.We can not effectively organize flights from Marseille – and especially in the morning hours – when staff take their mandatory service in Paris – which is now included in all contracts of employment – and when the planes come back every night. So we're going to base one another in Marseille, and it's a very inspiring project in the company.

What savings do you expect?

A gain of about 15% of our operating costs. Air France is productivist! The duration of daily use of each unit will increase from 8:15 to 11:40. The turnaround time will be reduced to half an hour. Pilots and crew will fly more hours, concentrated in fewer days.

So the low-cost …

No. We take some of the low-cost recipes.But we keep the Air France service newspapers, given up, snacks free miles … and the certainty that, whatever happens, the company will take care of the customer. All with very attractive prices, starting at 50 euros each way. We hope with our foundation of Marseille and Toulouse, Nice and Bordeaux win 4.5 million more passengers each year.

Your mandate was recently renewed in a general assembly for four years, but some suggest a transition period of two years instead …

The general meeting renewed my mandate as director for four years, and the Board of Directors has renewed my mandate as CEO for the same period. I am happy because there is much to be done to continue the rehabilitation of that country. In the coming months, we will change the governance of the Air France-KLM, to mark a new stage.When Leo van Wijk, Jean-Cyril Spinetta, Peter Hartman and myself, the four "founding fathers" have created Air France-KLM, we opted for a light structure.

Then we created a joint executive committee, where the representative of one of the two companies also took responsibility for his job or function (cargo, purchasing, marketing …) at the group level. This system worked very well, but it now reaches its limits. To further optimize the operation of the group must now make it more integrated and organized it so that it can accommodate a third company when the opportunity arises.We will therefore create a strong structure at Air France-KLM, which I will be the CEO, while each company will have its operational head.

Who will be that of Air France, which is presented as your successor?

This is a subject that is already running too much ink! Let the time for governing bodies to make their choice. It is true that my mission is to bring out a successor who will win. I have four years to do it off …

Commented very different subject: the order of long-haul Air France and KLM are about to happen. You are strongly "encouraged" to sign a priority with Airbus. When will you decide?

The decision will be taken during the summer. But know that the end of 2010, we concluded that we would both A 350 and Boeing 787.For reasons of timing: the Boeing will be delivered from late 2015, the A350 rather than the end of 2017, or KLM soon need new equipment. For reasons of size, too, Airbus is bigger than the Boeing. As a precaution, finally: to order a single plane that never flew too exposes us to potential production problems in one or another manufacturer.

KLM is a "Boeing company while" on the long haul. Will it a place to Airbus?

Airbus is in any case very attached to that is no longer the case.

And Air France, Airbus essentially client, she will be a place for Boeing?

Boeing also is strongly committed to that!

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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.

Lagarde IMF: "A decisive push Sarkozy"

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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With this kind of innovation, the U.S. manufacturer of elevators installed in 200 countries to strengthen its position as world leader. "We are number one in front of Schindler and Kone and ThyssenKrupp are elbow to elbow, said Bruno Grob, President of the Africa, Northern Europe and East Otis.Our market share for new lifts to 25% and we ensure the maintenance of 1.7 million units. "

The company, which also sells escalators and automatic doors, completed last year a turnover close to EUR 8.4 billion, down 2% compared to 2009. "The crisis we have suffered in the United States or in countries of southern Europe such as Spain, Greece and Portugal," says Bruno Grob. However, profit before tax increased by 5% to almost $ 2.6 billion. Listed subsidiary of Wall Street United Technologies Corporation (Carrier air conditioning, aircraft engine manufacturer Pratt & Whitney …), Otis does not disclose a target for the current year.

France, a key market

The company did not, however, interest in resting on its laurels, as the business evolves lifts at high speeds.In recent years, China has become the world's largest market for new aircraft. "Over 600,000 sales worldwide this year, 400,000 will be in China, ahead Bruno Grob. We are also a number there and expect to install 75,000 units this year. "The Middle Kingdom is already generating just under 10% of the sales group based in Connecticut.

The United States remains however the most important country for Otis (20% of sales) for the maintenance market is active. A few weeks ago, the brand was chosen to manage the fleet of 68 elevators in the Empire State Building in New York. A contract of $ 80 million. Fortunately, since the fall of residential real estate, sales of new equipment were down 50% in the U.S..

France is also a key country for the group, which owns a factory that employs 600 full lifts people Gien, a component in Argenteuil site and the European distribution center for spare parts at Roissy. The subsidiary hex weighs quite heavy in the accounts: in 2010, it achieved a turnover of 1.16 billion euros. Good health in recent years is fueled by law SAE, which provided a first tranche of work before the end of 2010 to improve the safety of elevators.

So many reasons why our countrymen are so well represented at the head of the company. "The current president, Didier Michaud-Daniel is French and one of its ten most important contributors, six are French," said Bruno Grob.

The president would have resigned Tepco

Note that according to Japanese newspaper, Yomiuri Shimbun, one of the largest in Japan, the president of TEPCO, Masataka Shimizu had resigned for his role in managing the nuclear crisis to the central Fukushima. The spokesman of the group, Ryoko Sakai, refused to confirm the information.The company in difficulty since the beginning of the nuclear crisis in Japan expected to announce today a record loss of nearly $ 15 billion for the year ended March 31. It should be replaced by the auditor, Katsutoshi Chikudate. Tepco fence on a slight rise from 0.54% to 367 yen.

Caution is also needed on Chinese stock markets: the Hang Seng in Hong Kong gained 0.10% to 23,187.10 points and the CSI 300 ahead 0.18% to 3126.35 points.

Oil prices rise

On other Asian financial centers, the trend is mixed: the Taiwan TAIEX was down 0.69% at 8831.24 points, the S & P / ASX 200 in Sydney to yield 0.42% 4736.30 points and the FTSE Straits Times Index Singapore lost 0.21% to 3165.95 points.Conversely, the KRX in Seoul 100 is up 0.43% to 4479.25 points and the BSE Sensex climbs 30 of 1.07% to 18,335.60 points.

Oil prices were on the upside Friday in electronic trading in Asia, buyers taking advantage of lower prices yesterday, analysts said. In morning trading, a barrel of light sweet crude for June delivery gained 38 cents to 99.31 dollars. That of Brent North Sea crude for July delivery took 13 cents to 111.55 dollars.