Sundial of world news

Statistics show every day a little more clearly the growing problem of financing faced by banks in the euro area. The phenomenon is not confined to institutions based in the peripheral countries, but won the heart of Europe, reflecting the closer and closer bond between the state debt crisis and the situation of the banking system.

To date, the year 2011, European banks had to repay 888 billion dollars to creditors (all types of bonds combined), but they could borrow 744 billion dollars over the period, reveal Figures released by the firm Dealogic. A gap of nearly $ 150 billion that masks a number of phenomena. On the one hand, banks that can accumulate "cash payday loans direct lenders."On the other, those, more numerous, which are structurally borrowers must find ways to bridge the gap between what they need and what they can take to prevent the liquidity crisis, that is, ie the default.

The first solution is the European Central Bank, which opened more widely its counters. Heavily used by institutions Greek, Irish and Portuguese, these facilities are also becoming critical to institutions whose country of origin still have access to markets. Spanish banks borrowed 86.2 billion euros at the ECB at the end of October (7 billion more than at the end of September).

"Change Model" has become a leitmotif in the Lyonnaise des Eaux, a subsidiary of world number two services to local authorities, Suez Environnement.

"Our proposals meet the shared view that we must reinvent the governance of water, take into account environmental and social issues and meet the high demand for information from citizens," said Philippe Maillard, the new head of the Lyon water, which presents on Tuesday, the Congress of Mayors of France, the "contract for water security."

After the turn made by Paris in 2010, several cities are planning to remove the water management to private operators to switch to public ownership. Bordeaux switch soon. Evry, Lyon and Lille are wondering.

Wednesday, Euro Disney action collapsed. The stock lost 8.32% to 4.13 euros. The valuation of the group is more than 160 million euros. Deficits accumulate in Euro Disney, despite a record attendance.

During the 2010-2011 fiscal year (ending September), the first amusement park in Europe has widened by almost 40% of its net loss group share to 55.6 million euros (-39.9 million against euros in 2009-2010) cash advance america. His last was in 2001 profits.

However, the number of visitors peaked at 15.6 million, 600,000 more than last year. With the exception of the Dutch, all nationalities have contributed to this increase. The French (49% of visitors), Belgians and Italians have never been numerous.

Even the British (13%), whose attendance was down for two and a half years, returned this year with Mickey.

In the second of the five-day strike of cabin crew of Air France, the company promises, as before, to ensure 80% of its flights. Even if the unions, who believe that the movement is followed, announced an intensification of the mobilization against the proposed reduction in the number of cabin crew in some planes.

About 200 flights on the 1000 planned were canceled Saturday. "We have given the forecast. Saturday at midday, only 200 passengers 3,000 were in trouble, "noted the direction of the company. Air France has temporarily limited to 100 passengers the ability of its medium-haul flights from Orly to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. Result: Passengers waited. This strategy and the delays it caused affected customers were exasperated. "It's a nightmare. We have been waiting seven hours.Of all of the day, Air France plans to cancel 14, according to a spokesman for the airport.

Modified or exchanged for free tickets

Without an agreement this week with management on the number and mode of assessment of cabin crew, six of seven unions called the stewards and stewardesses 15,000 to go on strike for the weekend of All Saints, usually of overcrowding, until Wednesday, November 2 included instant payday loan. In 2007, a similar strike, triggered by the same six unions to the same period, had caused major disruptions. Air France was forced several times to review downward its traffic forecast: 90% of flights expected to be provided the day before, this had increased to 60% during the weekend.

The company called to check passengers before they leave for the airport, on the website of the company, the list of flights canceled or delayed. They also know the traffic forecasts by sending an SMS to 63654 with their flight number. The company also points out that the tickets can be changed or exchanged free of charge.

Air France has apologized to its passengers' taken hostage by a strike that has no purpose. " "We negotiated for ten days, day and night, and responded favorably to 90% of union demands for flight attendants." Jean-Cyril Spinetta, who took over the reins of the group a week ago, sent an open letter to the hostesses and stewards, in which he warns against the dangers of such a strike.

While central bankers of the euro zone must meet this weekend to try to establish the foundation that will emerge from the crisis, Standard & Poor's already considering the worst. The rating agency has in fact simulated for several European countries, a "worst case scenario" based on a relapse into recession. If such an economic downturn were to occur, what the IMF is already considering, then the rating agency's estimation, several notes of sovereign debt could then be degraded, including that of France. She stresses, however, that "no degradation or put under surveillance of AAA French is considered for the moment."

Accuracy that allows Standard & Poor's to stand out from its counterpart Moody's, which launched a few days ago warning of a possible future revision of his opinion of the French debt.Fitch has also distanced itself from Moody's, ensuring that it does not intend to degrade the rating of France.

Without growth, no AAA rating for France

S & P has built these "stress tests" on sovereign debt from two batteries of different assumptions. In the first scenario, it assessed the impact of a relapse into recession. In this case, France could see its rating downgraded from AAA to AA +, because of lower tax revenues.

In the second scenario, which provides a relapse into recession coupled with a shock on interest rates, then the note of the French sovereign debt could be lowered by two notches.The notes of banking groups could also be revised.

"The soaring deficits and the recapitalization of banks will weigh heavily on the indebtedness of countries in the euro area," said the head of credit analysis in Paris, adding that "the credit quality of the countries in the euro area will thus be deeply damaged. " The rating agency also said it will adjust its ratings depending on the extent of the downturn on the Old Continent.

For now, the assumption of a recession in the countries of the euro area is not the scenario preferred by S & P, which focuses on growth of between 1% and 1.5% on average for 2012. This is not the case of Fitch."The intensification of the crisis in Italy, Spain and other countries in the euro area under pressure, is expected to generate a recession," says David Riley, head of credit ratings of sovereign debt at Fitch.

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Three million voters to the polls Thursday. This is not the third round of the socialist primary elections but in the professional civil service and state hospital. This election is both new and crucial for trade unions. Unpublished, so far as officials voted on different dates, department by department. Under agreements signed in 2008 Bercy between the government and six of the eight federations officials, this group deadlines must solemnize the event and end a kind of permanent election administration

He still suffers to this first edition of exceptions.The officers decentralized government (prefectures) just voted in 2010 after the reorganization of their services; territorial officials will be "aligned" in 2014, which will match the designation of their representatives with election of municipal councils, general and regional officials finally France Telecom will vote Nov. 22 … as well as those of the Department of Justice, after a last minute postponement of the delivery of ballots and professions of faith having made the most complete mess. Also new: the hundreds of thousands of contractors have the right to participate. Finally, the electronic vote is for the million polio Education.

Crucial deadline

If the vote is also crucial is that it will not only unions to gauge.Now, only those organizations that received the most votes will negotiate and sign agreements, both local (with the hospital director, the prefect …) and national (with "their" or the Minister of Public Service for subjects common to all directors). In that game, the CFTC or the CFE-CGC will play their survival in many instances of 5700 to renew check cash advance. The "big" unions will also receive a premium on how they are granted. They are mostly human, that is to say agents paid by the state or the hospital, but devoting all or part of their time to unionism (our editions of September 29).

Difficult to anticipate the results.Of Education in Ecology, Interior Economy, workers speak out more on issues and candidates in their own department or at their service, as a national discourse – discourse on which organizations found it difficult to differentiate. Certainly, FP campaigned on the "case of the public service", the CFDT has focused on the working conditions of workers, Bernard Thibault has been calling for more political "use the ballot CGT" to "deliver signs to the government. " But these are all ways to approach the same themes: policy review (RGPP), elimination of 150,000 jobs during the five-year term in the state civil service, late general wage increases, stricter rules on pensions 2010. Many reasons for discontent that should benefit most unions 'hard', as Solidarity, the CGT and the FSU.

But the mobilization failed when the pension reform, and made to flop back against the rigors. The previous elections were successful in the CFDT and UNSA, reformists, who could also benefit from the arrival of the contract in the electorate. And some of the most disgruntled employees could wait for the presidential and legislative elections in 2012 to settle their accounts. Where the other unknown: participation, far closer than two-thirds, will continue she?

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Future on major indices of the New York Stock Exchange indicate a slightly higher opening of U.S. markets on Wednesday. Like the European markets, Wall Street should not resist the Slovak Parliament on strengthening the European Financial Stability Fund (EFSF). Tuesday, after four sessions of strong gains in a row, Wall Street ended in a disorganized. Investors chose to garner a share of profits.

On the front of the debt crisis in the eurozone, Slovakia, a second vote could be held with the support of the left opposition. "It's not good news but I trust the authorities of Slovakia to hold a second vote," said Wednesday morning the French Minister of Foreign Affairs Alain Juppé on radio France Info.For its part German Chancellor Angela Merkel said that strengthening the EFSF be ratified "in October." The Slovak Parliament was the last to vote on the strengthening of the European relief fund. Indeed, the unanimity of the country is essential to confirm the agreement reached by the Heads of State on July 21 dernier.Berlin and Paris commitments marchésLes reassure the weekend by Germany and France had restored a little hope of financial markets. Last Sunday, Nicolas Sarkozy and Angela Merkel have in fact committed to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. About the difficulties of the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks."But again, the "details" to be specified later, and the EU summit scheduled for October 17 and 18 was postponed to October 23. After several missed appointments with the financial markets, Europe hopes this time strike a blow to stop the contagion of the crisis in the euro area.

The euro will always be a "hard currency", has also assured Angela Merkel, following Slovakia's rejection of strengthening financial relief funds in the euro area. On the foreign exchange market, the euro was virtually unchanged munching 0.05% against the greenback at 1.3658 dollars.

Alcoa opens the ball quarterly results

In the U.S., the season of quarterly results of large companies began Tuesday after the close of Wall Street. As usual, the aluminum giant Alcoa kicked-off for these publications.Including follow on Wednesday, PepsiCo, and Thursday, JPMorgan Chase and Google internet group and finally, Friday, Mattel. Analysts bet on an average increase of 13% earnings per share for the third quarter.

The group Alcoa reported, after market, a net quarterly profit of $ 172 million, an increase of 182% over a year and a decrease of 47% over the previous quarter. Revenues jumped 21% year on year to 6.4 billion. In 2011, Alcoa still expects growth of 12%.

For his part Infosys Technologies also announced after the market have achieved in the second quarter of fiscal year 2011-2012 (ending September 30) a net profit of 411 million dollars against 374 million last year while sales rose to 1.75 billion dollars against 1.5 billion a year earlier.For the full fiscal year 2011/12, the group expects a turnover of 7.08 to 7.2 billion dollars.

The Canadian Research In Motion listed on Wall Street, affected by major failures affecting the Blackberry, is facing a revolt by disgruntled shareholders calling for the sale or replacement of its executives while its action has already lost 60% since the beginning of the year.

For its part the world leader in lithography for semiconductor, ASML also listed on Wall Street believes that there will be a slowdown in growth in most segments of the semiconductor, with the exception of technologies related to tablets and smartphones. At the Amsterdam Stock Exchange gained 2.7% action to 27.25 euros in the morning.

Having long raged about the punctures of the State Budget, Action Housing, the former 1% housing, just go on the offensive. Reportedly, the joint body attacked last Friday before the Paris Administrative Court of the State's decision to withdraw 3.7 billion euros between 2009 and 2011. These funds are used to finance the Anah (National Housing) and ANRU (National Renewal). "We made an informal appeal with the government against the decree fixing the puncture but we never received a reply, said Jean-Pierre Guillon, Chairman of the Supervisory Board of Action Housing. We decided to attack the government for abuse of power. "

If Action Housing is the case in court today is with an idea behind the head.Last July, the government has said that he would collect 3.25 billion euros over the period 2012-2014 no fax payday advances. To sweeten the pill, the Secretary of State for Housing, Benoist Appeared, has committed to implement clever financial engineering to boost the cash flow of Action Housing. "But we have no documents indicating that commitment forward Jean-Pierre Guillon. If the minister changed, the following may not feel bound by that promise. "More generally, Action Housing, which collects 0.45% of payroll companies, believes that this aspiration will prevent it from fulfilling its mission . For example, he does not see how it could fund 45,000 homes for young people as he had promised a few months ago.

With this lawsuit, it seeks to pressure the state to be released in the coming weeks the decree laying down the drain of 3.25 billion between 2012 and 2014.

Deezer has won a round in the standoff between the site of listening to music online in the first world producer of music, Universal Music. For several months, Deezer available on their website from the stable of artists Universal, Lady Gaga, Justin Bieber, … Rihanna – without renewing his contract with the record company. The reason? Anxious to push users to pay for music, Universal Music wants to listen to a repeat title is limited to five, beyond what digital music lovers will have to pay. Stress too important to Deezer, which peaked in June, listening to music on the overall site to five hours per month.

Failing agreement, Universal Music France has turned to justice. For the subsidiary of Vivendi, Deezer is guilty of infringement. On Monday, the judge of the Tribunal de Grande Instance of Paris has decided otherwise and dismissed Universal.For justice, Deezer has "sufficiently established in the interim stage the possibility that the company Universal Music France has committed an abuse of dominant position which has the effect of depriving the bans based on the copyright it claims ". Thus, the court allows Deezer, which Orange is a shareholder at 11%, to continue to operate free catalog of Staff … "In conditions that were not accepted by Universal," Vivendi's subsidiary storm, with Deezer attack now on the bottom.

Find a deal

"This decision clearly express the idea that we have several models on the French market for it to grow, said Axel Dauchez his part, Director General of Deezer. Furthermore, it can not be any different solutions for each producer. "Satisfied with the decision of the court, he readily admits that the Universal catalog is "essential to the existence of Deezer" and he'll have to reach an agreement. A fortiori Deezer while preparing its international expansion. In 2012, France could be less than half the income of the start-up. It opened an office in England and is expected to announce the launch of its service in the coming days. The French experience is not foreign. In addition to tickets sold in packages Orange (1.1 million), claiming in effect Deezer 100,000 subscriptions sold directly from that listening is limited to 5 hours per month. "With success, it is logical that we seek to replicate it abroad," said Axel Dauchez.

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The day after a session sharply higher on Wall Street and in Asia, the Paris market continues to rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Bourse de Paris wins 1.22%, to 3192, 69 points. 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.Thus, the 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 currency front, 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. This does not prevent the two values ​​rose by 2.86% and 0.20%, to 35.38 euros and 12.35 euros.

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 no checking account payday advance.

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. Are expected, however carefully in mid-day details of business failures, the business climate and economic sentiment in the eurozone. 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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