Sundial of world news

In the aftermath of a black day on world financial markets, U.S. equity markets begin this Friday on a stable note. In early trade, the Dow gained 0.03% to 11,387 points, the Nasdaq is 1.01% more frankly to 2582 points and the S & P up 0.82% to 1211 points. The markets resume with the publication of unemployment figures across the Atlantic for the better than expected in July.

Wall Street follows the movement promoted by the European stock exchanges. In Paris, the political mobilization against the bear market in Europe has slowed the drop in European indexes.

The employment figures dictate trend

In this context the assumption of a recession in the U.S. or the world, is today one of the main fears of the markets, the announcement of a significant improvement in job creation last month calm spirits on Wall Street.In recent weeks, disappointing publications on the state of the U.S. economy had, in fact, chained, challenging the idea of ​​resumption of the world's largest economy. This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

At 21 hours the numbers of U.S. consumer credit for the month of June will end this week full of macroeconomic data.

Oil and euro pressure

Oil prices climbed hesitantly at the opening Friday in New York, despite the employment figures better than expected, as the market wondered if it would be sufficient to support the demand for crude in a very fragile economic environment .On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 87.04 dollars, up 41 cents from the previous day.

This concern also weighs on the currency front, the euro was trying to rebound against the dollar but remained under pressure from macroeconomic concerns.To 15 hours in Paris, the European currency was worth 1.4224 dollars against 1.4106 dollars on Thursday night, after falling to 1.4055 dollars in early Asian trade, its lowest for three and a half weeks fast cash online.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

Thursday evening after market, the insurer AIG (-0.23% to 26.34 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-2.27% to 93.36 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

GM Motors (1.27% to 26.32 dolars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.78% to 60.64 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (3.55% to 53.17 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (1.70% to 8.98 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.

The NYSE was struggling to find a clear direction at the opening Friday, the day after net gains brought by the agreement reached in Europe on debt and as the market digested a series of results: the Dow Jones lost 0, 21% but the Nasdaq gained 0.25%. The Dow Jones Industrial Average gave 27.09 points to 12,697.32 points while the Nasdaq, dominated by technology, taking 6.98 points to 2841.41 points. The broader index S & P 500 fell by 0.04% (or 0.52 points) to 1343.28 points.

On Thursday, the New York Stock Exchange ended sharply higher Dow Jones gained 1.21% to 12,724.41 points, its highest closing level in over two months and the Nasdaq 0.72% to 2834.43 points .The broader index Standard & Poor's 500 rose 1.35% to 1343.80 points.

The announcement of a concrete agreement on the plan of aid to Greece, made shortly before the close of the U.S. market, has largely contributed to the surge in indices. In the U.S., investors remained optimistic despite the denial by a spokesman for the White House, press reports that a market was about to be reached with the Republican chairman of the House, John Boehner, to raise the debt ceiling. At 12 days of the deadline set by the Treasury, the Democratic leaders of the House of Representatives and the Senate have found for nearly two hours the president Barack Obama to the White House. The rating agency Standard & Poor's reiterated Thursday that there was a chance that two lower sovereign rating of the United States within three months.The downgrade could occur "possibly by early August" and could be "one or more notches," says the agency.

On the foreign exchange market, the overall relaxation of the Greek fire, which had once benefited the euro last Thursday, however, did not have a lasting impact on the European currency was stable against the dollar on Friday. At mid session on European markets, the euro was worth 1.4412 dollars, against 1.4417 dollars on Thursday night. In the wake of the announcement of the plan, the euro reached a peak Thursday at 1.4443 dollar. In terms of oil, oil prices start rising, supported by a European, but also by the announcement of the International Atomic Energy Agency (IEA), which has no plans to release a reserve again strategic.In morning trading, a barrel of "light sweet crude" took 28 cents to 99.41 dollars, after crossing at the meeting yesterday the 100 dollars. That of Brent North Sea took 23 cents to 117.74 dollars.

New round results

On the macroeconomic front, no major indicator is expected across the Atlantic. Investors should pay close attention to the results of the day. Starting with those of computer giant Microsoft has managed to achieve an increase of 23% of its annual net profit to 23.15 billion dollars, even though he suffered a slowdown in the IT market, felt by its flagship, Windows programs. The fourth quarter of fiscal shifted from Microsoft, completed June 30, exceeded expectations, with a 30% increase in net income to 5.87 billion billion.The turnover has meanwhile increased by 12% during the year to 69.94 billion dollars, including 17.37 billion dollars last quarter alone (8%). the title loses 1.93% to 25.87 dollars.

For its part, the U.S. manufacturer of AMD microprocessors without CEO since January, announced Thursday after the close of Wall Street have made a profit of $ 61 million in the second quarter against a loss of 43 million a year ago, to sales down 5%. The title takes off from 12.62% to 7.33 dollars.

Also note, the U.S. investment bank Goldman Sachs (0.07% to 135.67 dollars) has won a legal victory against the Australian investment fund Basis Yield Alpha Fund failed (BYAF) who accused him of have made a mistake in selling him a financial risk before the financial crisis.A New York judge has in fact refused to hear the complaint, citing a recent decision by the U.S. Supreme Court which ruled that U.S. laws on financial products do not apply to transactions made abroad.

The U.S. maker of memory cards Sandisk recorded 1.37 billion of revenue in the second quarter of this year, including 248.4 million dollars in net profits. Numbers higher than analysts' expectations. The title earns 7.73% to 44.82 dollars.

The pharmaceutical company Bristol-Myers Squibb (-0.32% to 29.46 dollars) announced Thursday that it has agreed "final" for the purchase of specialist treatments fibrosis Amira, a sum of up to 475 million. Under the agreement, BMS will acquire the entire share capital of Amira, which is not publicly traded, for $ 325 million in cash.Additional payments of up to $ 150 million could be made depending on the performance of the products currently developed by Amira.

It is not far from the "loss of face." The misfortunes of the new high speed train from Beijing to Shanghai are doing good laugh from all over China, while the press is unleashed and the authorities are trying to limit the damage. It must be said that it was promoted as a symbol of the Chinese railway resounding success, ready to go to conquer the world. But the beginnings are disastrous.

Last week, the train fell down several times. Internet forums and newspapers are full of stories telling outraged passengers have found in open country, stranded in trains closed and sweating profusely in the searing heat of summer. The Ministry of Railways had promised Friday that these problems would be "resolved" expeditiously. His spokesman, Wang Yongping, presented "excuses".And recognized that the line had seen "dozens of power outages" and a host of other "problems". The summer storms are largely responsible.

This iconic TGV line was opened with great fanfare on June 30, very proudly with "a year ahead" and, just as symbolically, the day before the 90th anniversary of the Communist Party. It was presented as the flagship of the newly high-tech controlled by China, and one of his arms out to conquer the world. Premier Wen Jiabao, said the line "operational" in Beijing before boarding for the first trip to the South. This train will link the two major Chinese cities 1300 km apart in less than five hours. The construction of the line has cost 23 billion euros.In March, the audit office of the state showed that 187 million yuan (20 million) had been diverted from the site by individuals or companies.

Massive rail projects

Chinese railway projects are enormous bad credit payday loans. In 2009, it was announced that 42 high-speed lines were planned for 2012, for an investment of 210 billion euros. China has the network of its kind in the world's largest, with more than 8000 km of track, and she wants to extend it to 25,000 kilometers by 2015 and 50,000 km in 2020. This year, like last year, Beijing is expected to invest 70 billion euros. Since the end of 2009, the "fastest train in the world" flows 350 km / h between Guangzhou and Wuhan. And last December, China announced proudly beating the world speed record with an oar unchanged at 486.1 km / h.But many voices cast doubt on the economic viability of some lines, less strategic than between Beijing and Shanghai. In February, the authorities decided to reduce the speed of TGV Chinese, for purposes of economy and to improve their safety. And the dramatic dismissal for corruption of the Minister of Railways Liu Zhijun, also in February, has revived speculation about a slowdown in rail projects.

Meanwhile, it is the airlines are rubbing their hands. They were sentenced say – almost – on the route from Beijing to Shanghai. The price of a one-way train range from 410 yuan (44 euros) and 1,750 yuan (190 euros), according to three classes, against about 1,300 yuan (140 euros) for a plane ticket in economy class.The airlines had already begun to lower their prices, with discounts up to 65% in response to the competition ground. They should slow down the movement …

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This year, 12 million tax returns were made via the Internet, according to Bercy. Now a taxpayer in three (there are 36 million homes tax in France) chose the Web to meet in the spring of this task which then allows the tax authorities to calculate the income tax (IR) to pay.

Set up in 2002, the Electronic Filing is getting stronger year after year: 7.4 million followers in 2008, 10.5 million in 2010. This is due, among other things, the simplification of the system. In 2009, the State has decided not to ask for electronic certificate, which allows their returns from any computer. The IR, which is paid 53% of the 36 million tax households, reported 47 billion euros to the state in 2010.

Investors have a sharp tongue this morning at the Paris Bourse to the Sodexo. The title of specialist catering opened sharply lower on Tuesday (-0.93% to 53.45 euros), thus one of the largest declines in the SBF 120. Figures released this morning before market had, however, is appealing. In the first nine months of its fiscal year 2010-2011 (ending August 31), the turnover number two worldwide in its sector has in fact increased by 7.7% to 12.408 billion euros. On a comparable basis, sales advanced 5.2% between September 2010 and May 2011.

Confirm what the goal of organic growth of 4.5% of its annual turnover from 2010 to 2011 (target statement in April) and operating profit up "order" 10% off effects.

In a statement released this morning, management also details the performance by division.On the side of its core business, sales service solutions on site (catering services, 95% of the activity), billings were up 5.1% organically, driven by the strong performance of the restoration and services to businesses and governments. "This reflects the dynamism of emerging countries Sodexo," also details the statement said.

Latin America driving growth

As for solutions motivations (gift vouchers, tickets restaurants), there is also a dynamic steady, with sales up 6.2% organically, to 532 million euros. Again, the emerging regions have driven growth, including Latin America, where activity jumped 13.7% of the activity against a withdrawal of 0.9% in Europe.For example, Sodexo won a new contract with the Venezuelan Senate tickets for restaurants, covering 11,150 beneficiaries.

The reaction of the markets this morning is not worrying, investors took some profits after a rise of 13% of the title for four months. More than 18 times earnings estimates for the current fiscal year, the title is rather highly valued, which may also explain the correction on Wednesday.

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A race against time. On Monday, the French stage will present at the National Rugby Marcoussis, before the DNACG (National Directorate of assistance and management control) financial guarantees as to the survival of the Parisian club, after the fraud case linked Facem the Canadian Foundation (Foundation for the Improvement of children in the world).

Still two million find

The figure is known, the French stage has a deficit of 6 million euros to be filled Monday. Bernard Laporte would have found new investors. But after the spectacular failure of Facem, the pool of investors formed by the Englishman Richard Pool-Jones, former player for the club, has also been reactivated, with the help of Serge Kampf, CEO of Capgemini and a great patron of rugby French, and former international Jean-Pierre Rives.The DNACG, before which the Parisian club had already presented in May, is now more demanding, it expects 12.6 million euros in guarantees, in the amount that would normally Facem injected. The round of Pool-Jones would have raised 8 million – the amount initially met – and another 2 million could be saved by reviewing the operating mode of the Parisian club. Remains yet to find 2 million euros to avoid the gauntlet of the "financial policeman" of French rugby. The question is which of the two solutions will be chosen.

A bloated workforce that will have to degrease

Ironically, the missing 2 million in the plane of Pool-Jones correspond to expenses incurred in recruiting high-end by the French stage version which had Laporte on 20 million euros pledged by the Facem but are never arrived.

A total of 19 players have committed to the Paris Club, including the Argentine Felipe Contepomi, New Zealand's Byron Kelleher and Paul Sackey English no fax cash loans. The wage bill had increased to 8 million euros. Another nod, the signature of South Africans Mostert and Van Zyl was announced just minutes before the revelation of the scam. Tuesday afternoon, already aware of the shock, the agents were in turmoil, many trying to resettle their foals outside the capital. Obvious: we'll have to degrease the mammoth. Pascal Pape and David Attoub could rebound in Lyon, recently promoted to Top 14. Bastareaud, who wishes to engage with Toulon but is retained by Bernard Laporte, will get the proper output in the coming days. Mourad Boudjellal, the president of RCT, intention, however, take advantage of the situation. "The first thing that the French stage recovers.I prefer to renegotiate with Max Guazzini and Bernard Laporte in top form in this situation. I really do not want to take advantage, "he said Friday in Var Matin.

Laporte, a return that is like a slap in the face

It would revive the French stage, it could remain who precipitated his fall. Without money from the Facem (three related to this foundation have since been placed in custody), there is nothing. Former Secretary of State for Sport has played with fire. He has left € 170,000 under the guarantees. Salagoïty Francis, former president of the Bayonne where "Bernie" was a brief passage, drives the point home in South West: "Everyone will understand that my apprehensions were based on Bernard Laporte." The only way to bounce back is that the new rescue plan is adopted.In either case, it is rumored that Serge Kampf would not want to hear about it …

The dominant expectations Wall Street on Wednesday. The Dow Jones lost 0.35% to 12,525.82 points, the Nasdaq yield 0.20% to 2829.60 points and the S & P 500 was down 0.29% to 1341.32 points.

Tuesday, as all global markets, the U.S. stock market had closed on a sharp rise, the Dow Jones climbed 1.03% and the Nasdaq by 1.37%. Investors, who were returning from a long weekend, had welcomed with relief the press releases stating that Germany would give up a debt restructuring of Greece.

On Wednesday, the new no longer effect. As in Europe and Asia, caution is back on the market, supported by a series of disappointing indicators from China and the euro area. China's PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell to 52 last month, against 52.9 in April.In the euro area, this indicator stood at 54.6 in May, after a flash estimate of 54.8, against 58 in April. Is the lowest since October.

United States, the employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Investors across the Atlantic will also learn construction costs.

Side currency, the euro rose slightly against the U.S. dollar at 1.4421 dollars (+0.18%) in the early afternoon in Paris.For its part, oil recedes, a barrel of light sweet crude for July delivery yielding 0.53% to 102.16 dollars short term personal loans.

Yahoo!: -1.39% to 16.32 dollars

Yahoo has resolved its dispute with Alibaba Group in connection with the transfer by the Chinese company's online payment system, Alipay, its chief executive Jack Ma said on source familiar with the matter. The two companies reached an agreement before the meeting with analysts from Yahoo last Wednesday. But the agreement requires the green light from the founder of Softbank, Masayoshi Son, who sits on the board of directors of Alibaba. He was quite reluctant, says one. Japanese Softbank is a shareholder of Alibaba and Yahoo Japan.

Google: 0.46% to 531.44 dollars

Eric Schmidt, the executive chairman and former CEO of Google, said Tuesday night had "planted" on social networks four years ago.He takes the responsibility for the error that allowed Facebook to be the undisputed leader in the category.

Phillips-Van Heusen: 1.39% to 66.89 dollars

Phillips-Van Heusen for its part, announced a net profit of $ 58 million (79 cents per share) in the first quarter of fiscal 2012, against $ 28 million loss (53 cents per share) a year before. The turnover was doubled to 1.37 billion against $ 619 million a year earlier. The group is therefore the goal of annual earnings per share to range between 4.80 and $ 5 per title.

Dollar General: -8.58% to 32.06 dollars

Still on publications, Dollar General will issue its first quarter revenues.

Cap the accumulated social minimum, establish hours of general utility to the beneficiaries of RSA, increase eligibility for foreigners … the proposals of the European Affairs Minister Laurent Wauquiez, stated on Sunday RMC and BFM TV, raised an outcry among the left and associations.

How does the RSA?

Created in 2009 by Martin Hirsch, then High Commissioner for Active Solidarity, the Revenu de solidarité active (RSA) is divided between an amount of "base" (466.99 euros this year), paid to a person who does not work and the "RSA activity" that complements a low wage. Its amount decreases gradually as the wage increases.

A recipient of the RSA is required to follow the actions of insertion and can not refuse more than two reasonable offers of employment as defined in the custom project.In 2010, 1.8 million people have benefited from the RSA.

What is the maximum amount currently received by a beneficiary?

There is no ceiling to the total tested benefits enshrined in law. But in fact, adding the main aid, some stand out maximum amounts. Thus, by combining the RSA and housing assistance (which varies depending on the rent and the circumstances of the person and can reach 298 euros per month), a single person without children can receive up to 709 euros per month. A couple whose members are inactive can, in turn, affect up to 945 euros per month. This is indeed a sum greater than 75% of net monthly minimum wage (804 euros), which is the maximum threshold of accumulated social minima proposed by Laurent Wauquiez.

But the people receiving the minimum wage have also, entitled to aid, such as housing allowance and a bonus for the job.A couple where one spouse earns the minimum wage can have an income of up to 1400 euros. Is a notable difference from a couple idle up to around 450 euros.

For pensioners, the situation is different: "It is possible that the minimum pension recipients who receive housing assistance affect maximum the same as a couple where one spouse works, says William Allegre, an economist at the OFCE specializes in social policy. At age 65, the problem of work incentives do not arise. The objective is to ensure that society older standard of living above poverty line ".

For these benefits, there are the "rights", very difficult to estimate, which are voluntary aid paid by local authorities.They cover areas as diverse as school meals, transport and access to sports facilities such as swimming.

Where is France?

For fifty years, the share of social benefits in French disposable income has jumped from 16.3% in 1960 to 30.8% in 2009, according to figures from INSEE. However, France is today the average of OECD countries: the main social assistance account for 59% of average earnings. By comparison, they reach 104% in Denmark, 84% Japan 83% in Ireland, Sweden 81% or 63% in Germany.

What would be the consequence of a ceiling on minimum social benefits?

The Minister of European Affairs would "cap the aggregate of all the social minimum to 75% of minimum wage, no more." "Talking cap is like trying to reduce aid," said Guillaume Allègre.But with a current unemployment rate to 9% this financial incentive would be ineffective, according to the Economist: "It would only ensure that the poor are poorer."

View shared by Christopher Noel, a lawyer specializing in labor law: "We know that in most cases, the problem is not economic but personal criteria: they are, for example, women with three or four children, of disabled or people with illnesses. A cap will change nothing but stigmatize the problem part of the population. "

Establish hours of general utility is it realistic?

In consideration of the RSA, Laurent Wauquiez proposes to introduce five hours weekly of general utility. "This is a proposal that raised more questions than it answers, answers Guillaume Allègre. It should create public jobs to oversee this work.In addition, follow a million people could create many administrative problems. " For the economist, between transport costs, any meal vouchers, travel difficulties for people with health problems and management costs, the proposal could be more costly than what it reported.

Master Christopher Noel also fears that the measure is ineffective: a mother or a person with a health problem will always be so difficult to get to work. "If people refuse, is that they remove their social minimum? In this case, is what it will create another minimum, even lower? Guillaume Allègre also questioned.Finally, what activities will be considered public utilities? And why not create public jobs for them? "

Finally, the proposal is largely "symbolic," concludes Guillaume Allegre: "Making lives more difficult for economically inactive people who work are more satisfied."

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They are the must of French hospitality. Starting this Thursday, they will formally be part of the club of "palaces"! The board responsible for establishing the first official list of hotels embody "excellence in the French" offialisera mileu in its selection of the day.

The challenge is to distinguish among institutions except the 130 5-star hotels that already exist. Fourteen candidates have filed for candidacy. But according to a source familiar with the matter, not everyone will be withheld. In the capital, Bristol, George V, Meurice, Plaza-Athenee, Ritz and Park Hyatt would be in the running. In the provinces, the Negresco in Nice, and Cheval Blanc in Courchevel Cranberries, and the Hotel du Palais in Biarritz, have also postulated.

Conversely, some very prestigious hotels have chosen to duck the first round due to work, like the Eden Roc in Antibes.5 stars like the Fouquet's in Paris did not submit a dossier explaining that appear as a palace might scare away business customers. The Crillon, which has just been sold by the U.S. investment fund Starwood Capital, has not applied, since it requires a heavy renovation.

As newcomers to Paris, starting with the Shangri-La and the Royal Monceau Mandarin Oriental pending this year and the Peninsula in 2012, they did not have access to the competition, requiring more eligibility conditons of … 30 months old.

Applicants under the palace had until December to apply.Have completed two phases of instruction, one led by France Trump to see if they met the "objective" criteria such as size of room, activity for 24 months minimum in case of complete refurbishment of the facility, 30 in case opening, multilingual staff, spa etc..

The second was conducted by a jury of ten members, headed by academician Dominique Fernandez, who was judging criteria "subjective" as the exceptional character of the institution in its history or architecture, speed and permanence of its service, its excellent food and comfort …

The Organization of Petroleum Exporting Countries (OPEC) does not know where to turn. While the barrel of oil tops $ 125 in London and $ 110 in New York, raising fears that inflationary pressures in many countries, member countries are unable to agree on an increase in production quotas for calm the markets. Remains to be seen if the latest monthly forecasts for world oil demand, whose publication is expected on Tuesday, will decide this debate.

Meanwhile, two factions seem to oppose the organization. First there is the one represented by Kuwait, which calls for calm markets. The country takes a dim view of soaring prices identical to that of 2008 which would result in slowing global economies and ultimately, the demand for black gold."While we appreciate a high price, we wish to see lower prices, we want a more normal," recently told the press Farouk al-Zanqi, the head of state conglomerate Kuwait Petroleum Corp.. (KPC). "Given current events, the normal price of a barrel should be between 90 and 100 dollars," he said.

In the same camp, Qatar has condemned a sharp rise in prices mostly due to speculators. "The fundamentals are good as regards the offer. Stocks are at an adequate level, "said Qatari Energy Minister, Mohammed Saleh Al Sada. "OPEC can do nothing regarding the speculation, but it seems to be the main reason for the current level of oil prices," he said.

Barrel "will reach $ 150"

Facing them, the other camp, represented by Iran, takes a different speech.President Mahmoud Ahmadinejad, believes that rising crude poses no problem and reiterated last week that no decision was required from OPEC fast cash. "Currently, the price increase is not determined by market criteria, but by political issues. You asked me if the price was still rising: yes it will increase. I think it will reach 150 dollars, "he even added. The opinion of Iran should not be taken lightly: the country is the second largest producer in OPEC, which he currently chairs.

This view is shared by Venezuela, whose weight within OPEC is not negligible with 2.3 million barrels per day.

"No hasty decision"

This internal strife is nothing new. Since the beginning of the year, the tone has escalated between exporting countries.In February, Iranian Oil Minister Massoud Mir Kazemi stated that "OPEC members need not take hasty decisions and unilateral," a reference to Saudi Arabia, the largest producer (8.4 million barrels per day), who had expressed readiness to provide extra barrels to replace lost production from Libya. In early March, the Kuwaiti oil minister, Ahmed Abdullah al-Sabah, had countered that a "possible" increase in production was under discussion.

Despite the admonitions of the President of Iran, Saudi Arabia did increase its production to 9 million barrels per day last March. Kuwait and the UAE has followed suit.

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