In an interview with i-TV, George Daher, head of Air France at Orly, said the management of the company "hopes to leave the conflict before tomorrow (Wednesday)," and said he was "open to dialogue with other unions "of cabin crew on strike against a reduction in the cabin. "We're always open to dialogue with other unions and hope to be out of the conflict until tomorrow. It would be good for the company and for our customer. "

Two of six unions, the CFDT and CFTC, withdrew from the conflict on Monday after receiving assurances of management on employment until the end of 2012. According to the CFDT union representative, Cyril Jouan, they will be involved in the presentation of the management of jobs and skills (GPEC) over three years, allowing them to have greater visibility on employment in the company.

Following this withdrawal, the company claims to have been able to provide "more than 90% of its program, which is above the 85% announced" on Monday payday loan lenders. "Over 120,000 passengers were transported" which is close to a normal operating day, "says management. "For the day on Tuesday 1st November 2011, Air France plans to provide over 90% of its flights," said a statement.

This objective will be achieved by the continuation of measures already taken by management since the beginning of the strike, as the use of partner companies and subsidiaries, limiting the number of passengers per aircraft on the basis of a hostess or steward 50 passengers, and the reinforcement of about 200 frames.

"Shortness of movement" in the direction

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the reserves of cabin crew volunteers (PNC) are now starting."

The $ 108 billion euro responds to both a technical and more political trade-offs. Technically, the European Banking Authority (EBA) has made his calculations on the assumption that banks will have eight months to meet the essential requirements of the new regulations – "Basel 3" – which formally enter into force that in 2019.Objective: that all institutions show a capital ratio of at least 9% of their assets. Specifically, compared to its previous simulations, EBA is considered as the most robust to estimate the amount of capital now available to banks and was more rigorous assessment of their risks, especially those of market activities, and above all, she valued at close to their market price sovereign debt they hold.

No details have yet been given official in this regard, but the write-offs adopted by the EBA would range from 8% for Italian bonds and 60% for Greek securities, to Ireland, Portugal and Spain .In contrast, gains were recorded in German and British debts, for example, who have for the time of the "flight to quality" that characterizes the movements of the market since early August. Which "limit the damage" on the final bill, particularly in relation to IMF estimates, which amounted to 200 billion euros needs area banks.

Restoring confidence

In fact, anything and everything has been said – by the EBA, the IMF, the various States or analysts – the "hole" facing the industry in Europe. Therefore difficult to separate numbers. Most, however, they will give confidence, and for this area of ​​the 100 billion seems appropriate. The goal is indeed to remove the doubts of the market about the ability of banks to the shock of the crisis. Take into account the devaluation of the debts of European countries in this regard was indispensable.But the operation "truth" of banks should not create new concerns about the ability of Europe to bail them out.

The general rule is certainly that financial institutions are themselves the solutions by reducing their balance sheet, affecting more profits to strengthen their capital rather than dividends or raising new money market or from large investors. But if these remedies do not pay the entire bill (in France, they should suffice), states, and ultimately the EFSF, will take over. This requires that the effort required to banks or to the extent of the means that Europe is ready to release for them.

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For over a year since employees bought the complex in 2008 by the American group at Shell are worried about the survival of their institution on the banks of the Etang de Berre, a center of petrochemical refineries with four French.In May, they had hope again, the company announced it was selling its refinery in which "the extent of losses (…) was no longer sustainable." She had mandated Barclays Capital to find buyers. Soon after, the government had instructed the French agency for international investment to assist. But if the AFII continues to seek a candidate, LyondellBasell would have thrown in the towel.

"Berre refinery is old and of modest size with an output of 5 million tonnes against a national average of 7 absolutely free credit score.5 million, says Jean-Louis Schilansky, president of the Ufip. However, gross margin refining fell to 13 euros per tonne, a level close to that of 2009, when the French refineries had recorded nearly $ 1 billion in losses. "

But, said a council employee, the decision to close seems taken since last spring.Otherwise, why ask in June, the commercial court to appoint an ad hoc agent for the Company's petrochemical Berre covering all employees of the site but not the assets and accused of heavy losses, forcing them to recapitalize before end of the year?

General Assembly

Employees do not agree with the diagnosis of their direction. A study by McKinsey, commissioned as part of a right to notify, concluded that "the next five years, the site is profitable as a whole, integrating the refinery."

So they want the company to reconsider its position and keep the refinery or offer to sell the entire site has been designed on a model built around the refinery.The inter-union (CGT, CFDT, CFE-CGC, FOR, CFTC) will hold a general meeting Tuesday at the end of the works council at the entrance of the petrochemical complex, "to decide on a large-scale strike if announcement is confirmed. "

Investors should in all cases be cautious on the Old Continent, especially after the deterioration of the Italian sovereign debt on Tuesday, which must be added the absence of a clear response from the area in the euro area on the Greek crisis. The conference held the day before between the Greek Finance Minister Evangelos Venizelos and the heads of mission of the "troika" of the creditors of the country has still not been completed. Only "good progress has been made," the European Commission ruled in a statement. Yet it must release the next tranche of aid and vital in Athens 8 billion euros.The Greek authorities are pressed by their foreign creditors to accelerate the reduction of budgetary expenditures, while the other side, protesters denounced the daily ravages of austerity.

Brazil could help the euro area

In addition, the Greek daily Kathimerini Athens unveiled Tuesday would consider holding a referendum on the continuation of Greece in the euro area to strengthen its legitimacy in its management of the debt crisis. A bill prior to the referendum would be discussed in the coming days, the newspaper said, quoting unspecified sources. Athens, however, denied such a referendum.

While the BRIC countries (Brazil, Russia, India, China and South Africa) had indicated last week the possibility of supporting the euro area by increasing their holdings of bonds, the President of Brazil, Dilma Rousseff, confirmed this position at Barack Obama on Wednesday at a meeting in New York.

On the macroeconomic front, the United States, home resales for the month of August are expected in 16 hours as the weekly inventory of crude oil at 16.30.

In Britain, the public finance figures for August are expected.

In Italy, the current account balance for the month of July will be published.

In Japan, foreign trade figures for August will also be unveiled.

On the foreign exchange market, the euro remained stable against the dollar Wednesday after Greece has reported "satisfactory progress" with the troika of creditors, but the markets remained nervous awaiting the announcements of the Fed . Around 8 am, the European currency was worth 1.3703 dollars against 1.3702 dollars the night before.

As for oil, it was down Wednesday morning in a market desperate to face the crisis of debt in the euro area, pending a decision by the Fed to promote economic recovery of the largest consumer of crude in the world.In early electronic trading, a barrel of "light sweet crude" for October delivery gave up 53 cents to 86.38 dollars per barrel of Brent North Sea crude for October delivery lost 37 cents to 110.17 dollars.

Values ​​to follow

• Banking

After the degradation of Italian sovereign debt, Societe Generale, Credit Agricole and BNP Paribas, which are exposed, will still be observed.

Attention will also Dexia, which, in a confidential document revealed by Libération, said that five thousand five hundred local authorities and public institutions have signed French toxic loans.

• Bouygues

The group filed with the Autorité des marchés financiers (AMF) the prospectus of the takeover of shares of € 1.25 billion announced on August 31, at 30 euros per share.

• Saffron

The aerospace equipment mandated banks Mediobanca and UBS to bid for the Italian manufacturer of aircraft engines Avio, reports the newspaper front page.

• JCDecaux

According to Les Echos, the group won an exclusive contract advertising on two subway lines in Chongqing in China for a period of 15 years, but did not disclose financial details.

• Le Noble Age

The company announced in a press up all its results in the 1st half (34% to 3.68 million euros for the net) and confirmed the increase in its forecast of EBITDAR margin ( Operating income before depreciation, amortization and rent) of EBITDAR margin at cruising speed greater than 27% by year end.

Similarly, the notes of Crédit Agricole and Societe Generale are also placed on negative watch.In the case of Crédit Agricole, the note changes from "Aa1" to "Aa2," the decision is related to exposure to Greece, while that of Societe Generale, whose rating is downgraded to "Aa2" to "Aa3," the review is to reassess the assistance that could provide the authorities in case of crisis. Note however that the long-term rating of the bank red and black was reduced by only one notch, while Moody's had raised the possibility of falling down two notches. In fact, Moody's decision was expected by the markets. The agency warned on June 15 of this possibility when she made notes of the three banks on negative watch.

The banks were quick to react.Crédit Agricole has announced the establishment, by the beginning of December, a formal support mechanism to the bank market Crédit Agricole Corporate and Investment Banking (CIB CA), according to a statement. BNP Paribas has in turn decided to adjust its balance sheet and Societe Generale had announced a plan to save money. For its part, Societe Generale said "take note" of the decision of Moody's, in a statement released Wednesday.On an optimistic note, the bank then see a confirmation that "exposure to Greece," and more broadly to all sovereign debt of peripheral countries in the euro area remains "modest and manageable" in terms of " profitability and its capital. "

Among the top rated banks in the world

Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, perspective the decisions unveiled this morning by Moody's since these actions "were expected by the markets and for Societe Generale, Moody's improves even his original plans due to the inclusion of systemic support. The agency estimates that banks are able to cope with their exposure to countries in need. The weaknesses of the three French banks, said Moody's, lie in their dependence on the interbank market. "A malfunction of this market could lead to further degradation.

In addition, the analyst said that even lowered, the ratings assigned by Moody's are higher than those awarded by S & P. Moreover, French banks are among the institutions rated in the world. Only the English banks present assessments of the same level.

"A relatively good news"

Shortly after these announcements, the Governor of the Bank of France, Christian Noyer, sought reassurance. He said the position of French banks is not likely to deteriorate further. The microphone of RTL, the latter has said: "I do not think the situation continues to deteriorate and I may surprise you but I think even the degradation of the notes of two banks is relatively good news."

And member of the Board of Governors of the European Central Bank believes that "French banks keep high marks and are the same as the big European banks (…) There is no very bad news." French banks "do not need money to meet their commitments" and nationalization of the banks "would not make sense," said the Governor of the Banque de France.

In addition, Sebastian Bartholomew, head of credit analysis of Louis Capital Markets, said that French banks

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These countries believe that the future EU budget from 2014 to 2020 is too high in the current context of widespread rigor. And they plan to argue that "the proposal from the European Commission is too high.Spending increases for the next multiannual framework is clearly excessive in relation to what is required for stabilization of the European budget, "according to a draft joint declaration seen by AFP and should be released on Monday.

The signatories of this project are in fact all net contributors to the budget of the European Union. Or they believe that "European expenditure can not be exempted from substantial national efforts." In fact in the coming years, the European Commission plans to add an envelope outside the budget of around 58.3 billion euros to fund several critical issues like development aid or the nuclear reactor project ITER. In total and by counting the items, the budget proposal in Brussels on 2014-2020 and is on 1083.3 billion, an increase of 5%.

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The group offers non-binding expected by early October. If the evaluation of Redcats by the buyers does not seem in doubt, difficulties in finding funding from banks could encourage them to drop their offer of a few hundred million. A possibility that PPR, well known for selling its subsidiaries, refuses to accept in advance. "I'm not going to sell off assets with a view short-term approach, says François-Henri Pinault.I have no debt, no big acquisition to do. "

In addition, PPR does not seem to need to sell Redcats to finance acquisitions of medium size. François-Henri Pinault has acknowledged that the group was discussing with the families of the Italian owners of ready-to-wear Brioni, officially on sale for many months. "Unfortunately, we are not alone," smiled the CEO, by refusing to specify whether it has filed a binding offer to sellers. Brioni, who directed last year a turnover of 117 million euros, is also of interest to other luxury groups and investment funds. The owners have so far taken their time. François-Henri Pinault, who wants to strengthen the pole on the PPR luxury segment of the jewelry available, however has refused to confirm his interest in Italian Pomellato.

These loans, called "subprime" are the cause of the bursting of the real estate bubble in late 2008.Institutions making home loans had significantly eased lending standards to attract new customers and sell homes they had no way to pay, betting on a continued increase in the property market.

On Wall Street, investors are taking this threat seriously and regulatory sell bank stocks. Within minutes of opening the U.S. market, Bank of America unscrews to 8.04%, Goldman Sachs was down 4.69% and 4.13% JPMorgan loses. What stopping the benchmark index of Wall Street, the Dow Jones, which bends to its 2% share.

The controller evaluates the losses to $ 30 billion

The federal agency estimates that Fannie Mae and Freddie Mac, the two experts in the refinancing of mortgages in the U.S., lost more than $ 30 billion following contracts with the banks at issue.These losses were largely funded by U.S. taxpayers, since Fannie Mae and Freddie Mac were placed under the bridge public guardianship in the lap of the Federal Housing Finance Agency. And since the two institutions have gone to the bosom of the state, the government has already put $ 141 billion to the pot.

The agency intends to require banks to pay for all losses related to subprime securitization of famous and not rotten to repurchase the securities held by Fannie Mae and Freddie Mac, whose value has literally dropped. The New York Times explains that these prosecutions are now the FHFA as a requirement would come into play Wednesday, the third anniversary of the passage of Freddie Mac and Fannie Mae in the lap of public authorities.

The federal agency is not alone in seeking to charge the banks.Many investors are angry proceedings against the banks. The AIG claims it $ 10 billion to Bank of America. The U.S. bank has already committed to spend $ 8.5 billion to compensate investors who lost big at the height of the crisis because of its risky financial products they sold. In addition, Goldman Sachs could be fined for his involvement in the scandal of foreclosures irregular.

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The Fed chairman did not actually expressed new decisions to boost growth, starting with a new program of quantitative easing. However, he announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money.Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

"It is clear that the recovery after the crisis was much less robust than we had hoped," he said in a speech he was to deliver at the annual meetings of the Fed's Jackson Hole ( Wyoming). But Ben Bernanke affirms that an 'the foundation of growth "were still there in the U.S., despite the persistence of" risks "facing the economy.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

In Europe, the indices also penetrate: The CAC 40 yields 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%. Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke.This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast no teletrack payday loans.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours.As for the oil markets, I Brent North Sea for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

Values ​​of the day

On the corporate side, Madison Square Garden (-3.37% to 21.98 dollars), Frontline (-4.17% to 6.21 dollars) and Royal Bank of Canada (-4.53% to 48.95 dollars ) must be published.

Tiffany (5.61% to 66.65 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars.(Consensus: 3.56 dollars per share).

HollyFrontier (0.95% to 66.63 dollars) has reported a dividend increase of 17% to 8.75 cents. MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (3.46% to 8.11 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier.Sales jumped 11% to $ 97.9 million.

Boeing (-0.72% to 60.66 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation. The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market free credit report and score.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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