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Optimism on the air. The International Air Transport Association (IATA), which represents 230 airlines companies accounting for 93% of global air traffic, has revised upward its net earnings forecast for the sector, saying it would return to profit this year , thanks to his efforts to "reduce costs and restructuring, but also to promote economic recovery.

The association now expects the world's airlines recorded a profit of 2.5 billion dollars in 2010, she said during his meeting in Berlin on Monday. In March, it expected a loss of 2.8 billion. With a loss of 9.4 billion, 2009 was the worst year the industry has experienced.

Strong rebound in air traffic

"The global economy out of the depths of the financial crisis much more quickly than expected.The airlines benefit from the strong rebound in traffic and back into the green, "said IATA Director General Giovanni Bisignani. "This is the first profit since 2007," he said. According to the association, air traffic is expected to jump by 7.1% this year.

Consequently, the total revenue the airline expected to reach $ 545 billion in 2010, against a forecast of 522 billion last March. A performance well above 483 billion recorded in 2009, but always below the 564 billion revenue in 2008.

"We thought we would have at least three years to make up for the loss of 81 billion (14.3%) of revenue that we suffered in 2009," said Giovanni Bisignani, saying the airline industry has found "his levels before the crisis "at 75%.

Europe alone in the red

The Director General of IATA has bolted not yet.With a margin of 0.5%, "we are far from sustainable profitability," he warned. Especially as the expected improvement is not concern the industry as a whole. "Europe, with a weak economy, is the only region to be in the red with losses of 2.8 billion, has again warned the general manager.

Giovanni Bisignani, director general of IATA, in Berlin. Photo credits: AFP

"If the euro fails to go higher than $ 1.24, a new test of the lowest annual is very likely," warned early this morning, the analysts from Saxo Bank. The new incursion in the $ 1.22 actually arrived very quickly and a low annual dollar touched 1.2110 in late morning, while the previous floor was 1.2144 dollars (May 18) .

The symbolic level of $ 1.20 per euro is very close, even if the euro regained some strength on Tuesday afternoon (1.2239 to 16.30 dollars), after publication in the U.S. two good indicators on construction and manufacturing activity, which reinforce the prospects of a good recovery across the Atlantic.

To believe in technical analysis, however, a return of the euro against the dollar is 1.166 "inevitable".The lower this morning placed parity in graphic form delicate figure, called "double bottom" (in the form of a W) that had drawn these days was conducive to a strong rebound momentum. But with this new low index, the scenario is shattered. Below 1.21, the euro / dollar is vulnerable to a return to 1.18 and 1.166, is the course that was in effect at the time of its establishment 31 December 1998 low fee pay day loans.

The banking system under pressure

The euro has suffered Tuesday morning due to problems of sovereign debt that could spread to the banking system.The ECB has in fact warned Monday in its biannual Financial Stability report that banks in the euro area could face a potential second wave of loan losses may amount to 195 billion euros over the next 18 months Because of the financial crisis.

Lagarde: "Exporters do not complain"

French exporters, who complained when they felt too strong euro against the dollar, do not say anything since the European currency has weakened, said Tuesday the Minister of Economy Christine Lagarde in the corridors Assembly.

"Me, they (exporters, Ed) were all behind my door when the euro was at $ 1.45, claiming that the Euro was too strong (…) I have one today. So I think for them it should work. "

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Greece will not wait long for the counter. Two days after the formal adoption of the aid plan of 110 billion euros in its favor, Athens seeks payment of an initial tranche of 20 billion euros, according to a government source quoted by AFP. The IMF should participate in this first installment to the tune of 5.5 billion euros, the rest from member states of the European Union.

Time is short. The Greek state has to repay a maturity of 8.5 billion euros on May 19 or next week. This is not all. "We must add all refunds coupon (interest on debt, Ed) of bonds issued in May in previous years, and there have been many," said Patrick Jacq, a strategist at BNP Paribas rate. To which must be added interest on the debt issued in foreign currencies.In total, it is not ? 8.5 billion that Greece should pay by the end of May, but between 11 and 12 billion euros, according to the calculations of the strategist.

Also remains an unknown: the short-term funding of deficit cash quick. Fortunately for the Greek government, after sending his letter to the European Commission, the Central Bank (ECB) and International Monetary Fund, Athens would receive 20 billion almost immediately, or "maybe in the day" according to a government source.

Because Greece has no choice now. She can no longer fund normally markets because of high interest "prohibitive," explained April Finance Minister George Papaconstantinou.

European aid comes not without consideration.The government has defied the unions and established an austerity plan of unprecedented severity, with the aim of reducing the deficit by almost 14% in 2009 to 8.7% in 2010. Events are also scheduled for tomorrow late Wednesday afternoon in Athens to protest against the severity.

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The shockwave of the complaint Friday Constable American markets spread throughout the weekend. And one can see that the effect does not settle this Monday, while Asian stock markets are being hit hard by the announcement of the SEC's complaint against the U.S. bank Goldman Sachs to fraud, subprime.

Friday night, European markets have all fallen sharply after the announcement until the closing. In Paris the CAC 40 tumbled 1.94%, to finish the session under the 4,000 points to exactly 3 986.63 points.

On Monday, in the early exchanges, the flagship index evolves Paris were down 0.62% at 3961 points, settling in the 4000 points.

To follow Monday

No statistically significant anticipated this Monday in France and Europe. In contrast, the United States, the composite indicator of economic activity in March, released at 16 hours, will be closely watched.Side companies, Halliburton, IBM and Citigroup will publish their results in the first three months of the year. Three large trucks, respectively, in the petroleum, computers and banks, also highly regarded by investors.

This morning, were published sales for the first quarter of the group in communication consulting, Havas, and the automotive supplier Faurecia.

For the first (0.15%, to 3.91 euros), the activity was recorded up 1.4% thanks to a positive economic downturn in North America and Latin America.

The second (4.07%, 16.63 euros) cleared the first three months of the year a turnover of 3.2 billion euros, an increase of almost 60% over first quarter of 2009.Faurecia raised its growth forecast twice yearly.

Soitec publish its activity shifted after-hours trade (turnover in the fourth quarter) online cash advance. The securities were down 0.54%, to 11 euros.

A cloud supervised

The cloud of ash gives a halt to the aviation sector. The first estimate "conservative" established by the International Air Transport Association reported a cost of around 150 million euros per day for the sector.

According to analysts, it is difficult to quantify the losses of the airlines. But the flights accumulated losses – 63,000 this weekend as estiamtions – and the consequences concern.

To follow on Monday sector values, such as Air France-KLM (-6.3%, to 11.65 euros) in France, Lufthansa, Alitalia, British Airways, etc..

In addition, the fund took Qatari Diar 5% stake in leading environmental Veolia Environment (-1.67%, EUR 25), commits and industrial cooperation. With the participation of around 650 million euros, Qatari Diar is the fifth shareholder of Veolia. He will get a seat on the board of directors and will maintain its securities for three years.

Renault (-0.17%, to 34.4 euros) has decided to withdraw from the joint venture created to commercialize the vehicle low cost "Logan", and is considering launching a new range.

Side car, the first quarter was finished in beauty for vehicle sales in Europe. : 11.1% in March."The French are among the big winners" of the market upturn, according to Natixis Securities, while BMW continues its leadership against Daimler.

Credit Agricole (-1.55%, to 13 euros) and his Chinese counterpart Citic will enter into exclusive negotiations to create a global platform, including Cheuvreux and his nugget Asia, CLSA.

The joint venture created by EDF and Enel of Italy, has signed a partnership agreement with Ansaldo, the nuclear branch of the Italian group Finmeccanica. This five-year partnership provides for cooperation between the alliance and Ansaldo "for the development and construction of 4 nuclear reactors that EDF and Enel EPR planning to build in Italy" says EDF.

For its part Areva said it had signed three agreements with companies in Italy on Friday. The first agreement, signed with Ansaldo will enable both companies to work together in Italy, under the planned construction of four reactors conducted by ENEL and EDF, but also in the rest of the world.This partnership will result in particular through cooperation in the engineering, supply of certain equipment and assembly work and testing of commissioning.

The second agreement, signed with Techint, a group specializing in engineering and construction of large industrial facilities, provides for cooperation of two companies in future nuclear projects turnkey worldwide make quick cash.

Finally, a training agreement was signed with the university consortium for research and nuclear technology (CIRTEN). It provides the contribution of Areva to develop new nuclear industrial capabilities in Italy.

These agreements come as the annual summit between France and Italy takes place in Paris, where Nicolas Sarkozy and Silvio Berlusconi, the Italian prime minister, meet.The purpose of these agreements for EDF and Areva is to be in the running for the revival of nuclear energy in Italy from 2013.

Italy banned nuclear power in 1987 following the Chernobyl accident. But this year, a decree established a timetable for the construction of new reactors began in 2013. Silvio Berlusconi, had expressed a wish that 25% of the electricity produced in Italy comes from nuclear reactors.

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The Paris Bourse is a pause.Alors that Wall Street has ended the day by standing still and that the Asian stock markets operate in a disorganized this morning, and without trend, the CAC 40 has opened close to balance on Wednesday, falling very little, from 0.13% to 3982.15 points.

Shortly before the opening bell, Insee has published a public debt to France, 77.6% of GDP, against 67.5% of GDP in 2008. The deficit was driven in by 1.8 points to 7.5% of GDP in 2009, a figure slightly less bad than expected (7.9% expected). The deficit increased a total of 80.1 billion, reflecting a decrease of 4.3% of revenue and an increase of 3.8% of spending, Insee said.

Furthermore, producer prices rose 0.1% in February in France after rising 0.6% in January.

Elsewhere in Europe, the main financial centers are also changing in peace: in London, the Footsie index Gently fold from 0.07% to 5668 points, in Belgium, the Bel 20 was down 0.18% at 2651 points.

But after the trading session should be much busier then a rain of important indicators will be published Wednesday in France, Europe and the United States.

An ample macroeconomic news

At 11 hours, the rate of unemployment in the euro area will be watched by investors, as well as inflation in March (first estimate).At mid-day also, the French Building Federation (FFB) will hold a press conference on the prospects of the market in 2010.

Overseas, his eyes riveted on the figures ADP employment in the private sector in March, which fall at 14.15 (they are the employment figures to be unveiled Friday are the most anticipated by investors) . In February, U.S. employment had come out better than expected. The unemployment rate was 9.7%.

Half an hour later, the economic activity of the Chicago area over the same month that will be scrutinized by investors. Then at 16 hours, February industrial orders register on the radar screens of traders.Finally, at 16:30, the weekly crude oil inventories in the United States will be made public overnight pay day loans.

Other events to note on Wednesday for the first time a foreign minister, in this case the French Minister of Economy Christine Lagarde, participates in the German Council of Ministers, devoted in particular to a stabilization fund for banks (9:30). It will then hold a press conference with his German counterpart Wolfgang Sch?uble at noon.

Societe Generale court

The French bank Societe Generale must respond to a complaint filed by New York Court of pension funds and individual investors who accuse him of having wasted money.The bank securities retreated in early trading from 0.49% to 46.48 euros.

Axa declines sharply (-0.82% to 16.34 euros, the biggest drop CAC 40) while S & P downgraded its rating on value. Just behind BNP Paribas plaice 0.77% to 57.84 euros.

Regarding EADS (1.28%, to 15.07 euros, 2nd best performance of the ACC) and Replenishment American, Barack Obama, during a press conference in Washington with Nicolas Sarkozy, has said it wants " avoid all-protectionism ". He promised a selection of "free and fair" for the contract to 35 billion euros.

Schneider Electric is displayed at the top of the list, with an increase of 1.97%, to 87.11 euros.Vinci rises from 0.97% to 44.22 euros, still boosted by his victory over the tender to 7 billion euros for the HSL South-west France.

Later publications, the leading classifieds website Adenclassifieds saw its net profit fall by almost 88% last year. But there have been signs appear since the end of 2009. At approximately 9:10 am, no title Adenclassifieds not traded.

On Wednesday, Orpea, a leading French farmers establishments comprehensive care for dependents, has published a rebound in net income of 26.1%, to 61 million euros. The shares climbed 3.3%, to 31.51 euros and are headlining on the SBF 120.

Neopost back him, 2.53%, to 59.7 euros. The group saw its net profit fall by 5.7% in 2009 to 147.9 million euros.

This Thursday, September judges hear a variety of defense lawyers about a hundred "class action" (action for common name) filed against the Japanese carmaker Toyota, following the recall of 9 million vehicles.

If the judges decide to consolidate the class actions – based on grounds of complaints (brake pedal …) – into one, for examination by a court, Toyota and the plaintiffs will be invited to agree amicably.Otherwise, the dispute will be settled after a trial.

Certainly it would not be in the interest of Japanese rush into a long and very heavy in terms of image, because the press loves the American business class actions, especially when they involve a large listed group.

Between 3 and 5 billion dollars in financial compensation

Asked by the newspaper Les Echos on Wednesday, Jim Carter, lawyer and author of a complaint in partnership filed against Toyota, "the amount of damages can be assessed using a technique called" mass appraisal "based on factors known (such as vehicle age, mileage, etc.) to estimate the loss in value of their cars of all persons who filed a class action no fax cash advances !!!???!!!?? ?!!!.

He said Toyota may be required to pay financial compensation which "could reach between 3 to 5 billion dollars," he said, while acknowledging not knowing the maximum amount taxed at the manufacturer to date.

Forward, back to better

A month ago, was held hearings in Congress. On this occasion, the operations manager, Jim Lentz, apologized to his group, and acknowledged that it has "too much time to consider a rare but serious safety problems. Technical faults which he attributes in part to "a miscommunication within the company, with regulators and with consumers."

To this the CEO of manufacturer Akio Toyoda, admitted that "the pace at which we (the band, Ed) we developed was too fast.Our priorities are confused and our basic principle of listening to consumers to make better products it is found compromised.

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The resignation of the President of the Agence France-Presse, Pierre Louette, February 24 last, to join France Telecom as secretary general of the group, has launched the race to succeed him.

Currently, two candidates have officially released their candidacy for the presidency of the French news agency. In early March, Olivier Zegna Rata, Director of Institutional Relations of Canal +, was the first to enter the race. It has since been joined by an internal candidate to the agency, the journalist of British David Sharp, a member of the AFP Committee and member of the union SUD-AFP.

Besides these two official candidates, others have entirely been transmitted to the Board of Directors of AFP but not so far made public.Others may also occur in the coming days, the board of directors of the agency who left the candidates until March 25 to declare.

Pending

Pending the close of nominations, speculation is rife. So much so that Jean-Marie Colombani, former editor of Le Monde, had to deny. Currently responsible, along with four other media personalities, a mission on the future of the AFP, Jean-Marie Colombani would, on this occasion, said that no member of this mission should apply to the Presidency AFP payday loans online .Also a member of this mission, Fabrice Boe, whose name has circulated a time, Le Figaro said "not a candidate for this day" but "very concerned about the future of the agency."

Other names circulating Emmanuel Hoog, the current president of the INA; Hiault Denis, a former bureau chief of AFP in London or Philip Micouleau, former CEO of Agefi and member of the Board of Directors AFP … So many personalities who have never – at least for now – confirmed their interest in this position.

The screening committee of the AFP reported not refrain "from direct contact with any person whom it believes it can validly claim to occupy the position of CEO of the agency."So, many figures are quoted with Arnaud de Puyfontaine, president of the British subsidiary of Hearst, and Bruno Patino, director of France Culture.

The next board of directors of AFP, which select candidates, is already scheduled the week of April 5.

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Investors held their breath. They now seem reassured. In Paris the CAC 40 rose 0.48% to end the session at 3957.89 points. Now the Paris Bourse was again in the green since the beginning of the year (0.55%) and the symbolic threshold of 4000 points is nearby. Optimism was also placed on other major European markets. In London, the Footsie was awarded 0.43% while in Frankfurt the Dax rose 0.89%.

The U.S. central bank has delivered Tuesday its traditional balancing act. While the game is indeed to justify keeping interest rates near zero to support the nascent recovery without paints an overly bleak economy.Not surprisingly the Fed has confirmed that economic conditions required to maintain its key policy rates at a "very low" for a "prolonged period".

Stabilizing labor market

The Fed, however, held that "the pace of economic recovery was slightly accelerated" cash advance america . But the greatest novelty of the final communiqu? comes from the analysis of the labor market. The monetary policy committee has in effect said levy signs of "stabilization of the labor market" in the United States. Stabilization, then recovery of the labor market in the United States is very good news for markets. It would allow a rebound in U.S. consumption, the main engine of global growth.Wall Street, which had welcomed the verdict of the Fed on the economy and the status quo on rates by up Tuesday continued its advance Wednesday.

Signs of renewed investor confidence, the sectors most sensitive to economic conditions, particularly pulled well out of the game values related to raw materials and construction led the increase on most major exchanges. In Paris, Lafarge (+3.06%) finished top of the ACC 40, followed closely by the steel giant Arcelor Mittal (+2.43%) and Saint Gobain (+2.35%)

A crisis? What crisis? The luxury group Hermes has earned over the year 2009, sales up 8.5% (+4.1% at constant exchange rates), to 1.91 billion euros, exceeding its objectives and expectations of analysts (1.886 billion according to the consensus).

Performance explained by the boost of holiday season. In fact the only three months of 2009, activity has soared by 18% (+11% constant).

"All geographical areas are progressing with the exception of Japan," the group said. This is not surprising. The improvement in the fourth quarter was very strong in the Americas (+20% after +1.6% at the end of the first nine months of the previous year) and Europe (9% after -0.5%) and Asia outside Japan is still very active (35% after 26%).

The two activities most contributors margins are very strong, with an annual turnover up 16% on leather goods – which represents about half of total turnover – and 6% on Silk (12% of total business) cash advance to savings account . The activities mainly wholesale sales are picking up later this year but remain in the red.

Hermes International has finally raised its initial target of 5% decrease in recurring operating income is now expecting a slight increase. Natixis Securities anticipates an increase of 1%. In addition, net income is expected "close to that of 2008, or 290 million euros. The broker for the time table of 306 million euros. An analyst meeting will be held from nine hours.

For 2010, the continuation of the strategy and twelve new branches are announced.

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