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Pressure mounts on the management of Air France-KLM. 144 MPs of all persuasions have signed the petition launched by Bernard Carayon, UMP deputy from the Tarn, to induce Air France Airbus in favor of a mégacommande long-haul aircraft. Monday, Pierre Lellouche, the Secretary of State for Foreign Trade, has announced its intention to meet with Pierre-Henri Gourgeon, the CEO of Air France-KLM to seek "clarification" on its intentions. The meeting should take place this afternoon.

For the government, bad foreign trade figures – which widened to over 7 billion euros in April – have sounded like a severe reprimand. Particularly for companies whose shareholder is the State. Air France-KLM, it holds that "15%" of capital.But Pierre Lellouche believes that the company can "pass the buck" in a state that has "greatly helped" the group "when he had problems with Brussels." A similar approach to reprimand respondent last week to PSA Peugeot Citroen, after the revelation of its possible plans to close two factories in France. PSA is not a public company, but it has benefited from state funds during the crisis.

Strategic choice

The political pressure put on Air France is the extent of the challenge: a mégacommande – the first made jointly by Air France and KLM – a hundred long-haul aircraft. The project is described as historic by the leaders of Air France-KLM themselves: it should be in the tens of billions of dollars. The verdict of the direction the company should have to fall shortly after the general meeting in early July.Now, executives of Air France-KLM believe that the announcement will probably be delayed for several weeks, "the time that the discussions become less passionate."

Internally, the political turn taken by the back hurts. Bernard Pedamon, the pilot representative on the board of directors of Air France said he was "surprised and discontented." "These are the strategic choices that can be for an airline. It is a commitment for another twenty years to respond to economic considerations, he says. Currently, we are witnessing the return of our old demons. The days when you could bring in managers office at the head of the company or impose choices of planes is a bygone era. "

Currently, the weight of the two aircraft manufacturers in the fleet of the company tricolor is not identical.On all its long-haul aircraft, Air France totals 63 Boeing against Airbus 35. The company has indeed bought many Boeing 777-300 at a time when Airbus had no exact equivalent. However, all of its medium-haul (or 153 units) are Airbus.

The controversy of recent days is all the more surprising that for several months, officials of the fleet of Air France have expressed their intention to mix Airbus A350 and Boeing 787. "The case studied by our teams for the purchase of these devices are not made on a corner table," says an executive of the company. "We are studying a number of criteria: the choice of engines, the maintenance cost, the impact on our maintenance activity …" considerations rather distant from the campaign themes.

Serious competition from Google's Android, Apple gave Monday a facelift to the iPhone. Surrounded by a cohort of leaders, CEO Steve Jobs introduced from San Francisco, California, the new version of IOS, the operating system behind the iPhone, iPad, iPod touch. This software, including a 5 iOS draft was made available to developers on Monday, will be available for the iPhone 3G, iPhone 4, iPad iPad 2, and the latest iPod touch here in the fall personal business card. Here's what we can learn from this presentation.

Devices iOS archive their data on Wi-Fi and 3G. Photo credits: Kimihiro HOSHINO / AFP

Lefigaro.fr – The stock market crash experienced by the materials last week he requires investors to be more responsive?

Fabrice Cousté – We have entered a period in which electronic exchanges and automated to make faster and faster. This is not about to stop! Uncertainties about the euro and oil prices have created an appetite among investors for increasing trading currencies and commodities with a time horizon ranging from several days to a few seconds! Since early May, some hedge funds that had long positions in commodities and the euro came out massively causing a sharp drop of nearly ten dollars on oil. Meanwhile, the euro flirted with the $ 1.50 fell below the $ 1.45 and is now heading towards $ 1.40.These movements in raw materials could weigh on the CAC 40, including through lower oil stocks: Total, Technip and Vallourec.

What do you attribute the return of the volumes traded on the CAC 40 (six billion euro traded on average over the first two sessions of the week)?

These sessions illustrate the volatility of financial markets. And when I talk about financial markets, I do not take into account only the Paris stock exchange but also the Forex (currency market), which weighs 1000 times more than the CAC 40 (4000 billion dollars are traded daily on forex).

Is it out of raw materials?

The sharp drop ('sell off') shows that we are witnessing a situation of bubble that formed on certain assets (gold, silver, oil) and deflates even faster than many of the positions initiated at purchases were intended to hedge against a weakening greenback pronounced. This one covers the force, these positions are unwound or reversed, thus amplifying the plunge.

I would say that the recent plunge in oil is only a pause in a structural increase. I remain convinced that indeed the global economy is experiencing recovery, albeit slow, raw materials remain structurally high levels. Indeed, the double-digit growth in emerging countries may decrease, but these countries are on track for rapid expansion that will require more and more natural resources.We need to get used to the prospect of a sustained oil price at $ 100 a barrel and more in years to come. This new environment should promote market recovery for companies in "green business" (new energy, recycling, energy conservation) instant payday loan lenders.

What impact on portfolio management?

The sector rotations will be more frequent. In the short term we will also know where you have a new focus on defensive stocks such as telecoms and technology sectors expanding. As for values ​​that have real pricing power (the ability of firms to impose higher prices, Ed), the ability to pass the rising cost of raw materials in their products are preferable. This is where the champions of luxury such as LVMH and PPR values ​​but also with strong brands such as Danone and Essilor.

Conversely, investors should stay away from utilities and automobiles. Regarding the oil companies, I am negative court term and long-term positive. Good surprises are also possible for banks, but these are values ​​highly speculative and totally dependent on how the policies will manage the debt crisis of the Greek.

A more reactive wrong does not accentuate the lack of interest for individual stocks, considered a distribution medium or long term?

Today, it is true that individuals invest more to take risks but to protect themselves. They therefore turn to the massive gold or stone. The market environment has changed. It is uncertain therefore more complex to understand.But those who still believe the shares are able to adapt their trading, also passing through alternative platforms that will become the next referent of finance or by taking advantage of new business tools ("stop loss" orders intelligent programming strategy) that are available to them. Although the regulator wants to break the speed of trades and trading high frequency counter, it can not prevent the development of these platforms.

The Cac 40 barely exceed the 4200 points for three months. How do you explain it?

The revival of the Cac 40 depends mainly comeback banking shares. In view of its excellent results, BNP Paribas can return to a range between 70 and 75 euros and Societe Generale between 60 and 65 euros by the end of the year.The CAC 40 should not drop below 3800 points for corporate earnings in the first quarter are still excellent. Conversely, as the uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 may not exceed the 4200 points.

The recovery of Alcatel-Lucent continues. The telecommunications equipment has greatly reduced its net loss to 10 million euros in the first quarter of 2011. Last year, Alcatel-Lucent had accused a loss of 515 million euros in the first three months of the year.

And the group announced the quarterly results exceeded expectations. The adjusted gross margin amounted to 1.3 billion euros, or 36.2% of revenues. As to the adjusted operating income, it stands at 13 million euros, or 0.3% of revenues where analysts on average expected a loss of 68 million. In the first quarter of 2010, the group revealed adjusted operating loss of 195 million euros. The net loss amounted to 10 million euros.In addition, Alcatel-Lucent posted an increase of 15.2% of its turnover to 3.7 billion euros.

Purpose of adjusted operating income of over 5%

With these results, the group has confirmed its annual targets. "With a strong start to the year, we confirm our outlook for 2011 to grow faster than our market (…) with an adjusted operating profit more than 5% of sales in 2011," said CEO of Alcatel-Lucent, Ben Verwaayen said in a statement.

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In Paris, "a huge chunk of land is common property and land opportunities map does not exist," warns Michael Korsakoff, General Secretary of the Club property developers and land in Ile-de-France (CDIF). If the local development plan (PLU) gives clues to the land of gators, the mutation sites remains difficult to predict. So when a nugget of land is finally identified, "we all meet, as sponsors, on the same projects," says Veronica Guillemin, President of the CDIF. The bidding has become very difficult to measure … "In addition from 3000 € / m2 GFA (Gross Floor Area Net, that is to say actually building), the price of land flies. In a recent vast wastelands of Paris, in the heart of the new district of Batignolles (XVII), the City of Paris ceded the end of 2010 to Cogedim land to 3 800 € / m2 floor area.There are apartments sold off-plan more than 8000 € / m2. Their delivery is expected in 2012, this eco-neighborhood in saving energy. Some buildings will peak at 50 meters, 37 meters beyond the date authorized. The future high court will reach even 200 yards on the ground of a former station. Altitudes deemed inefficient, but that may be authorized by the latest changes in the local plan, currently subject to public inquiry.

In Paris, the property is seeking a future in height. Future but also social. In the eleventh, boulevard de Charonne, 8000 m2 of a former industrial site will give birth to 100 housing units in 2014. Meanwhile, in the thirteenth, a EcoZac flourish on the site of the former goods station at Rungis, which will combine offices, housing and social amenities.In the hunt to land, the BIA (concerted development zones) is cut, it will be understood, the lion's share. Social housing too. Yet in 2001, only the wide range of Paris left bank was a planning area. Teams of the Deputy Mayor of Paris responsible for Housing, Jean-Yves Mano, are on the lookout for the slightest bit. The intervention service division of the Directorate of Planning does not hesitate to preempt. "Provided that motivate the right of first refusal by a social housing project or general interest, it says there. In 2010, 11,831 declarations of intent to dispose (DIA) have been investigated. But only 2736 cases were studied with a magnifying glass, which led to 68 preemptions. "It is far less than in 2009 (93), and especially in 2008, where 146 pre-emptions had been decided …The City Council did, too, the cost of soaring prices, despite an annual budget of preemptions for 100 million euros. In the eighth, the response service to acquire land abandoned building, too expensive.

Paris could catch up by 2014 its backlog in social housing, with six years ahead of schedule. "10% of the space are changing urban Paris, Jean-Yves Mano evaluated. But a hundred other plots may be subject to negotiations, which we could consider 15,000 homes … "The City Council has established in recent years, the list of forty car repair garages … Rue de la Pompe in the sixteenth century, Renault has sold one at Sodearif, a subsidiary of Bouygues. Another avenue Mozart, should follow the same path … Each time, the City negotiates affordable housing, at least half of the program.Private developers and public donors, however, working in concert. Despite political tensions in the sixteenth century, several other sites, blocked for years by the use of residents, should result in parallel, such remedies being depleted low fee payday loans. In the key housing, particularly social services.

Committed to a policy of transfer tax, the state adds its contribution to the transformation of land in Paris. According to Jean-Martin Delorme at the regional and inter accommodation and housing (DRIHL), "in 2009, the state has allocated so that the land can be built 329 homes, including 194 social.In 2010, participation has increased, so that 1302 units are produced, of which 859 social. "In 2011, the state has spent on housing in Paris a bigger budget (100 million) for the regions and Rhone-Paca Alps combined.

Buildings over bus depots

Nothing would do but without the SNCF and RATP Réseau Ferré de France (RFF). Heritage Land SNCF? 156 hectares. That of RATP? 260 hectares. As to RFF, the second landowner in France with 103,000 hectares of land. "The RATP has today more than empty land," assures yet Rémi Feredj, director of space and heritage of the RATP, which helped in the 90s, building programs Montsouris, in the nineteenth, in the seventeenth and twentieth. And yet today, boulevard Jourdan, RATP still collaborates with the City of Paris for 200 housing units and 350 students.The buildings rise above a bus depot. Technical prowess. "Here in the twentieth, opposite our office, we will bury another repository, then build on top of offices, a school and a nursery," said Remi Feredj. RATP therefore maintains depots and workshops in Paris, but imagine a new land, while overlays and juxtapositions. Street Desnouettes (fifteenth arrondissement), 47 units will emerge behind a business unit of the metro line 12. According to a performance contract with the state, RFF is committed to mobilizing its land for 1.2 billion euros over five years between 2008 and 2012. Goal: Create 15,000 units in France. A private operator, Pitch Promotion, for example, already won in late 2010, a site RFF Street Castagnary (fifteenth arrondissement). Other rail sites could still mutate, in the twelfth, eighteenth, and nineteenth arrondissements.In all, "1 million square meters of floor area to fifteen years," we are assured at RFF. Meanwhile, in the nineteenth century, a new station-Gospel Aeolus will come with the added bonus of 27,000 m2 of offices and 1000 m2 of shops.

Meanwhile, to release more land more quickly, experts, to the State, reflect on fiscal measures. They are looking to reverse the plan capital gains and taxing landholders refusing to sell them. Tax on undeveloped land is not very effective. "We could consider increasing the property tax on developable land," suggested Poirot Pascale, president of the National Union of developers developers (Snal). Some suggest a tax on the minimum density.More iconoclastic imagine "to add another floor to Paris buildings, because very sparsely protected," recalls Henry Buzy-Cazaux, honorary president of the Institute of Management of real estate services.

The city of Haussmann has long obeyed an ideal city less dense, difficult to reconcile with the height of land planners in the twenty-first century. "You could also consider a rationalization of action, often abusive, hampering construction projects", he explains. An idea that engages players from all sides of the ruthless world of land development.

Details should be announced in the morning. On Monday morning at Air France, no information was available regarding the new rates mentioned in Liberation by the company for the repatriation of the French blocked in Japan since the earthquake.

Ever since France, like many countries – Great Britain, Luxembourg, U.S., etc. .- recommended that its nationals to depart from Tokyo because of the nuclear risk, prices of air tickets have skyrocketed in . On the Internet, numerous reports of prohibitive tariffs.Inflation, which partly explained by the booking systems, the famous cost and yield that allows transportation companies to manage the price based on supply and demand drive.

15,000 euros for a return ticket

Some passengers complained of an escalation of tickets and even spoke up to 15,000 euros! If the company was talking to a computer error and assured on Sunday that tickets were still available for 2000 euros, "the normal price for a last minute reservation on a journey so long," a gesture of Air France would be welcome.

Especially as the demand remains strong. On Monday, the Air France website, no flight from Tokyo to Paris was available before Wednesday, and one way was charged just over 3000 euros.Information confirmed by the Embassy of France, who advises people wishing to leave the country to search for flights to other Asian capitals.

As for departures from France to Japan, the union president of French tour operators CETO, Rene-Marc Chikli, said they were pushed back until next Sunday. Each tour operator must implement its own policy on refunds or exchange tickets.

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Ireland

• Weaknesses: The banks are the main problem of the Celtic Tiger. Almost all of the deficit abyss of 2010, representing 32% of GDP, is due to the aid plan for banks.

The financial sector had grown beyond the reasonable riding the housing bubble of the 2000s. The crisis has killed the market for construction and real estate. Households find themselves in great difficulties: their debts are often secured on their house, atteingnent 150% of their gross disposable income. "The default rate could rise in coming months, which could weaken banks and indirectly increase the deficit of the state, which would come to their rescue," worries Adele Renaux, economist at Natixis.

• Strengths: Ireland is a highly competitive country, unlike Spain and Portugal.The corporation tax to 12.5%, remains well below that of its European counterparts, between 20% and 30%. The workforce is highly trained.

Contrary also to countries of the Iberian Peninsula, Ireland specializes in industries carriers. Through pharmacy, chemistry or even the food, the island has a trade surplus. Exports should also be the principal-if not the only engine of growth in the medium term. In 2011, BNP Paribas expects an increase in activity of 1.5%.

Portugal

• Weaknesses: Its economy is specialized in industries with low added value, such as textiles. It is in direct competition with low cost countries such as the Asian tigers, Tunisia or Turkey. In addition, its main customer is none other than Spain, a country in deep trouble.

The economic outlook is bleak. The recent increase in VAT and a labor market should destroy any heavily damaged recovery in consumption. GDP expected to fall 0.2% in 2011, according to BNP Paribas.

• Strengths: "Portugal has launched the 2000 reforms to improve its competitiveness," says Jesus Castillo, an economist at Natixis. "But the compression of wages has cut consumer spending."

Spain

• Weaknesses: As in Ireland, the consequences of the explosion of the housing bubble were terrible freecreditscore. The regional banks are in big trouble. The real estate market and construction industry are affected. For a long time.

• Strengths: The patient self-inflicted shock therapy and public debt should remain well below levels seen in other peripheral countries.On the other hand, "clean the economy continues as the show (…) the sharp increase in household savings and the shift in activity towards the industry," noted economists at BNP Paribas.

Still, activity has been driven, in recent years by the housing boom. Spain now has to find another engine. In the coming years, "the challenge for Spain is to find a new economic model by investing in training in particular, Analysis Jesus Castillo, an economist at Natixis. A metamorphosis that would take time. Meanwhile, the country counts on tourism.

Greece

• Weaknesses: Historically, the Greek public finances have been badly managed, with a side boondoggle spending and tax revenues that did not fit. Blame it on a very strong culture of tax evasion.Result, public debt will peak at 150% of GDP in 2013. A record in the euro area.

The economy remains in recession. The GDP fell 1.1% in the third quarter. Tight budget, business investment and sluggish demand at half-mast should lead to a 3.1% decrease in activity in 2011, according to BNP Paribas.

• Highlights: Greece is the first World owner. This asset should tell him when world trade recovers. Tourism remains a strong point.

His hourly productivity is higher than those of Spain and Portugal. Moreover, it is still catching up with the economic level of the rest of Europe, which ensures a reserve growth over time. Finally, it enjoys substantial EU subsidies (8.5 billion euros in 2008).

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The CAC 40 does not know which way to turn this Thursday. The benchmark index in Paris first opened the session on a rise of 0.32%, gluing points to 3900, before dropping more than 0.50% half an hour after the start of the meeting. At midday, he returned to equilibrium with an increase of 0.08% to 3891 points.

Other European exchanges suffer the same volatility. After the openings on the increase, and Dax Footosie returned to equilibrium before selecting again rising: around 12.20 pm, they earn 0.34% respectively in 6742 and 0.25% points to 5831 points.

operators do not take risks. On holiday in Paris on Thursday, trading volume is barely one billion euros. In addition, the G20 countries will meet this Thursday in Seoul to discuss the "war of currencies".The subject, in the heart of market concerns, has already resulted in a volatile session on Wall Street Wednesday. It still weighs on trends on Thursday, especially since no macroeconomic statistics is expected, either in Europe or overseas. No signal is waiting for U.S. markets because this Thursday is also a holiday in the U.S. due to Veteran's Day.

On Tuesday, the ACC lost 1.45%, falling below the threshold of 3900 points, due to concerns about the financial health of European countries. Portugal and Ireland particularly affect investor sentiment.

On currency markets, the excitement is in order. The euro, which climbed against the dollar, now lost 0.25% to 1.3741 dollar.

The bank suffered

The Franco-Belgian bank Dexia announced Wednesday for the third quarter results exceeded expectations and confirmed that it would not need a capital increase to meet new prudential ratios Basel III. The title, signed at the opening the largest increase of ACC coward now 0.98% to 3.17 euros.

Credit Agricole on Wednesday released the results exceeded expectations in the third quarter, with net earnings increased more than two. The bank reiterated that it would not need a capital increase to meet the new prudential regulations Basel III. The title, which had opened up over 2%, was down 1.80% to 11.45 euros.

The rest of the banking sector evolves into the red in the image of Societe Generale (-0.59%) and BNP Paribas (-1.28%).

Natixis, which fell more than 12% Wednesday after stating that the impact of Basel III would be higher than expected, losing 0.28% to 3.92 euros.

Alcatel-Lucent (-2.25% to 2.21 euros) is the second largest drop in the CAC 40, after the disappointment caused by the forecast of sales announced Wednesday by the American Cisco.

The automaker Renault (-0.81% to 41.75 euros) said Wednesday in a statement it had won its case in court regarding the use of the mark for Zoe's future electric cars. A judge hearing the application did not comply with requests to ban the mark, saying there was no imminent harm or affect the privacy or dignity, the statement said.

As expected, participation in this seventh day of action against the pension reform was not up to the previous. School holidays, the financial cost to the protesters represent the days of absence from rehearsal, and the adoption of the law Wednesday by parliamentarians contribute to the admission of key union leaders, have helped reduce this Thursday density processions and the proportion of strikers in the business.

According to the Interior Ministry, 560,000 people in total were collected throughout France. Only slightly more than the figures announced in mid-day on October 19 by the authorities (500,000). The challenge of pension reform will have mobilized two months after demonstrators last week.We are moving towards a "crisis in the days and weeks to come," says Eric Woerth, Minister of Labour.

The CGT, meanwhile, were nearly 2 million people cheap payday advance. Departure of the procession in Paris, the secretary general of the CGT Bernard Thibault warned: If participation was ultimately "less" Thursday than previous mobilizations, she would remain in his "impressive" given the passage of the law. The leader of the CGT and the CFDT secretary general Francois Chereque, and that of Jean-Claude Mailly FOR still hoped, at least formally, use the magnitude of mobilization to persuade Nicolas Sarkozy not to publish the decrees application of the law reforming pension systems.The CGT also called to continue the mobilization until the law is enacted.

The Socialist Party first secretary Martine Aubry, has in turn also indicated that the Socialists' until the last moment "that will fight for the law is not enacted. Watch the video.

After an initial call to order the Labour Minister Eric Woerth last week, it was the turn of Christian Estrosi, Minister of Industry to bang your fist on the table. It has signaled its intention to partner the State to a complaint filed against American automotive supplier Molex by former employees of one of its plants.

Molex recently announced it would stop funding the social closure of the plant as the complaints about the tribunal were not withdrawn. 188 of 283 employees of the factory automotive connectors Villemur-sur-Tarn (Haute-Garonne), closed in October 2009, have decided to challenge their redundancy. Nineteen representatives of staff, dismissed six months later than the rest of the 283 employees of the factory, and still leave reclassification until January 2011, are the main victims of the decision of Molex.Former employees of the plant have already announced plans to take legal action.

Thursday Estrosi said he wanted to "put pressure Molex (bad credit pay day loans. ..) so it pays the amounts due, noting that US-Molex's behavior was" not in conformity with French law " . He "decided to ask the liquidator to carry (…) to an action for damages for lack of assets against Molex, (…) and pledged that the State supports this approach to the liquidator J. ", told AFP a spokesman of the ministry, confirming a report in Le Parisien.

Christain Estrosi also pledged that the State will make all payments to former employees of the plant Villemur, according to the plan office.The former secretary of the CGT works Molex, Denis Parise, has lamented his side a civil and not criminal, stressing that the process would take more than two years.

(With AFP)

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