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Washington.
A symbol. Barack Obama has surrounded himself Monday police, firefighters, construction workers and teachers whose jobs are threatened by future budget cuts planned by local authorities. During a speech in the Rose Garden of the White House, the president wanted to highlight those businesses that affect the American electorate to sing the praises of his new stimulus plan announced $ 447 billion last week.
"This plan will help our economy in times of crisis … The Congress must immediately pass the American people can not afford to wait fourteen months before we do something," said Barack Obama referring implicitly to the date of the next presidential election in November 2012.The "American Jobs Act" – the name of law – must be voted without the "little games" or "party politics," warned the president that does not want to relive the psychodrama of the summer, with negotiations on raising the ceiling debt.
The Head of State argues that thousands of jobs in public services will be saved if its plan is quickly passed. It provides for $ 130 billion transfer of funds to states to avoid redundancies of civil servants, restoring schools and launch infrastructure projects. The main component of the plan is, however, on $ 175 billion relief of charges paid by employees.Small businesses will also benefit from 65 billion to reduce charges to encourage them to hire.
Still refusing to go into details, the White House maintains that the financing plan will be covered by savings elsewhere, or additional revenue. We should know more on Sept. 19, when the president will submit proposals to the bipartisan Congressional commission tasked with identifying 1.5 trillion dollars in budget savings over ten years. The Director of Budget at the White House, Jack Lew said the President would propose 467 billion in savings.
"It is likely that there is an agreement"
Analysts do not believe that the White House manages to be adopted by all the parliamentarians of the recovery plan proposed. But a compromise seems to be emerging.In particular, the Republicans are seduced by the proposed reduction in charges paid by workers and small businesses. "In my view, it is likely that there is an agreement. The key measure will be tax cuts for small businesses … that we will bring the total plan of around 250 billion dollars, "judge Greg Valliere, chief of the Strategic Policy Advisor to the Potomac Research Group.
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The CAC 40 is unable to bounce back on Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6% continues this trend. At the opening, he gave up 2.41% to 3072.51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 1.43%, in Frankfurt the Dax was down 2.32% and 2.22% loose up Milan.
The first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.
Following this announcement, Wall Street closed on a sharp drop of more than 2%.U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.
Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.
No other indicator may move the index is also expected on Monday.One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.
No recession expected in Europe
The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.
The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week.The decision to resurface concerns about the health of the area and the problems of sovereign debt. "We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.
In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.
For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States.A barrel of "light sweet crude" for delivery in October lost 59 cents to 85 pay day advance.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.
The bank attack
The President of the French Banking Federation (FBF), François Perol, recognizes the existence of tensions on the refinancing of French banks for their operations in dollars, already noted in a recent analysis by the rating agency Moody's Investors Service. In an interview with Les Echos dated Monday, he notes that if "the euro liquidity is not a problem," "the dollar refinancing is more tense."
Societe Generale lost 5.26% to 21.05 euros (largest decrease in the ACC).The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.
In its wake, BNP Paribas lost 4.98% to 31.75 euros, Crédit Agricole 3.67% to 5.95 euros and 3.09% at Axa 10.20 euros. Natixis lost 3.87% to 2.60 euros. The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.
Saft takes off
EDF: -2.70% to 20.38 euros
The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.
ArcelorMittal: -2.87% to 13.72 euros
Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.
Zodiac: -1.67% to 54.20 euros
The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.
Schneider Electric: -4.80% to 41.89 euros
The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.
Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)
The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.
Alstom: -4.07% to 29.55 euros
The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.
France Telecom: -1.87% to 12.33 euros
TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.
After market, environment and Dried Assystem unveil their first-half results.
The Paris Bourse succeed does bind to a fourth straight increase session on Thursday? nothing is less certain. At the opening, the CAC 40 showed an increase of 0.50% to 3273.05 points. But soon, the benchmark index in Paris fell into the red. Around 10:30, it loses 0.76% to 3232.15 points.
The reversal was also performed in London, the FTSE-100 lost 0.56% to 5364 points while the Frankfurt Dax 1.57% to let go of 5693.76 points.
On Thursday, investors are wait-until a series of indicators in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday.Productivity in the second quarter and is expected construction spending and ISM manufacturing.
In the euro area, the final manufacturing PMI contracted in August for the first time since September 2009 due to a fall in output and new orders. The index calculated by Markit PMI final spring to 49.0 in August, against an initial estimate of 49.7 and after 50.4 in July. The German manufacturing sector slowed in August, including at its lowest in almost two years, to 50.9 after 52.0 in July.In France, the PMI industry has returned to 49.1 against 50.5 in July, an even sharper decline than that reflected by the flash estimate of 49.3 issued two weeks ago.
Also in France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by INSEE.
Yesterday, the Cac 40 ended on a strong growth of 3.07% allowing it to pick up 3250 points. And signals from Wall Street, which also ended the month of August on an increase of 0.46% are good.Also this morning, Asian markets generally appear in the green, backed by the index of manufacturing activity in China has reached 50.9 in August, against 50.7 in July.
Investors seemed reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing. These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central.
As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14.On the currency markets, the euro fell slightly to 1.4358 dollar.
Values to follow
Banking
Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday. The bank responded by piecemeal: Societe Generale gained 1.37% to 23.75 euros, Natixis 0.39% to 2.80 euros, BNP Paribas 0.21% to 35.94 euros. Crédit Agricole down however from 0.94% to 6.75 euros. Axa loses 0.45% to 11.13 euros.
Peugeot: -1.92% to 20.92 euros, Renault: -1.99% to 27.77 euros, Michelin: -1.77% to 50.09 euros
The new car registrations were up 3.2% in August.But sales of SAP were down 3% and 1 direct payday lenders.4% of Renault.
Sanofi: -0.47% to 50.42 euros
The group reached an agreement with Pfizer to produce generic versions of Lipitor cholesterol before the star of the American group from falling into the public domain, writes Les Echos newspaper on Wednesday.
Total: 0.12% to 34.03 euros
The National Transitional Council (CNT) Libya has promised to give to France 35% of crude oil from Libya in exchange for recognition of its legitimacy Paris, Liberation reported Thursday.
Iliad: 2.85% to 85.93 euros (largest increase in the SBF 120)
The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416.4 million euros on sales of 1.04 billion (+2.6%).
France Telecom: 0.26% to 13.33 euros
The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.
Pernod Ricard: -1.54% to 61.54 euros
The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.
Eurazeo: -2.38% to 38.71 euros
The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill
GDF Suez: -0.41% to 21.86 euros
The group said it had completed the acquisition of gas storage sites in Germany.
Eiffage: -7.08% to 31.50 euros
The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.
Saint-Gobain: -0.94% to 34.70 euros
The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.
Latécoère confirms its objectives
Lagardère: -8.67% to 21.74 euros
The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.
Maurel et Prom: 1.73% to 14.73 euros
The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.
Guyenne et Gascogne: -3% to 86.09%
The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.
Latécoère: stable to 10.77 euros
The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.
Theolia: 10.48% to 1.16 euros
The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.
After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.
We suspect, given the global economic slowdown taking place, the government would be forced, sooner or later, to revise downward its growth forecast for 2012 (2.25%). But given the very poor GDP figures in the second quarter that were published this morning, one wonders now if the forecasts for 2011 will be held, too.
The government plans to officially 2% growth this year. According to Insee, the carry-over of 2011 (that is to say that France would increase if the activity was stagnant until the end of the year) is 1.4%. From 1.4% to 2% going to have to know the activity a dramatic rebound in the second half, which is far from certain.Balances were mediocre and above all a financial crisis that could fill a strong business investment bodes poorly for consumption and industrial production in the third quarter.
All in a context of slower public investment, fiscal discipline requires. At Bercy, yet it refuses for now to revise down forecasts payday loans guaranteed no fax. But he will have to solve it or risk losing credibility.
Huge consequences
The consequences of the stagnation of GDP in the second quarter are huge: the estimated government deficit to 5.7% of GDP at end 2011 and end 2012 4.6% are threatened. The government has pledged to do everything to achieve this intangible. He has no choice: the slightest deviation will be severely punished by financial markets.
In order to reduce the deficit in 2012 the state was counting on three billion euros in savings in tax loopholes. This figure is outdated. The aim should be 5 billion, at least, to save on niches, according to the general rapporteur of the budget Gilles Carrez. The MP also recommends additional 3 billion of cuts in public spending. Rigor looks for this winter.
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After the storm that brought down the CAC 40 over 5%, the Paris Bourse rebounds. But at the cost of very high volatility. On Thursday, after opening up 2.96% to 3092.16 points, the CAC 40 index resumed its downward shortly before noon and sank below the threshold of 3000 points, already briefly reached Tuesday. Half an hour after the opening up of Wall Street, with two good indicators on employment and housing, the index slope gently went back after plunging 2.40% to 14 hours. It was up 2.47% to 3077.06 points shortly before the close.
Meanwhile, in Frankfurt, the DAX climbed 3.12% to 5788.64 points. The FTSE-100 index of London Stock Exchange gained 3.01% to 5157.94 points.Milan Mib took the FTSE 4.36% at 15,316 points, and the Ibex-35 index of the Madrid Stock Exchange climbed 4.09% to 8291.7 points.
The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic. Evidence of this tension, gold continues to fly record after record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars.
Oil prices also retreated in a market that once again expressed its concerns about future growth and energy demand.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 82.39 dollars, down 50 cents from the previous day.
Bank stocks battered
Among the values of the day include banking, which have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector. Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.
The title plays yoyo Societe Generale: having lost 14.74% Wednesday, it opened on a rebound of almost 9%.He dived again from 4.13% to 21.265 euros in midday before regroup after the opening of U.S. markets (-0.45% to 22.08 euros to 16 hours).
"The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters cash advance. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.
For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added. SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.
Alcatel-Lucent takes advantage of Cisco's results
Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.
In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.
Title Alcatel-Lucent (2.11% to 2.324 euros) rose after the release of quarterly results from Cisco Systems, above the consensus of Wall Street.
L'Oreal (2.29% to 1.73 euros) benefits from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").
Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.
Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company has reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.
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After considering the price of flour in supermarkets and those of certain financial products, the European Commission is vigilant in fine watchmaking. The competition regulator on Friday launched an investigation into the agreements and dominant positions among manufacturers of luxury watches, trying to see if they have agreed to refuse to supply spare parts to independent repairers.
"The Commission informed the parties concerned and the competition authorities of the Member States of the opening of the proceedings in this case," said the European Commission in a statement.
The investigation follows a complaint filed in 2004 by the European Confederation of Associations of watch repairers (CEAHR) for alleged violation of competition rules of the European Union.Multi-brand repairers had indeed used to make many of the repairs of luxury watches payday loan online. But from 2002, according to CEAHR, manufacturers of luxury watches began to refuse to supply spare parts to multi-brand repairers who were not part of their repair networks. The CEAHR therefore seeks the condemnation of the practice, saying it could force independent repairers to put the key under the door.
The European competition regulator rejected its complaint in 2008 for lack of Community interest. Then the decision was overturned by the European Court of Justice (ECJ) in December 2010. This does not prevent the European Commission to be cautious about this.She stresses that the opening of an investigation does not mean it already has evidence about the existence of an offense. And yet, no manufacturer of luxury watches is specifically under investigation.
Cyprus is on the brink both economically and politically. Many speculate that the country, which joined the euro in 2008 to become the fourth of the area to apply for financial support.
The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.
In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.
The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.
The deficit is widening
Especially since the official debt of Cyprus – which is about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.
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Competition without doping and full of uncertainty is the best guarantee of a successful Tour. In France Televisions, one welcomes the improvement of the hearings provided by the Tour de France 2011. The latter was successful, according to Médiamétrie, peaking at 8.5 million viewers and posted an average over the entire round of 5.2 million daily viewers. The mountain stages as Pinerolo-Serre Chevalier even totaled an audience share of 55.4%.
Daniel Bilalian, head of France Televisions sports, these good results are due primarily to the fact that "the Tour was a real race with many uncertainties, suspense and surprises.As in previous years, the doping scandals have caused the alienation of the event, the 2011 has shown, not supermen, but real riders in the choice of strategies winners or losers, often arriving exhausted. "D ' Moreover, as noted in the athletic director of France Televisions, "sporting events that are stable or growing in audience are characterized by their rarity, such as Six Nations, the Olympics or the Tour de France. It is not just a sporting event but a historical monument as well as July 14. "
"The arrival of new international actors"
This would explain que15 including 20% of viewers of the Tour are not fans of "Little Queen." To hang, France Televisions has also developed programs around the retransmission of the competition."The austere retransmissions within the meaning of the word belong to channels. In France Televisions, we focus instead on the sporting spectacle, "insists Daniel Bilalian. And it noted that "if no channel can claim an immediate return to a sports broadcast, however, its market share in a day later, a commercial value that advertising can be negotiated. The sport has allowed France to claim 2 throughout the year an audience share of 16% and not 15%. "For this reason in particular that France Television has extended by two years until 2015 included a distribution contract with Amaury Sport Organisation (ASO), the copyright holder of the Tour de France, but the Paris-Roubaix, the Paris Marathon, or the Dakar.If no amount has been disclosed, market experts say that "France Televisions, which remained faithful to the Tour in the worst moments of its history and has guaranteed its sponsors visibility of its branches, would have known that a reasonable increase of prices of the competition. "
In 2015, all contracts of the Tour de France, however, must be renegotiated. Daniel Bilalian cause for concern that fears "the arrival of new international actors such as al-Jazeera, which invests to meet all requirements and policies that have no marketing budget limit."
The reputation of Europcar in the wake of Voeckler
Ten days in yellow by Thomas Voeckler, Europcar team leader, allowed the car rental company to significantly improve its reputation.The group chose this sport for its popularity intact despite the image linked to doping.
Number one European location, the group has engaged in cycling in 2010 to try to improve its reputation with its competitors (Avis, Hertz, Sixt) most frequently cited in surveys of customers. Building 15 million for three years in cycling, the group has apparently achieved its objectives through thousands of citations during the Tour de France.
This bet – won – was nevertheless very bold: Europcar had bet 75% of its budget and marketing communication, 2011.
Still no solution. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success. Democrats and Republicans had themselves set a target to announce progress on a plan for deficit reduction before the opening of Asian financial markets on Monday morning. The disappointment of investors is large, the Asian financial centers such as the Paris Bourse.
Secretary of State Hillary Clinton sought Monday to reassure Asian markets: "I am confident that Congress will do what is needed and will come to an agreement on the debt ceiling, and work with President Obama on measures to improve our long-term fiscal outlook, "she said in the text sent in advance of a speech in Hong Kong.
Members of both parties decided to work separately on separate projects. The chairman of the House of Representatives, Republican John Boehner, now plans to announce a plan at 14 am local time (20 hours in Paris).
"Nobody wants a failure"
John Boehner told his troops last night that no breakthrough had yet been obtained to repel the specter of a failure of the United States after August 2. According to two officials, he would have repeated in a conference call that "no one wants a failure." But he also warned his party's elected they may need to make "sacrifices" to avoid it.
Twice since Friday night, the talks between the two sides have failed to unlock the status quo on the action to start to reduce the U.S. debt.Friday night, the country experienced a further escalation in the standoff between Democrats and Republicans, they refused to pander to Barack Obama. The Democrats call indeed now $ 400 billion of additional tax increases. A change of position is unacceptable, according to John Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue bad credit payday advance. Saturday evening, the President was therefore convened in emergency to four White House officials Republicans and Democrats in Congress for a new emergency meeting. But no more successful in negotiations, after 50 minutes of discussion.
Democratic side, the president believes that the 1.6 trillion cuts represent an offer "extraordinarily fair".Republican side, these efforts remain insufficient to John Boehner, who wishes to bring to 3 trillion budget savings over ten years.
Critical deadlines
Given the failure of talks between the president and elected representatives of both chambers, the compromise could eventually go through further discussion within Congress. If a common ground on removing the ceiling on debt seems likely, no party could only be satisfied with this short term solution, and discussions on the reduction of public spending should be more difficult. One observation that seems to share Timothy Geithner.
The U.S. Treasury Secretary said yesterday that there would probably have two stages for an agreement, first raising the debt ceiling and an agreement on spending cuts and a second stage of higher taxes and reforms.Whatever the timing adopted, it was also described as "unthinkable" that the United States do not meet their debt obligations. And as Barack Obama, who does not want the thorny issue of debt re-emerged during the election year ahead, Timothy Geithner wants to avert the threat of a default for at least 18 months, but at nine days the deadline of August 2, the time is now critical.
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French hopes of a major Airbus order from American Airlines had started to be felt on June 30. An article in the Wall Street Journal announced an order in effect prior upcoming 250 aircraft from European aircraft manufacturer with the third largest global airline industry .*
These hopes were not disappointed. The official announcement has fallen American Airlines places order for 460 Airbus A320 aircraft with 260 and 200 Boeing 737. This is a record contract in the history of aviation from AMR. Even better, some 365 options on Airbus against Boeing's 100 for those raised. This is a turnaround in favor of Airbus fleet since the American company did not count any European aircraft since 2009."Airbus Boeing enters a pure client, there is a 'mix' Neo A320 and A320, which responds to the risk of cannibalization between the two devices," said Yan Derocles, an analyst at Oddo Securities.
The options are for delivery in 2025, while orders already confirmed will be made within two to eleven. So far, Airbus continues its momentum in the Paris Air Show. Indeed, in June, two historical controls had already been reached: the Malaysian company Air Asia going contract for 200 copies of the Neo-A320 for a total of $ 18 savings account payday advance.2 billion, while Indian IndiGo in seeking 150.
The A320 shares to glean Neo 737
Strategically, American Airlines hires a phase of renewal of its fleet and intends to reduce its fuel consumption.In fact, the company looks to new generation aircraft, whose engines are designed to consume a minimum of oil. Airbus, the A320 Neo meets this requirement and just walking on the toes of the Boeing 737 Next Generation, delivered since late 2010. Neo The A320 should be available by 2015. American Airlines will be the first U.S. company to deploy this aircraft.
However, the amount of the order was not disclosed, while the company saw the amount of its net loss increase during the second half of 2011, reaching $ 286 million more than estimated by analysts. In addition, the suspense continues as to the entire command must pass Air France KLM during the summer. She will choose only European aircraft? Stay tuned.
* Number of passengers / km, according to IATA.
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