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Airbus and Boeing have set the tone from the first day of the Farnborough Airshow on Monday after announcing several large orders, confirming the realization of the renewed confidence of airlines.
Based on list prices, purely indicative, orders placed by the two manufacturers accounted for a turnover of about 23.65 billion dollars (17.85 billion euros) in the middle of the afternoon.
While Boeing has logged 70 orders for aircraft for a total of about 12 billion dollars, Airbus announced Monday it had received 122 aircraft orders totaling nearly 11.64 billion. In detail, the Russian airline Aeroflot has placed an order for 11 A330-300, or approximately $ 2.34 billion.(See
Air Lease Corp., a company leasing and financing aircraft, confirmed it had ordered 31 Airbus A320s (2.52 billion dollars) and 20 A321-200 ($ 1.91 billion), representing a total 4.43 billion for these 51 aircraft no fax cash loans.
"In the current environment, reducing operating costs and fuel consumption, respect for the environment and maximum operational flexibility, are also advantages for the airlines. The latest versions of the Airbus single aisle family go far beyond the highest standards, "said Steven F. Udvar-Hazy, CEO of Air Lease Corporation.
Another company leasing and financing aircraft, Gecas, a subsidiary of General Electric, bought 60 A320 family aircraft for an amount valued at about 4.88 billion dollars.Earlier, Gecas Boeing announced an order for 40 new generation 737s in a transaction valued three billion dollars.
The U.S. giant has also received a command that could exceed nine billion dollars for 30 Boeing 777-300 from the Emirates.
In addition, Boeing has said that India could gain 10-12 additional Boeing C-17 plus 10 already planned.
The entries of migrants to OECD countries declined by 6% in 2008, dropping to 4.4 million people. While in the previous five years, their numbers had increased by 11% per year on average, according to the latest OECD report on migration. The decline was further strengthened in 2009. The immigrants were, in many countries, the first hit by rising unemployment, particularly youth and those working in the sectors most affected by the crisis such as construction or hospitality.
OECD urges in this report on the need for States to strengthen their immigration policies which will play a crucial role in the long term to enhance growth."It is important to note that immigrants make a positive contribution to the national economy, especially in times of growth," remarks the Secretary General Angel Gurria free credit report.
And because of demographic changes and shortages of future employment, especially in health and engineering. Thus, maintaining immigration rates at their current level, the population of working age in OECD countries will increase by only 1.9% in the next decade. A percentage that contrasts with the 8.6% recorded between 2000 and 2010. The situation is even worse for France, which will decline by 1%, despite good numbers of births. The reason is that France has one of the highest immigration rate lowest in the OECD.
While industrial countries emerging from crisis levels weighted with historically high public debt, emerging markets display patterns much healthier. Their good resistance during the recession of 2009 and an underlying trend towards greater stability has attracted the interest of investors.
"We see a positive snowball effect on emerging market debt: a dozen countries have been under positive outlook by rating agencies, which herald a recovery of notes, analytical Anne-Sophie Girault, a specialist in this Market Aviva Investors. Moody's, Standard & Poor's and others see a positive view of the low debt ratio of developing countries, which averages less than 40% of gross domestic product. Twice as less developed countries.
The emerging markets have also gained credibility in the markets."They have improved their fundamentals, the local central banks are becoming more independent, inflation is under control and steering of public finances is good," Frank J. Nicolas, Natixis AM. And the economic outlook is much better than in Europe, for example.
Result: institutional investors have been interested for nearly ten months to market, providing stability. They take long positions. So far, only hedge funds were present in the short term, making the market very volatile. Today, the market is 360 billion of debt issued in dollars and 1.4 trillion dollars of debt issued in local currency.
Record demand
In this context, the demand for emerging market debt from the investment fund has beaten all records in the first half, according to the calculations of Aviva.At $ 31 billion, it almost reaches the levels of previous years in just five months.
Emerging now are they safe? "These are pseudo-safe investments," says Franck Nicolas. "Beware of Loved tobacco." Clearly, the emerging countries are always a risk of sudden reversal of the situation. And if their fundamentals, growth, inflation, debt-positive, "markets, very nervous now, can still cause a contagion" of the debt crisis in emerging countries, recognizes Anne-Sophie Girault.
This is a first since early 2010. In the month of May, the French have spent more money on their livert A investor.
According to the Deposit and Consignment Office (CDC), withdrawals exceed deposits were $ 310 million. Net inflows (deposits less withdrawals) remains positive on the first five months of the year of 2.49 billion. In late May, are deposited on the Livret A, held by 50 million French people, amounted to 187.4 billion euros.
For its part, the booklet Sustainable Development (LDD) has seen its assets (deposits) to fall by 460 million euros in May
The rate of the Livret A, which is the same as LDD, is blocked since 1 August 2009 to 1.25%, the lowest level since its inception in 1818. However, it should be increased to 1.5% or 1.75% on 1 August, as announced by the Minister of Budget Baroin.
Even increased, the rate will remain below the 4% achieved two years ago.
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He has held eight weeks. The CEO of BP, Tony Hayward, should hand over the management of the oil spill from the Gulf of Mexico to another group leader, Robert Dudley. The ad, albeit tempered by a spokesman for the moment, was made by Carl-Henric Svanberg, president of the group, during an interview with Sky News on Friday. "He went there just after the explosion. It will now transmit the management operations on a day-to-day to Robert Dudley, "he said.
Robert Dudley, a member of the board of directors of the group is in charge of operations in the Americas and Asia. Tony Hayward had already chosen earlier this month to lead a team to manage, with the authorities, long-term consequences of the spill after it had ceased.
A president on Platter
According to several analysts, heads could also fall after the U.S. congressional hearings. Observers say that Tony Hayward was well out of the question-answer session with U.S. lawmakers. The announcement of the creation of a fund of 20 billion dollars had quieted some of the fears of investors. "The provision of Tony Hayward has not been great but it could have been worse. As a shareholder, our priority was to see that all energies were concentrated on repairing the broken sink, "said anonymously to Reuters one of the ten largest shareholders of the group.
The Director General could therefore keep his job. It might be different from President Carl-Henric Svanberg."We believe Tony Hayward is doing all it can do, but the chairman of the board of directors does it not come out that well at all. It almost did not hear, "says shareholder. Another investor in the list of top 20 shareholders of the group added: "From my point of view, it will be very, very difficult for the president to overcome that. This function must be occupied by someone credible on the international scene, and it is clear that this is not the case with the incumbent.
Same view for Peter Hitchens, analyst at Panmure Gordon: "There is more pressure on the president who was, at least initially, very little known. I think at this point, we'll have someone go, so BP is in trouble. " "Obviously, everybody is looking for a scapegoat.This could be the president, "said his side Yevgeny Solovyov, an analyst at Societe Generale.
"We will survive"
Faced with this pressure, Carl-Henric Svanberg trying to stay focused. "BP is a very solid company and we will survive," he said. He said a disappearance of the band because of this disaster "can not happen."
The spill in the Gulf of Mexico has so far cost the group $ 1.8 billion, and the bill could rise considerably. In criminal prosecutions, the company may have to pay tens of billions of dollars in legal fees alone. Analysts estimate that the total cost of the disaster for BP should be between 17 and 60 billion dollars.
"On the 24-hour period ending at midnight last night, we were able to recover 25,000 barrels of oil," Friday welcomed Admiral Thad Allen to coordinate the fight against the tide black. He added that BP expected increase this volume to 53,000 barrels per day by end June So far, BP recovered 15,000 barrels per day, while the well is located 1,500 meters deep and 80 miles from U.S. shores spits every day between 35,000 and 60,000 barrels (up to 9.5 million liters) of oil .
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The new head of British diplomacy began Sunday evening in Paris on a tour that continues this week in Rome, Berlin and Warsaw. He gave his first interview with Le Figaro in the European press.
LE FIGARO. Largely eurosceptic Conservative Party, to which you belong, has concluded a coalition agreement with the Liberal Democrats, favor, they, to a rapprochement with the EU. What will your European policy?
William HAGUE. This is good news for the EU that we have heard over five years with our coalition partners. This was not the tradition in Britain to have a fixed maturity term of office. The next general elections will be held in May 2015. For our European partners in particular, that political stability should be a good omen.With the Liberal Democrats, it was not difficult to determine what our European policy: this is further good news for the EU, because we will be predictable. The course is set for the next five years: we intend to be extremely active in European affairs so that the EU can collectively weigh in the world. We will also be very active to help European economies to recover growth, create new jobs and new businesses. We'll be tough negotiators, but is not that we should expect from any government?
The economic crisis, financial, monetary and across Europe requires its members to further cooperation. How far will you go on the path of solidarity?
We do not belong to the euro area and we do not rejoin, as stipulated in the coalition agreement.Neither partner will do the same proposal, as long as this agreement. But as David Cameron has said a euro zone healthy is in our interest. We do not want to be part but we hope it contributes to the financial stability of Europe. It is very important to us. Regarding the financial support that Britain could make to the euro area, our position coincides with that of the government of Gordon Brown. Our country faces the heaviest budget deficit in history (aside from the period of world wars) and the priority task is to reduce the deficit to a level where it can be controlled.We are not able to provide other financial guarantees.
So you exclude from participation in a support fund for countries of the euro area in trouble?
The government that preceded us had agreed to participate in one of these funds a few weeks ago. We will assume our responsibilities in fulfilling this agreement. But we will not be dragged further into the euro area. This is not what the British want from their government. It will not offer more than what has already been proposed.
Do you negotiate opt-outs with the EU?
We will discuss with our partners in government. As indicated in the coalition agreement, we want to limit the application of the directive on working time, which we consider too restrictive in Great Britain.We also wish to pass a law requiring a referendum if a future government would go further transfers of sovereignty to the EU. There was a lot of institutional changes in Europe and debate. We must now ensure that the institutions function, can improve economic performance, extending the single market and cooperation in foreign policy. Let us focus on concrete achievements rather than engaging in a new institutional debate.
A bounce or a deepening of the crisis could lead to more regulation. How would you react?
We certainly need to improve how we regulate the banking and financial services. But further regulate the labor market and the business would be in the wrong direction. This is the traditional view of the British.The crisis has again highlighted. We say: Great Britain is open for business. Our next budget in two weeks, will reaffirm the years to come. We hope that our European partners adopt a similar approach.
The EU's foreign policy is lacking, according to you, "determination and consistency." What will you offer?
The situation in Gaza shows that Europeans must contribute to the relaunching of a peace process. All solutions to ensure the delivery of aid to Gaza and trade require a form of international assistance and there is a role for the EU. European nations, when they speak together, can have a particular impact. That the Israeli government to decide whether to accept the fact-finding mission to which France and Great Britain are favorable.In a situation like this, we must unite our capabilities. It is also the case for Iran. We work closely with France to allow the adoption of new UN sanctions. We also want to discuss additional EU measures. Again, the Union can demonstrate its collective weight.
Are there still you think a "special relationship" between Britain and the United States?
Yes, this special relationship exists. I called the alliance indivisible. It is expressed through a wide range of cooperation (diplomatic, military, nuclear, intelligence, economics …). Great Britain and the United States is still the largest investor in the partner. But it is not for us to choose from competing in Europe or France. Both relations, transatlantic and European natural fit.
Afghanistan is a priority.Can you do better than the government of Gordon Brown?
We need a viable political process at the same time that military progress in the field. Of course, it's difficult, but we must remain faithful friends. We will remain strongly committed to Afghanistan. The worst would be to leave an uncertainty reflected in our action. This would only strengthen those who do not want a future of peace. The question is not whether we will continue to make our contribution but how we will.
With France, cooperation in defense looks promising?
We already talked with our counterparts in French when we were in opposition. It is still too early to make announcements: the review of our strategic policy and defense completed in the fall. But we are very open to new ideas and a closer cooperation.David Cameron and Nicolas Sarkozy have already established between them a great working atmosphere. We have many things to do together to ensure the growth of our economies, develop civil nuclear power or act in the field of immigration. The fact that the Prime Minister and I have chosen to perform in France our first bilateral visit abroad shows the enormous importance that we attach to these relationships.
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Back to basics for Lakshmi Mittal. The Chairman of ArcelorMittal, the fifth World Fortune has signed a Memorandum of Understanding for the construction of a steel plant in India, Karnataka State, south of the country. A mammoth project with an annual capacity of six million tonnes which would require more than 5 billion euros of investment. In the crosshairs, the Indian market: "India needs more steel and we must take part in this growth," said Lakshmi Mittal.
It was a long ArcelorMittal looking to implement a major project in India. A similar agreement was thus created in 2006 to develop a huge site.The state of Orissa, north-east, had been chosen, but since the group steelmaker hardly be allocated land by local authorities.
Beyond the financial aspects, this new project is a highly symbolic Lakshmi Mittal. He might be born in Rajasthan, have raised and educated in Calcutta, the wire was broken long ago with his country of origin. If he cut his teeth in the small mill of his father, the tycoon starts very early in the assault on lucrative opportunities abroad. In Indonesia, Trinidad and Tobago, Mexico and Kazakhstan that makes the group a family empire of steel.
Other projects in northern India
The gap is widening even further in 1994 with the partition of the group.Lakshmi, his father and his two brothers did not agree and the company is split into two faxless pay day loans. In Lakshmi operations abroad to the rest of the family, the Indian Affairs. Since, like Anil and Mukesh Ambani, the richest two brothers of the world settle their disputes before the courts, Mittal have all the trouble in the world to reconcile. Incommensurate with the billions earned by Lakshmi, his two younger brothers were still able to grow and it is not uncommon for the two groups are fighting the same markets. Africa was the setting for these quarrels, in 2004 or 2008 in Liberia and Nigeria.
Gradually, Lakshmi was thus cut off from India. Yet holds an Indian passport, he could never win in his homeland.Stamped "NRI", acronym of Indians living outside their borders, it has long been criticized for its lack of involvement in Indian affairs. Ask in the streets of Bombay Indian captains of industry, the name of Mittal will systematically swept under the carpet, at the expense of the brothers Ambani, Ratan Tata or India's Richard Branson, Vijay Mallya.
With this comeback, Lakshmi Mittal India regilds therefore its image. Especially since the Indian adventure should not stop there way. In addition to this mill, ArcelorMittal plans to inject more than $ 20 billion in other sites in northern India.
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Concern swells in China. While inflation has risen another 2.8% in April, house prices have soared 12.8% last month, their sharpest rise in five years. The measures launched in recent months by the central government to cool the Chinese economy struggling to reassure. So much so that some Chinese personalities out of their usual reserve to sound the alarm.
In a video interview published in the Financial Times, Li Daokui, professor at Tsinghua University (located in the northwest suburbs of Beijing) and member of the Monetary Policy Committee of the People's Bank of China, said that "the problem housing in China is actually much more fundamental and more important as the housing market in the United States and the United Kingdom before the financial crisis. " He said "it is not only a problem of a bubble.
A "social problem"
Soaring property prices may lead to "social problems of great magnitude," Li Daokui analysis. What would happen is China, at a time when wage demands and strikes have taken center stage in recent days. "When prices start to rise, many people, especially youth, are becoming very concerned." The home ownership, which already applies to few households would be increasingly difficult in the current euphoria estate .
The authorities have announced a round of measures since last January in order to stop the burning of property prices. The state has already imposed restrictions on sales of apartments, including the introduction of "flat shop" in Beijing. He has also taken steps to tighten credit flowing.New loans granted by banks in April, however, have reached 774 billion yuan (87.7 billion euros), or 182.2 billion more than in April 2009. Finally, the government announced the "gradual" introduction of a tax on real property.
Reform at the local level
To advise the Central Bank, this range of measures is a "first step", which will control real estate speculation. But it must involve "a long-term reform" of the Chinese real estate market, warns Li Daokui. "The second stage will address the supply problem." According to the professor, steps should be taken in the second semester or early next year to encourage local governments to provide housing for households moderate and low wage.For now, local authorities prefer to sell their land to generate revenue, Li Daokui regrets.
For him, the tax on housing advertised nationally is not a solution because it may further exclude households in the housing market. An opinion shared by Axa Investment Managers. In his weekly memo, the economist Hervé Lievore points to the "vicious cycle" moved "between investors, developers and local communities," the potential to fuel a "social discontent." Believing that the policy implemented by Beijing makes sense, analysts at Societe Generale also stress the need to manage the supply of real estate in order to curb rising prices and facilitate the accession of China to the property.
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Gold broke his own record
Like last week, the attraction of gold can not be denied on the markets. Despite the aid plan of 750 billion euros earmarked by the European heads of state, investors worried and rushed to gold. The gold chains the record: the rising price ended at 1249.40 dollars, never seen on the London market which serves a global reference. On the London Bullion Market, an ounce of gold ended Friday at 1236.50 dollars at auction Friday night, cons 1202.50 dollars the previous Friday.
In its wake, the money is increased to a level it had attained over the past two years.The gray metal rose Thursday to 19.64 dollars, not far from $ 20 per ounce reached in March 2008, to finally finish the week at 19.64 dollars Friday.
Stimulated by the gold and silver, platinum group metals have rebounded after falling last week, victims of the strengthening dollar. On the London Platinum and Palladium Market, an ounce of platinum finished in 1721 dollars Friday. In turn, an ounce of palladium finished $ 536.
The dominant concern in oil markets
The continued turmoil in oil markets. The prices fell Friday to their lowest levels in three months to 70.83 dollars. On the Nymex, a barrel of light sweet crude for June delivery finished at 71.61 dollars, down 2.79 dollars compared to Thursday. Prices have been a difficult week, leaving more than $ 5 in four sessions.They are well below the levels of early April, when the barrel was mounted to $ 87. In London, Brent crude ended Friday at 77.20 dollars, yielding 2.93% on the week.
As the equity markets, the euphoria that had raised prices Monday has not taken very long. The markets saw a dim announced the austerity policies that could lead to a slowdown in oil demand. Moreover, the continuing fall of the single European currency, which fell Friday to its lowest level since October 2008 (1.2359 dollars), weighs heavily on the markets.
In addition, crude oil reserves rose 1.9 million barrels during the week ended May 7, two times more than expected.
Week of mixed fortunes for base metals
On the London Metal Exchange (LME), the week has been more troubled.Investors fear the rigors of European policies that could dampen growth. In addition, China has caused confusion by announcing lower than expected macroeconomic data: the rate of growth of China's industrial output slowed in April, rising 17.8% year on year, after 18.1% March.
Copper, considered a barometer of the market ended the week slightly up to 6955 dollars per tonne. The aluminum stabilized this week at 2,093 dollars per tonne against 2,090 dollars the previous week.Zinc, nickel and lead have declined by 1.8% to 2.050 dollars per tonne, from 3% to 21,650 dollars per tonne and 2.4% in 1950 dollars.
Agricultural raw materials: sugar recovers
On Liffe in London, a tonne of white sugar for August delivery was worth 470 pounds on Friday against 435.80 pounds a ton for the same term last Friday. On the NYBOT U.S. a pound of raw sugar for July delivery was worth 14.88 cents against 13.64 cents a week earlier. But the euphoria is unlikely to last. The International Sugar Organisation (ISO) said Thursday he expected a surplus in 2010-2011 of nearly 2.5 million tonnes. Production is expected to grow in Brazil, India, Mexico.
For his part, cocoa was penalized by the strengthening dollar and profit taking. There is also an expected production increase in Brazil.Prices fell to 2,212 pounds per tonne in London and 2852 dollars in New York, respectively, the lowest since three weeks and a month. They ended the week at 2,232 pounds on Liffe and 2858 dollars on NYBOT.
Moreover, prices of wheat, corn and soybeans fell this week in Chicago, penalized by the rapid advance of planting in the United States. May 2, 68% corn, 60% of spring wheat and 15% of soybeans had been planted against respectively 40%, 47% and 8% on average over the past five years. In addition, the rising dollar makes U.S. production less attractive to export than those in Europe. The contract of corn for July delivery ended Friday at $ 3.63 and lost 2.4% on the week.The contract of soybeans in the same maturity fell to 9.53 dollars per bushel (-0.7%) while the wheat contract ended at U.S. $ 4.71 (-7.6%).
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Thousands of people began to protest Saturday in France on the occasion of May 1st this year placed under the sign of the defense of employment, purchasing power and especially pensions.
Trade unions, left parties and student organizations have called for the streets, in the words of the secretary general of the CGT Bernard Thibault, "create a balance of power in discussion" with the government. The pension reform is expected before the end of the year and a new appointment office at the Elysee Palace will be held prior May 10
According to the CGT, more than 280 parades are planned throughout France. The Paris demonstration must rush early in the afternoon instead of the Republic.
For its part, Workers Power revives the tradition by going it alone.The secretary general of the union, Jean-Claude Mailly, said Saturday morning on Europe-1 radio that "the repeated demonstrations will not shake the government" on the proposed pension reform.
"Putting pressure on politicians'
In Toulouse, about 5,000 people, police, 6,000 according to organizers, marched in the rain Saturday morning, behind a banner of the Inter-CGT, CFDT, FSU, UNSA and Solidarity proclaiming: "All public-private sector jobs, wages, pensions and retirement. A procession much shorter than last year, when there were between 15,000 and 30,000 participants according to sources.
The mobilization was also low in Lyon, under a rainy sky, where vendors thrush in haste mingled with the demonstrators Guaranteed online payday loans.
In Lille, where the procession is gone by late morning, between 2000-3000 people marched. "I come to defend pensions, it worries me a lot for young people, I am already retired but what will happen to young people?" Said Benoit Evrard, a retired banker of 62 years. "I am the parades since 1968. It is important to do this kind of demonstration. " This puts pressure on politicians.
About 3,000 people marched behind a banner in Strasbourg Inter CGT, CFDT, UNSA, FSU. There was little slogans – replaced by sonos – and banners in a parade where the theme of pensions was not particularly present.
In Nice, 2,300 people marched, according to police and organizers. On the hood of a car was installed a model wearing a mask representing President Nicolas Sarkozy, with counterfeit notes in the pockets flying in the wind."Hits enough that society that does that unemployment and precariousness, fattens the shareholders and spreads poverty, have launched the demonstrators.
In Nantes, the Inter counted 5,000 demonstrators in the city center, against 3700 for the police. "It's worse than last year, but it remains a good May 1, Marie-Claude analyzed Robin, departmental secretary of the CGT in Loire-Atlantique.
"The issue of pensions is not yet in every head. Yet now he must take action: the case will go to Cabinet before the summer. In July-August, it will be too late, "she warned.
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