Business And Personal Finance

The French engineering group Egis was selected Monday to modernize one of the main Brazilian airports, as part of concessions for a total of 24.5 billion reais (10, 9 billion euros) granted for the 2014 World Cup and 2016 Olympics.

Conversely, the candidacy of another French group in the running, Aéroports de Paris (ADP), has not been selected, said a spokesman for ADP. ADP filed a joint bid with Schipol Airport (Amsterdam) and two Brazilian partners, she said.

Contracts, for which 11 consortia have submitted bids well above the floor set by the government, focused on the expansion and terminal management at two airports in Sao Paulo and one in Brasilia.

While Brazil is organizing two major sporting events, this upgrade should improve infrastructure and uncomfortable sources of delays.

The concessions were awarded in each case of large Brazilian companies allied to the international airport groups. 

Egis Airport Operation, a subsidiary of Egis which is 75% owned by the Deposit and Consignment Office, joined forces with the Brazilian group Triunfo Participaçoes to be awarded the expansion of the airport of Viracopos-Campinas, near Sao Paulo. The consortium will pay 3.8 billion reais (1.7 billion euros) for this contract.

For their part, Brazilian groups Invepar and OAS, in partnership with the South African ACSA, won to 16.2 billion reais (7.2 billion euros) for the concession ; modernize the airport of Guarulhos, in Sao Paulo, the most active and most lucrative of the three sites.

Airbus anticipates a decline in orders in 2012 compared to 2011, the success of the A320neo, announces CEO Thomas Enders.

"There will not be the same kind of firework of new orders in 2012 as there has been this year," said Tom Enders daily Börsen-Zeitung, in an interview published Thursday.

Despite expectations of a recession, the two major aircraft manufacturers worldwide have accumulated very large orders this year after deciding to upgrade their best-selling models, namely the Airbus A320 and Boeing 737, by equipping them with new engines capable save 12% to 15% fuel.

Airbus, a subsidiary of EADS, is leading the race by promising that the A320neo would be available by 2015.It has sold more than 1,000.

The manufacturer plans to increase its production rate to 44 A320s per month. He must make a decision soon.

But first we must weigh what is happening economically, said Thomas Enders at Börsen Zeitung.

"But the airline demand is there, and for the second half of the decade, when the" neo "released in 2015, a further increase of production is quite possible," he adds.

The boss of Airbus also points out that in the tough current economic climate, some suppliers of small and medium sized have difficulty obtaining financing and banks are reluctant to finance aircraft construction.

"We must find new sources of funding.

European markets opened up after the appointment of Mario Monti to form the new Italian government and the cabinet formation Papademos in Greece, which offers fresh hope for a gradual improvement on the forehead of the debt crisis in the area euro.

The government of technocrats being developed in Rome and the national unity cabinet was sworn in Athens are expected to regain some confidence to investors.

"The fact that Italy and Greece have avoided the political vacuum is a good thing. The question is whether the governments of national unity will work", says Katsunori Kitakura of Chuo Mitsui Trust Bank in Tokyo.

The Eurostoxx 50 0.63% progressed to twenty minutes after the start of trade.In Paris the CAC 40 gained 0.58% to 3167.52 points while the Milan stock exchange rebounded 2.1%.

Among banking stocks exposed to Italy and Greece, Credit Agricole, BNP Paribas and Societe Generale rose 2.25%, respectively, 3.66% and 2.12%. UniCredit took 4.42%.

Caution should however be in order before the first real test that will, in the morning, the award of three billion euros of five-year bonds by the Italian Treasury.

China must wait for Europe proposes a plan to end the crisis of sovereign debt feasible prior to contribute, said Friday an adviser to the People's Bank of China (COPD) but stressed that Beijing should have " some controls "on the use of funds provided.

China will study with other emerging countries, namely Brazil, Russia, India and South Africa possible initiatives to help Europe overcome the crisis of sovereign debt, said Li Daokui , a member of the Monetary Policy Committee of the Chinese central bank, speaking at a conference in Beijing.

"If we make money (the Europeans), we need some controls. We can not say we give you the money you spend as you wish.It's not fair that you keep a lavish lifestyle, "said Li told reporters.

The European Union is the largest trading partner of China and Li provides a limited contraction of the Chinese trade surplus this year to 150-160 billion yuan.

"For Europe, we can not just watch what happens and do not help," he added.

Li Daokui said that the figure of $ 100 billion to buy European sovereign debt and the media have given it was only a "theoretical figure."

Li warned that the growth of China's GDP to slow to 8.5% in 2012 from 9.2% expected in 2012, adding that China should maintain its current economic policy throughout the next year.

Greek banks erase their losses Thursday morning as investors bet on a drop of the referendum on the bailout of the country in case of fall of the government.

Banks, who lost up to 5% at the opening, gaining nearly 2% to 10:20.

"Given the developments of the last hours, the possibility of a referendum was removed and the top priority is now the sixth tranche disbursement of aid and approval" of the rescue plan EU says Natasha Roumantzi, an analyst at Piraeus Securities.

George Papandreou Thursday called an emergency meeting of his cabinet at 11:00. The head of government is under fire from critics since he announced Monday night to hold a referendum.

Tensions in the interbank market have an impact on the real economy. Nearly a third of French banks have tightened their criteria for business loans. And the movement should be extended.

Credit conditions for firms have tightened slightly in France in the third quarter, according to a survey by the Bank of France to the banks, which provide a greater tightening in the fourth quarter.

The balance between the institutions reporting a tightening and those seeing a relaxation reached 28.5 in the third quarter, according to data released Friday. This is the first tightening since the second quarter of 2009.

The hardening observed is almost the same for large businesses (28.8) and SMEs (28.5).The period from July to September, "the criteria for granting loans to enterprises were tightened more than expected in the previous survey," notes the Bank of France. "This hardening, attributed to both balance sheet constraints and bank financing to the rise of their risks, is reported by less than a third of them and spoke mainly in quarter-end," said the institution.

Banks and particularly given the tightening tensions they encountered to finance markets and the prospect of entry into force of the new regulatory framework Basel III said, in favor of a strict control of the size of balance sheets and thus the volume of loans. This tightening of credit conditions has been accompanied by a decline in business demand, more sensitive SMEs (balance -33.2) than large firms (-15.1).

More worrying for the economy, the banks see these two tendencies assert themselves in the fourth quarter.

The last three months of the year, the institutions surveyed foresee a further tightening (net 41.6), the strongest since the third quarter 2008, which corresponded to the financial crisis. The banks provide the same time, a further slowdown in demand for corporate credit (negative balance of 34.6).

The French president in whirlwind visit to Beijing to prepare for the next G20, estimates that China has "a major role" in reviving global growth. "We need the G20 summit (…) make decisions and take part in the revival of global growth. This is a major issue and China has a key role," said Nicolas Sarkozy.

The next G20 summit in Cannes will "decide" to revive the global economy, China is playing a "major role" in the process, said Thursday in Beijing Nicolas Sarkozy. The French president was greeted by his counterpart Hu Jintao at the Palace of the people of Beijing, Tiananmen Square, for a whirlwind tour of about five hours, with talks on Libya and sovereign debt crisis, and a dinner working with the Chinese president.

"As chair of the G20, I could not imagine not coming to China to talk with my Chinese friends of the great economic issues of concern to the world," said the head of the French state. "We need the G20 summit (…) make decisions and take part in the revival of global growth. This is a major issue and China has a key role," he added, to sides of the Minister of Finance Baroin came just prepare for this appointment.

The next summit of the G20 (group of rich countries and major emerging markets, currently chaired by Paris) will be held in Cannes (south-eastern France) on November 3 and 4. "That France and China strengthen their dialogue is of great importance for the success of the summit in Cannes, for strengthening international economic cooperation and to promote recovery and healthy development of the global economy," said Hu Jintao.

Paris and Beijing in phase of the post-Qadhafi

Nicolas Sarkozy is located in Beijing while the fall of the regime in Libya is not complete: the remaining pockets of resistance in Tripoli after the entry of rebel and Colonel Qaddafi is not found. But after being in Paris on Wednesday the number two of the rebellion Libya, Mahmoud Jibril, Sarkozy has proposed a conference of "Friends of Libya" on 1 September in Paris, which would go beyond the mere contact group and include the major emerging economies such as China. If China was hostile to the coalition strikes against Libya, it is however in line with Paris on the post-Qadhafi since Beijing also wants to see the UN play a "leading role" in Libya.

But the official newspaper China Daily Thursday gave a somewhat optimistic vision of the post-Gaddafi, saying "inevitable chaos and conflict emerge as the various opposition factions will fight for the political leadership." "China must maintain contact with all parties," added the newspaper.

The presidents Sarkozy and Hu should also talk about the problem of sovereign debt in Europe that undermine stock markets. The Global Times said Thursday in its Chinese version that Sarkozy "has just (in Beijing) first to get the continued support of China on the resolution of sovereign debt crisis in Europe." Considering that "26% of foreign exchange reserves of China are in euros," Ding Chun, professor at the Center for Research on Europe at the University of Fudan, Shanghai, called in the official newspaper of Europe to put the finances in order.

"The EU and Sarkozy have, while calling on China to take more responsibility in maintaining the stability of the global economy, making a decisive and courageous sacrifices (…) that developed countries must to face global challenges. " After a press statement, Mr Sarkozy will resume early in the evening fly to New Caledonia where it is to open Saturday the fourteenth game of the Pacific.

European shares are hesitant in early trading Wednesday, shared expectations of measures to support the U.S. economy that the Fed could announce Friday and a persistent stress associated with growth faltering and sovereign debt crisis.

Around 9:30, the CAC 40 index, after opening up a passage and then into the red, ahead of 0.31% to 3093.85 points

London fell slightly by 0.23%, Frankfurt is 0.24%, 0.71% Milan, Madrid 0.12%.

The EuroStoxx 50 is 0.09%, Eurofirst 300 lost 0.14%.

Anxiety remains on the market, related professionals, the decision of Moody's lowered by one notch the debt rating of Japan, to Aa3, having come to remind the absence of long-term solution to the crisis sovereign debt.

"The actions may give the impression of falling back on their feet, but the financial stress is always on the rise," said strategists rate of Societe Generale, who are concerned about the widening spreads on CDS and cash banks and their difficulties of long-term financing.

Those responsible for the asset allocation of Societe Generale noted in turn that hedge funds are net short positions opened on a scale comparable to those of 2008 (in a financial crisis, Ed) on the most liquid segment of market shares, that is to say about the S & P 500.

They add that the same hedge funds unwound their net short positions in U.S. government bonds.

"Fears of a recession wiped out expectations of rising bond yields as well as the recent decision by the Fed to keep rates low until at least 2013," they say.

The euro declined against the dollar and is trading around 1.44 against 1.4432 dollars late Tuesday.

Yields on government bonds French and German 10-year stay close to their historical low, respectively 2.12% and 2.78%.

Investors are waiting in the morning the Ifo index of business climate in Germany, then the durable goods orders in July in the United States.

The CEO of Publicis, Maurice Lévy, the French hope that the richest pay an outstanding contribution to participate in the national effort to reduce the deficit. The CEO of the advertising group Publicis, Maurice, in December 2010.

The President of the French Association of Private Enterprises (Afep), Maurice Levy, said he favored a "outstanding contribution" of the highest incomes to reduce the budget deficit of France, in an article in Le Monde newspaper published Tuesday. Calling for an "outstanding contribution of the richest, most privileged, the wealthy," the CEO of Publicis, considers "essential for the solidarity effort begins with those whom fate has preserved."This recommendation echoes that of billionaire investor Warren Buffett, who on Monday called on U.S. lawmakers to raise taxes for the wealthy to reduce the huge budget deficit of the United States.

In its platform, Maurice Levy says will include "all those who can by their means necessary to participate in this national effort" and not just CEOs. The government intends to introduce a windfall tax from 1% to 2% on income tax reference than one million euros. The device will be stopped by the end of September.

To achieve the reduction of public deficit, the president of the Afep also stresses that it is necessary "to cut as much spending as planing or remove tax loopholes."Other measures that advance figure "a deep reform of our administrative structures and social systems", without further details. "This is to bring the deficit to zero and to reduce the tax burden to bring them to the European average," he adds.

About the golden rule of balancing the budget, he "regrets" that it "is not universally supported by all political" because "it is in the future of our country." This "golden rule" is planning to include in the Constitution the principle of "framework laws to balance public finances," who plan on at least three fiscal efforts that France must provide to restate its accounts.This constitutional reform remains to be adopted by a majority of three fifths by the deputies and senators met in Congress at Versailles, while the opposition, denouncing a communication operation of the government, refused to vote.

Rather than accuse Standard & Poor's, many American analysts urging their leaders to build compromise in the fight against deficits. Press review.

Two days after the decision by Standard & Poor's (S & P) to degrade the sovereign rating of the United States, the subject is still widely debated in the U.S. media that detail the causes and consequences. The painstaking agreement on raising the debt ceiling, which narrowly averted a default, has left its mark among columnists and observers: many consider policies unable to leave the United States of the rut.Other pin on the rating agencies, even giving the impression of preferring to kill the messenger.

America stung

Symbolically at least, the blow is more severe: the loss of its "AAA" rating, the debt of the United States, the world's largest economy, is no longer considered completely safe. On Saturday, politicians and economists have begun to accuse the rating agencies, Standard & Poor's in mind, even though so far, "economists and U.S. officials were still spectators [degradation of sovereign ratings of European countries]," observes Brian Blackstone, the Wall Street Journal.

Several critics have quickly emerged. First, the United States would have no lessons to learn from a player who has not seen the credit crunch coming in the fall of 2008."Much of our current debt is directly or indirectly related to the fact that S & P has not done its work before the financial crash. Until the eve of the collapse, S & P gave a triple A certain institutions riskier credit, "recalls, in the Huffington Post, blogger and academic Robert Reich. "Excuse me for asking, but what now allows Standard & Poor's to dictate to the United States of how much debt it has to offload and how?" He asked.

"It's like if a young man who killed his parents then complained of being orphaned," summarizes Paul Krugman in The New York Times. The former Nobel Prize in Economics is also up on the error of 2000 billion as Standard & Poor's have made in the calculation of U.S. debt."[Rating agencies] are the last people to whom we must trust," Judge said.

To William Alden, who also wrote the Huffington Post, the "decision of S & P also plays a critical period of weakness", with growth of just over 1%, a weak manufacturing output and consumer spending down.

A "kick ass" saving

But most journalists and editors do not agree. The prize for irony belongs to John Cassidy, who says in the New Yorker as Standard & Poor's "work is public service.""Losing the AAA will be only one of the many humiliations which the country will face in coming decades if the American political system is no longer able to function any less effective," said he.

Rather than "shoot the messenger", many analysts believe like him that the real responsible for the degradation of the note are to be sought in Washington. 'Since 2000, the U.S. launched two wars and introduced two major welfare programs (…), while cutting federal taxes at their lowest level in sixty years.This is not the behavior of a responsible nation (…), but that of a country that uses its role as world reserve currency debt for low-cost, "Justice John Cassidy.

This is followed by the Washington Post, columnist Jonathan Capehart, whose cries: "Thanks for the kick in the ass, Standard & Poors" Degrade the U.S. debt rating is "all that Washington needed," said one who urged Republicans to more responsibility, and the Democrats to abandon their intransigence on the reform of welfare, to ward off the "dirty fighting" on the ceiling of the debt.

Because that's what it is: the press has clearly not forgiven the humiliating series of debates on raising the debt ceiling, seen as one of the main triggers of loss of confidence in the U.S. economy.While S & P was actually wrong in his projections, "the error does not take away any credit to serious concerns about the stability of American finance, and the fact that Washington is unable to take a drastic measure without a gun to their head "observes the Washington Post.

"The attempt to discredit the Obama administration to S & P only worsens the image of the United States," Judge the Wall Street Journal. As for George Bottom, political reporter for ABC Television News, he understands that the U.S. Treasury Secretary Timothy Geithner himself shares the Standard & Poor's, yet he has publicly criticized …

Lessons to ponder

Several media outlets called the policies of the laws to vote quickly to reassure the markets, including three free trade agreements still pending.But these calls for consensus will be heard? Not sure, according to the first political reaction. The Wall Street Journal in its Monday edition, says "the new hobby of Washington" mutual recriminations among Democrats and Republicans, have caused the loss of the AAA. The first aim of the Tea Party and "the intransigence of the Republicans who, during the crisis in the debt ceiling, a Standard & Poor's believes that the federal government no longer worked, and was less able to cope with rising deficits" .

Republicans attack Barack Obama by pointing their "failure of leadership on the economy," the financial daily.In the camp of the President, at the lower of its popularity, we want to believe instead that the decision of S & P "reinforces the plea to the President for a comprehensive plan for deficit reduction, with the key a tax increase and a decrease social programs. "

Remains to be seen what the real consequences in the short term. "The deteriorating U.S. note requires a review of the concept of risk in the global economy (…). If the United States are not as safe as they have been (…) What country can still boast of being? "asks Michael Schuman in TIME magazine, citing the case of France. But he said the strong dollar and Treasury bonds deprive the U.S. of serious competitors. "The challenge the world now faces, he concludes, is that there is nobody to take the place of the United States at the center of the global economy."