The new Italian Prime Minister presented his austerity plan to rescue the country from the grip of the market. Mario Monti – who is also Minister of Economy – promised to keep the accounts of Italy, while stimulating growth for the time being very sluggish. Mario Monti.
The new Prime Minister Mario Monti on Thursday presented a very ambitious program of austerity and recovery to restore "credibility" of Italy and help save the euro in a European Union through its worst crisis of the post the war. "Discipline, Growth and Equity" are the great watchwords of Mr Monti, which was the first speech programs before the Upper House of Parliament before it obtains in the late evening with confidence 281 votes support of 307. The vote of confidence of the members are expected Friday and should get on this occasion also an overwhelming majority.
You never know when an unexpected financial emergency may hit, leaving you short on cash and unable to make ends meet for the month. At times like these, payday loan lenders can give you the lift you need to make it through.Eviction announced by Pierre-Henri Gourgeon Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta, could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in the red and controversial management of the disaster of the Rio-Paris.
In this scenario mentioned in the press Monday, Juniac Alexander, former chief of staff Christine Lagarde, not only would the management of Air France, a decision that was already widely expected, but is positioned to take forward direction General of the entire Air France-KLM.
A spokesman for the group declined to comment, confirming only holding a board in the afternoon and the likely release of a statement later in the day.
Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, retained the presidency.
The shelving of Pierre-Henri Gourgeon reached in just over three months after its renewal in early July for a four-year term by the shareholders of the group by an overwhelming majority.
"It's a shock. It is a little surprised because Air France is not a company that used to act like that.However, it is rather good news for Pierre-Henri Gourgeon not really good news to analysts, "said one analyst who requested anonymity.
Around 24:15, the title gained 4.4% to 5.753 euros.It has fallen 62% since the beginning of the year, bringing its capitalization to only 1.7 billion euros, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and the Spanish Iberia.
Pierre-Henri Gourgeon and pay the price for its management of the company, which the French state holds 15.7% stake, which is too much debt, too slow to react and too wasteful, including labor costs well above those of its competitors.
According to press reports, Pierre-Henri Gourgeon Juniac Alexander would have required the newly created position of Chief Executive Officer of Air France as Jean-Cyril Spinetta supported the candidature of Lionel Guerin, CEO of Transavia France.
The catastrophe of the Rio-Paris flight in June 2009, the third serious accident suffered by Air France in a decade, has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and Analysts (BEA).
The media group News Corp. and movie has awarded its CEO Rupert Murdoch and son James of large increases in wages, but James said Friday waive his bonus, highlighting the controversy the illegal wiretapping of British tabloid News of the World.
The annual premium, announced Friday, would have increased the compensation of James Murdoch to 73%. His father, aged 80, received a 47% increase, bringing its total earnings to $ 33.3 million.
James Murdoch was to receive a payment of 17.9 million, with the bonus of six million. He will receive 11.9 million.The premium for his father is 12.5 million.
Vice President Chase Carey has seen its fee increase by 16% to $ 30.2 million.
As head of international affairs, James Murdoch is under fire from the media and the public since the revelation of the scandal at New Plays of the World July 4.
That same day, two longtime directors have announced their intention to leave the board. This is Thomas Perkins, who turns 80 this year, and Kenneth Cowley, 76. Jim Breyer, 50, will seek election to the board.
James Murdoch said he would consult with the Compensation Committee "to see if any premium might be appropriate at a later date."
So said Sunday the governor of New Jersey. Another evaluation reported losses of about $ 7 billion. Flooding after Hurricane Irene in Trenton, New Jersey, August 28, 2011.
The damage caused by Hurricane Irene could reach tens of billions of dollars, said Sunday on television the governor of New Jersey, Chris Christie. "The damage will amount to billions of dollars or even tens of billions of dollars," said on NBC the governor of New Jersey, whose state was hit particularly hard by Hurricane Irene, which in Sunday morning was downgraded to a tropical storm.
Another estimate, experts from Kinetic Analysis, a firm that develops computer models of the damage caused by weather, damage caused by Irene could cost 5 to 10 billion dollars, most likely around 7 billion. An official of the firm Kinetic Analysis, Chuck Watson, said further that the North Carolina and South Carolina, two states that were the first to be affected by the hurricane, could expect losses of up 200 to 400 million.
Losses should weigh more heavily than usual on governments, businesses and citizens, he said. "It does not appear that there is a lot of direct damage related to the wind other than fallen trees," said he."Most of the structural damage will be caused by the rising water because of rain and coastal flooding, which is not covered by private insurance," he adds.
In addition, many companies provide that the insured cover a higher amount of damage in the past. Finally, much of the costs associated with Irene, downgraded to a tropical storm Sunday, will be due to the cessation of operations and evacuations, in the absence of damage, not covered. This will, inter alia on the tourism sector, which may not normally enjoy the weekend, extended by one day Labour Day.
Hurricane Katrina, which devastated New Orleans in 2005 caused losses estimated at more than $ 100 billion. The heart of the depression has reached New York on Sunday morning, where it caused heavy rains and flooding.
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.
The Societe Generale shares ended Thursday on a rebound of almost 4%, with most other financial stocks after the French heavy fall the previous day.
Extreme nervousness prevailed throughout the session as investors fearing a scarcity of financial resources available in the European banking system.
Banks borrowed more than 4 billion euros, its highest since mid-May, the European Central Bank under the Credit Facility to one day of the ECB, which is higher than others.
French banking stocks, after being divided down in the late morning, have all ended in the green.
Societe Generale, which had plunged nearly 15% Wednesday, closed on an increase of 3.7% to 23.00 euros, Credit Agricole of 5.14% to 6.385 euros.
Affected by exposure to Italy, BNP Paribas has completed the session on a more limited increase of 0.31% to 35.72 euros.
The European banking index on the other hand finished up 3.9%, particularly driven by the rebound in banking stocks Italian and British.
Asia banking sources have told Reuters that Asian bank had cut its credit lines to large French banks and five other institutions in the region were currently reviewing their credit.
The diverse group of American Honeywell International said on Friday quarterly profit rose, and raised its annual targets.
"The favorable macroeconomic trends in global security, energy and globalization, coupled with our ongoing investments in new technologies, high-growth areas and initiatives will enable the Group to continue to grow and outperform, now and long term, "says CEO Dave Cote in a statement.
Honeywell, leading manufacturer of electronics, announced Friday a net profit of $ 810 million, or $ 1.02 per share.This represents an increase of 43.1% compared to $ 566 million (73 cents per share) announced a year ago.
BPA at comparable scope of business has reached $ 1.00, slightly more than the 98 cents expected on average by analysts.
Turnover reached 9.09 billion dollars, up 14.6% year on year (7.93 billion dollars in the second quarter 2010).
Honeywell now expects 2011 revenue of between 36.1 and 36.7 billion, an increase of 12% to 14% over the year.
The annual benefit is now provided from 3.85 to 4.00 dollars per share, against 3.80 to 3.95 dollars in previous estimates.
In early trade at the opening of Wall Street, the title fell by 3%.
Alstom confirmed on Wednesday its operating margin target of between 7% and 8% in 2011-2012 but warned that the weakness in sales, down 12% in the first quarter, would affect its performance in the first half.
The specialist in energy infrastructure and transport, adversely affected by the low level of orders received during the crisis, but saw them bounce back from 44% to five billion euros in the first quarter (April 1-June 30).
"The low level of sales in the first half of fiscal 2011-2012 will affect the operational performance and free cash flow this time," he said in a statement.
"The financial structure remains solid, and the combined effect of recent market recovery and the positive effects of restructuring plans, an improvement is expected in the second half."
Around 11:20, the title Alstom was down 1.52% to 37.865 euros, the fastest decline of a CAC 40 up 0.52%. The share rose 5.7% since the beginning of the year.
Analysts have noted that first quarter figures were below market expectations, both in terms of sales and orders."The top of the forecast range seems ambitious," wrote one of them in a note.
Between April 1 and June 30, Alstom sales reached 4.526 million and 5010 million orders, emerging markets accounting for 63% of the contracts registered during the period.
28 MONTH SALES
Analysts polled by the editor of Reuters on average expected sales and orders between 5 and 5.5 billion euros.
Outside the branch Grid, the electricity transmission business has been consolidated since June 2010, order intake and sales of the group have increased respectively by 34% and decreased 23% in the first quarter 2010-2011 .
A 47 billion at June 30, the order backlog totaling 28 months of sales.
Orders for the first quarter jumped 77% to 2.8 billion euros in the activity "Thermal power" (thermal power), recording their best quarter in two years, but sales of this business were down 29% 1.9 billion.
The Financial Times also wrote Wednesday that a Spanish consortium made up largely of OHL and Talgo has won a contract worth seven billion euros to build the high-speed rail line in Saudi Arabia, linking the holy cities of Mecca and Medina in Jeddah, the expense of the consortium led by Alstom.
The Spanish Ministry of Public Works, asked on Tuesday to press reports from the same lines, said that companies were well positioned Iberian but the contract had not yet been formally awarded.
"Traditionally, every decision is announced by the client (…). If a negative decision was notified us it would be a sad news," in turn told a conference call Patrick Kron, CEO of Alstom .
Asked whether Alstom was considering a new merger with Areva for the appointment of Luc Oursel at the head of the group, replacing Anne Lauvergeon, Patrick Kron said: "(The record) is not on the table and n ' is nowhere in my office. "
Renault expects its business results in the second half of the world are better than the first half of the year, said Tuesday the group's chief operating officer, Carlos Tavares.
The leader added that the commercial results of the first half, to be announced next week, reflecting the impact of the earthquake Japan, which led to supply problems in the area.
Renault, which must publish its full interim results on July 28, announced in late April sales of the first quarter well above expectations, to 10.43 billion euros, up 15%.
The builder then had the diamond that he was ahead of the outlook published earlier this year: an increase in sales volumes and revenues, and a "free cash flow" operational the car more than 500 million euros.
The numbers of new car registrations in France in June were published Friday in turn reflects a situation remains difficult due to the end of the scrapping, which suggests an intense commercial battle in the second half.
The Renault shares closed Tuesday down 0.54% to 41.13 euros. She won 20% since the beginning of the year, compared with an increase of 5.2% of the CAC 40 index.
The new Portuguese government center-right has submitted to parliament Tuesday a four-year program to meet its obligations to international aid plan of 78 billion euros.
As agreed with the International Monetary Fund (IMF) and the European Union (EU), the government wants to dispose of state participation in the utilities company Energias de Portugal (EDP) and the operator of the network electricity REN in 2011.
The state should also get rid of the insurance business of Caixa Geral Depositos and the airline TAP, but gave no timetable for the two disposals.
"The Portuguese State must strictly fulfill all obligations to the expected international support is needed to market and return to growth and job creation," we read in the program, which will be discussed by Parliament on Thursday and Friday.
The Portuguese press believes that the implementation of this plan could be accelerated to achieve the target set for 2011 to bring the deficit to 5.9% of gross domestic product.
The document does not, however, deadlines for most of the measures, which also include the recovery of VAT on certain products, the suspension of the proposed high-speed link between Madrid and Lisbon, and a reduction in employers' social contributions.
Portuguese budget deficit was 9.1% of GDP at the end of last year, while the previous government was 7.3%. The aid package granted to the country is planning a return to 3.0% by the end of 2013.