Business And Personal Finance

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.

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.

The revolt of the Greek people is all governments in Europe under pressure "and" this is only the beginning of a process, "he hoped.

François Bernacchi, vice president of Attac Country of Avignon, estimated that Mr. Papandreou shows "the example it is possible to have a democratic consultation." This event marked the beginning of a "people's summit" because of panel discussions and organized until Thursday in Nice, in response to the G20 Summit this weekend in Cannes, whose center is completed by strict safety device, 30 miles away.

Five arrests

In the morning, three Spaniards claiming a movement "anarcho-punk" and in possession of axes, and two Belgians equipped with steel balls, were arrested in Nice. The first three appear in court Wednesday, the two Belgians were released.

Live: a few hours after the Brussels summit that gave birth to decisions on the rescue of the euro area, L'Expansion. Com offers live to follow the reactions in France and worldwide. Markets, for now, enjoy. The President of the European Commission Jose Manuel Barroso, Portuguese Prime Minister Jose Socrates, the President of the Républilque Nicolas Sarkozy, German Chancellor Angela Merkel, the Lithuanian President Dalia Grybauskaite and Finnish Prime Minister Mari Kiviniemi, at Brussels, 28 in October 2010.

Europe was finally granted for an answer to the crisis in its currency. Among the main decisions taken by EU leaders, the discount of 50% of Greek debt held by private creditors. This represents a total deletion of 100 billion euros of Greek debt, currently at 350 billion euros.

To allow banks to bear these losses, a recapitalization plan of 106 billion euros will be established, which will allow European banks to achieve a capital ratio of 9%.

Finally, the most discussed point dernères this week: capacity to 1,000 billion euros from the European Financial Stability Fund (EFSF). Two mechanisms will be put in place to achieve this amount. The first is a system of guarantees provided by the fund on the bonds of fragile countries (Greece, Italy, Spain …) purchased by investors, which will restore confidence.

The second, which will host a special fund investments from foreign countries, including China, Brazil or Russia. This fund should be "in close cooperation with the IMF," the text.Here are the reactions to the EU summit.

9:51: China welcomes the "European Consensus" should "support market confidence" and breathe "new vitality" to European integration as a spokesman for the Chinese Ministry of Foreign Affairs. Beijing should be involved in the rescue of the euro via the mechanism of strengthening the EFSF. China already holds $ 500 billion European bond analysts said. It has 3200 billion in foreign reserves. Russia – which could also help Europe – show for its "cautious optimism"

9:49: The British Finance Minister George Osborne welcomed the "very good progress" in the euro area, on the airwaves of BBC Radio. He now asks that the European leaders set out the "details".Britain was illustrated last week by demanding to be further consulted on decisions affecting the euro area.

9:31: Daniel Cohn-Bendit called the agreement a "small step". He finds that the eurozone is the book "bound hand and foot to emerging countries" and especially to China. "You can not discuss a protection against social and environmental globalization and ask those with whom you negotiate this coverage to pay for your crisis". It is "a bad solution, politically dangerous," said co-chair of the Greens in the European Parliament.

9:26: BNP Paribas ensures it will be able to reach the minimum capital ratio "hard" of 9% set by the European regulator at the end of June without raising funds on markets

9:15: The World Bank President Robert Zoellick speaks "a milestone" that will "save time"."I hope that this important first step will lead to a broader approach to help the world economy to resume growth," said the president of the World Bank.

9:00: European stocks up sharply

Paris opens up sharply from 2.43% to 3246 points and takes more than 4% in early trade. The Dax gained 3.43%, 1.72% London, Milan 2.7%, 3% and Madrid. The Athens Stock Exchange is 4.9% Bank stocks soar despite the need to give up 50% of their claims on Greece. Societe Generale climbed 13.5%, 12.8% of Credit Agricole and BNP Paribas of 12.7%. In Germany, Deutsche Bank and Commerzbank takes nearly 9% to 7%."These measures could mark convincing the prelude to a rebound in banking stocks in particular French and overly abused since August 2011," strategists believe Credit Mutuel-CIC in a note.

8:27: The agreement reached in the night saved the single currency, according to Economy Minister Baroin interviewed on RTL. "The agreement is a response that night ambitious, comprehensive and credible," said the minister. "That's what will solve the case, that's what we come out of the turbulence, that is what will the economic rebound, that's what will stabilize the euro area and global growth", at he said.

8:19: Alain Minc, an economist and close to Nicolas Sarkozy said on Canal + in Brussels that the agreement "should calm the markets." Moreover, the Economist sent a picnic to the Prime Minister of the second country that threatens to pitch after Greece and Italy."The day falls Berlusconi – which will eventually happen – there is no problem because Italian is a wildly emotional issue and therefore how we set up even appear to be very important," he analyzed the specialist.

8:18: The Tokyo Stock Exchange ended sharply higher than 2%. Investors welcomed the Europe Agreement against the debt crisis in the eurozone.

8:00: The euro briefly reached $ 1.40 after the summit. This is the first time since Sept. 7 that the European currency reaches that level. The euro also rose to make the Japanese currency.

8:00: Daniel Cohn-Bendit calls for "a federation of the United States of Europe" in an interview with Liberation."Today is the economic war, it is the markets, as immoral war is immoral, we impose that choice: give up and go, or move up a gear towards the federalization," says co-chair of the Greens in the European Parliament.

The trial of Michael Jackson's doctor will soon bring the light of the circumstances of the death of the King of Pop. It is also an opportunity to revelations gains post-mortem of the star and use. Michael Jackson has reported nearly 400 million since his death June 25, 2009.

Two years and three months after his death, Michael Jackson continues to be talked about. The trial of the doctor opens Tuesday in Los Angeles. Conrad Murray is accused of manslaughter for having administered a powerful anesthetic June 25, 2009. But the trial is also an opportunity to shed light on the business post-mortem of Michael Jackson.

A hoard of 400 million

According to a report filed with the court a few days ago by the two executors of Michael Jackson, John Branca and John McLain, the gains of the singer since his death amounted to $ 310 million.And again, this sum is it terminated in December 2010. "Since then, commercial sales have continued to report additional income," specify the executor without giving the amount. According to Forbes, his total income would be close in fact $ 400 million, after the commercial success of his posthumous album "Michael" (3 million records) and sales of the DVD "This is it."

The singer's productions are not the only source of income. The catalog of songs owned by the company and Sony Jackson, valued at $ 1.5 billion, would yield each year between 50 and 100 million to two companies.It includes a half-million songs including 250 Beatles songs, titles of Bob Dylan, and Elvis Presley.

A fortune used to offset debts

The financial windfall of the singer in particular was used to pay the huge debts accumulated by Michael Jackson. And there were many. The Wall Street Journal has even mentioned the $ 500 million in the aftermath of his death, but this was not confirmed. He owed money to "tens of debtors," said the report simply the executors. Of the total 310 million won, "159 million was spent to pay the debts, maintenance of children and to cover funeral costs," Forbes understands.Canadian newspaper The Winnipeg Free Press said that some of the debt has been mopped but some creditors are still demanding their money.

Jackson claims his family heritage

Part of the remaining amount will soon return to the family of the singer. According to the document, John Branca and John McClain, the heirs have requested the release of $ 30 million. This amount will be divided between the mother of Michael Jackson, Katherine, and three children of the singer, Paris, Prince and Michael Joseph Junior, custody of their grandmother since the death of the artist. Another part will be allocated to charities, but the text does not mention who they are or how much will be allocated. In addition, the document states that $ 30 million will be only the beginning, other unlocks should come later.

The text adds that Katherine Jackson would sell the family home in Encino Hayvenhurst. It has not yet been estimated but it was worth $ 4.15 million in 2010. The family should take a much higher price, after making many renovations inside. The judge in the case must approve such requests on Wednesday.

Jackson brand: a bottomless pit?

The revenues of the star continue to benefit from the huge wave of nostalgia that has gripped the world after his death June 25, 2009. U.S. magazine Billboard have estimated the first anniversary of his death that the singer had reported $ 1 billion of revenue to the various cultural actors in the sale of CDs, movies, ringtones by phone, or even video games …

The effects on sales, however, should stabilize in the coming years, says Forbes.But nothing to worry about the Jackson family. According to the calculations of the magazine, the singer's earnings could be between 75 and 100 million dollars a year. Enough to leave Paris, and Prince Michael Joseph Junior freedom from want for a few years …

The pan-European Euro Stoxx 50 index gained 2.29%, but its implied volatility index remains at levels close to those recorded in August despite a decrease of 4.86% on Wednesday.

"The configurations of the lowest values ​​make you want to buy for those who like to put in front of the trend. Oversold is strong, with significant support.Within the European indices, banks once again accuse the largest declines due to exposure to sovereign debt.We also see that the volatility particularly for banks, "said Benedict Peloille, equity strategist at Natixis.

The real estate industry has accused the only sector down (-0.72%), penalized by several downward revisions of earnings estimates by analysts for several days.

However, the automobile (5.08%), including the Frankfurt Motor Show opens its doors to the public from September 15 to 25 after two days reserved for the press, the best performing European sector, supported in particular by redemption with it, the sector still showing a decline of more than 31% since July 22.

The relative optimism of investors has resulted in a marked rise in the performance of the German government bond (Bund) to 10 years to around 1.88% against 1.79% the day before closing. The other safe haven, gold, for its part has given up 0.88% to 1,817.15 dollars per ounce.

The euro, which was passed under $ 1.36 in the morning, rose against the greenback around 1.3706 dollars (0.17%).

A sale of the Company in general management company Amundi is strategically the most sense among the options available to the French banking group to improve its financial situation, say analysts and fund managers polled by Reuters.

The French bank, already forced to leave in early August its financial targets for 2012, said Monday that it would proceed with asset sales and cost reductions to free up four billion euros in additional capital by 2013. CEO Frederic Oudéa said the sale will take place in the asset management, investor services and financial services.

"The bank is in a very bad happening today.She has no choice, she will have to sell the family jewels to pay off debt and improve its capital position, "said Fabrice Cousté, CEO of CMC Markets.

The managers believe that, already in asset management with Lyxor, the Company generally does not need to be also through CAAM, its joint venture with Credit Agricole in which it holds 25%.

Especially since Lyxor Amundi competition and the 'green banking', which holds the remaining 75% of Amundi could enjoy being sole master on board.

"PILL ANTI-TAKEOVER"

"Strategically, Lyxor is closer to core business (investment banking, network, etc.) of the Company qu'Amundi general," notes Frédéric Jamet, Director of Management at State Street Global Advisors France.

"Amundi had a strategic interest in Societe Generale as pill anti-takeover, but now it is not the issue.A rational, logical, would be to focus on activities identified clear and validating the strategic refocusing of the bank, "he adds.

Analysts estimate that as other European banks, Societe Generale is underfunded and needs to raise new funds, while its capital adequacy ratio "hard" (core Tier 1) stood at 6.6% in Scenario macroeconomic worst in recent bank stress tests conducted in Europe, the lowest of French banks.

"Banks need to raise more capital to avoid bankruptcy, especially if exposure to Greece continues to affect markets. A core Tier 1 ratio between 3% and 5% is too low, it must be significantly higher .From 8% this ratio begins to be sufficient, "said Stefan Isaacs, bond manager at M & G Investments.

Another track planned by Fabrice Cousté, SocGen could give Boursorama, which it owns 55% according to Reuters data. Boursorama is valued around 560 million euros in stock, or about 5% of the capitalization of the Company generally.

No one was immediately available at Societe Generale and Credit Agricole declined to comment.

Standard & Poor's downgraded the sovereign rating on Friday the United States, culminating a week of panic in financial markets alarmed by the scale of public debts and a slowing global economy.

Sign of the deep concern of world leaders, they have stepped up phone calls Friday and Italian Prime Minister Silvio Berlusconi has called a meeting of G7 finance ministers.

Markets are less and less confidence in Spain and Italy to honor their debts and the scenario of a domino effect in the euro area continues to unfold.The fear of tipping the U.S. into recession has also fueled the drop in global financial markets, who lost 2500 billion in one week.

After the close of Wall Street, the United States for the first time lost their precious AAA.Sovereign debt is now rated AA + by rating agency Standard & Poor's, which raises the specter of a further deterioration in a year.

This decision, rather expected, reflecting the deteriorating global economic climate and could have implications on the status of reserve currency the U.S. dollar.

China asks in a comment to Xinhua news agency that the international community to reflect a new reserve currency, "stable and secure."

Beijing, the first creditor of the United States, attacks in this dispatch to the U.S. government, demanding that it "faces the problem of structural debt."

BERLUSCONI TRANSFERS

The impact on the financial markets Monday may be minimal because this degradation is not unexpected but the consequences for long-term status of the United States and the dollar will be much more important.

"The global system must now adapt to the many implications and uncertainties induced by the loss, once unthinkable, the American Aaa," said Mohamed El-Erian, the investment company Pacific Investment Management.

This new development in the debt crisis increases the pressure on governments.In its analysis, S & P said the deterioration by the lack of fiscal consolidation plan adopted by Congress and the failure of leading Democrats and Republicans to govern together.

European markets also expect a rapid and effective government too indebted to their liking.

After Greece, Ireland and Portugal, investors fear that it is the turn of Italy and Spain, third and fourth economies in the euro area, have to seek a rescue.

Silvio Berlusconi bowed to international pressure by promising to accelerate the implementation of austerity measures and social reforms.

CALLS FOR COORDINATION

Source familiar with the matter, it is stated that the European Central Bank (ECB) has requested that the Italian government agrees to return to a balanced budget by 2013 instead of 2014, before buying Italian bonds and liberate Rome of market pressure.

Thursday, investors did not appreciate that the ECB does not buy Spanish and Italian bonds, limited to the sovereign Irish and Portuguese, while the yield of securities issued by Rome and Madrid exceeded 6%.

Two days later, it seems that it was a maneuver to push Silvio Berlusconi to act.

"In principle, we can say that the ECB could start to buy bonds if Spain and Italy (both countries) made an extra effort in terms of fiscal and structural reforms," ​​said a senior official told Reuters the euro area.

Jose Manuel Gonzalez-Paramo, a Spanish member of the Governing Council of the ECB, said he expected new government announcements on August 19.

China and Japan, the two largest foreign creditors of the United States, called for international cooperation, joined by the European Union.

"The international policy coordination across the G7 and the G20 is crucial," said the Commissioner of Economic and Monetary Affairs Olli Rehn, who interrupted his vacation to return to Brussels.

Silvio Berlusconi announced a G7 finance ministers "in the next few days" but his spokesman later explained that this was simply a desire to Rome and it was not yet agreed with the other member countries.

Britain, also affected by the volatility of markets, called "a concerted international effort" to avoid another global financial crisis, three years after the collapse of U.S. bank Lehman Brothers.

LVMH reported a very strong performance Tuesday with a semi-annual demand for luxury unabated despite the uncertainties surrounding the global growth, and revealed to have further increased its stake in Hermes.

The global luxury goods giant, whose share reported in the deluxe saddle was 20.2% up to date, continued its purchases to increase it to 21.4%.

"In the course of the semester, we increased our stake to 21.4%," said LVMH's chief financial officer, Jean-Jacques Guiony during a conference call.

The title of Hermes, whose float is limited to 7% today, has become highly speculative since the arrival of LVMH's capital in October 2010.

He had been a new outbreak since late May, to reach new highs of more than 240 euros, while rumors of acquisition by LVMH were rife in the markets.

Jean-Jacques Guiony said LVMH still held financial instruments reported in October on Hermes shares, namely 200,000 "equity swaps".

According to figures well above expectations and published by Britain's Burberry Hermes, the world's largest luxury was also pleasantly surprised.

In an industry sensitive to economic fluctuations and boosted by very strong demand in emerging countries but also in mature markets, sales of LVMH rose 13% in the first half.

NO SLOWING DOWN FOR

"We perceive no sign of slowdown in our markets around the world," said Jean-Jacques Guiony as an indication of changes to wait for the second semester.

He also said the group did not anticipate problems with production capacity at Louis Vuitton, gem of the group is its main profit center, thanks to its new leather open in the spring in the Drome.

Turnover totaled 10.29 billion euros, exceeding the consensus of analysts polled by Reuters (10210000000).Organic growth for its 15%, on a basis of comparison the already high (15% well), marking a slight acceleration over the first quarter (+14%), while analysts expected a settlement in the vicinity 12.5%.

Business performance related to cost management helped to boost the operating margin to 22% (20% a year earlier), a record for a first half and also very often higher than expected ranging from 20.5% and 20.7%.

In fashion, leather goods, the division's most profitable group with Louis Vuitton, sales were up 14% on organic and margin jumped nearly five points.

In wines and spirits (Hennessy cognac, Dom Perignon champagne, Ruinart and Moet & Chandon), turnover increased by 13% and the margin has been nearly four points.

Sales increased 11% in perfumes and cosmetics (Dior, Givenchy) and 18% in the selective distribution (Sephora, DFS).

But the prize goes to the pole watches and jewelry (TAG Heuer, Zenith and Chaumet), which will integrate the Italian jeweler Bulgari being acquired, with an increase of 27%.

The title LVMH closed Tuesday at 130 euros on the Paris Bourse, signing up 5.6% since early January. At these levels of courses, its valuation multiples stand at 19 times earnings estimates for 2012, similar to its rival Richemont, owner of Cartier and Van Cleef & Arpels.

The spectrum of U.S. investment bank continues to be called to warn against the failure of the country. But how non-payment of Greece could it lead to a new global financial meltdown? L'Expansion. Com you do the drawing. Greece in the storm

Be afraid. Be very, very afraid. That's essentially the message of the ECB when Jean Claude Trichet warned that failure to Greece cause a chain reaction to Lehman Brothers. U.S. authorities had believed in September 2008 that they could leave the failing investment bank subordinated to the lead … They had no idea that his fall would shore financial markets. Thus, some fear that the failure of a small country like Greece, which represents only 2.6% of GDP in the euro area and 4% of its accumulated deficits, could also have dire consequences globally.For the channels of contagion are many …

The domino effect on other "weak links"

If Greece fails, it means that the bailout failed. Investors conclude that the plans for other fragile states could be just as ineffective. So they start to sell their government bonds en masse Portuguese and Irish. It blew up the interest rates charged to these countries, which consequently even harder to refinance, which increases in a self-fulfilling prophecy mechanism usually markets, the chances that these countries will also default.

According to calculations by Dexia AM quoted by Le Monde, the cumulative financing needs of Greece, Portugal and Ireland reached 201 billion euros for the next 24 months.The European emergency fund and the IMF – which can reach up to 750 billion euros – can cope. Except that investors are so their attention on countries with intermediate risk: Spain, Italy and Belgium. By adding Spain, the amount of passes needs to 523 billion euros. But contagion to Italy more than doubled the borrowing requirement (1123 billion) and is the European emergency fund is insufficient. Nothing prevents these countries to fail and leave the euro area to find a more competitive currency.

European banks sink

Not only the Greek banks, force-fed up to 45 billion euros of public good, are collapsing, but the German and French banks, which hold 10 and 15 billion euros of Greek debt, wipe also heavy losses. Not to mention the exposure to the private sector.For French banks have also taken stakes in companies and massive Greek banks. Taking into account the public and private debt, the French banking sector is by far the most exposed in Europe with 44.3 billion euros.

But that's nothing compared to the consequences of failure to Spain, the French banks that have lent the equivalent of 9% of French GDP, the Dutch banks 16.4% of GDP of the country and the Portuguese 13 %, according to economist Charles Calomiris of Columbia University.

The interbank market is flu

More European banks are making losses on their claims, most other banks are reluctant to lend on the interbank market. Moreover, according to British newspaper The Telegraph, Barclays and Standard Chartered have begun to reduce the amount available to lend to banks in the euro area.Result, Spanish banks, unwelcome in the interbank market, crowd more than ever to stop the ECB from which they borrowed 53 billion euros in May, an amount up 26% from the previous month. More generally, the poor health of European banks results in a credit crunch and then a new recession.

U.S. banks affected

If European banks are those that are directly exposed to the debt of the weaker, the U.S. banking and insurance are not necessarily spared. Above Bank of America, Morgan Stanley and Goldman Sachs, who sold to European banks CDS as insurance against default risk "PIGS". According to the financial blog The Street Light, the United States are exposed to the Greek debt to the tune of $ 41.4 billion and therefore as much to lose from a defect that the Greek EU.

The saviors of last resort have disappeared

In 2008, banks on the brink had been imploring the assistance of states. Not this time: these states are now indebted to the neck, attacked by the markets and put on a diet. And to whom these states can they turn? The ECB, savior of last resort to which the euro is to survive so far, will hardly be in a good position if Greece fails, it will be busy as its losses on its portfolio in Greek bonds, estimated at 45 billion euros …