Warren Buffett wants more taxes for the rich

American billionaire Warren Buffett wants his share of sacrifice to help America reduce its budget deficit. In an article published in The New York Times, the head of Berkshire Hathaway investment fund called on parliamentarians to raise taxes on Americans with annual incomes exceed a million dollars, and even more taxing those who earn more than ten million dollars per year.

He said it does not hurt to use or for investment, while helping to clean up the country's finances. "Our leaders have called for shared sacrifice, he writes. But when they did ask, they spared me. I checked with my friends to see which mégariches sacrifices they expected.Them either were not affected. "Warren Buffett has led his small survey: last year's tax rate accounted for 17.4% of its taxable income, while that of 20 workers in his office was between 33% and 41%.

"While the poor and middle class fighting for us in Afghanistan, and while many Americans are struggling to make ends meet, we, the mégariches, continue to benefit from special tax exemptions," says the American billionaire.

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CO2 quotas: China puts pressure on Airbus

On the eve of closing the doors of the Salon du Bourget, a shadow could come tarnish the immense success of the European manufacturer Airbus at the time of high mass biannual aerospace. While the group has announced four days a new record of orders, with 72.2 billion worth of contracts garnered the announcement by China of a possible blockage of a contract for $ 3.8 billion ( 2.7 billion euros) for 10 A380 looks like a grain of sand from the well-oiled machine seize up.

At least, that understands the Financial Times on Saturday. Echoing the words of sources familiar with the matter, the newspaper said that Beijing had threatened "to undermine a deal worth billions of dollars for 10 Airbus super jumbos" in protest against the decision of the European Commission to include air transport system in the trading of CO2.This measure is to buy permits for each tonne of carbon emitted dioxin in European airspace, beyond a certain threshold. The Asian company Hong Kong Airlines was the official control of very large aircraft at the Paris Air Show. But the hardening of the Chinese position facing the European measure prevents the conclusion of the agreement, according to sources.

This disagreement does not allow to increase to 12 orders for A380 harvested at Le Bourget. Thursday, Airbus had reported a firm order for 10 A380, from an unidentified customer. According to one industry source, this command corresponds to that of Hong Kong Airlines. The counter for very large aircraft will remain blocked for the moment 2.

The case could also be amplified in the coming months no fax cash advances. "These are not the only contracts held hostage by the Chinese.One on the A380 could be only the first, "explains the paper citing its source. Because the European manufacturer has other current contracts with the Middle Kingdom. Meanwhile, the Airbus management is counting on a visit to Berlin next week Chinese Prime Minister Wen Jiabao, to unblock the situation and conclude the contract.

"No plan B '

Beyond this contentious spot, the tour in Europe, China (Wen Jiabao arrived here Friday in Hungary, a country holding the rotating presidency of the European Union) should be an opportunity to address the underlying problem of quotas. A delicate matter, the European Commissioner for Climate Action, Connie Hedegaard has formally ruled out that the Chinese retaliatory measures have any impact on the measure, scheduled to take effect next January. "There is no plan B. Our position is very clear.We would not amend, "she said.

Faced with this inflexibility, Tom Enders, the boss of Airbus, for its part called on Europe to be flexible, saying the "madness of attracting reprisals" from a player as influential as the China. For the latter, comply with the requirements of the EU would entail, for the Chinese airlines, a surcharge of $ 126 million in 2012, according to data from the China Air Transport Association (CATA). This figure set to rise in coming years, when China's increasing its flights to Europe. In his struggle, China is also supported by the United States.

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The Paris Bourse closed in deep red

The Paris markets still 3800 points away on Thursday. At the close, the CAC 40 drops 2.16% to 3787.79 points. In its wake, the London Stock Exchange ended down sharply, the FTSE-100 index of the core values ​​losing 1.71% to 5674.38 points. Featuring Dax index of the Frankfurt Stock Exchange also ended down sharply from 1.77% to 7149.44 points.

European markets have increased their decline late in the session, according to the temper of the U.S. markets. These show heavy losses after the publication of a series of bad statistics.

The weekly jobless claims rose in the United States during the week to June 18, at 429,000 against 420,000 (revised) the previous week, said Thursday the Labor Department. Economists on average had expected 415,000 jobless.In addition, new home sales fell 2.1% in May for the first time in three months, according to figures from the Commerce Department. On an annual basis, sales came out at 319,000 units. Analysts had expected 310,000.

Also in the United States, a report by the Congressional Budget Office (CBO) on Wednesday warned against an explosion of net public debt, which can reach 100% of GDP by 2021 if nothing is done to correct the current course. In addition, the U.S. central bank is now focusing on a GDP increase of less than 3% in the fourth quarter.New measures could be considered if the economic situation deteriorated.

In China also, the index of HSBC measuring manufacturing activity fell in June to its lowest level in eleven months.

In the euro area, the ads are not as fun. PMI purchasing managers fell in June to its lowest for twenty months to 53.6 points, confirming a slowdown in European economic activity. The growth of private sector activity in France has slowed more than expected in June.

Note that European leaders find themselves on Thursday night in Brussels at a summit to try to reassure their ability to stem the endless debt crisis in Greece and prevent contagion throughout the euro area, which worries more and more abroad.Other items on the agenda: the confirmation of the appointment in November of the Italian Mario Draghi as President of the ECB to replace Jean-Claude Trichet.

Oil unscrews

On the currency markets, the euro fell sharply against the dollar on Thursday, as the market digested the Fed announcements. The single European currency was worth 1.4254 dollars against 1.4349 late Wednesday.

For their part, oil prices tumbled on Thursday as well, dropping more than $ 8 in London and close to $ 6 in New York, after the decision of the International Atomic Energy Agency (IEA) to tap 60 million barrels in its strategic stocks to supply the market. In New York, a barrel of "light sweet crude" (WTI) to let go due in August 5.02 to $ 90.39 dollars, after touching 89.69 dollars, its lowest level since Feb. 21.A barrel of Brent North Sea crude for August delivery fell 7.61 dollars in London to 106.60 dollars, after getting off a few minutes earlier to 105.72 dollars, its lowest level since May 6

EDF denies

Side values, only EADS, parent company of Airbus, is in the green at the end: the title earns 0.78% to 22.02 euros. The low-cost Malaysian airline AirAsia has placed a firm order for 200 Airbus A320 Neo, a record in civil aviation in number of units sold bad credit personal loan lenders. Thanks to the mega-contract, the total firm orders for Airbus is about $ 58 billion for 621 aircraft. The buyers of the Airbus A400M signed a framework agreement on the development and maintenance of the fleet of the future military transport aircraft. Furthermore, after signing an order for sixteen billion dollars with Indigo.American Airlines could also favor the European aircraft manufacturer at the expense of its rival Boeing.

Banks suffer: BNP Paribas lost 3.86%, 3.55% Societe Generale, Credit Agricole and Natixis 3.75% 3.45% while trades a private sector participation to a new plan of aid to Greece . European banks resisted, however, a defect in Greece, according to Bernard de Longevialle, head of bank ratings at Standard & Poor's. Note that BNP Paribas bought 25% of Findomestic to the bank Intesa Sanpaolo for 629 million euros and now holds 100%.

EDF (-1.92% to 25.59 euros), which plunged 3% yesterday at the meeting, had to deny rumors of leaks in nuclear plants in France. The CGT has nevertheless confirmed that called for an end of a reactor at the plant in Seine-Maritime Paluel due to extraordinary levels of radioactivity.The electrician has admitted it yesterday "an accumulation of small differences" after the publication of an article Mediapart citing incidents in series.

In addition, the dean of French nuclear reactors, the central Fessenheim, would be allowed in the coming days to continue to operate for ten years.

EDF is also increased to 96.71% of share capital and voting rights of EDF Energies Nouvelles after the public offer launched on its subsidiary, announced Thursday the AMF in a statement.

Air France-KLM lost 3.36% to 10.08 euros.

Dassault Systemes (-2.25% to 56.43 euros) a table of double-digit increase in sales in the aerospace and defense between 2010 and 2014 thanks to the many innovations offered by these sectors, said Wednesday Reuters its chief executive Bernard Charles said in an interview.

Automobile manufacturers seek to diversify their income and increase customer loyalty.

Peugeot (-1.77% to 29.36 euros) PSA installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year, reports La Tribune. "At Sochaux, we expect a potential of 70 to 80 units per day," says Serge Isler, project 3008 Peugeot hybrid.In addition, PSA has manufactured in Rennes, Brittany, just over 15,000 Peugeot 508 equipped with the same technology, the paper said.

The vaccine against typhoid Sanofi (-1% to 52.29 euros) was granted the status of "prequalification" of the World Health Organization (WHO), prior to its use by UNICEF and other agencies International, a first for a vaccine of this type, the group announced Thursday.

PPR (-1.45% to 115.80 euros) holds 87.4% of the U.S. manufacturer of sports clothing Volcom at the end of its tender offer (OPA) is friendly and able to reach 90% capital by playing an option, according to a statement released Thursday by the French group.

"COMPETITION – Estimate the Cac 40 in late June

.

Europe continues to mobilize to help Greece

The record turns Greek puzzles. In Brussels on Tuesday, finance ministers of the Eurogroup have once again gathered to discuss a new rescue plan, with the stumbling block of how to involve private creditors.

The coming days ahead crucial step after the meeting convened in emergency Tuesday night. The future plan for assistance must be discussed Monday during a Eurogroup long planned – this one – in the context of the EU summit on 23 and 24 JuneMeanwhile, Nicolas Sarkozy and Angela Merkel should also mention the issue in Berlin on Friday.

Crushed by the weight of a huge debt of 350 billion euros, Athens has already obtained a loan of 110 billion last year, and creditors are preparing to give a hand to the pocket extension could be around 90 billion euros, according to figures frequently mentioned.

Reactions conservative banks

"The German government is ready to take additional measures," said Tuesday the German finance minister, Wolfgang Schäuble, while holding that "of course" private sector participation was "an element" of any additional program.His Dutch counterpart, Jan Kees de Jager, for his part felt that the private sector should shoulder more than 30% of a new assistance plan.

But the European Commission, the ECB and France in particular, warn against any commitments forced march of banks and other pension funds, which could have a destabilizing effect on markets. "We are against the involvement other than a voluntary private creditors," was repeated before MEPs Mario Draghi, who should succeed Jean-Claude Trichet in November.

For its part, the Commissioner of Economic Affairs, Olli Rehn, has talked about the preparation of an "Agreement on the basis of the Vienna initiative, under which banks extend the term of their loans and do so voluntarily."For the Belgian Finance Minister Didier Reynders, "all sorts of authoritarian measures likely would include a risk for Portugal or Ireland, a risk for the euro area."

Several options are on the table. Berlin calls for an exchange of bonds, which would lengthen the debt maturity of seven years. The other track to the study is a continuation of voluntary debt maturities (rollover).

The ground is shifting, investors can quickly interpret a conscription as a step toward bankruptcy. As a warning, the rating agency Standard & Poor's downgraded three notches Monday note of Greece, to "CCC".

From the banking side, the reactions are currently cautious.The German Banking Federation Saturday approved the principle of private sector participation, without specifying the terms, while the governor of the Bank of France showed its confidence in the financial system driver (see below). French and German institutions are most at risk from international creditors.

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Fed leads the Asian market into the red

The red is reasserting itself as the dominant color in Asian markets Wednesday. Since the beginning of the week, on concern the economic performance of U.S. and sealed the growing popularity of U.S. President, Barack Obama. After a disappointing set of indicators, including employment figures worse than expected, it was the turn of the Central Bank (Fed) to rub salt into the wound. Its chairman, Ben Bernanke, pleaded Tuesday for the maintenance of a "monetary policy complacent" against an economic recovery "desperately slow in terms of millions of unemployed or underemployed assets. According to the Fed, "growth should recover somewhat in the second half, but remain generally moderate. These words were very reassuring result of pull down Wall Street.

On Wednesday, the Tokyo Stock Exchange reacts in turn negatively.The Nikkei, which started on a stable note, losing 0.34% to 9410 points at a time of closing. The index is penalized by lower export values, themselves affected by a further strengthening of the yen against the dollar. The automotive sector is abused, as evidenced by decreases of Honda Motor (-1.46%), Nissan Motor (-1.02%) and Toyota Motor (-0.46%). The title Tepco, very volatile, also weighs on the side with a drop of 9.26%. In its wake, Kansai Electric Power lost 1.55% and Chubu Electric Power 3.21% loose.

Technological side, Sony is gaining 0.44% after introducing its new portable console Vita and its 3D games, while trying to forget the piracy of its network, at its conference held in conjunction with E3, the largest show dedicated to videogames, which opened Tuesday in Los Angeles.Conversely, Nintendo unscrewed from 5.96% after raising the curtain on the new version of its Wii game console, the controller now has a touch screen. Dubbed WiiU, the new console would be launched between April and December 2012, said the Japanese group, without specifying the price.

The Stock Exchange of Hong Kong and Shanghai are also in the red. the Hang Seng lost 0.93% and the Shanghai Composite dropped 0.34%. The banking sector in Hong Kong is attacked, like HSBC Holdings, which fell by 1.06%.Even the movement: the Korean Kospi 1.34% loose, the Australian S & P lost 0.43% and the Indian Sensex down 0.35%.

Oil on a mixed note

Oil prices were without direction Wednesday in electronic trading in Asia, in expectation of an OPEC meeting in Vienna in the day that might decide to increase production.

In morning trading, a barrel of light sweet crude for July delivery took 7 cents 99.16 dollars. That of Brent North Sea crude for delivery same retreated 48 cents to 116.30 dollars.

TEPCO Fukushima after CEO changes

The natural disaster that shook Japan on March 11 and caused a serious nuclear accident in history, affecting badly the Japanese utility Tokyo Electric Power (TEPCO). The company reported a net loss record 11 billion euros (1.25 trillion yen) on Friday morning, well above the 9 billion expected by the Japanese press. It is the worst deficit recorded by a Japanese non-financial group. The earthquake and the tsunami have paralyzed much of its central activity based in Fukushima, a city northeast of the country now known worldwide. For more than two months in fact, at least four of six reactors on the site are stopped. Before the event, Tepco expected a net profit of 1 billion euros.

Another important announcement this morning by Tepco: Masataka Shimizu's resignation.It must be said that his handling of the crisis has been sharply criticized in Japan and the rest of the world. Particularly for its lack of transparency in the first moments following the disaster. He will be succeeded by Toshio Nishizawa, the current CEO of the group.

State utilities and banks to contribute

The future already looks difficult for TEPCO. The operator had to call for help from the Japanese government. In a request sent on 10 May at the Japanese government, the third largest producer of electricity in the Archipelago evokes an immediate need 8.7 billion euros. Very quickly, the Japanese government has responded, putting Tepco under its control and disclose its financial rescue plan."The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are compensated properly," he commented.

TEPCO has indeed compensate the 85,000 victims of the nuclear accident. A bill that could total between 25 and 43 billion euros, according to local press. Thus the state ensures that dip into its funds and requires the efforts of other private electricity companies in the country. Even banks will tighten their belts: they have provided a loan of 1.4 trillion yen (11.7 billion euros) to Tepco are asked to waive a portion of their claims vis-à-vis the operator .

For its part, TEPCO must, of course, participate in a pinch.The group will include transfer of financial assets and properties in order to concentrate its resources on the production and distribution of electricity. In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In exchange, Tepco falls again

This Friday morning in Tokyo, the title has finished Tepco small increase of 0.54% before the results are published in the group. Since, in trade-off meeting at the New York Stock Exchange, the action Tepco listed on Wall Street tumbles 9.6% and is only worth 4.45 dollars. So since March 11, the title collapsed by 83%. Investors, cooled the past two months, do not see Tepco bounce soon.While its nuclear activity has melted, the group had to increase production at its thermal power plants to continue to supply the population. However, this has a cost of hydrocarbons, which could cost another 8.7 billion uros on the current tax year.

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French football wants to change the economic model

French professional football tries to lift his head. Sealed by a record deficit of 130 million euros in 2009-2010, the clubs in Ligue 1 and Ligue 2 will reduce to ten million in 2010-2011, according to the report released Tuesday by the Professional Football League (LFP ). A decrease of 92.3%.

This figure is only "a trend indicator" as FIFA confirms a trend that French football would establish a new economic model. His priority? Reduce payroll clubs. On the occasion of the next transfer market, which will open next June, the slogan will sell more buying. This creed, which is reminiscent of financial fair play that UEFA president Michel Platini wants to introduce from the 2014-2015 season seems to have resonated with the clubs."There will be no madness this summer, it's absolutely clear! It will get rid of some players and look for one or two that are free (of any contract with a club, Ed), Jean-Claude Dassier said in an interview with France Football magazine last March.

Delays in the transfer market

Professional clubs are also counting on the development of new sources of revenue in the medium term. In addition to opening paris online, they rely on the prospect of Euro 2016 and the construction of stadiums new generation, which should grow revenue at 25% of budgets against 15% currently.This will, according to Jean-Pierre Louvel, president of the Union of professional football clubs, "a real growth driver."

If the PSA highlights the efforts made by the elite of French football in reducing the wage bill in particular, it notes that "the majority of them are lagging behind their goal." While clubs rely on 264 million euros of capital gains on transfers, the LFP states that "only 41% of capital gains on disposal of players" have been made to date against 75% to 80% on time normal. "The business model of European football is unsustainable," says Olivier Ferrand, president of Terra Nova, co-author of "Change or die: what future for European football?" In La Tribune. The purge is necessary and must take place now. "The establishment of financial fair play, which aims to limit debt clubs, will be effective in only three years.

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Conflicts on wages in enterprises

Carrefour unions must decide before the end of the week on the new pay proposals of management, after a strike followed very Saturday, April 9. TF, the main organization of the group, announced it would sign. The agreement includes a 2% increase to 220 euros gross premium.

In recent weeks, wage disputes have increased, fueled by the resurgence of inflation. Employees of Toyota and Eiffage ended their movements for several weeks, while those of Ferrero blocked the production of Nutella in Normandy. Other stoppages took place in recent weeks among automotive suppliers, with General Motors in Strasbourg, Thales, Equant, Camaïeu in the North, or even the U.S. giant Procter & Gamble.

The period of mandatory annual wage negotiations may be over, disputes are continuing."This follows a wave of wage moderation: the average increases of 3% before the financial crisis fallout between 2 and 2.5% for two years in large companies. Expectations in terms of changes in purchasing power have been disappointed, "said Richard Anthony, the Cabinet Business and Personal. According to Hewitt, the average increases would be limited to 2.6% in 2011, against 3.3 to 3.5% during the last thirty years paydayloan.

The purchasing power in question

The hopes raised by the return to healthy profits for big groups seem to turn into a continuing practice of wage moderation. "Companies lack the visibility and maintain a degree of caution," explains Sophia Kettani, in charge of compensation issues at Towers Watson. Employees feel they miss out of looming crisis.The government wants to regain control of the issue, seeking to link dividend and bonus pay. Conceived as binding, the measure has sparked the ire of employers and the skepticism of some trade unions and could become optional.

"The question of purchasing power arises, but we must look at the payroll as a whole. There are already ways to meet them, as the Law on Supplements Incentive in December 2008. However, if one takes into account increases in remuneration packages are around 3%. Companies generally seem to have taken account of the context, "said Jean-Christophe Sciberras, president of the association ANDRH.

Carrefour at home Camaïeu, if the increases are limited to 2%, the agreements provide more incentives and higher discount rates in the stores for staff, for example.

Japan's economy is paralyzed

Not a single car is out of the manufacturers plants yesterday, three days after the earthquake that struck Japan on Friday. Toyota, Honda, Nissan, Renault's partner in the Archipelago, had discontinued production of not knowing when they would resume. Mitsubishi Motors has closed its units left Aichi, Gifu and Okayama and will not open today.

Some of their production centers are located in the northeast area is devastated by the earthquake and tsunami, but all are affected, unable to procure spare parts. Toyota, with 12 factories are closed now lose $ 72 million per day. The car, running lean for stocks as low as possible, is paralyzed from a link in the chain flu.PSA Peugeot Citroën is indirectly affected: electric cars Peugeot and Citroen iOn are manufactured at Mitsubishi.

The energy shortage is real

The Sendai area, closest to the epicenter of the earthquake, is also an important industrial center for electronics, telecommunications and machine tools. Sony has frozen seven sites and one of its plants in Blu-ray is flooded. Canon, world's leading producer of cameras, has warned that he risked arrest eight of its plants. His rival Panasonic has already suspended some of its production.

The semiconductor industry is also likely to be particularly affected. According to the IHS firm iSuppli, Japan accounted for 20.9% of the global market last year.Two manufacturers, Shin-Etsu and Sunco, providing silicon wafers, have announced plant closings.

Everywhere, the reduction of production capacity is compounded by shortages of electricity, interruption of rail traffic, the collapse of roads and port closures. East Japan Railways, which serves the suburbs of Tokyo, is able to ensure that 20% of its normal traffic. The cessation of nuclear power plants will cause an energy deficit of 4,700 megawatts. "Tokyo Electric Power has introduced blackouts to regulate demand," said Arnaud Bauduin, a specialist on Japan at OFI Asset Management.Similarly, 20% of refining capacity is currently suspended. "

After stopping all production after the tsunami, the fourth largest global steel, Nippon Steel, took over the supply of all its sites, except that of Kaimishi near the area hit by the disaster. Rival JFE has meanwhile revealed yesterday that he was forced to stop supplying a site near Tokyo due to a problem of energy supply.

At the Tokyo Stock Exchange, which fell 6.18% yesterday, all the industrial stocks were battered. Nissan lost 9.5%, Honda 6.5% and Tokyo Electric Power (TEPCO) plunged 23.5%.

Credit Suisse figure to 122 billion euros or 129 damage, about "40% of the damage caused by the earthquake in Kobe in 1995, stressing that the region has fewer offices, fewer plants and fewer highways .

Supplementary budget

The Japanese economy, driven by its exports, was already weakened by soaring oil prices and a rebound in Europe and still hesitant in the United States. It will be difficult to recover. Nomura expects that GDP (gross domestic product) in the country, which contracted by 1.3% in the fourth quarter of 2010, may not return until the third or fourth quarter of this year. The archipelago, say the analysts of the firm, must also take into account a possible drop in domestic consumption.

Despite this, the rating agency Moody's, which stresses the importance of saving Japanese, does not provide an immediate fiscal crisis. It is betting instead on government spending that will be needed for reconstruction and can help accelerate recovery of the Japanese economy.This does not prevent the opposition already ask the government a supplementary budget for fiscal year ending March 31.

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SNCF users on strike

Subscriber line SNCF Angers-Le Mans-Paris observed a "strike" have their tickets in protest against the degradation of service provided by the carrier rail. "From 160 to 200 subscribers who make a daily commute in Paris gather in the bar cars from their trains with badges" Subscribers on strike "and refuse to show their tickets," told AFP Pascal Mignot A spokesman of this movement, stating that controllers showed "very understanding".

"There is a clear degradation of service, for which we pay dearly, with repeated delays professionally very damaging," he said. This movement, which is not yet incorporated association also requires compensation for days lost during transport strikes in the fall, and sent a "letter of complaint" to the station."We want to extend the movement Tuesday lines Lille-Paris-Tours Paris, Reims and Paris-Lyon-Paris," said Pascal Mignot. An appointment with the regional branch of the Loire was scheduled for Friday afternoon.

A petition with more than 7,500 signatures

Meanwhile, a national petition launched at Le Mans in early January by the Association of passenger rail users in the Western region (Avuc) Friday were "more than 7,500 signatories," says Willy Colin, a spokesman payday loans in 1 hour. "This mobilization is at the level of dissatisfaction of users, so that the TGV EST," he says. He believes that the goal of 10,000 signatures should be quickly reached.

The petitioners, who also denounce the deterioration of service required including compensation for delays of ESTs, schedule adherence and a freeze on rate increases."Consumers are tired of being cash cows," said the Avuc in a statement. SNCF employees have joined the movement, Willy is Colin.

Sunday at the Grand Jury RTL-Le Figaro-LCI "Guillaume Pepy, SNCF chairman of the group announced No contingency plan for twelve lines" sick "of the SNCF. He cited the Paris-Amiens and Paris-Tours or the RER A line. "On each line, we will set up a barometer of public satisfaction, which will be measured each month," he said. The total cost of this plan is estimated at "several tens of million euros", drawn from the profits of the group.

(With AFP)

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