The French have a very vague idea of ​​what awaits them at the end of their careers, and that the anxiety. An international study of the HSBC bank, more than one French person in three (38%) know what will be its main source of retirement income. This is the highest score in the world (17% in this case are the United Kingdom, 9% in India). Further evidence of this vagueness, the French are also among the most likely to feel ill prepared for retirement (50% against 41% on average in the 17 countries assessed). Logically enough, these uncertainties generate fears for the first time since 2005 (launch date of this annual survey), financial security has caught up with good health as essential for living a happy retirement. And they are 69% think that their situation will be worse compared to that of their elders."The social mobility between generations is not broke, but he lost his speed, said the sociologist Jean-Philippe Viriot Durandal. The middle classes, in particular, fear the decommissioning and feel less protected from the effects of globalization. "Despite these concerns, the new rules of retirement are now clear. After the reform of the basic pension, adopted last October, the future of compulsory supplementary schemes remained unresolved. An unknown factor since the schemes Agirc (frames) and Arrco (for all private sector employees) are on average 57% of pension managers against 31% of the pension non-executives. The agreement signed by the social partners on 18 March (even if the CFE-CGC, non-signatory, is opposed to text) applies to occupational pensions as from 1 July.Brief overview of major changes.

How old is going to go?

So far, for a pension without additional haircut, two possibilities: either wait 65 years or liquidate his retirement earlier than age 60 and have all his quarters in the basic (163 for persons born in 1951, 164 for those born in 1952, 165 classes for 1953 and following). Negotiators Agirc-Arrco have decided to offer "any reform, no reform that" the basic plan: These two terminals will be gradually raised to reach 62 years and 67 years from the 1956 cohort. The first step comes from the 1st July, with the passage of 60 years and 4 months for those born after 1 July 1951 payday loan companies. Under certain conditions (long careers, difficult mother of three children born before 1956, workers with disabilities), early departures are possible.And it is possible to liquidate his retirement Agirc Arrco-five years before the legal age applied to the basal diet (55 and 57 years today in the future), but at the cost of a high amputation of the pension.

The current arrangement providing for the costs of pensions before age 65 for supplementary pension schemes based on AFFMB (Association for the fund management and financing of Arrco Agirc). He was reappointed until 2018. Good news for sure because in the past, the MEDEF has sometimes threatened not to extend this system, which would cut pensions significantly. From a practical standpoint, pensions Agirc-Arrco will now be paid monthly rather than quarterly basis beginning in 2014. As for performance, ie the ratio between contributions paid and pensions received, it will continue to decline in Arrco in 2011 and 2012. It will drop even faster to Agirc to be aligned with Arrco.So far, for 100 euros assessed during the career, the annual pension amounts to 6.59 euros and 6.70 euros Arrco to Agirc. But then, from 2013 to 2015, this performance has stabilized.

The new rule concerning the parents of three children is unique: a 10% bonus for all supplementary pensions, as in the basic schemes. The benefit would be capped at 1,000 euros per year and as many Arrco Agirc. This bonus replaces the 5% proposed by Agirc which were added, for managers, 8% for the parents of three children, 12% for four children, 16% for those who have five, 20 and 24% for six % above. These new rules should benefit a vast majority of contributors and disadvantage some very high-income executives and / or parents of at least four children.The reform will apply to the rights and pensions obtained after 1 January 2012, pensions paid after that date, the old rule applies until the end of the year. The surcharge for each child Arrco still dependent in retirement (5% uncapped) for his part had almost disappeared. She was finally extended to Agirc.

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The markets took fright on Friday night after a new European cacophony. Greece had threatened to leave the euro in discussions with the European Commission, reports the website of German magazine Der Spiegel quoted a government source in Berlin. The major European capitals have refuted this information.

"These items are a challenge, undermine the effort of Greece and the euro and serve speculative games," said the Greek finance ministry said in a statement. "The assumption of an outflow of Greece to the euro area is completely fanciful", has also assured Bercy.

Despite denials by the French, German and Greek, the single currency accelerated its decline against the dollar. Friday night shortly before 22:30, the euro lost nearly 1.4% to 1.4338 dollar. Rumor sign a new stage, and this information is disturbing.It is not surprising that the euro will weaken, "said one analyst at a U.S. bank. At the same time, the cost of insurance against a collapse of the Greek debt ("Credit default swaps, or CDS) jumped from 74 basis points to a record 1,370 basis points, according to Markit.

Meeting in Luxembourg

An emergency meeting was held between some finance ministers from the eurozone. The president of the Eurogroup Jean-Claude Juncker, has denied that a meeting devoted exclusively to Greece took place. Still, according to Reuters, the German Finance Minister Wolfgang Schäuble and his Minister Jörg Assmussen are in Luxembourg for a meeting. These discussions would focus on topics such as Portugal, Greece or the succession to the head of the European Central Bank (ECB), but "nothing more," said a source in the euro area to the agency Press.

Contradictory statements agitate the euro area in recent weeks about a possible debt restructuring Greek. Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring is "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem." The ECB president Jean-Claude Trichet, for his part flatly denied Thursday that event.

Morale is at half mast at TF1, which held its general meeting Thursday. The poor performance of hearing the first quarter will, according to financial analysts, the impact on advertising revenue. The consensus of analysts, they would be down 2% versus the first quarter of 2010, which had posted 355 million euros. It must be said that the first private channel has been unlucky in the first months of the year with JT sluggish and entertainment in free fall.

"In 2010, free channels have pulled their growth in a proactive policy volume. The screens are well filled in 2011, the price effect which is structuring. Yet the latter is related to hearings. And, in this case, they have not always been the rendezvous for TF1, "said Sergeant John the Baptist, the brokerage firm Gilbert Dupont.This was particularly the case in prime-time portion of which sank with the accident "Square VIIIP. The lower rates would have been understood for advertisers between 14 and 24% and it was not until the introduction of the game "Money Drop", Endemol, in a few weeks to recover.

The situation is quite different with regard M6 whose advertising revenues are up 7% to 162 million euros in the quarter. Good hearing chain Nicolas de Tavernost including the JT and "Scenes from" support price of advertising. "TF1 had some crashes while hearing M6 surfs its success," said Julien Roch, a financial analyst at Barclays. This virtuous growth is now linked to the rising cost of grid announced last September and is expected to be on the year, between 5 and 10%.A boost that seduces even more advertisers and audiences are waiting for you.

Disappointment in the markets

However, the side of diversification, the group experienced a fall impressive range of analysts estimated between 16 and 20% due to the collapse of sales of Bordeaux and a weaker performance on the market broadcasting rights for lack of a twilight or indoor video.

On Thursday, during TF1 fell 4.19%, to 12.35 euros, while that of M6 lost 2.22%, to 17.85 euros. However, analysts remain calm. At European level, falling valuations of media companies is around 20%.

The first and last time that Ford had done was in 1998. So for the second time in March, the American manufacturer steals the number one spot in auto sales in the U.S. by General Motors. Last month, Ford has indeed increased by 19.2% of sales against just 9.6% for GM. While the first surprising analysts who had forecast an increase of 14.5%, the second missed the consensus (+10.8%).

In total last month, Ford has passed 212,777 vehicles against 206,621 for GM. According to the website specializing in automotive Edmunds.com, "Ford increased its incentives while other manufacturers have lowered in March, particularly GM."

Ford also benefited from higher crude oil that followed the unrest in the Middle East and particularly in Libya. The manufacturer has in effect a compact car offers a lot more solid than its competitor.A major advantage for customers who "helps a lot when oil prices soar," says Edmunds.com.

The automotive market is doing well

The third of the Big Three, Chrysler, retains its position as number three in the U.S. market. Last month, the group saw its sales jump 31% to 121,730 vehicles sold, its best sales since May 2008.

But more than the fight for number one spot, GM prefers to emphasize the good performance of the entire sector. At an analysts' conference, Don Johnson, one of the leaders of manufacturer sales in the U.S. in March, was optimistic for the U.S. car market for the months ahead."There are good signs of improvement thanks to the good unemployment figures on Friday and record corporate profits," he said.

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After some hesitation, the euro was again driven up, dollar at 1.4220 on Monday early evening, against $ 1.41 on Friday evening, after concerted action by the G7 to ease the course the Japanese currency. The yen remained, he, always a downward trend, losing 0.7% against the dollar after dropping 2% Friday and 0.6% against the European currency.

Parallel to the stock market recovery, the rebound of the euro reveals a new investor appetite for risky assets, while the Japanese nuclear disaster appears to be cooling."But beware: this movement may be tempered by the evolution of the military situation in Libya," warns Michael Hewson, CMC Markets, the interest of financial markets having moved on for a week -end of the central suburbs of Tripoli in Fukushima …

"Confidence in the euro area is gradually returning," said Kathy Lien, currency trader for GFT Forex in New York, quoted by Bloomberg. "Despite the threats to certain liabilities of the euro area, foreign investors can not ignore this region of the globe."

Monetary stance

The orientation of European monetary policy more sensitive to inflation threat than it is in the United States or in Britain, uses the euro for three weeks low fee payday loans.The European Central Bank said in early March, she was ready to go back next month its key interest rate to avoid "second-round effects" of inflation, that is to say a contagion Imported oil prices to other prices and wages. Having feared a major impact of the disaster on Japan the euro area, and abandoned its proposal, the European Central Bank would be generally prepared to raise its interest rates at its next meeting. On Monday, the announcement by the U.S. Treasury at the beginning of the resale of mortgages – 10 billion dollars a month – has to bend the euro against the dollar.

But the European currency has resumed soon, because despite the resale of assets, the Fed seems determined to maintain a highly accommodative monetary policy during the coming months to support the recovery very slow labor market.Despite an inflation target well above the Bank of England is also very divided on whether to tighten its monetary policy. As for the Bank of Japan, it stands ready to inject as much liquidity as necessary to avoid the financial collapse of the Archipelago.

Cancellations will travel faster than the revolutions themselves Arab. While the wind blows still timidly revolt in the Middle East, several of them noted a sharp drop in hotel bookings.

Jordan in particular, several sources said that cancellations had reached 50%. A tour operator confirms that in 3000 tourists who booked a trip in the coming months, 1200 had already annulled. Jean-Francois Rial, CEO of Voyageurs du Monde, a leading tour operator in France, also referred 50% of cancellations to the country. This situation is particularly worrying for a local economy where tourism represents 14% of GDP, with a turnover estimated at one billion dollars in 2010.

Syria is no exception.Ghassan Chahine, owner of Naya Tours agency in Damascus, said he registered 35-40% cancellations for peak tourist season which runs from March to May, mainly by Europeans. The Syrian Minister of Tourism Saadallah Agha al-Qala, has been forced to revise downward its objectives: "We do not expect an increase of over 11% to 12% of the number of tourists" against an average annual growth of 15% since the early 2000s.

"All in the same bag"

Tourism professionals in the Middle East denounced the confusion in the minds of Western tourists. "They are influenced by media coverage and put all countries in the Middle East in the same bag, do not differentiate one country from another," said Nabulsi Touhami, office of tourism in Jordan. Tourists have canceled their trips to all Arab countries. "

Jean-Francois Rial, "people are more worried about what might happen in other countries than those where the revolution is over. Is that King Abdullah will not jump, do as the king of Morocco does not have a problem, as Hu Jintao? ". Ghassan Chahine agrees: "People tend to think that the revolts are taking place across the region."

Hopes

Despite their concerns, industry professionals want to believe in an imminent improvement in the situation. "The perception of people change very quickly. It does not take much time before the booking for a country not resume, "says Sean Tipton of the Association of British tour operators.

Until the fears subside, tour operators could, like the Maghreb, betting promotions.Marmara, the leading destination Tunisia is already seeing the success of its offer a "pay for a given": "We found in March the level of bookings last year, with 8000 departures scheduled within a month," explained Le Figaro Florian Vighier, its director general.

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The markets decide on Thursday to follow the trend on Wall Street yesterday or the Asian markets this morning. Disturbed yesterday by a further rise in oil prices, the Paris Bourse finds the path of rising: the CAC 40 gained 1.17% to 4081.62 points in mid-session.

The DAX index of the Frankfurt Stock Exchange following the same path with an increase of 0.81% to 7239.50 points. Just as the London Stock Exchange takes 1.03% to 5976.02 points.

However, investors should be wary. Despite a moderate decline Thursday morning oil prices remain under pressure. Oil prices have given up $ 3 on Thursday in the morning after the Arab League said it was investigating the peace plan proposed by Venezuelan President Hugo Chavez to end the crisis in Libya.In mid-session, a barrel of Brent North Sea traded in London at 115.72 dollars, down 63 cents from the close of the day, while in New York, a barrel of Light sweet crude (WTI) let go 62 cents to 101.61 dollars.

In Europe, attention will focus on the ECB meeting, which will decide on interest rates from 13.45. A hardening of tone is expected this Thursday, but not to the point of a rate hike is imminent.Inflation reached 2.4% in February in the eurozone, a figure higher than the target of 2% of the European Central Bank, growth was also up, despite the debt crisis, to 1.6% in 2011, according to Brussels.

As for currencies, the euro off again down slightly against the dollar on Thursday, traders moved cautiously before the monetary policy decision of the European Central Bank (ECB), which could adopt a more aggressive stance to counter the Inflation in the eurozone.About 11:00 am in Paris, the euro bought 1.3853 dollars against 1.3867 dollars late Wednesday, after reaching 1.3891 dollars Wednesday, its highest level since early November.

The French services sector in good shape

In this context, markets will try to focus on the series of macroeconomic statistics published on Thursday

– In France, the unemployment rate fell slightly in the fourth quarter of 2010 to 9.2% of the workforce in France and 9.6% including overseas departments, a decrease of 0.1 point compared to previous quarter, Insee said Thursday. The growth in activity and employment in the services sector continued to accelerate in February. The sector index rose to 59.7 PMI against 57.8 in January.Although down from the flash estimate of 60.8 issued Feb. 21, he enrolled at the highest since August 2010.

– In the euro area, the service sector has experienced in February its fastest growth since August 2007 despite an increase in inflationary pressures. PMI purchasing managers stood at 56.8 in February against 55.9 the previous month. Moreover, economic growth in the euro area has remained almost stable at 0.3% in the fourth quarter, bringing the total for 2010 to 1.7%, confirmed Thursday the EU statistics office Eurostat in a second estimate.Finally, retail sales in the area rose by 0.4% in January compared to the previous month after falling 0.4% in December

The day will also be busy with the U.S. productivity in the fourth quarter and weekly jobless claims (1430) and the ISM Services February (16 hours). Attention should also dominate the market before the publication of the traditional monthly report on U.S. employment on Friday.

Values to follow

Alcatel-Lucent (8.48% to 3.90 euros) is supported by the recovery of target price of Barclays. In addition, traders cited rumors of interest from a Chinese group: "We hear vague rumors of a takeover bid by a Chinese group," says one of them.The sign as the largest increase of the SBF 120 in early trade.

Renault: + 0.80% to 43.09 euros

The manufacturer does not manipulation in the case of alleged espionage whose company reported but awaits the return of investigations into the existence of bank accounts abroad to decide.

Total: + 1.63% to 44.07 euros

The petroleum announced Wednesday it will pay $ 4 billion (2.9 billion euros) to take a 12% stake in Russian gas producer Novatek.

In addition, the group will soon stop operating Mabrouk field, whose production capacity is between 40,000 and 50,000 barrels per day. The group announced Thursday that the exploration budget for 2011 was increased to 2.1 billion dollars against 1.8 billion and he thought that this envelope would increase.In addition, 12 major projects should be launched in 2011-2012.

Alstom: + 1.24% to 41.96 euros

The group announced Wednesday the signing of an agreement for its participation in the development of a technology center in SKOLKOVO Russia.

Unibail Rodamco: -0.21% to 145 euros

Europe's leading retail real estate announced Wednesday it had acquired from Eurohypo AG a stake of 7.25% in SFL (SFL) for 106.5 million euros.

France Telecom: -0.47% to 15.80 euros Iliad: + 5.03% to 84.80 euros

Free and Orange signed a roaming agreement 2G to 3G expanded. The announcement had been evoked by the daily newspaper Les Echos on Thursday.

Air France-KLM: + 1.07% to 11.83 euros

The company plans to reorganize in order to make acquisitions, "said La Tribune.

GDF Suez revises goals upward

GDF Suez: + 0.96% to 28.48 euros

The band recorded in 2010 net income group share of EUR 4.616 billion (+3.1%), especially through its activities in France, and has revised upwards its targets for 2011 due to taking control of Britain's International Power.

Carrefour: + 1.89% to 34.24 euros

The French distribution giant has recorded exceptional costs in 2010 of 1.13 billion euros, which have weighed on operating profit.The group, which announced Thursday a net operating profit up 9%, according to its own forecasts made in January, said an anticipated earnings growth in 2011.

Manitou: -3.63% to 23.90 euros

The group was cautious about the recovery in margins in 2011 after having returned to growth in its turnover last year thanks to a rebound in orders.

Club Med: + 2.10% to € 17.26

The group announced Thursday a turnover in the first quarter of fiscal shifted 2010/2011 (1 November-31 January) up 14.6% to 337 million euros and bookings for the summer "growing two numbers. "

Always on the side of publications, after market, we will follow the annual results of Areva and results for the fourth quarter of Bio Alliance.

U.S. stock markets failed to bounce back Tuesday. In the wake of a meeting for nothing, they have evolved in the red all day before closing in negative territory. The Standard & Poor's 500 and Nasdaq 100 down 0.32%, respectively, to 1328 points and 2804 points to 0.46%. For its part, the Dow Jones fell back from 0.34% to 12,227 points.

This reflects the gloom battery indicators mixed, published during the session:

– In January, import prices surged due to a further rise in energy costs. They rose 1.5%, almost almost twice the consensus forecast (0.8%).

– The index of homebuilder sentiment has emerged unchanged in February at 16, as in January and in line with analysts' expectations.And for the fourth consecutive month, according to data released Tuesday by the National Association of Home Builders (NAHB) and Wells Fargo Bank.

– In addition, Empire State index measuring industrial activity in New York came out slightly below expectations, despite a faster rise in February. He climbed to 15.4 against 11.9 in January, its highest level since June, but 1inférieur the 15.5 expected by analysts.

– U.S. business inventories rose slightly more than expected in December, while sales rose 1.1%, announced Tuesday the Commerce Department.

– Meanwhile, retail sales began the year with great enthusiasm after the sharp increase in fourth quarter 2010. The 0.3% increase recorded between January and February is the lowest in seven months, and well below the 0.5% expected by analysts.

– The United States has also attracted less net capital flows to long-term in December: 65.9 billion, after 85.1 billion in November.

On the foreign exchange market, the euro was still up against the dollar on Tuesday, buoyed by the German figures reassuring despite persistent pressure from concerns about the fiscal health of fragile area euro.À the close, the euro was worth 1.3483 dollars, after falling in the day from Monday to 1.3428 dollars, the lowest since three weeks.

Marriott will split into two listed companies

Marriott International, 1.15%, to 41.47 dollars

The hotel group said Monday after trading its intention to split into two publicly traded company, with one side of the other hotels and timeshare operations.The new entity specializing in timeshare brands will use the Marriott and Ritz-Carlton, while Marriott International will focus on the activities of hotel accommodation, including franchisees. In 2010, the timeshare industry has posted a turnover of 1.5 billion made on 71 sites with over 400,000 multi-owner and approximately 10,000 employees. After paying a special dividend, the Marriott family should hold 21% stake in each of the two companies split. The group also reported a quarterly profit increase, the economic recovery accompanied by an increase in business travel.Net income for the fourth quarter was $ 173 million or 46 cents per share, against 106 million or 28 cents per share, a year earlier.

Fedex: 2.13%, to 95.99 dollars

The group messageriea lowered its targets for the current quarter The group now expects earnings per share and 90 cents entre70, fork down 25 cents.The group says that performance-cons by harsh climatic conditions and rising fuel prices explain this.

Chevron: -0.66%, to 96.31 dollars

The oil company was fined a total sum of $ 9.5 billion for pollution caused by Texaco (bought by Chevron) in the Ecuadorian Amazon, "said plaintiffs' counsel in revising upward the amount .

NYSE Euronext: -3.35% to 38.13 dollars

Also note, while boards of directors of the exchange group NYSE Euronext and Deutsche Börse in talks for a merger, may announce an agreement soon on Tuesday, the press reported a possible offer by the Chicago Mercantile cons Exchange (CME), the world trade in raw materials.

Genzyme: + 3.53%, to 74.30 dollars

The series Sanofi Aventis / Genzyme continues.A merger agreement between the French laboratory and the American biotechnology should be signed shortly. Sanofi, however, should extend its offer a third time on Genzyme and continue along its negotiation. The expiry of the offer is midnight New York time on Tuesday or Wednesday 6:00 pm Paris time. In Paris, the title of Sanofi-Aventis rose slightly from 0.13% to 49.99 euros

While stating that the tax reform was only at the Heritage stage of reflection and will be debated by Parliament in June, Baroin suggested last night on BFM-TV, "a rise in threshold of entry to the ISF of 790,000 euros to 1.3 million currently.

According to the calculations of the budget minister, such a rise in the entry threshold would exclude 300,000 people from paying the ISF and result in a tax valuation of "900 million".

A significant shortfall that would be offset however by the elimination of the tax shield, which costs "between 700 and 900 million euros" in the state budget personal loans for bad credit. "If this is reform, it is not expensive," he further stated.It would have to be fair and it does not damage business competitiveness. "

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Airbus beat Boeing on the line in the battle orders for new planes in 2010, Airbus crossing the symbolic passing of the 10,000 sales with a five-billion dollars spent by the company of Richard Branson, Virgin.

An avalanche of orders received at the last minute allowed the 100% subsidiary of EADS exceed its eternal rival American at the very end of the year, maintaining its number one spot for the third consecutive year in net.

Airbus, which gives its trade performance to a strong market recovery in emerging markets and in the segment of low-cost airline, has reported 644 orders for the last year, totaling more than $ 84 billion ( 63.4 billion euros) at list prices, against 625 units for Boeing. In late November 2010, Airbus was still lagging behind Boeing in the matter.The single month of December was marked by 200 orders for the European manufacturer.

"These figures show that the economic situation is improving. We avoided the specter of a new dive into recession. The civil aviation market has regained growth through Asia, with low cost carriers and emerging markets, "said John Leahy told reporters, commercial director of Airbus. He added: "Oil prices are the only negative point on the horizon."

The figure for 2010 reflects a firm order for 60 A320s at Virgin America, including Richard Branson owns a minority, low-cost airline based in California becoming the first confirmed client version A320NEO supposed to generate fuel savings 15%.

The transaction was finalized at the end of last month and is recorded in the 2010 data.But Airbus and Virgin have preferred to wait for the annual conference of the manufacturer to announce, both symbolically to mark the thousandth order and to put the company on the front of the stage.

Record number of deliveries

Airbus announced last week an order of magnitude potentially historic placed by the Indian airline IndiGo, including on A320neo 150, but the contract has not yet been finalized.

Adjusted for cancellations, total new orders for Airbus aircraft to 574 spring, weighing a total of $ 74 billion (again based on list prices) against 530 for Boeing, which gives the manufacturer a European market share 52% make quick cash.

The two world leaders in civil aviation is currently surfing on a strong wave of orders initiated by the global economic recovery and amplified by the high oil prices, which encourages companies to develop faster than expected new aircraft consume less fuel .

For the eighth consecutive year, Airbus delivered more planes than Boeing in 2010, also crossed the milestone of 500 units for the first time in its history.

Airbus delivered 510 aircraft last year, against 498 last year, nearly 50 aircraft of more than 462 units delivered by Boeing, a figure down 4% compared to 481 by 2009.

Airbus chief Tom Enders said that the total number of deliveries would be increased to 520-530 aircraft this year, adding that total orders for 2011 should be higher than supply, without giving more objective accurate."The year 2010 was above our expectations. We will have a more optimistic assessment of 2011, "he said. Airbus recorded a turnover of "some 30 billion" last year, against 28.067 billion in 2009, sued Tom Enders.

Up to 3,000 hires in 2011

Aircraft manufacturers receive most of the prices of their equipment at the time of delivery, which generally occurs 18 months after taking command, or even later.

The president also said Airbus consider raising the production target to 10 A330/A340 aircraft a month. The demand for the A330 has been boosted by the delay in the Boeing 787 Dreamliner, whose first delivery should be delayed again after an electrical fire occurred on board an aircraft during a flight from test.

The European manufacturer Airbus could hire up to 3,000 people in 2011 in Europe, half in France, to meet increased production rates and ensure the development of new programs, said Monday its leaders . "Given the attrition, which represent about 1,500 people a year, we could achieve a workforce of 54,000 employees at the end of the year," said Thierry Baril, Human Resources Director (HRD) Airbus, in conjunction with the annual conference of trade balance of Airbus in Toulouse.