It is not far from the "loss of face." The misfortunes of the new high speed train from Beijing to Shanghai are doing good laugh from all over China, while the press is unleashed and the authorities are trying to limit the damage. It must be said that it was promoted as a symbol of the Chinese railway resounding success, ready to go to conquer the world. But the beginnings are disastrous.

Last week, the train fell down several times. Internet forums and newspapers are full of stories telling outraged passengers have found in open country, stranded in trains closed and sweating profusely in the searing heat of summer. The Ministry of Railways had promised Friday that these problems would be "resolved" expeditiously. His spokesman, Wang Yongping, presented "excuses".And recognized that the line had seen "dozens of power outages" and a host of other "problems". The summer storms are largely responsible.

This iconic TGV line was opened with great fanfare on June 30, very proudly with "a year ahead" and, just as symbolically, the day before the 90th anniversary of the Communist Party. It was presented as the flagship of the newly high-tech controlled by China, and one of his arms out to conquer the world. Premier Wen Jiabao, said the line "operational" in Beijing before boarding for the first trip to the South. This train will link the two major Chinese cities 1300 km apart in less than five hours. The construction of the line has cost 23 billion euros.In March, the audit office of the state showed that 187 million yuan (20 million) had been diverted from the site by individuals or companies.

Massive rail projects

Chinese railway projects are enormous. In 2009, it was announced that 42 high-speed lines were planned for 2012, for an investment of 210 billion euros. China has the network of its kind in the world's largest, with more than 8000 km of track, and she wants to extend it to 25,000 kilometers by 2015 and 50,000 km in 2020. This year, like last year, Beijing is expected to invest 70 billion euros. Since the end of 2009, the "fastest train in the world" flows 350 km / h between Guangzhou and Wuhan. And last December, China announced proudly beating the world speed record with an oar unchanged at 486.1 km / h.But many voices cast doubt on the economic viability of some lines, less strategic than between Beijing and Shanghai. In February, the authorities decided to reduce the speed of TGV Chinese, for purposes of economy and to improve their safety. And the dramatic dismissal for corruption of the Minister of Railways Liu Zhijun, also in February, has revived speculation about a slowdown in rail projects.

Meanwhile, it is the airlines are rubbing their hands. They were sentenced say – almost – on the route from Beijing to Shanghai. The price of a one-way train range from 410 yuan (44 euros) and 1,750 yuan (190 euros), according to three classes, against about 1,300 yuan (140 euros) for a plane ticket in economy class.The airlines had already begun to lower their prices, with discounts up to 65% in response to the competition ground. They should slow down the movement …

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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

.

The U.S. textile specialist VF Corporation will put her hand on her compatriot Timberland. That's what we announced on Monday the two groups in a communiqué.VF Corp., which owns brands such as backpacks by The North Face and Eastpak, those pants Wrangler and Lee, or that of Vans shoes, putting on the table $ 43 in cash per share Timberland, a premium of 43.4% from $ 29.99 registered at the close of Friday night. In total, the offer values ​​Timberland approximately $ 2 billion. The operation, which has already been approved by both boards, is expected to close during the third quarter, according to the objectives of VF Corporation.

Timberland, which carries 50% of its international business, this year should reach $ 1.6 billion in sales.Moreover, the management of VF Corporation aims for his target annual sales growth of 10%, and believes that the transaction will be highly beneficial in its own earnings per share in 2011, but also in 2012.

An operation "transforming"

In total, the new entity is expected to exceed $ 10 billion in annual sales. On the one hand, VF account of course benefit from the presence of its target international markets, including Japan, but mainly to diversify its brand portfolio, while bringing to 50% share of its turnover in the outdoor business

The year 2011 should be black for the airlines. In any case, predicted that the International Air Transport Association (IATA) on Monday. At the annual meeting of the association in Singapore, it has halved its earnings estimates for companies this year. "Natural disasters in Japan, unrest in the Middle East and Africa, plus the sharp rise in oil prices, slashed profit forecasts for the sector, to 4 billion U.S. dollars," and said IATA Director General Giovanni Bisignani.

This estimate of 4 billion is a drop of 78% compared to profits of $ 18 billion achieved in 2010, year of strong recovery for the airline after the economic crisis.Margins would amount to only 0.7% and a forecast turnover of 598 billion dollars.

A barrel is too expensive

In early March, IATA still evaluating the benefits to 8.6 billion. But it was just before the earthquake, followed by a tsunami and the nuclear disaster Fukushima, Japan. This drama series was first led to a suppression of flights to Japan and then a slow recovery for many companies. But the Japanese air transport market, valued at 44.4 billion euros, representing 6.5% of world traffic and 10% of turnover in the sector. Furthermore, Japan provides 3-4% of world production of kerosene, which is exported to Asia. "Part of that refining capacity has been lost due to damage caused by the earthquake," says the association.

Rising oil prices is just one of the main concerns of IATA.The Japanese crisis was grafted to increased tensions in the Arab world instant personal loans guaranteed. Libyan oil production, usually by 1.6 million barrels per day, is almost stopped due to fighting. And despite the increase in output of major oil-exporting countries, the markets fear a shortage. In April, a barrel of Brent North Sea thus came to London to 124.45 dollars, the highest since Aug. 4, 2008, while in New York, a barrel of light sweet crude " (WTI) rose to 111.68 dollars, the highest since September 2008.

Falling prices in May has also been only temporary because prices, reinforced by a weak dollar, have already gone back up.At the beginning of June, a barrel of light sweet crude "evolves around $ 100 while that of Brent North Sea worth $ 115.

Suspicious, IATA has reassessed its estimate of 15% for the average price of a barrel of Brent crude for the whole year, to $ 110 against 96 previously. The fuel bill for all airlines and will rise by 10 billion to 176 billion. "Fuel now represents almost 30% of the cost of air transport, more than double the 13% from 2001, according to the association. "The efficiency gains achieved during the past decade and improving economic conditions help offset the high cost of oil, but with limited margins to 0.7%, this leaves little protection against possible shocks, she says.

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Keeping promises cons of VAT at 5.5%. Two years after signing a first contract between the restaurant and the government, and a mixed picture, professionals have made new commitments for the next four years.

Unsurprisingly, efforts will focus on employment. At the meeting held Thursday with the government, restaurateurs have promised to create 20,000 jobs annually by July 2015, or 80,000 jobs. They also pledged to improve learning and increase their investment of 25% to bring it to 5 billion euros in four years. Objectives labeled as "ambitious" by the Secretary of State for Consumer Affairs, Frederic Lefebvre, yet precarious.Conservators have warned the Government that a return to the VAT increase beyond 5.5% would free them of these obligations.

Consumers should not expect however to reap the benefits of lower taxation credit reports free. Conservators have preferred to remain cautious on this point for fear of receiving new criticism. Last year, the Court of Auditors had indeed criticized the lack of repercussions on the tax benefit customers. According to his calculations the dividend would have been only 2.15% instead of the 3% expected.

On Monday, the Organization for Economic Cooperation and Development (OECD) has decided against another reduced rate of VAT. In his report on France, "the application of standard VAT rates to expenditures for maintenance and renovation" for housing, ie 19.6% and not 5.5% as at present.

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The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .

These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.

Towards a global growth "balanced"

The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.

On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.

"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.

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The industry never stops falling. In ten years it has destroyed 750,000 jobs and the crisis that France has suffered since 2008 further accelerated the process: 55% of them were wiped out on the last two years alone!

According to a recent note to the Treasury Department, the weight of industry rose from 24 to 14% in GDP in a quarter century. Three factors explain this decline "that affects all economies." First, the search for greater efficiency has led to a growing reliance on outsourcing of part of industrial activities (cleaning, accounting, security …) to the tertiary sector. "A simple transfer of jobs to formerly industrial services, including acting, without really changing their content," says Bercy. Reflux would be to relativize … 70% of temporary jobs created in 2010 and have affected the industry.So that if you reassign the interim by business, industry 1.9% did not destroy jobs in 2010, but has created 0.6%.

80,000 hires per year

Second, nearly 30% of job losses that occurred since the early 2000s would be linked to productivity gains in the economy payday loan. Third, globalization and international competition on labor costs may also account for nearly 30% of industrial job losses between 2000 and 2007.

And yet, French industry is not dead. If she suffers from a problem of competitiveness, it still employs 3 million employees and produces 350 billion in sales through its technology companies. Better still, it recruits.The UIMM (metal), its largest component, plans to hire 80,000 people a year by 2015, half of young people.

This is in part "to offset the deficit picture plaguing activity among the population and break down some shots too often conveyed" the Industry Week, which begins today, was created. Open days, workshops discovery in schools, seminars and round tables, exhibitions … The goal is to give another image of the industry to attract young people into trades still promising.

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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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While the idea of a simple adjustment of tax on capital is booming, including the Department of Budget, the total suppression of his supporters do not disarm. "If we want to recover the competitiveness of France, we must rid this stupid tax," said Michel Piron, the UMP behind this fall, an amendment – Retoque – ISF and eliminating tax shield. "Correct the ISF is to create a gas plant," said Jean Arthuis, president of the centrist Senate Finance Committee. The two MPs have the opportunity to defend their point of view tonight at the weekly meeting of the Working Group during which Baroin present to elect a majority of the tax study heritage in Europe.

Cap cap

The fund, the ISF raises two major economic problems.At the bottom of the scale, it hits the upper middle classes caught by the housing boom. To solve this handicap, the tracks are not lacking among the principal residence exemption and deleting the first tranche of ISF (790 000 to 1,290,000 euros of assets). At the other end of the chain, the TFR is confiscatory. Households in the last installment (more than 16.5 million property) have their assets taxed at 1.8%, while these assets relate to their best, when it comes to good financial investments, 4 % per annum. "It's what drives so many French very fortunate to leave for Switzerland," says Philippe Bruneau, president of the Circle of tax practitioners.

Aware of this mess, and while the tax shield will disappear, Gilles Carrez, the rapporteur UMP budget to the Assembly, proposed as a solution to increase the cap of the ISF.Today, the sum of the ISF, the tax on income and payroll taxes must not exceed 85% of the income of the debtor. It is therefore a kind of shield, but only reduces the bill ISF (and not that of all taxes). Especially since 1996 and the Juppe government, the cap itself is limited: it can not reduce by more than 50% to pay the ISF.

Gilles Carrez proposes to reduce the cap to 70% of revenue and eliminate the "cap on cap. An idea that Baroin seen favorably. "The tax exiles began with the cap ceiling Juppe. Ending it would be a good thing. But this is not enough. It should also reduce the rate of ISF, "said Philippe Bruneau. Or remove the tax on capital.

The executive has not decided. And the advocates of simple deletion of the ISF have support.Christine Lagarde, Minister of Economy, argued Monday in The Tribune for a "simple, so pretty radical."

This time, the Spanish government seems determined to take the bull by the horns. Having downplayed for months the difficulties that struggling fourth of its banking system, Madrid was ready to go to partly nationalize some savings if that became necessary.

This change of foot, compared with the soothing speech given so far by the Bank of Spain, due to the pressure put by the European Commission, and especially by the European Central Bank, which saw its funding boost for Spanish lenders. The aim is to avoid the scenario in Ireland. Late last year, Ireland's sick banks had to accept an aid of 85 billion euros.

The parallel is not trivial: whether in Ireland or Spain, the housing crisis is eating away at the balance sheet of credit institutions.To convince that the situation of Spanish savings banks has nothing to do with the Anglo Irish Bank and Allied Irish Banks others, Madrid will beef up its rescue plan. In particular, the Spanish government plans to encourage "cajas" to open their capital to investors through a possible initial public offering to cover their capital needs. If it proved impossible to attract foreign capital, the Fund for orderly restructuring of banks (FROB) is willing to "take a stake on a temporary basis." The formula, however, does not fool anyone: at this stage, investors are not lining up. The fund JC Flowers, specializes in turning financial institutions, chose to abandon an investment project.

The warning from Fitch

Much work has been restructuring operations in recent months.Under the leadership of the Bank of Spain, the cajas have started a consolidation which has limited their number from 45 in 2009-17 no teletrack payday loans. "This screening technique reduces the grip of local governments," says an expert. Operational side, the savings will have to close between 20 and 25% of their agencies and reduce their workforce by 15% on average.

During this first phase of restructuring, Frob has injected 11.6 billion euros of capital into new entities. Remains to be seen how many are missing. While the Wall Street Journal had an invoice raised from 30 to 80 billion euros, Elena Salgado, Minister of Finance, said the reality was "very far" from those amounts. UK broker Evolution him, amounted to 142 billion, 83 billion for the cajas, impairment losses on future loans to developers and other SMEs whose activities are often related to construction.Even Bankinter – which Crédit Agricole owns 20% – which has little exposure to real estate professionals, has seen its profits plunge last year.

Madrid, ultimately, has promised more transparency with the publication by the end of real estate commitments. The government will decide there and then create an entity – a "bad bank" – to use the impaired assets, as in Ireland? Everything seems still open. The rating agency Fitch has called for its part, yesterday Spain to establish a "credible bank restructuring plan," while stressing that the country score, which has a stable outlook, could be lowered if the recapitalization cost more than expected.

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