Daily International Headlines

Essilor, the world leader in ophthalmic optics, has released this Friday's turnover of the first quarter of 2010. It reached 905.8 million euros, up 7.8% over the previous year.

The Group's organic growth rose 2.5% thanks largely to strong sales in emerging markets and a gradual recovery in activity in mature countries. The rest of the group's growth came from acquisitions or equity investments during the quarter, seven in total, including FGX International, a leading North American sales of pre-mounted goggles.

At the time of publication of its 2009 annual results in early March, the Director General Hubert stated Sagnieres wait "growth between 5% and 7% excluding currency effects" of sales in 2010, indicating that the number of cases of this first quarter is in line with forecasts.In contrast, the group does not other forecasts for the full year 2010.

While acknowledging "the path in one year", ie the return of growth, Dominique Strauss-Kahn said on Thursday that "the world remains a dangerous place." At the press conference opening spring financial meetings, held in Washington until Sunday, he cited high unemployment and weak demand remaining lot of "rich countries". He expressed concern about the almost inexorable rise of their public debts, which will spend "80% to 115% of GDP on average, between 2008 and 2014.

But the boss of the International Monetary Fund had especially in mind the "Greek case". "There is no simple solution," he admitted."Everyone can understand that I will not give many details about Greece because we are just beginning to negotiate." Asked about a possible "restructuring of public debt", he replied that "it is not a question on which we work. " The opposite would have been surprising.

Dominique Strauss-Kahn has been more incisive about what should be the main topic of discussion of the G20 Finance Ministers, held on Friday, namely the financial sector reforms."In many areas, such as rating agencies, trading over the counter (derivatives), hedge funds, which has been announced if implemented by the United States, Europeans, Japanese is simply incoherent fast payday loan. "

DSK will strike while the iron is hot and play the full role of coordinator who is the IMF's mandate. "We have a political pressure in most countries, the United States and the European Union to ask governments to move faster.". He took the opportunity to condemn the so called "Basel II on bank capital and the development of which" has taken twelve years.

Two proposed fee

This warning is "advanced countries", the only ones whose banking systems have been failing during the crisis of 2008-2009.It is accompanied by an IMF report, whose first draft will be discussed by finance ministers. DSK summed himself three themes: "The rules of liquidity and capital, systemic risk, and the resolution mechanism (failure)."

The study recommends the introduction of fees. The one on the balance sheets of financial institutions, to supply a mattress of rescue funds. The other tax, sitting on profits and wages, would be to share the burden of public budgets. The IMF, however, rejects the hypothesis of a Tobin tax on financial transactions. It does not contribute to financial stability or to fight against the excessive risks taken.

ALSO READ

The IMF raised its forecast for global growth

"Banking: Crime and punishment

Large mechanical precision that are the engines of airliners are not certified against the effects of volcanic ash. "It protects engines vis-?-vis things like the ingestion of rain, of course, hail, sand … volcanic ash are rare events and highly variable, "said Jean-Paul Herteman, CEO of Safran, the parent company of the engine manufacturer Snecma, during a conference call.

Why are they so sensitive to dust Icelandic volcano? Because a reactor is a kind of vacuum overkill. "The engines are machines to suck air volumes extraordinary (…) They are sensitive to a certain level of ingestion of ashes," continued Jean-Paul Herteman.

No "miracle technology"

And the ashes are a phenomenon so rare that manufacturers will focus their attention."This is a subject that is not standardized at this stage by the certification regulations and civil aviation", according to the head. "The current priorities are in terms of fuel consumption, emission of greenhouse gas emissions and noise. (…) If certification is evolving and the demand of course we look at what should be done. "But do not expect" miracles of technology, "he pleaded. Especially since the composition of the ash may vary, it says at Safran.

The British engine manufacturer's Roll Royce has to share content with a press statement that the group is working with the rest of the sector to ensure that the impact of volcanic ash on our engines would be properly understood. "

Two Finnish fighter F-18, last Thursday, and an F-16 NATO on Monday, were damaged engine after flying in the cloud of ash."The engines of fighter aircraft are most vulnerable from this point of view than those of airliners," says one in the French engine. Airbus conducted flight tests on Monday between France and Germany with long-haul A380 and A340. "The crew did not notice anything unusual and technical inspection showed no irregularity in the future", said the aircraft manufacturer.

The pilots union European ECA (European Cockpit Association) has called on Monday not to sacrifice security in favor of economic considerations. The ECA, representing 38,200 pilots and crews in 36 countries, said that some of its members were confronted with the effects "extremely abrasive and clogging" of volcanic particles.

The air nozzles and blade cooling systems measure only a hundred microns.They can easily be blocked by volcanic particles are vitrified, told AFP Michel Gliniasty Scientific Director General at ONERA (French Aerospace Research Center). 'The old engines are more durable.'

All the tourist industry, from airlines to the tour begins to make the accounts of the unprecedented crisis caused by the closure of almost all European airspace. "We try to anticipate any difficulty in having the head to the grindstone," said a spokesman for New Frontiers, a leading tour operator in France, highlighting the unpredictability of the coming days.

According to Civil Aviation Organization (ICAO), the economic impact of this event will exceed the attacks of September 11, 2001. A disaster for the aviation sector since 2008 through one of the worst crises in its history.Last year, according to the International Air Transport Association (IATA), which comprises companies in the world, the profession has seen its sales decline overall by 79 billion dollars, for a cumulative deficit of more than $ 11 billion.

150 million per day

The impact of "cloud" is not precisely calculated. The best estimates varied circulate. For airlines, the paralysis of traffic would cost 150 million euros a day, calculated IATA. Since last Thursday, 63 000 flights have been canceled. Individually, the companies refused, however, any evaluation. "The priority is to deal with passengers suffering and how we can gradually replace the system," said Air France-KLM. "Economic issues will be discussed in a second time," says its director general, Pierre-Henri Gourgeon.However, rumors of an exceptional aid to the sector at the European Union had already begun to circulate yesterday.

50 000 French customers of tour operators are currently stranded abroad on a total of 150 000 nationals concerned. Between 150 and 200 strokes would be required to return. But he estimates would be "rough estimates", as the Secretary of State for Transport Dominique Bussereau. "It is quite premature to make a statistical report therefore considers it in New Frontiers. For now, it's about being as pragmatic as possible. "

Tour operators vulnerable

Businesses, however, see them evaporate in anguish turnover of the Easter holiday.On Friday, the union of Tour Operators (Ceto) has urged the government to organize the repatriation of passengers stranded abroad, whereas the tour operators could not afford to do so. "We ask for government help, otherwise it's bankruptcy," said Rene-Marc Chikli, president of Ceto. To which Dominique Bussereau countered Saturday he belonged to the tour operators take their responsibilities in taking care of their customers. "Outrageous! Jean-Francois was outraged Rial, CEO of world travelers. I do not see how the operators should be held solely responsible for something beyond their control. "

In practice, most operators support the "Logistics" on the spot. They negotiate with their partners than usual hotel preferential terms to facilitate the extension of stay of French, whose flight home was canceled.But it's the clients that support these costs. A company like Corsair back his customers at airports that have opened in the south of France. Then, tour operators are in charge returns to the point of origin. The Ceto yesterday negotiating these issues with the SNCF and bus companies.

Force Majeure

For customers in France, whose flight was canceled, the tour operator offers them either a postponement in the context of a "package" flight and stay, or a credit. In both cases, the tour operator is responsible for finding solutions in six months. "All changes are possible, our crisis is already working to refit program," says one in New Frontiers.For flights "dry", customers must look to the airline.

Legally, tour operators are covered because it is a case of force majeure, an external event, unforeseeable and irresistible. As such, they have no obligation vis-?-vis consumers. But in practice, tour operators who neglect their customers too liable to break their image. That is why they choose to postpone toll under the "commercial gesture".The financial bill may be steep.

Awaiting the return to normal, a working group should meet at Bercy today or tomorrow "to appraise the economic consequences on affected areas.

ALSO READ:

"Volcano: improvement in sight at the end of the week

"Nailed to the ground, airlines impatient

"POLL – Precautionary measures against the cloud Do you consider excessive?

"YOUR EVIDENCE – You need to take the train or plane and you have to cancel your trip, how you organize yourself?

In recent years, the owners have too often been a drift of their trustee fees (see also the investigation of abusive practices on an individual trustees). They tended to vote in general meeting a basic package at attractive rates, but charge extra for many tasks that should have been part of their standard delivery. In an attempt to end these abuses, the National Consumer Council (NCC) was made in September 2007, a notice setting out, in consultation with the condominium associations and professionals, a list of 44 tasks to be included in the basic package. Professionals do not always having complied late 2009, the government has decided to publish a decree making such recommendations mandatory.All contracts voted on after 1 July 2010 must comply with these new requirements

A stopped too shy

The condominium associations, the ARC (Association of Chief of joint ownership) and the association CLCV (consumption, housing, environment) in mind, regret that the order did not go further advance payday. It does not specify what effect do the terms current management task, or tasks. Thus, the trustees may continue to charge benefits sometimes fanciful, for example, emergency management during the day, the return of applications to the bailiff and lawyer, or sending emails.Another problem is the order also allows trustees to charge shareholders' meetings held outside office hours and charge extra for some of the archives, the archives only useful (condominium regulations, minutes of general assembly, contract work etc …) are included in the current management.

ALSO READ:

"Condominium: too many bad students

"New rules for trustees

"The trustees' fees better supported

For several weeks, the entire energy chain in France saw the pace of the progress of the bill dedicated to the new organization of the electricity market, known as the Nome. His goal? Encourage competition through the sale of EDF by a significant amount, especially at attractive prices, energy from nuclear sources. The trajectory is abruptly accelerated, since the text has been forwarded to the State Council.

The case is crucial and crystallized many tensions. Just arrived at the head of EDF, its new president, Henri Proglio, has also expressed its deep opposition to the bill. No matter to him that the public enterprise "subsidizes" the other operators.But Francois Fillon, who promised in writing to Brussels in favor of increased competition on the French market has held firm.

After review by the State Council, the text should be presented to Cabinet in April, then come before Parliament for a vote before summer. However, the law will not be applied before January 1, 2011: in the meantime, orders will support the device.

EDF will make available to its competitors about one quarter of its production of nuclear or 20% of the electricity produced in France. At what price? The question is there.

For alternative suppliers, the price should definitely be competitive, otherwise void the reform. In other words, this "controlled access to the database" that will enable EDF should they believe correspond to the share of nuclear generation in the regulated prices for electricity.It now stands at approximately 34euros megawatt hour.

In contrast, after EDF, the price used must also include investments needed to maintain and expand its fleet of plants. And therefore be set at a higher level.

After his latest discussions with the government, the incumbent appears to have been heard instant payday loan. The sale price could be higher 40Euros megawatt hour. While discussions will continue and if the law establishes the broad principles of reform without specifying precisely the price, EDF is doing rather well.Experts have already done the calculations from 38euros megawatt hour, the new organization of the electricity market is beneficial for the public company.

Reorganization of the nuclear industry

EDF can also derive some satisfaction on another folder during the reorganization of the nuclear industry, which must lead, running April to award a long-awaited report. Francois Roussely, former President of EDF, has been charged with this mission by Nicolas Sarkozy. It is, after the failure of the bidding in Abu Dhabi, to determine the role of the individual companies: EDF but GDF Suez, Areva, Total or Alstom. Its conclusions are not yet public, but unless big surprise, the report Roussely should insist on the rule of EDF as a carrier pilot in the sector.

Some observers see this as a double victory for Henri Proglio.Other, more nuanced, analyze the evolution of the law Nome as a counterpart to the design of future roles.

The leadership on the nuclear industry, readily interpreted as a wish of EDF, is proving very costly indeed. This includes mobilizing teams on contracts that are not necessarily included in the strategy of the public company, as was the case in Abu Dhabi. So from the moment the public company would be formally chosen to lead "Team France's nuclear, some believe there is no question of imposing an unduly harsh treatment by law Nome.

ALSO READ:

"Public debate on a second EPR

"Nuclear: The report tracks Roussely

From our correspondent in Berlin

This was over a year that Angela Merkel had banks in the crosshairs. Embittered by the irresponsible behavior and the "greed" of some institutions, the Chancellor had promised to pay the banks their share of responsibility in the financial crisis that has hit Germany hard. Monday, his government announced the creation of a special fund financed by a tax on banks to help stabilize the industry crisis.

"A levy bearable by the banks is expected to finance the costs of future crises. The samples will go into a fund that will finance the costs of restructuring in a crisis, "said the spokesman of the Ministry of Finance, Michael Offer.Berlin was said to want to establish a fund to ensure "the dismantling or the stabilization of banks in crisis, involving the financial sector so that the taxpayer has to pay much more in case of banking crisis.

Berlin has not released details of the fund, which should amount to several billion euros, according to German media. Neither the levies. The Finance Minister Wolfgang Sch?uble said that it should consider the role and weight of a bank in the economy. "It is important that the ability of banks to lend is not hampered by this levy," said Michael Offer, while "the danger of a credit crunch still exists.The bill would make a difference between banks deemed "serious" as the savings banks – Sparkassen – and the institutions that generate significant profits through speculation, which will be most heavily taxed guaranteed fast personal loans! !???!!!???!!!.

IMF proposal

The decision came after a meeting between leaders of the three main parties in the ruling coalition at the Chancellery, which could well see a rare show of unity. "We all agree that those responsible for the crisis also pay the consequences," said Vice-Chancellor and leader of the Liberal Party (FDP), Guido Westerwelle.We can not all be done on the backs of taxpayers. "The bill should be debated and adopted at a special Council of Ministers, March 31, in the presence of the French Finance Minister, Christine Lagarde.

Berlin hopes to run at full speed during the Franco-German push for a European initiative along the same lines and get a "strong international coordination" in regulating the banking sector. An international conference on financial regulation is expected in Berlin May 27

With the crisis, many countries want to overtax the banks, including the United States and Great Britain. The U.S. administration is considering two samples: one for the Treasury to repay the funds provided to the financial sector during the 2008-2009 crisis, the other to pay for future banking crises, without using taxpayers' money.Very controversial in the United States, the tax favored by the EU and IMF, which should make proposals to that effect in April.

ALSO READ:

"Berlin out the big guns for its banks

Operation siphoning. Emirates, Etihad and Qatar Airways increasing flights to Europe. Their goal? Bringing their clients to their hubs in Dubai, Abu Dhabi and Doha, before sending them to distant destinations, more and more numerous.

Emirates has increased its frequency this year in Nice and open lines on Amsterdam, Madrid and Prague, Qatar Airways has launched Barcelona and has strengthened Paris, Athens and Madrid; Ethiad has multiplied its rotations on Dublin, Frankfurt and Athens.

Meanwhile, 12 new international destinations outside Europe appeared in the list of three companies of the Gulf, including Tokyo, Seoul, Melbourne, Goa and Bangalore.To go to Japan, a client of Lufthansa or Air France has a choice between going through Paris or Frankfurt and transit through Dubai or Abu Dhabi.

In this battle, Gulf companies have strong points to make: their hubs have the best possible geographical position between the U.S. and Asia, and have unit costs of staff 50% lower than those of Air France, Lufthansa and British Airways. "They also have a very good product recognizes a part of an EU airline. They all have strengths to further participate in industry growth than we are. "

Orders for Airbus A380 should also provide them with an armada of large aircraft instant payday loan .While Air France and Lufthansa 27 total orders for the new jumbo Airbus, the three companies in the Gulf will eventually 72.

Competitors very annoying

The subject is considered sensitive by European airlines. It has even been mentioned before Tuesday elected staff at the surveillance committee of the CCE Air France. Lufthansa said that its offer seat on intercontinental flights the group should grow by 4% from 2009 to 2012, against 12% for companies in the Gulf.

These competitors are now considered more annoying than low-costs addressing some profitable lines. This time, it is a battle between European airports to those in the Gulf."For now, we have a better mesh of Europe they, believes the framework of an EU airline, but they are very difficult to prevent, where they arrive."

This competition, hitherto confined to flights to Asia and the United States extends to Africa, far backyard of Air France and Lufthansa. Emirates already offers 16 destinations in Africa, 7 Etihad and Qatar Airways 13. "Gulf companies are even more threatening than their owners are not obsessed with profitability, said a European competitor. They invest a lot and are a showcase for the UAE. "

A hasty return to Australia of Jean-Claude Trichet, President of the European Central Bank in Europe, leaks to the press revealing a plan to aid in Athens … The financial markets were very well received this information. The risk premium on debt Greek, very high, has dropped. The price of insurance on the risk of default by the Greek state (CDS) has dropped 80 points to 340 points, according to Markit. Other countries covered by the contracts, Portugal, Spain and Ireland have followed the same trend.

With the prospect of EU aid plan for Greece, investors seem to have got what they asked for a few weeks. As Financial Times columnist Wolfgang M?nchau summed up the mood of investors in early February, calling for "an exit strategy of crisis.""The Summit of Heads of State (which takes place on Thursday, editor's note) must tell the world that the EU resolves its own problems teletrak no payday loan ".

Note however the risk of inaction. Given these expectations, "the disappointment is guaranteed Friday morning at the issue of top European strategist anticipates that London is not growing at the sudden appearance of an" economic government "of Europe.

There is still a good reason to see lower the risk premium on debt Greek says the analyst. Athens has in fact presented Tuesday a new set of measures to reduce deficits. Namely: the introduction of new taxes on income, more details on the freeze and declining civil service salaries and the pension reform, a tax on property owners."Even the Orthodox Church will be subject to this tax," says the strategist. This shows the willingness of the Greek state.

Finance ministers and central bankers of the G7 (U.S., Canada, Japan, Germany, France, Italy, United Kingdom) are found on Friday and Saturday in northern Canada (see below). As Barack Obama lashed out Wednesday at the undervaluation of the yuan, "matters relating to the Chinese currency (are) in all minds," said Treasury Secretary Tim Geithner, suggesting that the subject would be treated by the G7.

Officially there is indeed no agenda, and contrary to tradition will be no statement issued after the meeting. "We want to rediscover the" spirit of Rambouillet "historic first G7 in 1975, and have a" chat by the fireside "freer," says one does in Paris.

There is also evidence that the G7 keeps all its usefulness, although the creation of the G20 seems to have finally stole the palm as an instance of global economic governance. The G7 countries are convinced that they have specific interests in common, as explained by a European central banker. "Our currencies are the only ones to be truly flexible, and also we can not forget that our economies have pushed capitalism to the brink!" Quipped the great European treasury.

Debt relief in Haiti

The G7 countries recognize the need to reorganize their respective banking systems, which – and alone! – Were behind the financial crisis of 2008.Mario Draghi, participate in debates with his two hats as governor of the Bank of Italy and Director of the Financial Stability Board, the international body created by the G20 to coordinate international regulation of all financial institutions, and not Only banks.

As for currencies, it is true that the G7 currencies are virtually alone, with few exceptions including the Swiss franc, which float freely, for better or for worse. The remarks made Wednesday by Barack Obama against the yuan, strangely overlapping language of Nicolas Sarkozy vis-?-vis the dollar. "The price of currencies and their accuracy is one of the challenges we face on the international level to ensure that the prices of our products are not artificially inflated and those of their equally artificially lowered," said U.S. President.

Even if the G7 should lead to no decision, according to a spokesman for the German Finance Ministry, announcements could be made regarding Haiti. The U.S. Treasury first raised the issue of debt relief for Haiti. Dominique Strauss-Kahn, the IMF managing director and Robert Zoellick, President of the World Bank participate in the Canadian meeting.

ALSO READ

"China is" ready "to monetary policy adaptersa

"China limits its credit, finance reacts

"The Fed has left interest rates low for much longer

"Down by the euro:" China is central "