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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. "

AOL announced the color in late November. On 6 900 employees, 2 500 people were invited to take voluntary departure, otherwise there would be layoffs. Having only received 1 100 applications for voluntary departure, the Internet group has begun to deploy, yesterday, a comprehensive plan layoffs. In France, management presented a plan to close the staff representatives. One hundred employees are concerned. Germany is also poised to close shop. The AOL offices in Sweden and Spain will close early. The first redundancies notified on Monday, will take effect on Wednesday. AOL, which has left the fold of Time Warner in early December, having provisioned for 200 million dollars in charges.

After a 2008 black, stock markets around the world experienced in 2009 a substantial rebound in the light of an economy still recovering. In Europe, the Dax in Frankfurt rose 23% to 5957.43 points December 31, while the FTSE in London was granted 22.07%, to end the year at 5412.88 points. The squares of Brussels (+ 31%) and Madrid (+ 30%) did even better, while the Swiss market shows an increase of 18.27% and the Milan Stock Exchange rose from 13.28%.

A second half of 2010 uncertain

In Asia, equity indices recorded spectacular gains. Shanghai has taken over 80% in one year, and Hong Kong has offered an increase of 52%.Even in Japan, where the structural problems persist, the Nikkei index Featured jumped 19.04% in 2009, to reach 10,546.44 points at the end of the year.

Across the Atlantic, the Dow Jones rose over the year to 18.82% and the Nasdaq composite jumped 43.89%.

According to the main house management, year 2010 should be characterized by a sustained increase in equity markets in developed countries during the first half of the year. The interest rates of central banks and European American should not be raised before next fall or later, consider including Axa IM, Pictet and Aurel BCG.

Then, visibility fading. The recovery plans, adding to public debt, will sooner or later disappear, and allow growth to take charge alone.

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The Cac 40 gained 22.32% in 2009

Barely two months after the EU-Russia summit in Stockholm, the energy tensions resurface. Moscow may decide to deprive Slovakia, Hungary and the Czech Republic of oil because of "unresolved issues between the Russian Federation and Ukraine," said the Slovak government in a statement Monday, citing a letter sent by the Russia to the European Commission.

In this letter, Moscow stresses the existence of a "trade dispute" with Kiev, confirmed a spokesman for the European Commission Figaro.fr. "Member states have been alerted to this note by the usual procedures. The oil price is a sensitive issue between the two neighboring countries, which have already been two "gas wars" in late 2005 and early 2009. If Europe is much less dependent on gas than oil from Russia, the prospect of closing the valve by Moscow worried.Slovak Prime Minister Robert Fico has convened an emergency meeting of the Security Council in the country on Monday, the government said.

Kiev wants "guarantees" on transit

The Ukraine has not responded. Sergui Zinkevitch, a spokesman for the Ukrainian pipeline operator Ukrtransnafta, told AFP that Kiev wanted to review the conditions of transit of Russian oil to the EU. "The current contract was concluded in 2004 for fifteen years, the Ukraine wants to make amendments." And seeks assurances from Moscow on the volume of oil transiting through the country. "Negotiations are continuing," acted as spokesman. According Sergui Zinkevitch, however, complaints from Moscow did not arise, the tariff issue has been resolved."A compromise satisfactory to both parties has been found," he said.

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"Russia threatens Europe with a new gas war

Senators are sitting on a pile of gold. Their very generous pension fund available in late 2008 from 575 million euros in reserves. Enough to finance 23 years of service! This study reveals that Safeguard pensions, including Le Figaro revealed the exclusive content.

The association, which aims to promote equity between the retirement of private employees and that of other assets (staff, nationals of special schemes …) based on official documents, public or not.It highlights the "extraordinary performance" of the Senate plan: taking into account life expectancy and age of retirement (67.5 years), a senator "means" receive before his death, 4.90 euro pension for every dollar contributed during his career – against 1 euro pension for about an employee's private and 2 for an official.

A former senator who made a single six year term and receives 1 932 euros monthly pension. Either "30% more than the average pension of an employee's private after a full career," observes Backup pensions. Only condition, almost always true: have paid double, as any senator has the opportunity during his first fifteen years in the "house" (480 euro premium "pay" per month). Reversion (retired widower and widow elected) is more favorable than in the general scheme.Finally, "most varnishes are the senators from the public (39% of the Chamber)," wrote Saving pensions. They can continue to contribute 7.85% of wages they would have received in their original, adding the State as 60.14% for all staff. Finally, they combined so full of retired staff and retired Senator, unlimited.

And yet, despite this apparent generosity, the body of senators shows no deficit, despite his bad demographic situation: 1.7 to 1 pensioner contributor (cons 1 retiree for 1.4 active in the general scheme). By what miracle? Strong support from taxpayers? Not really: the contribution "employer" paid by the Senate, represents 2.4 times the premium "pay" for senators.This is more than in the private but much less than in the public or any other special arrangements (for members, taxpayers pay 7 times more than the elected themselves!).

Everything comes from the fact, that the backup pension scheme senators is "remarkably managed. Based on the collective capitalization (1), he leads every three years an audit in which it updates its forecasts and issue invitations to tender to select managers for its funds. Sewing up since birth … in 1905, he held a "pot" whose composition is unknown but the end of 2008 amounted to 575 million euros – given the financial crisis, a provision impairment has been moved cautiously, however, reducing the carrying value of these reserves to 484 million.Result: only the interest generated by these investments provide over half of the pensions paid each year.

A pool of 1 billion euros in 2050

A performance such as – and this is the only criticism Backup pensions – by "employer" is "not only immoral but unnecessary. Why bother keeping a grant which only swell the reserves that increase perceptibly from year to year? ". Calculations of the association, placed at a reasonable rate of 4%, this kitty will reach 1 billion euros in 2050 …

(1) Safeguarding pensions do not hide that she is campaigning for the introduction of a dose of capitalization in the general scheme, which currently relies on distribution, Ed.

"DOCUMENT – The study Backup Pensions (pdf)