Daily International Headlines

Growth accelerated to Edenred. The former branch of prepaid group Accor said Monday in a statement up 4.7% of its turnover in the second quarter after increasing 2.9% in the first. The income thus reach the entire first half to 461 million euros, an increase of 3.8%.

The issuance volume of prepaid titles, the key measures for the sector, up by 7.5% to 6.615 billion euros in the first half, in line with the annual target growth of 6% to 14% in the medium term set by the group.

The activity was led by Latin America region, which posts revenue up 4.9% to 181 million euros. "The strong growth in operational activity in Latin America offsets an economic environment still difficult in Europe," notes the group.This region is indeed a cash decrease of 5.3% to 79 million euros over the same period.

The turnover of the financial group fell from 25.6% to 39 million euros, weighed down by "the low level of interest rates," according Edenred.

Chouchou brokers

Edenred, which develops on land Sodexo, Compass Group or Mastercard and Visa, should still jump on the stock exchange after advertising 100% free credit report. Introduced last July 2 at a reference price of 11.40 euros, still have won titles this Monday 1.37% to 13.30 euros, giving a market capitalization of around three billion euros.

The new entity has the benefit of brokers. Most recently, Goldman Sachs who recommends buying the title with a target price of 18 euros."Edenred should long-term growth and profitability linkage, analysts also noted the CM-CIC Securities. The broker Aurel bgc, hailed for its part "the potential for development" on the market for vouchers.

For the second half, Edenred does not change in sight. "It follows the same trend. In Europe, we do not see the restart of employment, which is a trigger of our volumes, "said CEO Jacques Stern during a conference call.

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The end of the nightmare in the Gulf of Mexico may be close. BP wants to believe in all cases: two days after the start of the crucial test of strength of the new funnel, no sign of leakage was observed. "We have no indication that oil or gas escape" of damaged wells, said the vice-chair of Kent Well. Tested since Thursday, the giant funnel that contains the daily flow pouring millions of gallons of toxic liquid into the ocean, seems to hold good.

Uncertainty remains high: the compressed oil, trapped in the wells blocked by the funnel, eventually creating gaps and spread back into the ocean.According to Thad Allen, head of operations against the oil spill administration, BP must conduct further tests because the measured pressure does not allow to draw definitive conclusions about what is happening inside the well.

High pressure would suggest that well resistance is good and there is no leakage. Low pressure instead leave thinking that oil escaping elsewhere. Admiral Allen said that the pressure increased from 0.1 to 0.6 bar per hour, which was a good sign. But Friday, the level of pressure in the well still left casts "doubt on the possible existence of a leak." On Saturday, Vice President of BP, however, that the pressure inside the well had continued to increase."The fact that the pressure continues to mount gives us more confidence that the test works," he added, stressing that the data are "quite" in the range predicted by the engineers.

The extended testing

As a precaution, the oil company said Saturday it would extend the period of initial testing prévuepour last 48 hours. "We continue in phases of six hours each time. If there is a change in the way we do, we will announce it, "said Mark Salt, a spokesman for BP at the end of this period.

If the test proves successful the well will remain closed until the risk of leak is definitely ruled out by injecting concrete through a relief well. An operation could be completed in early August.However, if a leak is detected, the valve will be reopened and the oil will be pumped to surface ships.

"If we decide to reopen the pit, oil drain into the Gulf for some time," said Mr. Wells, the time to connect the pumping lines at the wellhead. This would obviously a major failure for the oil group that tries since the end of April to contain the largest oil spill in U.S. history.

Since April 22, nearly 520 million gallons of crude that would have flowed into the ocean, estimated Tuesday the International Energy Agency. Even if the leak was finally stopped, Deepwater would remain one of the worst oil spills in history (see graphic below), a nightmare to $ 3.5 billion for BP and irreparable ecological catastrophe.

Louis Welsh, president of EADS, is convinced. The decision of the World Trade Organization (WTO), said Wednesday that "illegal" certain EU subsidies paid to Airbus for the A380, "changes nothing" for the A350. "The support for the A350 are not iIn the" scope "(Field, Ed) of the panel that reviewed the complaint of Americans," said Louis Welsh Saturday. He added: "It was explicitly stated that although such aid is not in the" scope ", they were sentenced prior BLES, since the system of repayable advances itself is not contrary to the rules WTO.

Always on the fringes of economic meeting organized by the Circle of economists in Aix-en-Provence, Louis Welsh, assured that Airbus would submit an offer in time with U.S. partners for the bulk tanker contract from the U.S. Air Force."We have reached an agreement with 200 companies amricaines. The Pentagon must decide to fall on the mega-tanker contract enviton estimated at 35 billion dollars. Airbus and Boeing have until July 9 to finalize their proposals. A decision is expected next fall. "I think the nervousness that manifests Boeing in this case and the propaganda campaign that he led for three or four days shows qu'ls fear that we have a competitive bid on the tanker," said Louis Welsh. Ambiance, atmosphere …

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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.

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Two years probation and 375,000 euro fine. Such is the penalty required by the prosecutor in Nanterre cons Antoine Zacharias, CEO of Vinci from 1997 to 2006. Prosecuted for abuse of social good, Antoine Zacharias came to explain Thursday morning in court. His trial was held today and tomorrow before the fifteenth penal court of Nanterre. Specifically, it accuses the former CEO of Vinci have intrigued to receive a disproportionate amount. 12.5 million severance bonus when he left the company in June 2006, over two million annual pension from a salary of 3.3 million in 2004 and stock options with a greater potential value of 124 million.

To penetrate this mystery to date, the judges were interested in changing the membership of the Compensation Committee of Vinci in May 2004. Indeed, it is this committee that changed the method of calculating the salary of the big boss."It was good to renew the committee because some members like Alain Minc were benefits to Vinci, which deprived them of a form of independence," said Antoine Zacharias. A demonstration unassailable except that Zacharias had still left Alain Minc continue to serve on the board of the world leader in construction as the conflict of interest was the same.

Another element that is the problem, the consulting firm Towers Perrin had been consulted by the compensation committee on whether to remove ceilings on wages of Zacharias. He said it was negative, citing "inflation risks." But his advice was not followed or even communicated to the Board of Directors has decided to enforce rules that made Zacharias the highest paid boss of France.

The President of the Republic Nicolas Sarkozy, who delivered his first speech after the defeat of the right in regional elections, said he was ready for a "crisis in Europe" to save the common agricultural policy and confirmed that it had not abandon the carbon tax. He tbc it was postponed and must establish the "European level".

Moreover, Nicolas Sarkozy has argued that the EU should "assume that the productivity of its business" and the development of its uses should not be on the bottom of unfair competition.

On this last point, it must, according to the head of the French state, "simple principles and common sense, without which living together is not possible."Remarks that echo those of Christine Lagarde, set mid-March to Finanial Times.La Economy Minister had expressed doubts on the German model, very competitive, but at the expense of the rest of Europe, which has yet need for "greater convergence cash till payday .

Nicolas Sarkozy intends to "continue the reforms" and "continue to reduce (our) labor costs and investment" and refuses any new tax increase. "

All to save the CAP

A crisis in Europe? Nicolas Sarkozy did not say no, if it saves the Common Agricultural Policy (CAP).The Head of State said refuse "to accept the dismantling of the common agricultural policy and leave the speculation fix erratic agricultural prices that would not allow our farmers to make a decent living from the fruit of their labor."

At the Salon of Agriculture, where he held a round table – a first – with all unions representing agriculture, the President proposed 800 million euros of additional loans, and 50 million more in cuts financial costs for the old loans.

It's a tradition. The low-cost companies stigmatize the benefits of the former national companies who claim themselves of differential payroll with low costs.

The Association of European low-cost airline called in Brussels on Wednesday to launch an investigation into state aid granted to Swedish companies SAS, Malev Hungarian, Czech and Spanish Spanair CSA. In France, it was easyJet, which folded this year on Wednesday, declaring that the new policy of economic regulation that prepares Aeroports de Paris (ADP) continues a tradition of support to Air France.

ADP, which froze the royalties in 2010, proposes an average increase of 1.38% per annum from 2011 to 2015. But the freezing of airport charges in 2010 because of the crisis, conceal lower landing fees and parking a share, offset by an increase in passenger fees other."This pricing policy penalizes low-costs that have high rates of filling and favors Air France going for her clients in aircraft to three quarters empty for the lead on its hub," explains Fran?ois Bacchetta, CEO of easyJet in France. He said the British company pays royalties for a larger Paris-Toulouse full 85% Air France aircraft with a full 70%.

Competition with Air France

Questioned on the subject, ADP recalls having spent half of its 3 billion euro investment from 2006 to 2010 in the development of its terminals. "It is normal that the passenger charge to follow this evolution," said a spokesman of the group.

The British company also points a possible loss of the French network.The maintenance of this system of royalties could, she said, forcing her to abandon branch lines, more economically risky and focus on the most profitable routes in direct competition with Air France.

This strategy of direct competition with Air France is special easyJet, unlike Ryanair, which focuses on regional airports and routes not served by Air France. easyJet has opened a dozen roads in France since the beginning of the year and announced it will always profit at the end of the year.

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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. "

"2009 has been loaded, 2010 will be equally dense" warned Friday Nicolas Sarkozy during the presentation of his wishes to the social partners. After congratulating unions and employer representatives for their "spirit of responsibility in the crisis, the head of state has listed the main projects of 2010 on social issues.

Unemployment in particular, "will be at the heart of our action in 2010," he announced, as well as the management of addiction, "fifth social risk. The job priority for the coming year, so even if the head of state welcomed the positive results already achieved in this area. "Unemployment, with the exception of Germany, grew everywhere more than France.I do not satisfy, but if it was the opposite, which would be responsible? I have an idea … "

"The major problem of our social protection

As previously announced, 2010 will also be an opportunity to address pension reform. "It's been 50 years that we gain a quarter of life expectancy per year. This progress requires us to make decisions, "he said. Moreover, "the French are not mistaken, three quarters are concerned about their retirement. In this area, the head of state warned it will take account of the arduous work. "It's a defect French confusing equality and uniformity," he explained, suggesting that retirement may not be recognized for all the same.

The Head of State had previously commended the social partners for their spirit of responsibility during the crisis.A speech already supported by Francois Fillon during his vows to the press, and a way to encourage social partners to continue this work in 2010 for the implementation of further reforms, and in particular, thorny pension . "I do not believe in our social history, we've already had a social dialogue as dense," he noted as well. "Rather than fan the flames, everyone had to heart to find solutions to the ills that affected the French," thereby achieving "a form of maturity of our democracy." "Our duty is to tell us" he meant well.

After a year in 2009 under the sign of restraint on wages, what does the year 2010? "The care and attention are always placed in businesses," said Fanny Potier-Koninckx, principal at Towers Perrin and responsible investigation "Outlook 2010 in terms of pay, which is published today.