A special board is scheduled Monday morning and is expected to endorse the departure of Pierre-Henri Gourgeon, blamed for the results considered bad and bad relations with the President of the Board Jean-Cyril Spinetta.

This move was expected. "I think the end of this suspense but it is close to the company itself to decide," said Transportation Minister Thierry Mariani Wednesday, describing the arrival of Alexander Juniac of "true-false suspense ".

The French state owns 16% stake in the airline.

Vice Minister of Finance had previously Oikonomou Pantelis said the discussions were over, but for the most part, the sources who have direct knowledge of the case, they are far from it.

"The talks are not over," said a senior official told Reuters.The Delegation of the troika (EU, IMF, European Central Bank) is still examining the accounts and budget reforms required for the payment of aid to eight billion euros.

The Greek government admitted Sunday he would miss this year and next the deficit targets that were assigned by its international donors.He also announced new austerity measures to try to reduce the budget deficit next year.

Athens anticipates a deficit of 8.5% of GDP in 2011, while the EU and the IMF wanted 7.6% more, and 6.8% in 2012 to a target of 6.5%.

The draft budget for 2012 Greek assumes a GDP contraction of 2.5% this year, after -5.5% this year.Under this project, Government debt was 172.1% of GDP in 2012 from 161.8% in 2011.

Finance ministers of the euro zone (Eurogroup) met on Monday and it is likely they will do even more pressure on the Greek government to implement a more resolute reforms planned by the international bailouts.

The second plan, set in July, includes in particular the private sector is participating in a plan to exchange debt at a discount.Athens wants at least 90% of the creditors participating in the project goes forward.

"Greece is bankrupt"

Given the risk of contagion to other countries Greece in the euro zone, Italy and Spain in particular, several countries in the euro area have already passed an extension of the powers of the European Financial Stability (EFSF ).

But increasing financial resources, budgeted at 440 billion euros, is not an option for countries such as Germany in particular.

In fact, Christian Noyer, Governor of the Banque de France and member of the Governing Council of the ECB, it is unrealistic to think that we can increase this allocation, but the principle of multiplication is to remember.

"It would be unrealistic to expect an increase in the EFSF himself personally but I am open to any device to leverage existing commitments to provide greater capacity to respond," he said.

The United States and the financial markets, which continue to anticipate a failure to Greece, urged the euro area to consider how to give the EFSF greater ability to respond without injection of new money, for a leverage.

The principle would be to use the funds as collateral for loans from other agencies.The EFSF could for example provide guarantees to the European Central Bank (ECB) when it acquires the Sovereign Debt.

In the meantime, it is the deepest skepticism prevailing in the markets about the ability of Europeans to stem the crisis in Greece, especially after the latest financial reports of the country.

European stock markets posted a decline of 1.75% and the index of banking in particular was down 2.87%, the segment loss the biggest market for now.

The spread between Italian 10-year paper and his German counterpart widened to 380 basis points and it is the same for the same term paper in Spanish, to 337 basis points.

Germany itself is not immune to the slump environment.The five-year CDS were up six basis points record of 118 basis points, according to Markit.

Michael Fuchs, vice president of the coalition CDU / CSU to power in Germany, the case is heard: Greece is indeed bankrupt. "There is probably no alternative for us to accept a deletion of at least 50% of its debt," he states.

According to the Sunday Telegraph newspaper and television channel Sky News, up to 3,000 employees, all British, could lose their jobs.

The Sunday Telegraph said that the announcement could take place next week.

BAE has 33% of the joint venture Eurofighter, as EADS and Finmeccanica.Some 550 fighters have been ordered by the four countries involved in the project: UK, Germany, Italy and Spain.

A BAE spokesman described the articles of speculation.

"As a company, we have not officially announced.We expect when this will happen, to inform staff first, "she said.

In a statement, the group said to be in the process of "review (its) operations in various sectors of activity" to help secure future contracts.

The first UK manufacturing group attributes his difficulties to a lack of command of combat aircraft in the world.

The main union in the country, Unite, said he would seek clarification as soon as possible from BAE to determine which sites would be affected by job cuts and to call for a voluntary redundancy plan .

* BANKS – The Fall of banks to the Paris Bourse and doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.

French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin., See also scenarios of bank recapitalization in Europe

In addition, the German bank IKB announced Friday it had settled a three-year dispute with Crédit Agricole and the credit enhancer American Financial Guaranty Insurance Company (FGIC) on losses during the financial crisis.

* Sanofi announced Monday morning that the U.S. court had ruled in favor of Sanofi US dispute in the dispute with Sun Pharmaceuticals on some generic versions of Eloxatin (oxaliplatin).Eloxatin retains its exclusivity in the U.S. until August 9, 2012, Sanofi said.

* Technip announced that it has been awarded by a contract Petobras provision of basic engineering and detailed design for a new complex fertilizers `to be located in Uberaba, in Minas Gerais, Brazil .

* EADS – Qatar is interested in buying Daimler a 7.5% stake in EADS, writes Der Spiegel on Sunday.

* ABC ARBITRAGE improved its net profit in the first half despite the low volumes and limited volatility of the markets during the period and addresses the second part of the year with confidence and caution, told Reuters CEO, Dominique Ceolin.

"We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that there will be growth, modest growth, it is true," said Monday the head of the executive in Brussels to a visit to Australia.

Concerns about the risk of contagion to Spain and Italy to the debt crisis in the euro area continue to cause nervousness in financial markets, and Greece feeds new concerns about its ability to achieve its goals of fiscal consolidation.

"Let me be very clear.The EU and the euro are strong and resilient, "said José Manuel Barroso after a meeting with Australian Prime Minister Julia Gillard, whose country belongs to the G20.

The latter, designed to hide 37 billion euros to its debt stock requires approval by 90% of private sector investors, said Athens to other cities in an official letter.

Greece had previously made this level a goal and not a condition.This threshold applies to the bondholders holding the paper maturing in 2014 and 2020.

"If these thresholds (or either) are not met, Greece will go no further on any part of the transaction whatsoever," the Greek government.

Greece, however, has left some leeway, saying it would withdraw from the case if the proportion of participants did not meet investors its international partners such as the European Union and the International Monetary Fund (IMF).

This would occur if "she realized, in consultation with public authorities, that the total contribution of private sector creditors (…) was insufficient to allow public authorities to support the new multi-year adjustment program."

"It's a tactical maneuver. She wants to put pressure on private investors to participate," said an executive of a Greek bank.He said the threshold of 90% is ambitious and believes that the transaction will in any case, even if not achieved.

The Greek banking sector plunged 7.24% to 1300 GMT in Athens Stock Exchange.

"Not bad DELAY"

The Institute of International Finance (IIF), which coordinates the bank discussions, said Thursday that 60% to 70% of bondholders had expressed their intention to participate in the plan.

They may be more numerous, he said, once a proposal has made formal.

The European Commission said in turn suggests that private investors are involved enough to sustain the bailout program.

A Parisian banker noted, however, the collateral argument made by Greece to Finland in exchange for loans may complicate the matter.

Helsinki does not give this guarantee and its finance minister said Friday Jutta Urpilainen that the country would be irresponsible if they waive this requirement.

"I feel that there has been a lot of delay in the finalization of the methodology and the implementation of this plan," said the banker."There are big problems also contributors to the final device, given what is happening in Finland, Austria and other countries, and its ratification.

Greece wants to join the plan investors hold around 135 billion euros of debt on the 150 billion that will mature by 2020.

He was asked investors to indicate their interest, non-binding to participate in the exchange of obligations by September 9, said bankers.After that, a formal proposal will be formulated and binding, probably in early October, they added.

The idea of ​​involving the private sector in a second bailout of Greece comes from a political anxious to save the taxpayer a part of this new financial burden. This idea would mean a loss of 21% for bondholders.

The final pillar of the law Tepa ("Labour, employment and purchasing power"), passed in the summer of 2007 and the five-year symbol of Nicolas Sarkozy, teetering dangerously. After the tax shield, the tax credit on mortgage interest relief, or inheritance tax and gift tax, the tax exemption of overtime could be eliminated, or at least scaled down – Claims loads are decreasing and the number of hours maximum. François Fillon said the union leaders with whom he met on Monday night.The secretary general of the UMP, Jean-Francois Cope, for his part acknowledged this morning that it was a "track" in the new savings plan to be presented Wednesday by the government. This device, however, was the symbol's flagship campaign slogan of Nicolas Sarkozy in 2007, "work more to earn more." The reasons for the sacrifice of the tax shelter on the altar of triple A tricolor.

Because it's a niche that is very expensive

The tax exemption of overtime is one of the tax and social niches most expensive ever. The shortfall for Social Security is about three billion, one for the IRS is about $ 1.5 billion. 4.5 billion euros per year on average in less revenue for the public finances.4 billion euros, it is precisely the amount of additional savings that the government must release this year to keep the deficit target to 5.7% of GDP is assumed that growth will not reach the 2% forecast . The government does not intend to delete the entire device, but the plane at the margin, the gain will be only a few hundred million euros according to Le Figaro.

Because the device generates abuse

Employers as employees have a common interest to declare overtime. Which generates abuse. In short: the employees who were already working before measuring 39 or 40 hours, and recovering lost profits in the form of RTT or bonuses, overtime these institutionalized, and have declared.But "there was no additional overtime," is the UMP deputy Jean-Pierre Gorges, author of a parliamentary report published last June. An observation already singled out in 2010 by Pierre Cahuc and Stephane Carcillo. According to two economists, if the number of paid overtime has certainly increased by 25% since 2007, working hours, that is ultimately the number of hours worked, has not budged. They conclude that the tax exemption of overtime is actually a tax planning tool for businesses. The exemption from payroll taxes on overtime, on average, reported 1.3 billion euros per year to businesses. This makes it more attractive for companies to pay overtime to their employees rather than pay them bonuses or increase their salaries.

Because the gain in purchasing power is not significant

The device offers a gain in real purchasing power. Thus, it is an average of 3.2 billion euros will be donated to some 9.4 million workers each year through the exemption from social security contributions (paid at the time is gross) and the tax exemption ( the overtime pay is deductible from income tax). The average annual gain for employees would be about 500 euros per year, or 42 euros per month. What put the light butter in the spinach, or even feed her book A, but not strongly enough to boost consumer spending. In addition, the tax exemption of overtime benefits neither self-employed or part-time employees, and a whole taxable to employees only.Are excluded from my device the most modest.

Because this niche is not in use

Nicolas Sarkozy has already announced in late July that he would not touch the niches "in the employment service." You're in luck because the tax exemption of overtime hours he is rather harmful, if one believes the unions and the left opposition. They believe the device is a brake on hiring: companies prefer to use overtime rather than hiring in times of high activity. They are not the only ones to think so. From the introduction of the device in 2007, a report of CAE (Centre for Economic Analysis) denounced the potential windfall for companies. The very serious account of the Court has also denounced in 2010 effect "ambiguous" on the job because "the increase in working hours may induce firms to substitute work hours for men."This is demonstrated in the second quarter 2011, growth in the volume of overtime hours rose 5.8% year on year, after rising 5.7% in first quarter 2011, while unemployment remained at a high level. "The levels of overtime since the start of 2011 now exceed those observed since 2008, while employment has still not regained its pre-crisis levels," fell in July ACOSS, the organization that brings together the Urssaf.

Operating profit stood at 25.57 billion yen (234 million euros) in the first quarter of 2011 to 2012, covering the months of April-June

This is in marked down from 31.95 billion a year earlier, but almost two times higher than the consensus reached by Reuters Thomson I / B / E / S analysts from seven (13.8 billion).

Suzuki, which plans to increase production in the second half of the year to offset the impact of the earthquake in March, decided to maintain its forecast of 2011 earnings up 2.9% to 110 billion yen (Thomson Reuters consensus I / B / E / S: 105.7 billion).

Action Suzuki lost 10% since the beginning of the year, making even less than the index of Japanese transportation sector declined by 6.5%.

The manufacturer is concerned primarily with a decline in demand in India, his first and most profitable market, due to increased competition in the market for small cars, especially from Toyota Motor and Ford.

Toyota closed Wednesday down 1.27% after reporting on the eve of an operating loss in the first quarter, its first in two years due to sharp declines in production caused by the earthquake of March 11 and rise in the yen against the dollar.

The rebound by Insee said Friday, after three months of decline, is well above the expectations of economists polled by Reuters, which provided an average of 0.5%.

The May figure has meanwhile been raised to -0.3% against -0.8% previously.

Throughout the second quarter, consumer goods, however, down 1.8%, after rising 0.1% in the first, reinforcing expectations of a sharp slowdown in economic growth of France in the second quarter.

The first estimate of growth in the second quarter will be released August 12.After rising by 0.9% in the first quarter, the French economy to grow just 0.2% in the second, according to the INSEE and the Banque de France.

"Retail sales in France are a ray of sunshine in a generally gloomy landscape," said Dominique Barbet, economist at BNP Paribas.

He stresses, however, the strong quarterly decline and considers the impact of sales on June shows that consumers are willing to wait to benefit from low prices to buy.

For Nicolas Bouzou, the analyst firm Asters, "the increase in June is sham and the quarter is bad."

"The decline (quarterly) is strong and raises the question of regime change in the dynamics of consumption," he says.

QUARTERLY FALL IN ALL SECTORS

The poor quarterly performance in all areas reflects the slow growth of purchasing power, which could "probably" use force in all of 2011, says economist.

Spending on durable goods rose 2.5% in June but fell 6.3% over the second quarter, after rising 2.2% in the first.

Pleasant surprise, the rebound of 2.2% of car purchases in June, which "suggests that the worst is behind us," said Dominique Barbet.

This increase does not compensate, however, the earlier declines related to the end of the scrapping and a total purchase automobiles declined by 11.2% in the second quarter.

Helped by the sales, purchases of equipment housing rose 3.8% in June but were down 0.6% over the quarter

Again, thanks to sales, purchases of textiles and leather rose 4.3% in June but fell 0.3% in the quarter.

Consumer spending in other manufactured goods for their part, rose 0.7% in June and declined 0.2% in the quarter.

Purchases of food products fell 0.4% in June and 0.1% throughout the quarter.

Finally, energy consumption grew by 1.4% in June, after rising by 5.0% in May It fell by 1.1% over the second quarter "because of particularly mild weather in April," said INSEE.