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The G20 summit opened in Cannes on Thursday in an acute crisis. President Nicolas Sarkozy had to leave an extraordinary meeting of the euro area to hold under a rainy sky guests, leaders of 20 leading world economies.

The crisis in the euro area has so encroached on the official program that the French president had to cancel his meeting with Indian Prime Minister Manmohan Sing. French President Barack Obama had previously met face-to-head and seems to have gained the support of the United States for its proposed financial transactions tax.

The political changes in Athens have also punctuated the start of the summit. Returning to Greece after being scolded by Nicolas Sarkozy and Angela Merkel on Wednesday, Prime Minister George Papandreou is facing the sling of his own ministers.

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Why this referendum is it risky?

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In the first five days of strike by cabin crew of Air France, the company is organized to provide as announced 80% of its flights. The company has temporarily restricted on Saturday morning to 100 passengers the ability of its medium-haul flights Orly. Consequence: passengers can wait a little and minor delays can be saved.

This management method was chosen to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. "It blocks the flights a minimum. Is completed according to the presentation of the crews as and when. But we have managed so far to complete the flight and make them go as planned, "says the director of Air France at Orly, George Daher. A strategy that annoys some customers. "We were placed on a waiting list by explaining that there was not enough staff.

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The human resources department of Air France is under pressure. Three cabin crew unions (PNC) filed a strike notice for the weekend of All Saints, Saturday 29 October to Wednesday, November 2.

The unions believe that their company "wants to charge PNC" his "poor economic performance." They denounce downsizing that "degrade their working conditions." The strike affects all flights from Orly, Roissy and Marseille.

This was already burning the cloth between the management of Air France and its flight attendants. Seven unions had filed a notice of four days in late July, one of the busiest of the year. Finally, the threat was not carried out.

The hostesses and stewards who work on short flights and medium-haul are directly affected by the restructuring plans announced by Air France to regain ground in a market dominated by low-cost airlines payday advance lender. Air France seeks to improve its productivity by organizing more such flights by plane and rotation by offering volunteers a more intense pace of work. This time, a new rating system hostesses and stewards with their heads cabins, instead of "inspectors controllers" would have set fire to the powder.

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Few newspapers have a history as brilliant and desperate that France-Soir. A heroic birth, with the brilliant Pierre Lazareff transforms, at the end of the war, a newspaper born in the underground resistance, Defence of France, in large tabloid. Shattering debut, with prints that quickly reach over a million copies. Illuminated by a succession of prestigious feathers. A slow but inexorable fall, punctuated by numerous changes in ownership.

France-Soir has become the first French daily Liberation from. Acquired by Hachette in 1949, the newspaper saw its heyday in the 1950s and 1960s. He crossed the bar of a million copies in 1953-1954, while France mired in the wars of decolonization in Indochina first, then to Algeria.The French go to the front and France-Soir draws more than 1.5 million copies. A banner on the front proclaims: "The only daily selling over a million copies."

By dint of scoops of hard-hitting headlines and large photographs, France-Soir is a reference. "Pick the world in a day and throw it to the men every morning," the newspaper endorsed this definition of journalism by Joseph Kessel, who covered the trial of Petain and Nuremberg. The anthology pieces by Lucien Bodard, Françoise Giroud, Jean Philippe Labro Ferniot or alongside the venomous "Gossip gossip of" Carmen Tessier, the soap with rose Angélique, marquise of angels and the "facts div" sordid as the Dominici affair. The cocktail is perfect.

At the height of his fame, France-Soir is working out up to 400 journalists and eight editions per day.Sales over two million copies in November 1963, after the death of John F cheap pay day loans. Kennedy and after the November 1970 General de Gaulle.

The tide is turning in the 1970s. When Lazareff died in 1972, the daily press is beginning to be shaken up by radio and television. The editorial line is less clear. Like its competitors, France-Soir tabloid to balance between the Anglo-American general and the newspaper. Frequent changes of shareholders from that time do not help matters. The "avid reader" Robert Hersant, which then has to Le Figaro, took control of France-Soir in 1976. First bleed to the editor that loses 80 of 200 journalists … But in 1983, the distribution still falls to 400,000 copies.

Following is a series of stimulus packages and restructuring.Between 1982 and 2004, eleven editors will succeed at the bedside. In 1998, Yves de Chaisemartin, who told Robert Hersant the keys to Socpresse, the paper goes tabloid significantly lowering the selling price. But the title is seriously deficient. It changed hands in 1999, 2000 and 2002. Philippe Bouvard, who has officiated in the newspaper between 1973 and 1989, then back at the helm. France-Soir +, refocused on television and sport, does not return to its glorious past.

Bloodless, without cap, France-Soir is placed in receivership in late 2005. The following year, the newspaper was bought by the developer Jean-Pierre Brunois. Journalists on strike brandishing leaflets "Bal tragic in court: 80 dead." Inspiration always comes from English tabloids. But the newspaper has lost the recipe for success.The two stimulus packages Alexander Pugachev, who acquired the newspaper in 2009, failed to reverse the trend.

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European politicians finally seem on the verge of their act together on the Greek case and the measures to try to resist contagion. The prospect of a consensus at the summit of October 23 has heightened expectations of financial marcéhs Wednesday.

The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

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Since the presentation of the tablet from Amazon on Wednesday night, no one talking about it: price, so aggressive. At $ 199, Kindle the Fire will be 60% cheaper than the first of the iPad, sold to 499 dollars (489 euros in France). If the surprise is – analysts had expected, at best, at a rate of $ 249 – Tablet Amazon profits actually a series of well thought out choices that contribute to get its costs down without crop quality business

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After signing Friday its worst week in three years the New York Stock Exchange rebounded on Monday following the trend-driven European stock markets, boosted by rumors of bank recapitalization. At the close, the Dow gained 2.53% to 11,044.17 points. While the Nasdaq rose 1.36% to 2517.10 points.

The trend, however, may be fragile. Concerns about the strength of global growth and the crisis of public finances in Europe and the United States still weigh investor sentiment. Markets expected a lot more than a joint statement of finance ministers and central bankers from the G20 at the end of the meeting in Washington Thursday. The United States has put pressure again on Saturday for Europe to act more quickly on the public debt."All of us who watch Europe (…) must have admiration for what they are doing and recognize the difficulty," said the BBC the U.S. Treasury Secretary Timothy Geithner .

Week crucial for Greece

In the euro area is a race against time to be playing this week to save Greece. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy. Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote.Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek. In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. " The idea of ​​taking office faster than expected EFSF has also been raised by Germany this weekend.

EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.

If no key indicator is not on the agenda of investors on Monday, the rest of the week will be charged.The program includes the index of investor confidence and U.S. consumers (Tuesday), due to the latest estimate of U.S. growth for the second quarter (Thursday).

As for currencies, the euro still appears under the $ 1.35 this morning at 1.3435 dollar. Oil prices, however, went up the slope in morning trading, amid hopes of an agreement to increase the reserve fund for the eurozone. A barrel of "light sweet crude" for delivery in November gained 18 cents to 81 low interest personal loan.04 dollars a barrel and Brent North Sea crude for November delivery took 42 cents to 104.39 dollars.

Values ​​to follow

The Boeing 787 (1.10% to 60.16 dollars) will finally become operational after three years behind schedule. The manufacturer delivered its first Dreamliner yesterday at the Japanese company All Nippon Airways for $ 200 million.The reduction of the unit would save 20% of fuel consumption, according to the manufacturer.

The video sharing site online Netflix (5.08% to 135.93 dollars) has signed a replay of movies with DreamWorks, who has produced the animated film Shrek. Previously linked to the pay channel HBO, the studio is the first American to prefer a website with a conventional chain. The operation could yield $ 30 million per film to DreamWorks, according to analysts.

Note CocaCola (1.29% to 68.29 dollars) intends to invest nearly $ 3 billion (2.2 billion euros) in Russia over the next five years, his strategy being to to increase its presence in emerging markets, said CEO Muhtar Kent told Reuters Insider.

Chevron (0.34% to 90.32 dollars) Monday gave its final green light to a proposed 29 billion Australian dollars (28.4 billion dollars, 21 billion euros) in the liquefied natural gas (LNG ) to Wheatstone, in Western Australia.

Dollar Thrifty (0.70% to $ 60) The car rental group said it expected that its adjusted EBITDA shows a jump between 17% and 28% in the third quarter, and noted the amount of its share buyback program to $ 400 million against 100 million previously.

Bristol-Myers Squibb (0.79% to 31.14 dollars) will be able to cope with the expected drop in sales next year due to the expiration of its patent on Plavix in the U.S. in May , one of the most important drugs in the pharmaceutical group, announced Monday its managing director Lamberto Andreotti.

The website site group purchasing, which aims Groupon a valuation of $ 20 billion, would call into question the timing of IPO. The group is cooled by a volatile market but faces above the federal authorities who refused certain elements of his record says the Wall Street Journal. In addition, the group's director of operations resigned five months after his arrival ..The same day, Groupon has revised down its sales in its IPO document, placing it now at $ 688 million for the first six months of the year, instead of the more than 1.5 billion yet he claimed last month. The net loss was revised down slightly to $ 204 million instead of 205 million. And according to the Wall Street Journal.

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The least we can say is that Safran has not chosen the best time to join the benchmark index of the Paris. In two and a half months, the CAC 40 has lost a quarter of its value. For its first listing, Safran lost 1.14% to 25.99 euros. However, the boss of aerospace equipment is intended confident. "It is recognition of the work, said Jean-Paul Herteman, in an interview with Echo on Monday. Our visibility will increase. In particular, this could help us recruit the talent we need. "

"I wish all the best at Societe Generale"

As individuals, concerned with the character "short-term approach" taken by the Exchange, turn their backs on stocks, Jean-Paul Herteman thinks otherwise and tries to reassure investors. "The stock market does not prevent us from conducting a long-term strategy," said he guaranteed online personal loans.Market volatility currently registered by the financial markets do not frighten him. "Safran worth three times less than today on the stock market three years ago, says the head of Safran. In such a short time, our fundamentals have not been processed yet so profound. It is sometimes said that the market is always right, but not every day. "

In a difficult environment for banking stocks that continue to be attacked on the stock market because of their exposure to Greece or Italy, Jean-Paul Herteman also address a small message for them. "I wish all the best at Societe Generale and the French banks," said he.

And just about banks, Natixis is that Safran replaced in the CAC 40 in early September, the index came in just a year ago and had lost more than 40% since April.

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Twenty-four years after the first world held in New Zealand, rugby world last week signed a homecoming, celebrating the opening ceremony of the 7th edition of the World Cup. Certainly, in the meantime, the world of rugby has changed profoundly, from many countries in an amateur status to a professional model. However, the edition that has just begun in the land of long white cloud, earth history of the discipline, will not be remembered in terms of costs and economic benefits. New Zealand, a small country of 4.2 million inhabitants, has in fact not the same financial resources than previous organizers. Plunged into an economic crisis, it was also affected in February by an earthquake that devastated the city and the stage of Christchurch, the second largest city.What add to the bill related to the organization, and limit the financial benefits expected from the competition.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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