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The scandal could not have been worse. While Air France is embarking on an extensive and highly unpopular savings plan, the unions of the company revealed Monday that their former boss Pierre-Henri Gourgeon was preparing to travel to destination in Mauritius with its Women in business class for 24 euros.

This trip was to take place almost free along with two relatives also enjoy preferential rates. These tickets are embargoed during the school holidays, Pierre-Henri Gourgeon had to obtain special approval of the new CEO of Air France, Alexander Juniac, to lift the embargo and travel to this destination.

"It's scary to work in this context, a sorry part of the company. Our company is mired in research and maintenance of personal advantages. How do you get the support of employees and pass the savings plan? ". Given the excitement that the information generated internally, the former boss has finally given up the tickets at unbeatable price and opted for traditional GP tickets entitlements in the company's employees and retirees.

The ex-boss will have to pay 745 euros to get to Mauritius in business class or about 1500 euros for a round trip ticket worth between 3000 and 6000 euros at full price. "When traveling in GP, ​​the former executives often take tickets in economy class, or 400 euros round trip to Mauritius, calculates an employee of the company. Once on the plane, they do outperform if space is available at the front of the camera. "

"A trip to the Air France lounge"

Like many companies, the Air France employees receive preferential rates on their business activity. Like the employees of the car, who pay for their cheapest car, the Air France employees benefit from GP notes (partly free), a valid right to life from fifteen years of service. "I travel regularly to New York, welcomes a former executive of the company. It costs me about € 200 in economy class, but in general I do upgrade and I manage to go on a trip to the Air France lounge. "

As a former senior executive, Pierre-Henri Gourgeon does not need to go through the system of GP tickets. Like other executives recently departed from the leadership, the former boss has negotiated a confidential volume of almost free tickets.

These benefits may soon be challenged. Juniac Alexander, the new leader of the company, has announced an overhaul of the benefits enjoyed by current and former executives of Air France. "Such benefits are not unique to Air France, says aviation expert. All major companies are considering a historic reform of the preferential fare tickets costing them too much. "And who are less supported by employees who are asked to efforts increasingly harsh.

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French companies in the oil sector are not lining up again in Iraq, yet holds the second proven reserves of oil. In this difficult terrain, Trouvay & Cauvin, strong of a convoluted history of one hundred thirty years, is a pioneer.This small home in Le Havre on Monday announced that it enter the largest oil field in the country.

In the oil industry, Trouvay & Cauvin is what we call an assembler, which delivers the engineering as the French Technip and its foreign competitors parts-pipes and valves, for their major projects free 3-in-1 credit report.

Next quarter, announces Laurent Marie, CEO and principal shareholder of the SME, "we will open a storage site can accommodate 10,000 tons of equipment, and eventually 100,000 tons" for BP, Shell, Exxon Mobil or LUKoil still.

For now, the 60,000 square meters of land in Basra, Iraq's major port on the Persian Gulf, are under-mining. Port infrastructure are still dilapidated, one must import, describes Marie Laurent.

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The Asian market fell again on Wednesday. Without the Japanese Nikkei, closed for a holiday dedicated to Labor Day, it is the Chinese stock exchanges set the tone. The Hang Seng drops 1.85% to 17,913 points and the Shanghai Composite loose 0.42% to 2402 points to 6:50.

In their wake, the Korean Kospi unscrews from 2.35% to 1783 points, the S & P Australian 1.98% to 4051 points and the Sensex India 1.56% to 15,815 points.

Chinese Manufacturing PMI worried

The main cause of this new day in the red is the publication of a PMI index of manufacturing activity in China at its lowest for 32 months. A preliminary estimate of the bank HSBC, the index reached 48 in November, against 51 in October (and 50.1 expected by analysts).Or a figure below 50 means contraction.

According to economists at the bank, China, heavily dependent on exports, is beginning to feel the negative effects of economic slowdowns in Europe and the United States. In October, Chinese exports to the European Union fell to 28.74 billion dollars against 31.61 billion in September, while exports to the United States fell to 28.6 billion against $ 30.11 billion in September. To this end, HSBC is lowering the forecast industrial production to 11% or 12% year on year in the months to come (against 13.2% in October). GDP growth has already increased from 10.4% last year to 9.1% in the third quarter of 2011.

The bad news is grafted to the announcement yesterday of a U.S. growth revised down for the third quarter.

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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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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 immersion is total. Sony caused a sensation at the Salon of video games Porte de Versailles in Paris, showing for the first time in France, his helmet virtual reality video games and movies in 3D.

By this headset, the viewer looks at the images as if they were in the middle of a movie theater in front "of a screen 19 feet wide and 20 meters away," providing its designers. Perception is indeed surprising. Two small screens (in the technology known as OLED, the most advanced flat panel displays) replace the glass of each pair of glasses. As each screen projects an image of the other complementary to each eye, the viewer has the perception of stereoscopic vision. Refreshing images done in record time (0.01 seconds), giving an impression of fluidity. Immersion increases when the music and the sounds coming out of headphones.Better than a stereo sound quality was improved (as 5.1, for the purists). Suitable for a game console PlayStation 3, Sony headphones, codenamed HMZ-T1, provides a home theater payday loans for bad credit.

Price from 800 euros

Technology has made progress since the first generation of virtual reality goggles in the late 1990s, designed by the American group including Silicon Graphics.

In the show, to demonstrate the immersion in video games, Sony has coupled his special helmet to the video game Uncharted 3: the illusion of Drake, launched exclusively for the PS3. With a gesture of the hand on the joystick, and the gun is triggered, another movement, the landscape of the game is running.

This revolutionary headset will be sold in mid-November. But technology has a price, very high in this case: 800 euros.What Sony does not expect to sell hundreds of thousands on the occasion of Christmas.

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"Unfortunate but inevitable to become a company agile and competitive," with these words that Franz Van Houten, CEO of Philips since last April, has justified the 4500 job cuts (about 140,000 worldwide) announced Monday by the group. These job cuts are the result of a plan to reduce the cost of 800 million euros that the Grupe has put in place.

During the third quarter, Philips saw net profit of 85% melting, falling to 76 million euros, sales almost stable at 5.3 billion euros.

The decrease results from Philips is attributable to a decline in margins in almost all its businesses, affected by higher raw material prices and a loss of 54 million euros in the only television division.

The Netherlands announced in April the creation of a joint venture with Chinese TPV, which was to hold 70%. The operation is more complicated and time than expected to implement. Philips announced on Monday again consider all options for this activity, including abandonment, in the event that negotiations with TPV unsuccessful.

Conservative prospects

Among the plus side, the management has sought to highlight the sales growth in developing countries and the good of his health and Lighting divisions. The turnover of the latter rose by 8% over the period, including one worn by 32% growth in sales of LED. But as for the rest of the group, margins were sealed by higher raw material costs.

The group is also very prudent for future prospects.Thus, sales of its health division, specializing particularly in medical imaging, depend largely on government decisions for Buget hospitals.

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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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The market decline occurred in August and September did go up in smoke the equivalent of 216 billion euros over the market value of CAC 40 companies since January 1. During the one day of 22 September, falling 5.25% of the benchmark index of the Paris Stock Exchange has removed 40 billion euros, as much as the market capitalization of the size groups of EDF and L'Oreal!

Today, all forty major French companies weighed on the stock exchange the equivalent of 794 billion euros. This figure may seem high to the uninitiated, but it is actually little more than the book value of assets of companies entering the CAC 40.The fall in prices has reached such proportions that the largest industrial groups in the rating on the stock exchange deal at the price of factories, stocks of goods or land on which are built warehouses or stores.

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Excellent sense of timing for German banks … By the time the security deposit is again a concern for investors, the association of German private banks – which include Deutsche Bank and Commerzbank, and some 170 players bank – announced Thursday to reduce the protections afforded to their clients.

In Germany, the system operates at two levels. First level, all deposits are guaranteed by law up to 100,000 euros, as in France and in Europe parrout, in case of bankruptcy of a bank. This floor does not move then. What changes is the second level: it is the voluntary scheme set up by private banks. So far, they guarantee all deposits up to 30% stake in the troubled bank no faxing payday loan.Example, an investor putting his money into a small bank capitalized at 5 million the minimum guaranteed to see the money of 1.5 million.

By 2025 this will rise to 437,500 euros. "It's always much more than the legal minimum," pleads Mon officer of the association in Berlin. Not sure as long as this reform is very well received in the current tense situation. Knowing that, across the Rhine, and cooperative state banks maintain 100% protection on deposits.

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