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easyJet and Air France continue their game of chess in the provinces. Less than a week after the offensive of the French company in the transport at low cost with the opening of a first regional base in Marseilles, the British low-cost replica by creating two new in Nice and Toulouse. They will open in April 2012 to welcome their first passengers in the summer. easyJet cuts the grass under the feet of Air France, which provides just opened its next two regional bases in both cities in spring 2012 (and then to Bordeaux in the summer of 2012).

EasyJet's management denies replicate but admits that the decision of Air France has an incentive to "accelerate the decision" to open a regional basis in good standing since the two cities where it already departures. This, to "increase opportunities for routes from both airports.""These new capabilities will allow us to open 10 new routes from those cities, which should take us half a million extra passengers a year," says François Bacchetta, easyJet Chief Executive Officer of France in an interview with Paris .

Grid regions

With this new investment of 100 million euros, easyJet, the second company in France with 12 million passengers a year, will lead five platforms which lights Roissy and Orly airports with a fleet of 24 aircraft cheapest personal loan rates. From Nice, easyJet will provide 250 flights a week with 5 new destinations in France and Europe and from Toulouse, it will operate 140 flights per week with 5 additional links to the province and Europe. The low-cost continuing its policy of grid areas in developing on "inter-market" which, she says, is "far from saturated."

The battle is also raging in the price. Air France has built its one-way offer from Marseille on triptych rate: 50 euros for France and some European destinations (Milan, Düsseldorf), 80 euros for Athens, Istanbul and Casablanca and 110 euros for Moscow. This, TTC and with "all the free services of Air France as a snack, newspaper and checked baggage." An allusion to some low-cost practices that charge these services. easyJet says its starting price will be "cheaper" than those of Air France, without further specification. Now remains to be seen what will be a replica of Air France Ryanair attacks directly with its new decentralized basis of Marseille.

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This Saturday is the big day of the first Air France flight operated since its "base" of Marseille. A double "revolution" for the French company. This, after the creation of Transavia, made a new incursion into the territory of low-cost, with an offer less expensive than its usual rates. Low prices made possible by an innovative organization that plans to base in Marseille to Paris and not personnel and aircraft. The flight time of the first will be more concentrated, and rotating equipment more efficient, allowing the company to realize operational cost savings estimated at 15%. 130 pilots and 250 flight attendants volunteered.

LE FIGARO. – Air France opens its first base on Saturday from province to Marseille will be followed by Nice, Toulouse and Bordeaux.What are your rules for the selection of the fifty new roads you open on the four bases?

Bruno Matheu. – On each base, some of the routes we operate already own and through our regional subsidiaries will see capacity increase as in Marseille and Lille. Due to lower our costs, we can offer a very innovative pricing. In addition, there will be many new destinations: 13 from Marseille. We chose these routes according to their traffic potential, but also their competitive position.We have deliberately avoided the roads on which two low-cost competition or are already in those to the hubs of our main European competitors.

In the current state of reservations, are there any lines that work better than others, especially when they compete with an offer of low-cost companies like Ryanair?

Among the destinations that start strong include new routes to the Middle East (Beirut, Istanbul). We offer "all inclusive", which is not the same as that of a low-cost, has found its place.The many services that are and will remain free: registration, a snack on board, the daily press … make the trip easier and more enjoyable credit score.

What do these bases to Air France?

In addition to new roads, with the creation of databases province is a small revolution that is underway within the company towards more decentralization, towards more accountability. Each base will function like a small company with the Regional Director will be the "boss". Commercial agent of call, hostess, steward or pilot, everyone has a responsibility to Marseille. The objective is to improve responsiveness while being firmly rooted in local life.The strong motivation of our teams will enable us to do.

Lyon Why does it not in your list of bases?

In Lyon, our current operation in place for many years, follows a different logic: the planes converge to Lyon early in the morning to feed a first range of correspondence, while on the bases they make their first step at the start of the base. In addition, our policy is much more focused on business passengers. However, discussions are ongoing and we do not exclude changes in our model Lyon.

Are there mass transport from province to province?

The cross-linking major regional cities without passing through Paris undoubtedly represent a real potential for Air France and its regional subsidiaries. Today the car is our main competitor in this type of lines.To us to convince potential customers of the benefits of air transport. The basics of province should be involved.

Why the market capitalization of major airlines is so low?

Air transport is a cyclical business and sensitive to the economic development because the traffic is directly related to growth. Uncertain times we penalize strongly, especially where oil, which accounts for 30% of our costs, is at levels as high. But our current market capitalization does not reflect the value of our business portfolio or that of our assets.

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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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The mining industry in developed countries is not quite dead. Yet the crisis of 2008 had seemed to him a fatal blow, after years of attrition caused by the scarcity and soaring costs of extraction. But today, the United States, the United Kingdom, Canada … mines reopened thanks to soaring commodity prices.

Chibougamau camp, north of Montreal, had not survived the collapse of prices and had to close in 2008 after fifty years of activity. But the soaring price of copper (+47% in one year), gold (+40% in one year) and money (113% in one year) has to hope René Galipeau, CEO of Nuinsco: "Hundreds of children left when the production was closed after years of operational and financial problems.But work on only two mines could lead to the reopening of the Chibougamau camp … and the return of minors to accelerate the revival of the region. "

Nuinsco group is not the only one who had this idea. Many investors would like to reopen the largest gold mine Bontddu UK (Wales). It must be said that the price of gold rose from $ 250 per ounce in 1999 to 1850 dollars lately!

Local authorities are sometimes hostile

"When we closed the mine, it had become too expensive to operate but with the rising price of gold, we are considering reopening the Clogau mine," Wales said Ken Jones, manager of marketing Clogau Gold jewelry company which owned the rights to the mine.

Other metals are benefiting from soaring prices.Thus, the largest silver mine in the United States will also open in Texas as well as the Chino Mine (copper) in New Mexico. In Britain, the last tin mine, South Crofty Mine, closed in 1998, remember to return to activity. The metal price has increased fivefold over the period (+51% over the year).

Nevertheless, we are still far from the great return of the mining industry. Two challenges are needed to interested investors: the financing of such a project (Nuinsco believes that it would require 40 to 50 million dollars to revive the Chibougamau camp) and agreement with local authorities, sometimes hostile projects. This is the case in South Crofty in England, where the community wants to build a recreation center on the site.

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How to stop the contagion of the crisis of debt in the euro zone? European leaders are working on the subject while, after Greece, Ireland and Portugal, the budgets of Spain and Italy still worried. Among the options considered: Eurobonds. Berlin does not want to hear about it, Paris does not show much enthusiasm either. However, this proposal is increasingly cited as the most credible to stem the crisis.

What Eurobonds?

Eurobonds (in English or eurobonds) are bonds issued by all 17 Member States of the euro area and subscribed in their common name.The rate of these bonds would be an average for the various member countries, now very different depending on the health of national economies: while German interest rates to 10 stood at 2.62%, those of the Greece nearly 15%.

The creation of the Eurobond, which would mark a greater economic integration in the euro zone, would be to pool the debts of member countries.

What are their advantages?

"If there had been the 'Eurobonds', we would not have today's crisis," says the Italian Minister of Economy, Giulio Tremonti. Such titles would indeed to most indebted countries to borrow at rates lower than those applied to them today. And so break the current vicious circle: with interest rates high, they struggle to refinance markets.

Last week, the European Central Bank (ECB) has disbursed a record $ 22 billion of debt to buy Italian and Spanish, allowing a relaxation of bond yields. But for many, these measures are not sufficient and Eurobonds appear as the most credible to stop the contagion of the debt crisis.

Opposing their creation?

Germany refuses to discuss it. Berlin has in fact particularly low interest rates and would be the big loser of the pooling of European debts. She also fears that the Eurobond release the pressure on states to réquilibrer their finances. Germany wants a greater economic cooperation among member countries of the euro area and the creation of a European institution that would oversee the fiscal policy of each.

Hence the warning before the meeting between Nicolas Sarkozy and Angela Merkel on Tuesday afternoon: "We will not cover Eurobonds on our own because it is not, in our opinion, a way desirable or practicable" , said the spokesman of Chancellor allemande payday advance.La France also spoke against the Eurobonds.

"We have a common monetary policy and fiscal policy in each country individually," which results in different interest rates, and "as is the case, Eurobonds are not an option"

Has revived the debate?

The creation of Eurobonds is promoted by long-time supporters of federalism in Europe, including Jean-Claude Juncker.States who suffer from debt interest rates are higher, of course, too, this solution in a positive light.

But even in Germany, the idea seems to be gaining ground: the president of the association of German exporters (BGA), Anton Boerner, has taken a stand for the creation of European bonds, "We need it, and we needed quickly, "he said, calling for the introduction of" golden rules "budget to support their creation.The German daily Die Welt also reported this weekend that the German government began to consider the Eurobonds.

Britain, which has not adopted the euro, has also come out in favor of Eurobonds by the voice of his finance minister, George Osborne: it asked "institutions in the euro area to all that is necessary to maintain stability ", describing the disintegration of the euro as" economic disaster including the UK "." Solutions such as Eurobonds and other forms of security must now be considered seriously, "he added.

Other voices were heard recently in favor of it "Europe needs Eurobonds," said the investor George Soros in an article published Monday by the Financial Times: "Germany and Other countries have AAA in one way or another to create a system of Eurobonds. Otherwise, the euro will collapse. "

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American financier Guy Wyser-Pratte does not disarm in the folder Lagardère. Almost eighteen months after the general meeting of 27 April 2010 during which the two resolutions he had proposed were rejected at 76% and 78%, Guy Wyser-Pratte against attack. Wednesday, August 3, he sent a letter to the Financial Markets Authority (AMF), in which he contested the vote count at the meeting of shareholders of the group.

The American activist took some time to gather evidence to support its contention. Today, it provides the AMF documents showing that the ten funds managed by AllianceBernstein (a subsidiary of AXA Group), a leading shareholder group Lagardere with 10% of the shares, would have voted for he had presented two resolutions.

For investigation

A resolution was to appoint him to the Supervisory Board of Lagardère.Resolution B was to amend the prerogatives of-stock by requesting that the general partners do not vote more consistently before the sponsors. Guy Wyser-Pratte also produces documents from two firms specializing in proxy voting investors (ISS and Broadridge). They would have gathered the voices of various U.S. institutional investors in favor of two resolutions A and B. Finally, he instructed the firm McKenzie to a total of U.S. investors vote in favor.

"In total, we can demonstrate that counting only the votes of shareholders represented by American myself, AllianceBernstein, Broadbridge and ISS, my application to the supervisory board received 44% of the vote of the quorum present at the meeting. In addition, it is likely that other European shareholders have also voted in my favor.I therefore request the AMF to conduct an investigation to understand the origin of the discrepancy between the results of the AG and the counting done by us, "said Guy Wyser-Pratte no faxing 1 hour payday loans. In 2010, the AMF had already audited BNP Paribas, which had been in charge of counting votes at the annual meeting of shareholders.

Returning to the issue today, Guy Wyser-Pratte hopes remobilize American and European shareholders for the next general meeting of 2012.

In March 2010, Guy Wyser-Pratte had burst into the capital of Lagardère by buying up 0.53% of the shares. He then publicly criticized the governance of the group protesting against the existence of a partnership limited by shares and had criticized the lack of strategy of management.The tone was mounted and Philippe Camus, a member of the sponsorship of the Lagardère group, the AMF had seized a few days before the general meeting, marveling at the distortion between saber rattling by Guy Wyser-Pratte and the reality of the impact of the two draft resolutions.

Strategy of focusing

Arnaud Lagardère had benefited from the rostrum of the General Assembly to address the critical Guy Wyser-Pratte. Some time after the general meeting, it had sold substantially all of its shares, pocketing a nice way to gain. Today, he is left only about 100,000 titles.

The tension had fallen, but after this episode heated, the Lagardère Group has implemented a strategy of refocusing on its core businesses – publishing, distribution, media and sport – and the country where he holds a position leadership.Suddenly, the group undertook to sell all of its minority, especially in Canal + France, the Amaury group and the group Marie-Claire. For now, these sales have stalled. However, Lagardère Active has led to the charge of selling most of its international press center to the American group Hearst, to 654 million euros. This represents a hundred titles in a dozen countries.

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After months of tensions, the thaw begins between Areva and EDF. Luc Oursel, the president of the giant nuclear conducted this afternoon in his first official friendly in its factory in Saint-Marcel, near Chalon-sur-Saone, the chairman of EDF, Henri Proglio. The symbol is strong. And the two heavyweights of the team of France's nuclear formalized their merger by signing three agreements "technical and commercial." The event was announced by The Tribune before being confirmed by the Minister of Industry, Eric Besson, who also visited the site of Saône-et-Loire.

Luc Oursel assured wanting to "write a new page" in the history of relations between Areva and EDF. For its part, Proglio said that "Areva is intended to be a major partner of EDF".

Specifically, these agreements should help to clarify the relationship between the two groups.They focus on "the pursuit of optimizing the EPR, increased maintenance of the park" and "the strengthening of industrial cooperation on the storage of radioactive waste." Described as "historic in some ways" by Eric Besson on France Inter this morning, they aim to "ensure consistency throughout the French nuclear industry."

"A willingness to cooperate more»

A fourth agreement should focus on optimizing the third generation EPR reactor, improved maintenance and operation of existing nuclear plants, to prepare for extending the period of operation beyond 40 years and the management of the Nuclear Fuel Cycle.

The date of its signature was not specified, but it should occur in September, according to a promise of college participants in the meeting.Which will complete the strategic partnership, called by President Nicolas Sarkozy in July 2010.

The two companies also intend to continue discussions on the development of medium-power reactor Atmea, in which EDF would not participate. But these discussions will lead to another executive that the contracts mentioned Monday.

Another point of interest between the two groups that was you today, the assumption of an equity investment by the electrician in the future mining subsidiary of Areva is "neither foreseen nor ruled out," says Eric Besson. "There is a current subsidiary of the Areva mining activity that had been recorded and we will see who will enter the capital," he said. The latter, however, said on France Inter does not "feel" at Henri Proglio will "particular" to enter the capital of Areva."I feel from Proglio a willingness to cooperate more with Areva, what we today RECORDED agreements very important, but I do not feel particular pressure at home to enter the capital of Areva" said he. No details were given about not e the two leaders after their meeting.

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The emerging markets are facing a "problem-rich" fight against the overheating of their economies – from 6 to 7% last year – when developed countries are seeking to boost their low growth. "Their macroeconomic management faces a dilemma: keep inflation that accompanies this growth through restrictive monetary and fiscal policies, knowing that increases in interest rates contribute to the massive influx of capital," says chief economist of Coface, Yves Zlotowski. Some countries are better equipped, such as Brazil, the driving force of the South American continent and one of the first to respond, noting early on interest rates and imposing taxes on capital inflows.

Dilma Rousseff, Lula's successor as president, also began to impose fiscal restraint.If the funds continue to flow, growth has slowed down somewhat in the first quarter to 4.2% against 7.5% previously. "Brazil is a highly diversified economy in its exports, with an internal market dynamics. Above all, the country has lead the last ten years important structural reforms, "adds the analyst.

"Institutional delay"

Conversely, the credit insurer is more concerned about the neighbor Argentina, faced with high inflation of 23%, where the industry is operating at full capacity, supported by consumption and fiscal and monetary policy very accommodative personal loans for people with bad credit. Overheating is very important in part masked by a current account surplus driven by exports of soybeans in China. But the landing is likely to be brutal crash.

In Asia, the weakest link is located in Vietnam, with a very open economy model of development with Chinese characteristics, based on the investment, mainly Asian. Iran is benefiting from rising costs in China, resulting in even relocation. This generated a huge credit bubble, whose share in GDP increased in ten years from 30 to 120%. The difference is that it does not have the same cash reserves that China and he is obliged to regularly devalue its currency, the dong. "There is a real institutional delay, the risk is, in a skid, discourage investment, which finance the huge current account deficit," Yves Zlotowski analysis.

However, the restrictions put in place gradually in the large emerging economies – China, India, Turkey, Brazil – should provide a soft landing.The challenge is to develop real consumer markets that go through a reduction in inequalities and a growing middle class and to provide for future growth in developed countries.

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France and Russia have officially signed the agreement Friday for the sale to Moscow by the shipyards in Saint-Nazaire two helicopter carrier ship Mistral. The contract was signed on the sidelines of the forum in St. Petersburg in the presence of Russian President Dmitry Medvedev and the French Minister of Foreign Trade, Pierre Lellouche. "A page of history is being turned. For the first time that Russia is importing arms and the first time since the end of the Second World War that the West is selling a warship to Russia ", welcomed the minister, long known for its tendencies Americanophile.

The contract is valued at 1.12 billion euros, a sum that includes technology transfer worth around 220 million euros. In this case communication systems and the parameters of the ship.

Both boats will be built in Loire-Atlantique, which represents a workload of four years for about 1000 people. However, the Russians will provide from their own yards a part of the blocks for the final assembly, respectively 20% and 40% of the first and second vessels. In the case of metal parts.

To achieve this, both parties had to agree on the parameters of technology transfer, the most difficult negotiations. "All technologies promises were passed," said Anatoly Icaïkin, the Director General of the Russian agency Rosoboronexport arms payday loan. For its part, Paris minimizes the magnitude of these transfers, some of which were simply prohibited under the military conventions between France to NATO.The newspaper Vedomosti, France would still have agreed to provide the license to build a combat system called Q 9, provided that 80% of this sale is paid immediately.

Difficult negotiations

Doubts remain on the French side on the ability of Russian shipyards – older and suffering from under-investment – to be completed in due time their industrial obligations. A source close to the talks, the first ship to be delivered within 18 months and the second by 36 months. OSK shipyards, de facto controlled by the Deputy Prime Minister Igor Sechin, have the upper hand in the process of building the Russian side.

Meanwhile, negotiations are expected to open soon on the delivery of third and fourth boats Mistral, constructed mainly by Russian shipyards (60% and 80%).But this time Paris and Moscow are unable to announce any deadline for conclusion. The talks ahead even more difficult than those that led to the contract yesterday. It is not excluded that they may fail.

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New turmoil in the global market for education. The British group Aegis and French Ipsos confirmed Monday that it entered into discussions for the sale by the former to the latter its subsidiary Synovate market research. Exchanges are still at a preliminary stage. And the auction could climb. Recovered 500 million pounds (560 million), assets of Aegis are likely to interest other predators, starting with the giant German GfK study, who missed the takeover of TNS by WPP in 2008.

For Ipsos, engaged for fifteen years in the internationalization of its activities, the acquisition would enable Synovate to continue his race for size, rising to become world's third largest school, behind the U.S. and Britain Nielsen Kantar (WPP ), doubling the German GfK.It would strengthen its positions in Europe and North America, access to new markets like South Africa or Scandinavia, but also to double in size in Asia, Synovate has achieved 27% of its activity in 2010 and nearly 10% growth.

"We could also strengthen our role with our key customers in financial services, automotive or consumer," said Didier Truchot, Ipsos co-president and founder. The financial structure of the French group, which exceeded one billion euros in sales last year, allows him to consider this acquisition with cash of $ 150 million and a low debt ratio.

Possible dismantling

Remains to be seen what this operation for Aegis.Some analysts believe that the sale of Synovate, which represents 40% of the activity of the UK on a total income in 2010 of 1.46 billion pounds (1.68 billion euros), opened the way for dismantling. A scenario reactivated by the recent statements by Vincent Bollore, the group's largest shareholder with 26.5% stake, which now calls his participation purely financial investment, therefore intended to be sold. Having failed to bring Aegis of Havas, which is also the main shareholder, the French businessman could withdraw at encouraging the sale of Aegis by apartments. The transfer studies buckled, the media arm (Carat, Vizeum) could then concern several communication groups, including the French Publicis and Havas ….The two groups are no comments for now.

This hypothesis is more plausible that there are few synergies between the two branches of Aegis. Speculators are not wrong. At the announcement of discussions with Ipsos yesterday morning, the action of the British group has jumped from 7% to the London Stock Exchange, its highest level in four years.

Another scenario: Aegis could use the proceeds from the sale of Synovate to strengthen the media. The group wants to reduce its dependence on particular markets in Western Europe to grow in the U.S. and boost its digital business. In the first quarter, the media arm rose 10.1%, against an increase of 7.3% for Synovate.

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