In Shanghai

There are records after which China does not run. Inducted largest consumer of energy in the planet by the International Energy Agency (IEA) earlier this week, the Middle Kingdom has denied the figures of the organization Tuesday. "According to our calculations, the U.S. was still the world's largest consumer of energy in 2009," said Zeng and Yachuan, a spokesman for the National Energy Administration. The IEA estimates that China consumed 2.252 billion tons of oil equivalent last year, or 4% more than the United States. Beijing assesses its own consumption at 2132 million tons oil equivalent. Paris-based IEA said its figures were preliminary, but they draw a definite trend. For instance the Chinese, the organization's data are "not reliable" and overestimate emissions of carbon dioxide.

These statistics do not serve China, criticized by the international community for its commitment in chilly environment. Last year, Chinese leaders have promised a cleaner growth by reducing their emissions of greenhouse gas emissions by 40% to 45%. per unit of GDP by 2020. China is currently lagging behind, with improving its energy efficiency by 1.7% per year over the past decade, against 2.5% for the United States, according to the IEA.

Renewables

Despite its image as a bad pupil, the People's Republic seeks to develop renewable energy, always concerned about its growing dependence vis-à-vis imports of raw materials, especially oil online payday advance.In 2009, the government has installed capacity of 37 gigawatts additional generated by renewable energies, either the most important effort made in this respect in the world, according to the IEA. An effort record but insufficient for the required 1000 gigawatts in the next fifteen years. For Fatih Birol, chief economist of the IEA, if China wants to avoid blackouts, it will invest 4 trillion dollars in the energy sector in twenty years.

It must be said that China's needs following an exponential trajectory, with already five years ahead of schedule. Ten years ago, the Middle Kingdom was burning only half of U.S. consumption. This year, he is sure to dethrone Japan as second largest economy. And Chinese factories continue to fuel up.The Ministry of Industry and Information Technology said Tuesday that growth in industrial production could exceed 11% over the full year 2010, a figure higher than the target of the central government.

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Vacationers should take their troubles patiently Tuesday night to Thursday early morning. These three days may indeed be synonymous disrupted air traffic at major airports of Paris and the provinces, due to a strike call launched by six unions of air traffic. Disturbances should begin on Tuesday evening and end Thursday afternoon, the time that the rotations of aircraft back to normal.

The Directorate General of Civil Aviation (DGCA) has asked airlines to remove 50% of flights at the airport of Orly and 20% of those expected at Roissy Charles de Gaulle.

In a statement, Air France announced that 100% of long-haul flights will be provided, and that 80% of its flights short and medium haul routes from Paris-Charles de Gaulle and 50% from Paris-Orly. "We can not exclude some flight cancellations throughout the day.Delays will also be possible, "the company said, calling his passengers to see the information updated in real time on its site, under" schedule "and" timeliness of flights, or by phone at 3654 and SMS sending their flight number to 63654 (eg by typing: AF2062).

For now, the information is covered in a trickle. The DGAC said that a strike slogan added "stormy weather that could disrupt traffic". More details are expected early Tuesday afternoon.

"A passage in force"

The CGT, CGC, FOR, UNSA UNSA-IESS and ICNA-call for mobilization to denounce the European program for creating Single Sky FABEC, and the dismantling of the DGAC.They denounce as in January and February, the establishment by the end of 2010, a single air control operator for France, Germany, Switzerland and the Benelux countries. "The creation of such a body fusion will inevitably lead to the dismantling of the DGAC, the structure was considered to be efficient in terms of cost, security and service to users," say the unions. Moreover, "this merger will mean the de facto release of all or part of his personal services and the scope of the State Civil Service.

Following the movements of the beginning of the year, negotiations were begun with the unions and a mediator, Gilles Savary. On Monday, a final meeting of conciliation before the strike failed to find common ground. "The executives had no room for negotiation, it was a meeting for nothing," said Olivier Joffrin (CGT).The Ombudsman shall submit a report in late July but the unions are pessimistic. But the CGT denounced a "forced passage in the middle of July."

"FABEC is necessary, besides the five other countries and partners for their unions are very favorable," assures yet a spokesman for the DGAC.

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Meanwhile measure the effects of the broad financial reform approved by Congress, the giants of Wall Street continued their slow recovery. Citigroup, which had managed to exit the first quarter of 2010 after losing a total of $ 29 billion between 2008 and 2009, has confirmed his return to profits between March and June The third U.S. lender has reported net earnings of $ 2.7 billion, down 37% over a year. For its part, Bank of America, the first U.S. retail bank, posted net income of $ 3.1 billion, a slight decrease of 4%. The day before, JPMorgan had announced a profit of 4.8 billion, up 76%.

If the performance of these three giants of Wall Street have exceeded the expectations of financial analysts, they are far from convincing.The banks, in effect, save their profits fall in provisions for doubtful debts, which remain however very high levels. At Citigroup, they have a charge of $ 6.7 billion, the lowest in almost three years. For Bank of America, the drain $ 8.1 billion against $ 9.8 billion in the first quarter and still $ 16.4 billion a year ago pay day loan lenders.

Less capital raising

More than three years after the start of the crisis in the housing, the improvement of conditions in the shy USA relieves borrowers. But business remains sluggish, as evidenced by the decrease in revenues of large banks: – 33% for Citigroup – 18% for Bank of America – 7% for JPMorgan. The great challenge for these players is to reach boost their sales."It will be several more quarters to see a sustainable activity," warns Brian Moynihan, the CEO of Bank of America.

Last year, the Wall Street banks had managed to offset the gloom with an exceptional year in the investment bank, with capital raising records. Alas, this windfall is gone and instead the second quarter under the sign of the crisis of European sovereign countries was characterized by high volatility and lower risk appetite. This scenario weighs on commissions and revenue from emissions trading.

Spain has raised Thursday about three billion euros of fresh money in bonds and 15 years, allaying fears of the markets on its ability to find funds to repay a debt. Demand for the securities has been over two and a half times greater than supply, a sign of great success. The average interest rate of bonds stood at 5.116% during the operation faxless cash advances. The coupon will be finally served 4.65%, a high price without being dramatic. In April, the average rate was 4.43% for bonds of the same type. After this successful auction, the yield difference between bonds and ten-year Spanish and German Bund reference narrowed. The success of the operation also supported the course of the euro.

The U.S. stock market should take another step forward Tuesday. The index futures are predicting an opening up U.S. markets. Future Standard & Poor's 500 and Nasdaq 100 advancing in effect respectively by 0.43% to 1081.20 points from 0.55% to 1 830.25 points. The night before, after long hesitation which direction to take, the New York Stock Exchange finished the session up into smaller, undecided before the start of the season results with the aluminum producer Alcoa. The Dow Jones gleaned 0.18% to 10 216.27 points and the Nasdaq 0.09% at 2 198.36 points.The broader index Standard & Poor's 500 index of leading his side to finish by 0.07% to 1 078.75 points.

On the foreign exchange market, the euro dropped sharply against the dollar Tuesday, weighed down by the lowering of the sovereign rating of Portugal in the ratings agency Moody's, which relaunched the concerns about the fiscal health of the member countries of the euro area .

On the side of macroeconomic indicators, the U.S. Department of Commerce must publish the figures for trade balance in May while the Treasury will unveil the state of the U.S. budget.

Publications for

On the side of values, Alcoa started the ball rolling quarterly results yesterday after the close of the NYSE. The group returned in the green in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and expressed "great prospects".For a year, Alcoa had recorded one quarter in the green, in summer 2009, but the whole of 2009 was marked by a heavy loss to the tune of $ 1.15 billion .

Always on the side of values, the burst of U.S. results will continue this week with the technology companies Google, Advanced Micro Devices or Intel and banks JPMorgan and Bank of America. Citigroup and General Electric will unveil their findings Friday.

Also note, a hedge fund, the fund Cambridge, filed a complaint against Morgan Stanley, Goldman Sachs and ten other banks in the hope of recovering lost $ 1.2 billion in securities backed by mortgages subprime .

The internet group Google on Monday launched a new tool, "App Inventor", which should allow all users to create their own applications

More and more voices against the euro. Most recently, the CEO of Maurel and Prom and former banker has lambasted the single currency in an interview with La Tribune. Jean-Francois Henin does not beat around the bush, he said "Europe is dying by inches of its single currency.

The officer believes that Europe will not end the crisis without a significant depreciation of its currency. The skipper and evokes "a level of parity of 0.6 to the dollar" before adding "not the European Central Bank will not accept it." In fact, the latter expressed doubts about the fact that the euro can survive the crisis "which is just beginning," he said free 3-in-1 credit report.

Redeployment of "onshore"

Regarding the consequences of the spill, the leader of the French oil major said the companies are counting on a redeployment of oil production on land at the expense of offshore in the Gulf of Mexico.

He suggested that no oil company is no longer able to "face the financial consequences of possible ecological damage. He said he expected consequences for production "in the years 2015/2020. "This should bring up to date the theory of" peak oil production ceiling, "said he.

The U.S. stock markets opened around the balance on Friday. LLE Standard & Poor's 500 and Nasdaq 100 fell back in effect respectively from 0.07% to 1069 points and 0.11% to 2173 points. The Dow Jones, it is at equilibrium aprfait 10,139 points.

A few days before the opening of the ball half-year results, investors play the card of caution. Within the Dow, the ball will begin, starting Monday with numbers from Alcoa.

On Thursday, the NYSE has lined up a third session. The Dow Jones gained 1.20% 10,138.99 points and the Nasdaq 0.74% to 2175.40 points.

In particular, investors welcomed the drop in unemployment last week. Registrations fell to their lowest level since early May, according to the U.S. Department of Labor. A relief after the disappointment on the monthly figures of employment.Other good news, the International Monetary Fund has excluded the possibility of a new global recession, despite the turbulence on the financial sector by a less stable. He even raised its growth forecast for 2010 to 4.6% against 4.2% estimated in April.

On the foreign exchange market, the euro was weakening against the dollar after a flight the day before. The euro hit a high for two months and passed a symbolic milestone strong, exceeding the $ 1.27 100% free credit score. The European currency, benefiting from renewed optimism over the health of banks on the old continent.

Today, U.S. investors expect stocks to wholesalers for the month of May

On the side of values, the title of Britain's BP, quoted in London and on Wall Street is particularly rowdy: -1.66% to 33.2 follar.The U.S. government Thursday gave the company 24 hours to discuss her new device designed to contain the oil spill in the Gulf of Mexico.

Always on the side of values, the U.S. producer of industrial gases Air Products announced Thursday it increased its bid for rival Airgas, whose level was deemed insufficient by its target. The group is now offering 63.50 dollars per share in cash, instead of $ 60 proposed in February, a total of some 5.3 billion dollars.

Note also the media giant Disney (0.57% to 33.5 U.S. dollars) have reached an agreement in principle to sell the film studio Miramax in a consortium including the fund Colony Capital, said Thursday night the Los Angeles Times, referring to a transaction of approximately $ 650 million.

Boeing (+0.17% to 64.84 dollars) has submitted its bid for ravitalleurs.EADS has filed its case yesterday.

Was expected. While economic growth in the Eurogroup countries remains low, the European Central Bank (ECB) kept its key interest rate Thursday at 1%, its lowest level for the 14th consecutive month.

Eurozone growth moderate and uneven in 2010

This choice is further agreed that European fears about debt had reappeared in recent weeks. "A change of course is not expected until at least the first half of 2011. As long as fiscal policy is restrictive and low growth, monetary policy needs to be expansionary so accommodating, "said Nicolas Bouzou, economist and founder of Aster. He added: "Higher interest rates would be justified if the growth in the euro area was between 2% and 2.5%. It is still far away. "

A trend confirmed by the ECB president himself Thursday during a news conference. It forecasts economic growth still modest and uneven in the euro zone in 2010.

Previously, the Bank of England had done the same, maintaining its rate at 0.5%.

The Fed could raise rates before the end of the year

The situation in the United States could change, according to Nicolas Bouzou. "The Fed is expected to increase by 50 basis points more than its interest rates before the end of the year." Therefore, the ECB does she not have him engage the right? "No, because the situation is different overseas. While the job market is still fragile but current levels of growth in the U.S. require a bit of back interest rates to prevent inflation from too much to leave again the rise, "he says.He considers, however, that higher interest rates the Fed would be beneficial for Europe. "It would accentuate the depreciation of the euro and thus encourage European exports," says the economist.

Your money banks interested again. The financial crisis, coupled with new regulations "gave all the players in the taste of traditional trades, collection of savings and lending, far from the glitz and the pitfalls of corporate finance and investment .

Against this backdrop of growing competition that the group-BPCE about 20% of retail banking in France-muscle ambitions. "We want to win market share," insists Olivier Klein, CEO of commercial banking and insurance BPCE since 1 April.

For the first time, in fact, the group born of the merger of People's banks and savings banks in 2009 was appointed a pilot common to both networks. But out of the question specialize signs, Savings on individuals and Banques Populaires on SMEs and professionals.

"These are two strong brands that do not say the same thing. The client does not confuse them and he chooses, "says Olivier Klein. And he concluded: "The 20 Banques Populaires and Caisses d'Epargne 17 are competing with each other on their own territory. The synergies are generated upstream in the production subsidiaries of which are shared in information systems or purchasing, for example. "Conquest through major campaigns such as that recently launched on the Squirrel young.

Reflecting on times

However, it is to protect margins. "We have no strategy to lower mortgage rates or increase deposit rates in order to take market share.We are already very competitive, "says the former head of the Caisse d'Epargne Rhône-Alpes, relativize:" The rates are not determinative paydayloans. Customers want especially well taken care of them. "

For him, in fact, "the revolution is accelerating customer" with individuals and other professionals who want butter, eat it, too … and the smile of the banker.

Mesh agencies, remote access and advisor, the banks must offer everything. Hence, a meticulous adaptation BPCE the group boasts of having initiated all directions. "Some Savings reflected at their hand on schedule to deliver on time can make appointments later to better serve the needs of large cities," reports Olivier Klein.Meanwhile, "we launch all channels of distribution: the bank on mobile, ready to Savings, will be in September at the Banques Populaires. It adds "a lot of work ergonomics to facilitate online purchases, such as life insurance contracts. Some banks have created BPCE equivalent of bank branches 100% online. At the same time, the computer must be reviewed to allow salespeople to track customers realize that their operations remotely. All these facilities where other signs seem more advanced. Decentralization own mutual groups do not promote rapid implementations.

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While industrial countries emerging from crisis levels weighted with historically high public debt, emerging markets display patterns much healthier. Their good resistance during the recession of 2009 and an underlying trend towards greater stability has attracted the interest of investors.

"We see a positive snowball effect on emerging market debt: a dozen countries have been under positive outlook by rating agencies, which herald a recovery of notes, analytical Anne-Sophie Girault, a specialist in this Market Aviva Investors. Moody's, Standard & Poor's and others see a positive view of the low debt ratio of developing countries, which averages less than 40% of gross domestic product. Twice as less developed countries.

The emerging markets have also gained credibility in the markets."They have improved their fundamentals, the local central banks are becoming more independent, inflation is under control and steering of public finances is good," Frank J. Nicolas, Natixis AM. And the economic outlook is much better than in Europe, for example.

Result: institutional investors have been interested for nearly ten months to market, providing stability. They take long positions. So far, only hedge funds were present in the short term, making the market very volatile. Today, the market is 360 billion of debt issued in dollars and 1.4 trillion dollars of debt issued in local currency.

Record demand

In this context, the demand for emerging market debt from the investment fund has beaten all records in the first half, according to the calculations of Aviva.At $ 31 billion, it almost reaches the levels of previous years in just five months.

Emerging now are they safe? "These are pseudo-safe investments," says Franck Nicolas. "Beware of Loved tobacco." Clearly, the emerging countries are always a risk of sudden reversal of the situation. And if their fundamentals, growth, inflation, debt-positive, "markets, very nervous now, can still cause a contagion" of the debt crisis in emerging countries, recognizes Anne-Sophie Girault.