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"Dust volcanic paralysis airport dangerous for the economy." The Confederation of Small and Medium Enterprises (CGPME) became concerned Monday that could have consequences for European sky empty of planes. Dramatization? CGPME quick to point out a little further in his text that only SMEs "whose activity is immediately dependent on air transport" are currently affected.

If paralysis continues, the slow recovery of the economy will she threatened? "If this situation persists, all French SMEs encounter difficulties," worries CGPME. Everything depends on the duration of the flight ban imposed much of European airspace. "The problem is simple: the shock will be there temporarily or not?" Says Philippe Waechter, head of economic research at Natixis."For now, all this is annoying but does not call into question the economic recovery."

"A crisis of this type can be analyzed as attacks or an outbreak, however, significant events that have little overall economic impacts," said Nicolas Bouzou for its part, an economist at Aster. Especially since the paralysis of European airspace should not have a huge impact on trade between Europe and the rest of the world, according to the Economist: "80% of goods moved by boat. And the businessmen will still meet in videoconferencing payday loan instant. "

Attacks and pandemic

The situation is somewhat reminiscent of the paralysis attacks of Sept. 11, which at the time, had greatly affected the airline."This event has changed the behavior vis-?-vis the air, but the current environment is extremely different," relativize Philippe Waechter. "Today, if the ban is lifted, all restarts as before." September 11 has also not necessarily have any impact on the economy, beyond transport. "It is very difficult to detect traces of attacks on the World Trade Center on economic growth," said Nicolas Bouzou.

More recently, influenza H1N1 has raised fears the worst. Especially because of the flight ban could be decided to limit the spread of the virus. The worst-case scenarios developed while anticipating a decline in U.S. GDP by 1.5% year over year. Impact due to paralysis of all types of transport, the cancellation of sporting and cultural events and absenteeism rates of about 30 to 40% in companies.In comparison, the ash cloud would block more than 150,000 French nationals abroad. For a limited time.

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lefigaro.fr / jdf.com: carbon tax rejected, disagreements at the Copenhagen summit. These events would not they have a negative impact on Socially Responsible Investment (SRI)?

Alain Zeitouni: I think, however, that these cons-time advocate of SRI. They illustrate the inability of states to agree on what policy to adopt and highlight companies that have a real socially responsible approach. Investing in SRI is an investment in a well-run company with good governance and employability positive and more likely to see its share price appreciate.

AFG (French Association of Financial Management) will also require management companies by July 31, a code of ethics which they must answer a series of questions about their SRI policy.Management companies will therefore have an obligation to be transparent with investors in our case, we will put this code available to our customers on our website.

Why did you choose the multi *? How do you reconcile with SRI?

As a society, we believe it is more appropriate to rely on several topics related to SRI, rather than a team with SRI extra-financial analysis.It is well known that our SRI funds Alphastar Barclays profit pricing that allows investors to actively contribute to social awareness, with 20% management fee will be donated to support local civic projects through our structure Barclays Solidarity.

SRI funds are they more efficient than conventional investments?

It is difficult to measure but what is certain is that SRI is more resistant in the phases of market correction and presents a more defensive profile, if uptrend. In other words, there is an outperformance in the market phases. SRI is not a barrier to the market performance. Instead, he must give value added to the fund compared to a traditional investment.The management team should also bring in funds through the performance of traditional criteria such as the revaluation of securities and its prospects.

How do you select your values?

Our management approach is based on a "best in class", that is to say that we select the best titles in their class, whatever the category. In other words, we do not exclude sectors that initially do not appear to be consistent with the ISR, such as the automotive and oil industries, for example.

While values have a real socially responsible approach, we keep them. For example, some car values are investing heavily in R & D to reduce pollution from their vehicles or oil stocks investing in renewable energy. The purpose of a product is primarily SRI performance.We believe it is unnecessary to have a debate about whether a particular value or not SRI.

Why is it your portfolio as concentrated (Barclays Alphastar SRI consists of 13 funds, Ed)?

Our portfolio consists of only 13 funds, because we were not convinced of the other approaches SRI funds, and we believe this issue to make it more readable, it is not necessary to invest in more funds . Accordingly, we are heavily invested on each line, because we have strong convictions on certain themes (sustainable development, corporate governance) that we identify as a source of added value.

Amund and Natixis are historical actors of SRI investing in this topic for many years. They have a database of the oldest of the place.We also returned UFG shares Sarasin Euro Mid-Caps, while our investment universe is large caps. The idea is to identify mid-cap stocks that are concerned with the theme of SRI, but that hardly communicate, because they do not face the same pressure as the major media values.

What is the performance of your fund?

Our fund outperformed the MSCI Europe since its creation of 1.5 basis points (-19.18% against 20.73%) and the underperformed since the beginning of the year (2.98% against 3 57%). This reflects the fact that our portfolio is too concentrated on European values. Because of the difficulties of Greece, the euro has sharply d?sappr?ci? and our portfolio with him. Thus, more than one reason for the market for a reason related to the SRI we underestimate performons index.We therefore decided to refocus on Europe in integrating the England and Switzerland in our portfolio.

That is why we returned OFI leader who is a fund invested in European companies considered in a leadership role within their industry and their competitive universe. We also selected HS Europe, which is invested in European companies also meeting the constraints on environmental, social ethics and governance. We believe that given the pressures on the euro, the single currency will continue to depreciate.

* Multi-management is a technique that selects the most experienced managers and more effective and provide access to larger customer base through a single medium (CPF unit trust or life insurance contract).

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Wall Street starts the week with stability: the Dow Jones is quasi-equilibrium (+0.03%) in the first exchanges, the Nasdaq also (+0.06%). few minutes after the bell, the indices are moving a bit better: to 15.45, the Dox Jones up 0.17% at 11,016 points and the Nasdaq is 0.21%, to 2459 points. The S & P 500 wins he, 0.28%, to 1198 points.

The Nikkei closed up 0.42% to 11251.90 Monday lmatin points, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.

The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points. Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.

On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.The European currency was trading at just below $ 1.37.

Indicators to monitor

On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.

The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.

Alcoa will open the show publications

The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major listed companies.As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street. Analysts expected a return to profit, its first since a year.

Meanwhile, Alcoa shares are 1.53%, to 14.62 dollars.

The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.

On the side of values, the oil industry runs the meeting. Friday Chevron (0.74%, to 80.1 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.

A first for a group of ACC 40.Total was indicted on 27 February by the French judge Serge Tournaire, corruption, complicity and concealment of influence peddling in the case called "oil-food cons", echoing the UN program established in 1997 for the Iraqis, when the international embargo following the invasion of Kuwait.

After the setbacks in terms of image for Total, with Erika – Total was sentenced on appeal to pay 375,000 euros – and AZF, this attack could further extend the negative perception of the French vis-?-vis the oil group .

A decision "incomprehensible"

The investigation started in 2002 had directed to various French personalities suspected of having distributed the early 2000s kickbacks to members of the Iraqi regime of Saddam Hussein that the group continues to source barrels of oil outside the framework imposed program of the UN oil-food cons.

Several officers and employees of the group had been indicted personally since 2006. But this time, it's Total as corporation that is under no faxing pay day loans.

"This decision (of indictment of the Total Group, NDRL) recommence the proceedings," said Master Veil, the lawyer of Total, has told AFP the date of the indictment, and thus confirmed information from the newspaper Les Echos."The judge took this decision against all odds, while his predecessor and the prosecution had held the contrary, at least implicitly," he added, saying the indictment "incomprehensible."

Total will watch his side surprised by this indictment, which "comes eight years after the commencement of the trial, with no new element has been placed on file," according to Les Echos.

Indeed, Serge Tournaire succeeded Xaviere Someone who had requested a non-place for all employees and former employees, and the boss of Total, Christophe de Margerie. In addition, Total said that "the report Volker independent commission of inquiry established by the United Nations had rejected any complaint of corruption."

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The new car sales rose 12% in March over a year in France and 14.5% since the beginning of the year, blew Thursday Olivier Veyrier, marketing director of Peugeot France. His brand has simply grown over the past month 21%, he added.

Remember that vehicles registered in the first months of 2010 were ordered in the previous months, some before the end of 2009, when the scrappage rate was still full. That is to say, 1,000 euros for a replacement of vehicles over ten years.

These numbers confirm the information published this morning Parisian No fax cash advances. The newspaper, which states that brands have started a race promotion in March to try to attract motorists who do benefit more than 700 euros a premium, Citroen would increase the order 12%.

The Committee of French (CCFA) will release the official results at noon with details.

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The Paris Bourse should move up slightly on Tuesday in the first exchanges, and save the 4,000 points, just as before. The index futures on CAC 40 rose about 8:20 am from 0.28% to 4010 points.

Monday evening, Wall Street has ended up, preparing to end the quarter and a week shortened because of Easter. And on Tuesday morning, the stock exchanges in the Asia-Pacific move into positive territory.

INSEE published at 8.45am the detailed national accounts for the fourth quarter. Across the Atlantic, all eyes will be on the S & P / Case-Shiller housing price, to be published 15 hours. An hour later, consumer confidence will be unveiled in March.At 18:30, the economic advisor to President Barack Obama, Paul Volcker, will speak at the Peterson Institute.

But the big highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States.

The Multaq Sanofi recommended in the United Kingdom

Sanofi-Aventis announced on Tuesday that the National Institute for Health and Clinical Excellence (NICE) – the agency charged with developing recommendations on health promotion and prevention and treatment of diseases in England and Wales — just released a new report evaluating the medicine of the future, the Multaq, in which the Institute expressed its intention to recommend the use of this drug for the treatment of patients with atrial fibrillation.

The drug for heart disease from Sanofi-Aventis had been considered "poor" by the Commission on transparency in France, which had sealed the title of the pharmaceutical company.

The TGV Tours-Bordeaux Vinci?

On Tuesday, investors will learn of the happy elect of the draft Tours-Bordeaux TGV. Vinci, Bouygues and Eiffage are on the move. Vinci had a head start.

Pre-market Transdev, whose merger with Veolia Transport should be completed in the second half of 2010 will hold a press conference presenting the results and balance sheet activity in 2009. Wendel and make public its sales and its annual results for the current year.

On Tuesday, will also be held a hearing at the Commercial Court of Paris on Natixis.Minority shareholders, united behind the consultancy Deminor have assigned the bank in early January for "spreading false, misleading or deceptive on the prospects for Natixis in its creation.

After Hours, the annual results 2009 Neopost will be published.

After limited Wednesday its losses due to degradation of the note of Portugal by U.S. rating agency Fitch, the CAC 40 remains virtually unchanged, with the Opening index in Paris gained 0.05% to 3951 points. Thursday and Friday, will take effect in the European Council in Brussels. Support measures to Greece are expected, involving the IMF and covering several tens of billions of euros.The stock exchanges in London and Frankfurt also opened small increase respectively from 0.07% to 5682 points and 0.08% at 6043 points.

The program also published a series of U.S. data – weeks claimed Thursday to 13 hours, and a third estimate of GDP for the fourth quarter of 2009 Friday at 13.30 – and the presentation from 9 hours by Jean-Claude Trichet's annual report the European Central Bank before the European Parliament.

The bank in a disorganized

As for values, the series of publications is nearing completion. Thursday, Hermes has released a turnover up 8.5% to 1.9 billion euros, while earnings fell slightly (-0.5%) to 290.2 million euros.Shortly after opening, shares Hermes show a net decline of 2.52% to 102.50 euros.

Pending more information on the measures to be taken at the Brussels summit, banking stocks move in a disorganized: Cr?dit Agricole and BNP Paribas rose respectively from 0.90% to 12.94 euros and 0, 33% to 58.03 euros. In contrast, Societe Generale and Dexia retreating respectively from 0.27% to 46.38 euros and 0.22% to 4.47 euros.

Renault rose 0.61% to 34.01 euros, negotiations on cooperation between the French automotive group Daimler and German are close to reaching an agreement, the Financial Times online payday loans !!!???!! !???!!!.

The Italian A2A accelerates the process of selling its stake in Edison to EDF (-0.09% to 38.55 euros), a transaction that would allow the French group to take control of Italy's number two electricity, at we learned from sources close to the matter.

TF1 head of DTH

Germany, France, the United Kingdom and Spain are planning to protest together with the U.S. President Barack Obama against the forced removal of EADS (+0.76% to 15.28 euros) in the invitation to Tender tanker aircraft for the U.S. Air Force said Thursday the daily newspaper Les Echos.

TF1 got the green light by the High Council of Audiovisual (CSA) to buy chains and TMC NT1 group but AB's subsidiary Bouygues will make certain commitments.A decision welcomed by financial markets as the TF1 shares climbed 4.93% to 13.63 euros, the largest increase in DTH.

KKR announced Wednesday the sale of a stake of 4.4% in Legrand through a process of "book building" accelerated. It will own 20.6% of the capital and 27.5% of the voting rights of French group at the end of the assignment. Wendel for his part said not to join the operation and maintain its 24.9% stake in Legrand (-4.11% to 23.59 euros). KKR shares changing rapidly declining from 2.14% to 6.41 euros.

Camaieu (stable to 158 euros) announced Wednesday the results in sharp drop in 2009 but said he observed an improvement trend in the last semester.

Veolia (+1.25% at 25.96 euros) announced in a statement that the new boss of EDF, Henri Proglio, leaving the presidency of the board of directors. His replacement has yet not been identified.

The mobilization of Tuesday has been much lower than last year. 800,000 demonstrators responded to the appeal of unions on Tuesday by the CGT for a national day of action aimed at influencing government policy on political and social. If this mobilization came shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions.

Tuesday afternoon, thousands of demonstrators began to march throughout France. If 60,000 participants were recorded in Paris by the CGT, 10,000 people marched in Nantes, the source said, police still had no figures available. They were 7000 in Le Mans, police said. In Rennes, the mobilization seemed weaker.Lyon accounted as 10,000 demonstrators by police, and Marseille, between 12,000 and 50,000. Bernard Thibault, the CGT leader, welcomed Tuesday a "mobilization rather good, given the lack of communication media on the day of action, because of elections."

The strike of civil servants was also relatively followed in mid-day. The department estimated that 21% the proportion of striking teachers, estimated at 40% for the SNES-FSU, a rate higher than the previous mobilizations. 11.45% of the postal employees were also mobilized by the leadership. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT.At RATP, it would amount to 14% depending on the direction, the CGT-RATP not yet have figures to communicate.

Pension reform crystallized discontent

Two main points Tuesday crystallized the opposition of unions, following the government reshuffle.

• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for reform reduces inequality cash advance america ."Of course we must change our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics." Therefore, it could "be the sport at a social level," he warns. Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy. "If we follow this logic, women live longer should work longer," he argued. As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted.Probably heard a speech by the new Labor Minister, Eric Woerth, who insisted on Tuesday on the need to "protect" the current system "an equitable reform.

• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment. The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said.A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee. The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.

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"SNCF: traffic estimates for strike

This is the first known strike British Airways for 13 years. Its cabin began Saturday a strike should significantly disrupt air travel in the United Kingdom during the next three days, after the failure on the eve of negotiations between the company and the union Unite. Approximately 1100 of 1950 BA flights planned over the three days will be canceled. British Airways hopes anyway, filling its planes at best, Saturday and Sunday carried 49,000 passengers on 75,000 for a regular weekend of March, up 65%.

Thousands of members of Unite, the first British trade union, launched the movement to midnight Friday, hours after a failed final attempt to reconcile the co-general secretary Tony Woodley of Unite and the Director General Company Willie Walsh.The conflict includes the company's decision to abolish the post of cabin crew on fifteen on the long-haul flights, and wage claims of employees. Unite has rejected a deal of 4 years, he said, returning to freeze wages until 2014.

At Heathrow, the world's first airport for international traffic, over 60% of long-haul but only 30% of short-and medium-haul should be provided on three days. At Gatwick, London's other airport, the traffic would be normal for the long haul, and operate at 50% for short and medium haul. Picket lines were in place Saturday morning in many UK airports.

The movement would resume next Saturday

Unite represents 12,000 members of cabin crew for British Airways instant payday loan .According to the union, early indications seemed to show that the movement was widely followed, although the direction of BA had threatened the strikers they remove a number of benefits gained.

British Airways seems better prepared than during the conflict in January 2007, when the strike had been canceled at the last minute. She claims to have found a thousand volunteers from among its cabin crew to fly up Monday and have it properly trained. Sixty other companies have agreed to take on their flights by British Airways customers. The move, which comes just a few weeks of parliamentary elections expected May 6, will last until Monday included initially.But he could resume next Saturday for four days, if no solution is found in the meantime.

After negotiations failed, the British Prime Minister Gordon Brown has missed a strike that is' in nobody's interest "and will" cause unacceptable inconvenience to passengers. " He called it "should be lifted immediately" and that union and management "to meet without delay." Co-Secretary Tony Woodley of Unite said he was disappointed that no agreement had been reached. For his part, Willie Walsh has appeared in a video posted on the site of his company and on YouTube, to say "deeply sorry" and call this day "terrible for the company." This move is embarrassing for the Labor government, Unite is the largest financial contributor of Labor.

The news was confirmed by a spokesman for Total, following a central works council. The Dunkirk refinery has finally closed its doors Monday. As the oil group had promised the 370 employees keep their jobs by creating a depot, a training center, a technical center and reclassifications.

The logistics depot would employ 15 people, training centers and technical assistance in refining approximately 225. Employees will be offered 80 positions in other refineries, 30 positions in other structures of Total in France and 20 employees will be granted "for early career.

The proposed closure of the Dunkirk refinery is the source of the national strike in late February that poses the threat of a shortage of fuel.The refinery has 370 direct employees and 400 to 450 employees subcontractors.

Total promised to each employee in the establishment of Flanders' work at Total matching skills. Another promise: "no closure or sale" of French refineries will happen within five years.

Substitution project

Before the start of the meeting, Total has confirmed its participation in the construction of an LNG terminal by EDF in the port of Dunkirk. The agreement provides for "an equity Total capital 'of society, Dunkerque LNG, a subsidiary of EDF responsible for the construction of this terminal will terminal.Ce regasification capacity of between 10 and 13 billion cubic meters per year. The decision regarding its actual construction will be taken before the summer and could be put into service in 2014.It remains "conditioned on obtaining all regulatory approvals and the completion of commercial procedures and tenders for construction."

This project would mobilize up to 1,200 people during construction "and could generate" at least fifty direct jobs, which should add about 150 jobs indirectly "in the operating phase out the two groups. The Industry Minister Christian Estrosi had rightly warned that the Dunkirk refinery would reopen if there was "no real alternative project" to maintaining employment.

But this news should not necessarily good news for employees. The CGT and Sud believe that this project is too distant and "inadequate" to compensate for job losses.For 12 hours, the employees of Dunkirk appear before a seat of Total Defense.

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