The merger between Iberia and British Airways which will see shareholders of British Airways take 55% of the new group should be completed by the end of the year.It is subject to approval by shareholders of both companies, who need to vote at general meetings scheduled for November.

The two companies will consolidate into a new holding company, which will be named Consolidated Airlines International Group SA, or International Airlines Group for short, and will be listed in London and Madrid.However, the two companies continue to operate independently and continue to operate under their existing brands.

Yes also for the alliance Iberia / BA / American Airlines

One remaining obstacles to the merger had been raised when Brritish Airways announced it had reached an agreement to cover the deficit of 3.7 billion pounds (4.4 billion euros) of its pension scheme.

The European Commission also approved the alliance as British Airways, Iberia and American Airlines want to build on the model of what makes Air France-KLM and Delta, recently associated with Alitalia."Today's decision will allow airlines to set up the transatlantic alliance to which they aspired for a long while allowing some 2.5 million passengers between London and New York as well as other relevant routes of continue to enjoy a range of frequencies and competitive prices, "commented Commissioner Joaquin Almunia competition.

Barack Obama on Tuesday gave members of his Cabinet until Sept. 13 so they identify reductions of 5% of funds in their agencies and departments. That extra effort the White House to reduce spending in response to American concerns before the expected surge in debt to Uncle Sam more than 100% of GDP in 2012. However, the actual impact of this initiative looks marginal. It will only result in recommendations to Congress may be accepted for fiscal year 2012, not before. In addition, over 60% of federal spending by definition beyond these potential restrictions. These expenses called "automatic" which include debt service, expenses of the pension plan and those of public health systems.

In February, Bush has already requested a freeze for three years (after inflation) of many public spending "not automatic". But the categories have been added untouchable military spending, those relating to civilian security and international aid. But the Pentagon budget alone is $ 700 billion, or half of total discretionary spending. Moreover, the Congress, including Republicans, routinely refuses the few savings proposed by the White House in weapons programs. In point lead Barack Obama now threatening to veto the budget law drafted for the Pentagon by Congress.

Moscow is 20% of staff within

The ad has a taste for rigor, but it is not formally rigorous.Russian President Dmitry Medvedev on Tuesday ordered his administration to make proposals to reduce by 20% the number of officials in the country. "It is obviously, a far too severe, which can not be made mechanically or on the basis of purely financial criteria. We are talking about the fate of people, "said the head of the Kremlin, which gave no further details. Already last week, during a cabinet meeting, Finance Minister Alexei Kudrin had discussed such a proposal would lead to the removal of 120 Guaranteed pay day loans.000 positions and would save 43 billion rubles (1.13 billion euros). In contrast, half of this allocation would serve to increase the salaries of other cadres of the public.Despite the beginnings of the European crisis that could hit Russia, the government continues to boast its program of social spending that benefits particularly to retirees. In the past, such cost-saving measures have already been proposed, without being acted upon.

Germany on the wagon

Monday is a detailed history of savings – 80 billion euros by 2014 – announced by German Chancellor Angela Merkel. In order of priority expenditures of the federal government. Number of allocations will be scaled down and almost 15,000 jobs disappear in the civil service by 2014.The removal of 40,000 soldiers in the Bundeswehr is also under consideration.

New sections in Hungary

After his rescue in late 2008 by the IMF, the World Bank and the European Union, Hungary had announced an initial dose of austerity with a wage freeze for two years in the public and the removal of the 13th month for pensioners. Prime Minister Viktor Orban on Tuesday a detailed budget which provides, in addition to creating a financial tax, further cuts in public spending to the tune of 425 million euros. The revenue cap leaders and the public is considered a strict examination of spending to purchase a car or phone service.

Elsewhere in Europe

It is not good to be official now in Europe.Down 5-15% of wages in Ireland, abolition of 13th and 14th month and down 7% in Greece pensions, freeze wages and non-replacement of a staff of two in Portugal, wage freeze in Italy, Spain, hiring freeze in Great Britain … Besides the cuts in operating expenses that are spreading.

"What is the role of rating agencies?

"Greece can go bankrupt?

"Is there a risk of contagion to the rest of the euro area?

"What risks for European banks?

"Why do they attack the markets as Portugal?

"Does France have any reason to worry?

• Greece can she leave the euro area?

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The want it – despite the financial risks – Greece would have the greatest difficulty to get out of the eurozone for legal reasons. If a Member State may be expelled from the EU if it no longer meets the political criteria, this option is not provided by the Treaties for the euro area. This legal vacuum is subject to interpretation."It is inconceivable that a Member State legally so the euro area without retiring in parallel with the European Union," says Phoebus Athanassiou, legal adviser to the ECB. As for expulsion from the monetary union, it would be "virtually impossible from a legal standpoint, because it would amend the treaties unanimously, says he, in a research note. Angela Merkel had called in March to exclude the possibility of a country does not fulfill the conditions of membership of the single currency. Without revising the treaties, the option of expulsion would be "perhaps achievable through the back door" by establishing a de facto monetary union with two speeds. The emerging countries could keep the euro as parallel currency.But it is more of a possibility is more theoretical than practical, as the hazards are many.

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"Merkel should be able to exclude a country from the euro

• What is the role of rating agencies?

»Back to top

Rating agencies – the number three in the world – are private and independent agencies that assign a score to countries or financial companies. Investors rely on this note to know the risk level of bonds they buy. Each agency to its own methodology. Standard & Poor's, for example, attributes the "AAA" rating to the best transmitters, then descends to "AA" and "A" and "BBB". Each time, these notes are accompanied by signs + or -.Then, the notes come down to "BB" and are then considered to reflect the level of obligations "rotten" … In general, the rating reflects the percentage probability that the issuer will default. Thus, an issuer rated triple AAA, like France, has 0% chance to fail in three years. An issuer 'BB', as is now Greece, 23.08% to fail within three years.

• Greece can go bankrupt?

»Back to top

Photo credits: AFP

The holding of this board proves both that the proposed partnership is strategic and that Renault wants to make a quick decision. The aim is to announce in the wake to shareholders of Daimler and Renault, whose general meetings held respectively on 14 and April 30.

A partnership on small cars appears to be established."We saw no fundamental obstacle that would prevent an agreement", said earlier this month Dieter Zetsche, head of Daimler, maker of Mercedes and Smart. Both groups were formalized in late 2009 for discussions on small cars. He would share components between models Renault, the successor of the Mercedes A and B and the Future Smart, and even create a common platform to both manufacturers for smaller models. The agreement would also cover vehicles and electric utilities. This would allow Daimler, which has lost a lot of money with its smart, make economies of scale crucial.

Carlos Ghosn, CEO of Renault, has never hidden his willingness to open the Renault-Nissan Alliance in a third partner, bad credit payday advance . Objective: "search for additional synergies.The owner of the mark in the Diamond does not believe the alliance cooperation without capital, only "a symbol that the relationship is long term." "It is difficult to ask the engineers of two competing companies to share fully their skills without the link," said he.

Participation Nissan

The Japanese Nissan, which Renault owns 44%, could also be part of the agreement with Daimler. According to the Nikkei, Daimler would provide bigger engines to Nissan, which in turn would make electric cars and batteries to the German group."If Renault signs an alliance with Daimler extent, I suppose Nissan will join the alliance," said a Nissan executive quoted by the Japanese newspaper.

An equity cross between Renault and Daimler mean that the obstacle of the valuation gap between the two groups (10 billion euros to 37 billion French and in German at the current rate) has been bypassed. To simplify things, Daimler would provide the 3.5% it owns in his own group, according to Bloomberg. Finally, the merger could also speed the withdrawal of Renault in Volvo AB, the truck manufacturer with the French group holds 20%.

According to Voices, the American engine could not get the green light by U.S. authorities for exportrer in China some of its technologies.

This agreement confirms the thrust of Saffron to China. Last month, the group associated with GE in CFM International, has been chosen to equip the C 919 Chinese, the future Chinese medium-haul aircraft, a rival of Airbus A320 and Boieng B737.

"If we better secure the release of the company to an employee by guaranteeing a minimum benefit equal to redundancy pay, that's something," says Marcel Grignard, number 2 of the CFDT, the one of four unions to have invented the employers with the device in January 2008.

The refusal rate (records released by the administration in particular for non-compliance with statutory time limits) reached 13% in 2009 and that of inadmissibility (for incomplete), 3%. Two proportions in sharp decline over the year, indicating a greater ownership of the device by the Department of Human Resources. Some companies however are still aligned for their applications because of "social disguise" – a true social costs more than adding individual separations. It's mishap occurred in December to IBM online payday advance .The direction of the work of the Hauts-de-Seine has refused registration of 12 cases in the month. According to Jean-Michel Daire, CFDT delegate the administration would still accept applications in February reformulated by the group.

"It does not attend mass flow diversion" into perspective does one Department of Labor, which has yet sent in March 2009 a serious warning to its officials. They were advised to be "vigilant breaks conventional concluded in order to circumvent the safeguards of redundancies and collective."

Strong rise in entries to employment center

Virginie Devos, a lawyer in employment law in August & Debouzy, confirms: "Some enterprises are abusing the conventional break knowing they are likely to overturn." But others are more reluctant to use them."Some employers do not want to sign a treaty breaks because they fear a ripple effect among their employees more and more people want to benefit and reluctant to resign," says she.

Latest Trend: More and more employees enroll in employment center after signing a separation amicably. They have been 128 696 in 2009 to cross the gates of the former ANPE, or 67% of recipients of rupture. A steadily rising level which was close to 80% in December. This implies that, despite the crisis, employees are increasingly likely to take the gamble to leave the company immediately without having another job.

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Implicitly, the president of Areva has denounced the lack of organization of the entire French nuclear industry, one really responsible for the loss of the contract. It specifically faults EDF want to claim leadership of the sector at the expense of others. "I think very frankly that in this area if we wish the team of France walk, everyone must stick together." The boss of Areva was referring to remarks made by the new CEO of EDF, Henri Proglio, who upon taking office had campaigned for his group to become the leader. Before being called to order by the government. "To each his job.While some may want to do our jobs, we in any case, it is clear we are on our territory and we did not want to do the work of others, "Anne Lauvergon Assen.

Redefining roles

To avoid further mishaps, the owner of Areva said after the mission entrusted to Francois Roussely the Elysee supposed redistribute roles clearly to 2030. "Let the State decide which operators are likely to be working nuclear export. And given the appropriate means to GDF Suez to take on this role. "

She said the reorganization will allow Areva to ensure reliable partners for the sale of the EPR in the world. "For countries novice, it takes a special organization. You have to know is the head electrician and what model is proposed, "says she.Asked about the high cost of ERP, that might actually played a major role in the victory of Korean Lauvergon Anne replied: "Nuclear safety has always been a cost." She said the levels of security and power of the French EPR of 1,600 megawatts (MW) are superior to those of Korean reactor of 1,400 MW.

The president of Areva therefore calls for standardization of international safety standards to prevent the development of "low cost center" that create "a nuclear two-tier". In conclusion, it announces its firm intention to leave his group to attack the Abu Dhabi for the supply of enriched uranium.

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The euphoria of yesterday and seems to give way to calm. To recall, the meeting Monday was characterized by a jump in raw materials, through a combination of economic data carriers (Global manufacturing PMI at highest level in 44 months) and political or geopolitical event (tensions between Russia and its former satellites, strike in a copper mine in Chile …). The oil is pressed above 80 dollars per barrel WTI and the dollar has declined substantially.On Tuesday, a barrel of oil is trading at 81.53 dollars and the dollar continues its decline at 1.4438 dollar per euro.

On the macroeconomic front, investors will pay attention to the publication of overseas industrial orders for November, promises of home sales in November and figures about the car market, each in 16 hours.

Google and Kraft Foods for

Google (-0.38%) today gave a press conference during which he must present his new cell phone.

For its part, Apple (-0.04%) said the Wall Street Journal that it planned to unveil a multimedia device during the months of January to start next March.Moreover, according to All Things Digital, the group should buy an advertising company on phones, Quattro Wireless, for $ 275 million dollars.

Kraft Foods (+3.6%) has sold its frozen pizzas to Nestl? ($ 3.7 billion) to afford Cadbury. The giant U.S. agribusiness should specify January 19 the modalities of its new offering to achieve his ends. Today, Berkshire Hathaway (+0.06%), the investment fund of billionaire investor Warren Buffett, said he opposed the hostile bid from Kraft Foods, which he said the biggest shareholder, its British rival.

Mesa Air Group (-64.79%) announced on Tuesday it had entered under the protection of Chapter 11 of U.S. law on bankruptcy. The group intends to restructure its debt and settle its legal dispute with Delta Airlines.

In September, the number of jobseekers who have not worked (Class A) increased by 21,600 at 2,574 million, a surge of 25.1% in one year. By cons, if we add those who have a reduced activity (categories A, B and C), this number stood at 3.745 million (+20.8% yoy) and 3.972 million households in the overseas.Thus, the number of unemployed could exceed 4 million if one takes into account all categories.

From "many months" to return to the situation a year ago

"I hope that from the end of this year the trend will change but it will take many months to return to a situation that had been there even just a year – 1.9 million unemployed cons 2.5 million registered job center today. Indeed the number of unemployed still increasing each month at the rate of "20,000 to 25,000," he said. The figures on the number of job seekers for the period of October will be published Thursday.

This declaration takes place just before surgery, at 11.30 President Nicolas Sarkozy before 1700 agency managers and area job center, the new agency created by the merger of Assedic and ANPE, which is far from keep all its promises. The unions believe the poorly prepared.A counselor supports an average of 94 people (a record) in the direction. Employment center uses private companies to complement the Convention and proposed reclassification Custom (PRC) which has only retrenched, where "there, we guarantee a counselor for 50 to 60 people, according to Christian Charpy.