In Manila and Kaliningrad? Girl or boy? Several countries have claimed Monday the symbolic birth of seven billionth person on the planet today, the opportunity for the UN to call attention to the challenges of population growth.

See also Slide show: That's it, we are 7 billion.

The level of 6 billion was reached in 1999. The United Nations had then chosen Nevic Adnan, a baby born in Sarajevo, as representative of the six billionth human coexist on earth.This time, the UN has refrained from designating a "winner" in advance and many countries have planned to announce the lucky winner was born at home.

A Filipino, Indian or Russian?

In this game, the Philippines has been the fastest. Danica May Camacho, born two minutes before midnight Sunday in one of the poorest countries in the world, is a lovely little girl of 2.5 kg. His parents, Camille and Dalura Florante Camacho, were welcomed by UN officials who had brought a small cake for the occasion. "She is so beautiful. I can not believe it is the seven billionth person on the planet," Camille has moved Dalura in the delivery room of the Jose Fabella Memorial Hospital, a public hospital in the capital Philippine invaded by journalists.According to the United Nations Fund for Population Activities (UNFPA), the Philippines is the 12th most populous country in the world with 94.9 million inhabitants, of whom 54% are under 25 years.

But India, a country-continent with 1.24 billion people and by 2025 should become the most populous country by China, with nearly 1.5 billion people, has in turn announced coming into the world of Nargis. The little girl was born at 7:20 local time (1:50 GMT) for a 23 year old mother and a father of 25 years in the dusty village of Mall, in the State of Uttar Pradesh, told AFP a spokesman for Plan International, an organization caricative based in the UK.

Two Russian regions, the most eastern Kamchatka, and most western Kaliningrad, also dispute the title.

The top of the eurozone, which ended in the night between Wednesday and Thursday led to a series of measures to resolve the crisis, including the deletion of 50% of the Greek debt to private creditors and the strengthening of the Fund stability in the euro area.Here are the details of decisions taken by all European leaders.

A discount of Greek debt to 50%

Banks and private equity funds that hold Greek debt have agreed to voluntarily relinquish 50% of their claims on the national debt by 2020: specifically, from January 2012, they will exchange their debt obligations Greek against others whose value will be halved. This represents a deletion of 100 billion euros of Greek debt, currently at 350 billion euros. Fund stability in the euro area (EFSF) will bring to these private creditors 30 billion euros in guarantees on these new claims.The plan of 109 billion euros in public aid (EU and International Monetary Fund) for Greece decided on July 21 is replaced by another, amounting to 100 billion euros, until 2014, who s will accompany closely monitored by the creditors of the implementation of reforms required in the country. Athens will have to find 15 billion to reduce its debt through privatization.

Recapitalized banks to the tune of 106 billion euros

Hard equity banks (equity capital and retained earnings) will reach 9% "30 June 2012." To achieve this, "banks will have to appeal primarily to sources of private capital." Until this objective, "the banks should be subject to some constraints on the distribution of dividends and payment of premiums."The European Banking (ABB) was evaluated Wednesday at 106 billion recapitalization needs, which will involve 70 schools. Greek banks are the most concerned (30 billion) before the Spanish banks (26.16 billion) and Italy (14.77 billion).

The EFSF increased up to 1000 billion

The EFSF, currently has a capacity of loan of 440 billion euros, will reach a strike force of about 1,000 billion. Two mechanisms should complement each other for this purpose. The first will be to ensure some of the potential losses of private investors when they buy government bonds on the primary market. The other is to create one or more special funds (special purpose vehicles) to attract outside investors private or public, as emerging markets.The text mentions, without elaborating, "an even closer cooperation with the International Monetary Fund."

The ECB may continue to buy back debt

The governments of the euro area may have to count on the role of the ECB firefighter to support fragile states such as Italy and Spain. Its future president, Mario Draghi, has promised to continue to do so if necessary.

Golden Rules of generalized

The golden rules of a balanced budget will be generalized. Among the measures to strengthen fiscal discipline common EU monetary figure "the adoption by each Member State of rules on passing a balanced budget the Stability and Growth in the legislation, preferably at the constitutional level or equivalent end of 2012, "the statement said.

Highs in the euro area generalized

Highs in the euro area will be held twice a year.They will be chaired, at least initially, by the President of the EU, the Belgian Herman Van Rompuy. A change in the EU treaty is considered.

The group aims for its Consumer division (pens, lighters and disposable razors), which generates 85% of sales, growth in annual sales on a comparable basis over 5% and a margin increase from the last year.

But the prospects for the division of advertising and promotional products (APP) are darker: Bic expects a decline in sales on a comparable basis "just under 10%" and a line "similar to that of 2010 ".

In the third quarter, sales of Consumer division rose 3.3% on a comparable basis (exchange rates and constant perimeter) but decreased by 2.1% as reported at 391.6 million euros .The PPA has fallen 10.0% compared to 76.6 million (-17.4% as reported).

The total quarterly revenue and a poster-like growth limited to 0.8% (-5.0% as reported).

In the first nine months of the year, sales to 1.354 billion euros, up 3.8% on a comparable basis (+6.8% for the consumer division, -10.1% for APP ), but fell back by 0.3% as reported in 1354.3 million.

Gross margin for the nine months rose 1.8 points to 49.1% of net sales and operating margin reached 23.5% standard, 3.2 points higher than last year.

"The Consumer activities remains strong despite a challenging economic environment and, most importantly, the group's profitability remains above historical levels," said in a statement the Director General, Mario Guevara.

About APP, he added that "the continued economic downturn and the challenges of integrating this activity was delayed more than we had originally anticipated, a return to growth" and evokes " necessary adjustments, "without elaborating.

In exchange, the action Bic ended Tuesday 65.61 euros. The stock has gained 2.1% since the beginning of the year while the CAC 40 index yields 17.44%.

Chinese Premier Wen Jiabao said he was "worried" Friday of a "sharp increase in protectionism" in the world, especially because of "misuse" of anti-dumping. "What is worrying is that due to many factors … the Doha Round is not progressing. Protectionism is growing rapidly," Wen said at the opening of the Canton Trade Fair (south).

Face "to the current turmoil in international financial markets, the growing number of uncertainties and a slower recovery in the major economies, the international community should be united as a passenger in the same boat," said Prime Chinese Minister.

China reacted strongly this week in the adoption of a U.S. bill to penalize for manipulating its currency. The United States accuses an abysmal trade deficit with China, which reached a record $ 29 billion for the month of August, and many U.S. lawmakers believe that this is due to an undervaluation of the yuan. "Only by solving more efficiently trade frictions that we can get rid of the shadow of the global financial crisis," said Wen Jiabao.

In early October, the U.S. denounced nearly 200 grant programs from China and India about fifty. The Chinese premier also noted that the entry of China into the World Trade Organization (WTO), which occurred in December 2001, had "brought benefits" to its trading partners.

In Paris, around 9:25, the CAC 40 index lost 1.03% to 3121.16 points, while the Eurostoxx 50 yields 0.91% and 0.91% Eurofirst 300.

The results below expectations Alcoa, attributed to a slowdown in growth, also weighed, including the metal values.

"The impact (of the 'no' Slovak) seems limited, since operators only imagine evil Slovakia could jeopardize such a process aid to Europe, especially as the Troika suggested that the next tranche financial aid to Greece would probably be released soon, "said Saxo Bank in a note.

The euro is stable against the dollar, halting a rally that was motivated by the hope that the Europeans take the necessary measures to stem the debt crisis.The European currency is trading at 1.3647 / 1.3647 dollars against 49 the previous day in the afternoon.

A barrel of Brent is also stable at 110.75 dollars, after five sessions in the green, OPEC has reduced its forecast for growth in global demand.

The financial and cyclical stocks are once again at the forefront of the correction, with a decline of 1.5% of commodity indexes and automotive and 1.2% of the index of bank stocks in Europe .

Employees of the Berre refinery owned by LyondellBasell voted on Thursday extended for 24 hours of their strike and blockade of the entire site. Meeting in mid-day general meeting, several hundred of them voted the renewal of the movement, on a site off since Wednesday. A new AG is scheduled Friday at 12pm. The move follows the announcement of LyondellBasell Tuesday the closure of its refinery in the Bouches-du-Rhone.

It employs 370 employees and is located in a petrochemical complex in which 1,250 people work.Wednesday evening, staff representatives were received by the management of LyondellBasell. But it seems to turn a deaf ear to the demand of withdrawal of the proposed closure of the refinery.

Staff representatives also claim an economic viability study of the entire site, with and without a refinery, because they fear that the complex is not only profitable, said the representative of the Inter-CFE / CGC, CFDT, CFTC , CGT and FOR, Patrick Sciurca. They ask, finally setting up "real social measures" if, if, the closure of the refinery were to be confirmed.

Neighboring refineries could be affected by the movement

LyondellBasell announced Tuesday its intention to close the refinery, not having found a buyer for its sale in the spring."Despite the efforts of employees and management, the refinery continues to suffer heavy losses and unable to become profitable," said management. Thursday, employees said, expect "a movement hard and long." "It's better a few days or weeks to strike than to lose everything," commented the coordinator of the CFE-CGC factory Patron Remy. "This movement will perhaps go on but I think we need to think about prospects," he added.

Since the strike began, between 200 and 300 employees remain at the site of Berre l'Etang-to block some being requisitioned to ensure safety, according to Inter, adding that three supermarkets in the region refuel for free. Employees also came Thursday in nearby petrochemical plants, expressing their solidarity but also their concern.

Arkema CGT trade unionists in Fos-sur-Mer explained and have moved to "make news" because they fear that any slowing of the site after the closure of LyondellBasell refinery affects the activity of specific their factory. "Everything is interconnected," they emphasized

The action of the second European airline in terms of turnover has dropped almost two times more than the German Lufthansa in January and also largely underperformed IAG, an entity formed by the merger of British Airways and Spanish Iberia.

The market capitalization of the Franco-Dutch and passed below two billion euros, or 30 times less than that of the luxury group LVMH.

"This simply reflects the fact that they underperform their peers on all fronts: their performance is weakest in terms of revenue, cost and profit", says Penelope Butcher, an analyst at Morgan Stanley.

And in case of relapse of the economy in recession, Air France-KLM could be particularly vulnerable, analysts said, recalling that the crisis of 2008-2009 had ended for the company by an operating loss of an abyssal , 3 billion euros for the year ended in March 2010.

"It was by far the worst financial performance of all European airlines that we follow", said Neil Glynn, an analyst at Credit Suisse."This raised fears in the market they are less well equipped than their peers to meet in 2012 to a new recession – or even a weaker economic conditions."

The action was trading at 6.637 euros on Friday morning, after a descent into hell almost continuously since its last peak at about 38 euros in May 2007.Since January 24, when the first listing of IAG, the action Air France KLM fell 51% against 27% for Lufthansa and 39% for IAG.

Since the beginning of the year, as well accuse the worst performance of the SBF 120 index.

Too expensive

European company the more cyclical, Air France-KLM should be penalized more than others by economic conditions, its operating leverage is stronger and higher fixed costs than its competitors, said Loic Sabatier, an analyst at Cheuvreux.

"It is calibrated for growth than others, but less for the downturns," said he."In addition she was a little less aggressive than its competitors in terms of cost reductions in recent years."

The Achilles heel of Air France-KLM, which the French state owns 15.7% stake and employees 9.8%, are its costs.According to data published by groups from January to June, the costs of personnel, his first job in operating expenses, amounted to some 32% of its turnover, against 24% for Lufthansa and 25% for IAG.

Found a parade through the management of Air France, to avoid a too brutal confrontation with the unions, was to launch a project basis in the provinces, with medium-haul flights from Marseille from early October, before Nice, Toulouse and Bordeaux in the spring of 2012, with the ambition to reduce operational costs by 15%.

But the project was presented to great fanfare a year ago, leaving plenty of time to companies "low cost" EasyJet and Ryanair to position.

"This is the shining example of the time they need to implement significant structural changes in costs, which are all the more necessary that the environment is very uncertain in terms of revenues," said Neil Glynn, Credit Suisse.

While an official of the airline industry recently told Reuters noted "a flutter" at Air France-KLM, Penelope Butcher, Morgan Stanley, denounced the chronic lack of responsiveness of the Franco-Dutch.

"That's what I do not clear right now: why do they not more proactive measures for existing problems rather than worrying about their strategy over several years?" she asks, referring to multi-year project "Embark" introduced in late 2010.

DEBT Abyssal

European company most affected by the "Arab Spring," Air France-KLM has hardly changed its flight schedule to destinations such as Egypt and Tunisia.

"Why take that risk, why not move planes to other destinations?" Asks Penelope Butcher."Flying planes that are not full-weighs heavily on the revenues and costs."

Air France-KLM, which now hold exercises in the calendar year, merely the end of July provided a positive operating result in 2011, when he had to exceed 28 million before the year 2010 pro forma .

With the worsening financial crisis in early August, the very prospect of a positive operating result seems out of reach. Neil Glynn believes that Air France-KLM will not only loss this year but next year.

"At the moment, I do not think they necessarily need to postpone deliveries, sell assets or raise capital," said he."But if we have a 'double dip', so I think it's a very strong probability."

For Air France-KLM has entered the new area of ​​financial turmoil with a very damaged balance sheet. June 30, net debt reached the level of abyssal 6.04 billion euros, against 1.4 billion for Lufthansa and 480 million for IAG.As for its debt ratio, it amounts to 0.92 – 0.50 against 0.42 for Lufthansa and for IAG.

Things are not likely to make do with the mega-command of a hundred long-haul Boeing and Airbus expected shortly.

"If you are concerned about aspects debt and leverage, which seems the case of Europe, they are also the worst on this point," said Penelope Butcher (Morgan Stanley).

Contacted by Reuters via the press, the company officials have not responded to our requests for interview.

The major European stock markets rebounded Tuesday at the opening as they were expected down sharply in early trade in the wake of the Asian markets, down with the fear of relapse into recession in the U.S. economy. Paris rebounded strongly over 2% in early trade. Very quickly, however, the trend has reversed the decline in oil prices on the global economic slowdown leading financial centers in negative territory.

Yo yo

At 9:39, the CAC 40 index lost 1.3% to 3084.68 points after pressing the threshold of 3100 points, the benchmark index of the Paris and preparing to sign its twelfth session consecutive decline.The London Stock Exchange lost 1.68% and 1.77% in Frankfurt. Eurostoxx 50 indices pan-European FTSEurofirst 300 and receding 2.03% and respectively 2.09%.

A barrel of U.S. crude drops 1.9% to 79.77 dollars.

The asitiatiques limit their losses

For their part, Asian markets limited their losses, after opening a free fall as leaders and central bankers are mobilizing to try to calm the markets, distressed by the specter of a new crisis.

After plunging in early trading – the Seoul stock exchange has lost up to 10% – Asian stock markets limited their losses, even managing to ironing Sydney in the green, with a "bargain hunting" which sees investors advantage of low prices to buy.

The decision by S & P lowered the rating of U.S. debt has raised concerns throughout the weekend the advent of a market crash, a phenomenon that has not occurred in the markets since 1987. All day, most of the old Continent Awards have alternated between green and red with little to decide as investors especially eyes on Wall Street, which eventually open down to 15.30. Update on that fateful day.

Paris: – 4.68%

The Paris Bourse has completed a heavy fall on Monday, losing 4.68%, rolled by the loss of triple A of the United States and despite the intervention of political and business leaders to calm the markets.The CAC 40 dropped 153.37 points to 3125.19 points, in a great volume of trade provided 5.939 billion euros, signing its eleventh session consecutive decline, a new record. Most cyclical stocks, the more dependent the economy, plunged to the image of Renault (-9.27% ​​to 28.40 euros) and Alcatel-Lucent (-9.71% to 2.22 euros).

Frankfurt: – 5.02%

Featuring Dax index of the Frankfurt Stock Exchange ended on a dip of 5.02% at 5923.27 points against 6236.16 points at the close Friday. The cars were particularly hard hit with falling over 8% for BMW and more than 7% for Daimler.ThyssenKrupp, Germany's number one steel whose activity is extremely sensitive to turbulence in the global economy, it has fallen to 9.57% to 22.25 euros, the biggest drop of the day.

Madrid: – 2.44%

The Ibex-35 index of the Madrid Stock Exchange finished Monday on a more modest decline than other European places, losing 2.44% to 8459.4 points, in the wake of the panic that seized the markets. After a black week, the Ibex-35 opened up Monday, then jumped over 3.4% in early trade, reacting positively to the announcement of measures to resolve the debt crisis. But the index went into the red in mid-day, doing more than a few brief incursions into the green.

Milan: -2.43%

The index featured the Milan Stock Exchange, the FTSE Eb, closed Monday on a decline of 2.43% at 15,640 points.End of the session, the beneficial effect linked to the support of the ECB has faded, causing a collapse of values ​​including industrielles.Fiat Industrial and Pirelli have plunged 10.48%, respectively, to 6.75 euros and 10.36 % to 5.2 euros. Fiat has ended on a down 9.64% to 4.98 euros, while the shoemaker Tod's fell 8.80% to 74.6 euros. Oil exploration company Saipem Tenaris and the steel company for their part have given 8.12% to 27.06 euros and 7.85% to 11.86 euros.

London: – 3.39%

The London Stock Exchange for its completion in fall of 3.39%, signing its third straight session sharply down, overtaken by the panic that swept the markets. The FTSE-100 index of the core values ​​dropped 178.94 points to end the session at 5068.95 points, its lowest level since July 8, 2010.

Athens – 6%

The Athens Stock Exchange finished Monday with a sharp drop of 6% below the psychological barrier of 1,000 points, after very negative climate in the degradation of U.S. debt. Reflecting the weaker economy in the euro area, the Athex closed at 998.24 points, its lowest level since January 7, 1997, according to the press office of the Athens Stock Exchange. The Athex opened down Monday morning and has ceased to fall.The actions of the Greek telecommunications (OTE) for Public Power (DEI) and sports paris (OPAP), which appear on the list of companies privatized, recorded the largest decreases.

Moscow: – 8% for the RTS

Both exchanges were closed in Moscow on a dive Monday, retreating in the wake of other global exchanges, and while oil prices were sharply lower in a market weighed down by the announcement of a downgrade of debt of the United States. The RTS finished the session on a drop of 7.84% to 1657.77 points while the MICEX closed down 5.50% to 1499.79 points.

Tokyo: – 2.2%

Asian stock markets began the great dance of falling on Monday.In detail, the Tokyo Stock Exchange lost 2.18% at the close, Hong Kong 2.17% and Shanghai fell 3.79%.

Gulf countries: + 0.37% for Abu Dhabi

Only the Abu Dhabi Stock Exchange ended in the green, gaining 0.37% to 2,612.8 points after losing 2.3% Sunday. In Dubai, the stock market rebounded slightly at midday, up 0.66% after opening down 0.38%. She concluded, however, -0.76% to 1437.07 points, down moderately from Sunday (-3.69%). As for the Saudi market, opened Monday in the green, gaining 0.44% and confirming a recovery started near the end of the closing session on Sunday. But he ended on a Monday down 0.33% to 6057.79 points

Sign of the deep concern of world leaders, they have stepped up phone calls Friday and Italian Prime Minister Silvio Berlusconi has called a meeting of G7 finance ministers.

Markets are less and less confidence in Spain and Italy to honor their debts and the scenario of a domino effect in the euro area continues to unfold.The fear of tipping the U.S. into recession has also fueled the drop in global financial markets, who lost 2500 billion in one week.

After the close of Wall Street, the United States for the first time lost their precious AAA.Sovereign debt is now rated AA + by rating agency Standard & Poor's, which raises the specter of a further deterioration in a year.

This decision, rather expected, reflecting the deteriorating global economic climate and could have implications on the status of reserve currency the U.S. dollar.

China asks in a comment to Xinhua news agency that the international community to reflect a new reserve currency, "stable and secure."

Beijing, the first creditor of the United States, attacks in this dispatch to the U.S. government, demanding that it "faces the problem of structural debt."

BERLUSCONI TRANSFERS

The impact on the financial markets Monday may be minimal because this degradation is not unexpected but the consequences for long-term status of the United States and the dollar will be much more important.

"The global system must now adapt to the many implications and uncertainties induced by the loss, once unthinkable, the American Aaa," said Mohamed El-Erian, the investment company Pacific Investment Management.

This new development in the debt crisis increases the pressure on governments.In its analysis, S & P said the deterioration by the lack of fiscal consolidation plan adopted by Congress and the failure of leading Democrats and Republicans to govern together.

European markets also expect a rapid and effective government too indebted to their liking.

After Greece, Ireland and Portugal, investors fear that it is the turn of Italy and Spain, third and fourth economies in the euro area, have to seek a rescue.

Silvio Berlusconi bowed to international pressure by promising to accelerate the implementation of austerity measures and social reforms.

CALLS FOR COORDINATION

Source familiar with the matter, it is stated that the European Central Bank (ECB) has requested that the Italian government agrees to return to a balanced budget by 2013 instead of 2014, before buying Italian bonds and liberate Rome of market pressure.

Thursday, investors did not appreciate that the ECB does not buy Spanish and Italian bonds, limited to the sovereign Irish and Portuguese, while the yield of securities issued by Rome and Madrid exceeded 6%.

Two days later, it seems that it was a maneuver to push Silvio Berlusconi to act.

"In principle, we can say that the ECB could start to buy bonds if Spain and Italy (both countries) made an extra effort in terms of fiscal and structural reforms," ​​said a senior official told Reuters the euro area.

Jose Manuel Gonzalez-Paramo, a Spanish member of the Governing Council of the ECB, said he expected new government announcements on August 19.

China and Japan, the two largest foreign creditors of the United States, called for international cooperation, joined by the European Union.

"The international policy coordination across the G7 and the G20 is crucial," said the Commissioner of Economic and Monetary Affairs Olli Rehn, who interrupted his vacation to return to Brussels.

Silvio Berlusconi announced a G7 finance ministers "in the next few days" but his spokesman later explained that this was simply a desire to Rome and it was not yet agreed with the other member countries.

Britain, also affected by the volatility of markets, called "a concerted international effort" to avoid another global financial crisis, three years after the collapse of U.S. bank Lehman Brothers.