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U.S. exchanges were down Thursday as investors sought to raise funds before the speech of Ben Bernanke on Friday, they hope to gain a better picture of the intentions of the Fed about the economy.

The Fed chairman must speak Friday at 14:00 GMT in Jackson Hole (Wyoming), as part of the 35th annual economic symposium of central banks.

The Dow Jones broader yielded 1.56%, or 18.33 points at 1159.27.

The Nasdaq meanwhile lost 1.95% (48.06 points) to 2419.63.

The markets had opened in an atmosphere of optimism related to the entry of the investor Warren Buffett to the capital of Bank of America.

They then tilted to the downside after a fall of European values, which launched the rumor of a possible ban on short sales in Germany, denied by Berlin.

U.S. markets are increasingly sensitive to events in the euro area due to the debt crisis.Four countries have suspended short selling this month and said Thursday that the measure would be effective until September 30.

Bank of America, whose title was dropped this week to a low of two years, jumped 9.44% to 7.65 dollars after the announcement that Berkshire Hathaway investment fund to its capital came up to five billion dollars.

About 854 million shares Bank of America changed hands on Thursday, the session is the most active for the title since December 2009.

The way Apple has certainly ended down after the announcement the day before the removal of its chief executive Steve Jobs, but its decline is limited to 0.65% (373.72 dollars), it still outperformed the Nasdaq.

The day also saw an unexpected rise in weekly jobless claims, emerged to 417,000 during the week to August 20, against an average of 405,000 expected by economists.

The cost of the 26th World Youth Day is the last straw for many Spaniards who face for months to fiscal austerity. But Catholics say pay the entire event. A pilgrim is to confess to Madrid, the opening day of the 26th World Youth Day.

At a time when the global economy trembles, when stock markets falter, and where all fears are focused on Europe and the debt crisis, hundreds of thousands of Catholics converge on Spain for the 26th World Day of youth. They meet from Tuesday to Sunday and until 21 in Madrid, to face another crisis, that of spirituality. But once will not hurt, the rally in a traditional Catholic strongholds in Europe stirs controversy.In the media and Spanish society, the debate over the cost of World Youth Day is certainly the one that generated the most feedback.

On Thursday, the 450,000 officially accredited youth-organizers expect at least one million participants – await the arrival of Pope Benedict XVI. The reception will be perhaps not as warm as expected. For several weeks, many associations, including the unworthy – movement born in mid-May of fed up with the crisis, have called for demonstrations on the eve of his arrival, to protest against public spending related to WYD. And despite the summer, their movement known as M-15 (named after his birthday, May 15, 2010), does not seem ready to falter.

"From my taxes, zero for the pope. Secular state", is the most characteristic slogan of the movement. Officially, the indignant are not anticlerical."We are not against the Pope, we are against public funding of World Youth Day," explain the posters who swarm the streets of the capital. Mobilized against the austerity and the inability of governments to respond to the crisis, they are defined as non-partisan and apolitical.

Cost strongly criticized

According to the organizers of the Days, which deal with the controversy were forced to peel their budget, the event will cost only 55 to 60 million euros, or 20% below the latest edition of World Youth Day in Sydney, 2008 . According to them most, all expenses will be funded by the pilgrims, and not by taxpayers. "Our revenues are $ 50.5 million, they come to 70% of donations of the pilgrims," ​​insists the chief financial officer of World Youth Day, Fernando Giménez Barriocanal. The rest must be financed by the patronage of large companies.For the organizers, who succeeded the microphones of television and radio, the message is clear: "The World Youth Day will have a zero cost to the taxpayer." Even better, the event should reap 100 million euros for Spanish companies and shops in the capital.

But lay associations, they remain skeptical. They believe that the regional governments and town halls spend "more than one hundred million euros" for the event. "Public works and the safety device will assume costs. The public buildings will also be available to the pilgrims," ​​denounces Rosario Segura, collective Europa Laica. 10,000 police must indeed be sent into the streets of Madrid, and makeshift shelters have been installed in public schools and gyms.

Pilgrims advantage

Some measures proposed by the government are also cringe.Recently it announced a 80% reduction in the price of public transport for the pilgrims, while at the same time, users have had their Madrid metro ticket increase by 50%. Obvious awkwardness of the authorities last May adopted a drastic plan of 15 billion euros in savings. Very angry, some associations have therefore called for a boycott of subway tickets, and the hundreds of participating companies, including McDonald's, Coca-Cola or large groups such as Telefonica and Spanish bank Santander. They criticized in particular the reductions in charges that these companies have benefited since the government has classified the WYD event of "exceptional public interest".

More ideological than economic controversy?

Catholic side, all the arguments are good to calm the controversy."Nobody gets upset when there are football matches, which requires a very large deployment of police and all taxpayers pay," denounces, Fernando Gimenez Barriocanal. "Certainly there is public spending, (…), but at the same time there is also a contribution to this country, an undeniable contribution to the people, for culture, for the trust. Madrid which hosts a million and a half of young people worldwide, is also a return that I find invaluable, is not just a financial matter, "said Bishop Bernard in turn Podvin spokesman of the Conference of Bishops of France on RMC . But for the associations, "The problem of this event is its ideological side, we can not compare it to a cultural or sporting event," said Francisco Delgado, president of the secular Europe.Evidence that ultimately the debate is not only economic …

And you what do you think? In times of crisis, should stop this type of event? The State Should not spend money for WYD?

The title of the U.S. insurer American International Group has hit a low of 17 months Friday, the day before the published results did not satisfy investors.

The group issued a profit for the second quarter, thanks to its stake in the insurer AIA Asia and a tax benefit of $ 570 million, which helped offset a decline in operating income from its core business .

Without these two items, AIG would have reported a net loss.

The title fell by 5.7% to 24.90 dollars to 3:25 p.m. GMT, the lowest since at least March 2010, recording the worst performance of the insurance sector on the S & P.

The stock has lost half its value this year.

Total results released Friday were down in the second quarter, mainly because of maintenance on its facilities and unrest in Libya, but said he was "very confident" in the second half.

Third European oil company by market capitalization, behind Royal Dutch Shell and BP, Total also said that the second part of the year would be marked by the first results of oil wells "high stakes" and that it would approve several projects, including Australia and Russia.

"Total tackles the second half of 2011 very confident in its prospects for profitable growth for all its stakeholders," said CEO Christophe de Margerie, said in a statement.

Chief Financial Officer Patrick of Chevardière, also confirmed the investment budget of $ 20 billion for 2011 and indicated that Total had hoped to conclude an agreement before the end of the year to sell its refinery Lindsey UK, including the group regularly announces the sale as imminent for almost a year and a half.

"It is extremely difficult to sell a refinery today, but we continue in this direction and we want to sell Lindsey," he said during a conference call.

Excluding items, net income for the group amounted to 2.794 million euros in the second quarter (-6%) at a level below the 2.852 million expected by analysts surveyed by the editor of Reuters, for a number of Business 45.009 million (+9%).

"VERY RARE ON THE PART OF TOTAL"

Net income Group share reached EUR 2.726 million (-12%) by including an after-tax inventory effect negative € 74 million and other non-recurring items.

Where Shell and BP have announced reductions of respectively 2% and 11% of their production in the second quarter, Total fell by 2% to 2.311 million barrels of oil equivalent per day, a level consistent with 2.310 million expected by analysts.

Patrick of Chevardière, however, confirmed that the group's production should be stable this year compared to 2010 and 2012 would be "a very good year" in this field.

At 16:15, the title Total reduced its losses but still blamed a decline of 1.9% to 37.63 euros, that bore his fall to nearly 5.1% since the beginning of the year.

Analysts pointed out that the oil group had just missed the consensus in terms of adjusted net income. "It should be noted because it is very rare on the part of Total, which is very consistent," said one of them in a note.

Given its new quarterly dividend policy, the group plans to pay a deposit in December on the second quarter of 0.57 euro per share, unchanged from that announced in the first quarter.

APRR said Wednesday it posted a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.

In a statement, the operator specifies that the highway truck traffic increased 3.6% over the period while that of light vehicles fell by 1.6%.

The group suffered an unfavorable comparison effect after the second quarter of 2010 particularly suitable for motorway traffic.

"April 2010 had actually been a particularly high traffic with a prolonged strike at the SNCF, disruptions in air traffic related to the Icelandic volcano and good snow conditions in the Alps, unlike in April 2011, "noted APRR.

Turnover excluding construction spring up 2.7% to 504.8 million euros.

At the Paris Stock Exchange, before the publication of these figures, the action APRR finished 46.85 euros, down 0.32%.

After Moody's, S & P plans to degrade the United States, while negotiations between Republicans and Democrats always stumble to avoid non-payment of the first global economy. Barack Obama October 31, 2010.

The rating agency Standard and Poor's warned Thursday, July 14 it was considering lowering the rating of financial solvency of the United States because of the impasse of political negotiations to avoid a default in the country. "We now think we could lower the ratings of the United States in three months," wrote S & P said in a statement, referring to the note that she attaches to the long-term debt of the U.S. Federal State and is the best possible, AAA.The decision "reflects two separate but related problems," the agency wrote.

"The first problem is the persistent failure to raise the ceiling of U.S. public debt in order to allow the federal government to insure scheduled payments related to its obligations on the debt," the statement said. "The second relates to our current view on the likelihood that Congress and the government agree in the near future on a credible plan for fiscal consolidation in the medium term budget," the agency said.Its rival Moody's announced it before Tuesday it planned to lower the "triple A" of the United States for similar reasons.

Reacting to the announcement of S & P, the Treasury Department reaffirmed that it put "new evidence that the Obama has been saying for some time: that Congress must act immediately to avoid a default on the obligations of countries and to adopt a credible deficit reduction, which has bipartisan support. " At the end of the fifth session of fruitless negotiations between the White LaMaison to President Barack Obama and parliamentary leaders for raising the debt ceiling, several elected officials said there would be no further meeting Friday . "The time for decisions has come.We need concrete projects to advance "those records, Obama said after the meeting.

Established by Congress to 14.294 billion dollars, the upper limit of the debt has been reached in mid-May The Treasury uses since their wits for the operation of the state without increasing the debt of the country but warned that they would be exhausted on August 2 and that the United States would find themselves so quickly into default, unable to borrow. Democrats and Republicans do not agree to raise the ceiling, the latter demanding in exchange for their agreement of the budget cuts without raising taxes, on a scale that the Democrats are not willing to accept.

The pressures have intensified on Sunday with British Prime Minister, David Cameron, for it prevents the group Murdoch to acquire pay-TV channel BSkyB, at least until the investigation into the scandal that is the tabloid News of the World is closed.

The best-selling Sunday tabloid in Britain bowed out Sunday by publishing its last issue, following the decision of its owner, News Corporation, not to edit it, given the excitement generated this week in Britain by revelations about his methods somewhat ethical.

News of the World is indeed alleged to have hacked for several years hundreds of voice mail belonging to the stars, to the relatives of soldiers killed in action and a teenage girl abducted and murdered in March 2002.

This case comes at the worst time for the group of Australian-American tycoon Rupert Murdoch, who is engaged in an attempted takeover of BSkyB, an operation estimated at around 10 billion euros.

Sunday, voices were raised in Britain that David Cameron intervenes in this matter.

"It should specify that the file BSkyB can not go further until the investigation is not over," said including the leader of the opposition, Ed Miliband.

The representative of the Labour Party has also said he would submit such an initiative in the House of Commons if ever David Cameron did not do.

But critics are not only coming from the opposition.

Simon Hughes, the vice president of the Liberal Democrats, who are partners in the coalition led by David Cameron called the prime minister to push the stock transaction.

The politician has also called on all members of the "Lib Dems" to do the same.

The European Commission will propose in the fall of new measures for regulating rating agencies, said Friday its president Jose Manuel Barroso, following the criticism of the decision by Moody's lowered the rating of Portugal.

Many European politicians have criticized in recent days the decision by Moody's to downgrade the sovereign rating Portuguese category "speculative", even though the country is the subject of a rescue plan and that the Union is struggling to find a solution to the debt crisis.

At a press conference in Warsaw, President of the Commission welcomed a "growing consensus" among the 27 countries of the European Union on the need to better regulate the credit rating agencies.

"Some in the EU are considering the creation of a rating agency, or more rating agencies in Europe. This would obviously be useful because there will be more competition the better," said José Manuel Barroso.

The President of the Eurogroup Jean-Claude Juncker had ruled Thursday in favor of this option, while the President of the European Central Bank Jean-Claude Trichet had deplored the "small oligopoly" of rating agencies.

AirAsia will buy 100 Airbus 320neo more, bringing its total order to 300 aircraft, said a source with knowledge of the agreement.

The Malaysian low cost airline and the European aircraft manufacturer had announced last month at Paris Air Show an initial order for 200 aircraft for $ 18.2 billion, already establishing a record number of devices.

By playing a clause allowing him to add 100 units to its orders, AirAsia is in the amount to $ 27 billion based on list prices and is positioning itself to become one of the largest airlines in the world its fleet.

Like the first part of the order, the new aircraft will be equipped with CFM engines, the source said, who did not wish to be identified before the official announcement.

AirAsia will receive a discount on its entire order and delivery of 100 additional aircraft will be at the discretion of the carrier, she said without elaborating.

Person with AirAsia was immediately available to respond to this announcement.

This week, AirAsia founder Tony Fernandes had told Reuters that he regarded the company as being able to have 500 aircraft, which would make the second in the world behind the U.S. Southwest Airlines.

Air Asia currently has 90 aircraft, almost all single-aisle A320.

The generations born after 1955 might have to contribute 41.5 years against just over 40 years now, to go with a full pension. Demonstration in Lille against the pension reform, 28 October 2010.

The Board of Retirement Guidance (COR) will render an opinion as a new extension of the contribution period required for a full pension, at 41.5 years for women born since 1955, said Sunday Figaro on its website.The contribution period is now 40 and three quarters for the generation to pass in 1951 and 2012 to 41 years for the 1952 generation.

The pension reform of 2010 provided that it would then 41 years and a quarter in 2013 to 1953 and following generations, but nothing is yet decided to post, and the COR should just give a "technical advice" on this Wednesday.

According to Le Figaro, he will vote for an elongation at 41.5 years for women born in 1955. This figure results from a "mathematical application" of the Fillon reform of 2003, which provides that the contribution period should be increased when life expectancy at age 60 increases.If the government were to follow such advice, it should publish in order to that effect before the end of the year.

Questioned by AFP, the Department of Labor declined to respond to the extent that the NRC had not yet delivered its opinion. The key measure of the reform of 2010 was the gradual increase in the statutory retirement age from 60 to 62 years. This terminal determines the age at which an insured has the right to liquidate his pension, while the contribution period needed to determine the condition that it be wound up at the full rate.

Founded in 2000, the ROC is an independent body composed of representatives of social partners, parliamentarians and state. It has a role of expertise and consultation. Its reports in 2010 had enabled to assess the funding needs of pension reform ahead.