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Traders are on alert Monday morning after the warning of the Japanese Finance Minister Jun Azumi, who warned that Tokyo might intervene in the foreign exchange market to try, once again, to halt the rise of the yen that threatens the recovery of the Japanese archipelago.

Japanese export growth has certainly slowed less than expected in September, showed figures released Monday by the Ministry of Finance, but economists warn that the combination of a strong yen and the persistence of the crisis debt in Europe pose high risks to external demand.

The Bank of Japan (BoJ), which meets Thursday, is likely to cut its economic forecasts because of slowing global growth while keeping intact its monetary policy.

The status quo in Japanese monetary policy, however, may not be sufficient to contain the rise of the yen, the latter continued to figure as a safe haven in times of uncertainty.

"The dollar / yen fell sharply, to a range between 75 and 76 yen in a very short period of time. This is completely speculative and does not reflect at all the fundamentals.This is unfortunate, "said Jun Azumi reporters.

"If this path becomes excessive, we will take tough decisions."

The strong yen will have a major impact on the Japanese export sector, he added, especially for the automotive industry.

Jun Azumi's remarks came after the dollar hit a record low Friday at 75.78 yen on EBS platform.

Since September 2010, the government intervened on two occasions, once alone and once together with the G7, in an attempt to weaken the yen, but the effect of these interventions did not last.

Japanese exports rose 2.4% in September from the previous year, against 1.0% expected, supported by higher sales of automobiles and automotive equipment.In August, they had increased by 2.8%.

Imports on the other hand increased by 12.1% last month, instead of the 12.6% forecast.

Japan posted a trade surplus of 300.4 billion yen (2.8 billion euros), a deficit in August, against a forecast surplus of 198.8 billion yen.

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The strategic plan unveiled in December Areva could result in the elimination of positions 3000-4000 as "the worst scenario discussed in the management," writes Le Figaro Friday.

The consulting firm commissioned by Areva, the Boston Consulting Group, called for a cost reduction of 30% to weather the current period, the newspaper said, without citing its sources.

According to Le Figaro, Areva said that the terms of the plan are not yet finalized and that the "figures that circulate are not set in stone", the final version to be presented on 12 and 13 December, the newspaper said.

The group declined to comment.

A source close to the company, however, said that the figures quoted by Le Figaro were "pure speculation" at this stage."These figures are not based on knowing that the strategic action plan of the group is in progress," the source said.

Areva has about 48,000 employees including 30,000 in France and 5700 in Germany.

A union source has also told Reuters that a European group committee would be held on October 26 and 27 in the presence of Luc Oursel, the new CEO.

Appointed in June to replace Anne Lauvergeon at the head of Areva, Luc Oursel has already warned that the group could shift some investments to fit the context of the post-Fukushima, and a recovery of finances was "imperative".

He also recently told the German press that Areva planned to stop certain activities in Germany after the country's decision to phase out nuclear power by 2022.

Areva may also have to include new provisions in its accounts to meet the costs of the Finnish EPR and the decline in uranium prices and volumes expected ore group.

Around 9:45, the action Areva lost 0.27% to 21.95 euros. The group's capital is held close to 90% by the French state.

Bic confirmed on Wednesday its major predictions for 2011 despite the economic downturn and increased competition, both of which affected its sales in the third quarter.

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%.

Too much debt, too wasteful, too slow to respond: Air France-KLM combines all disabilities quick to unscrew a share price while the sharp deterioration in global economic outlook threatens the goal of positive operating result in 2011, analysts say.

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 growth of trade in goods between the major economies slowed sharply in the second quarter, mainly because of a brake brutal imports from China, show statistics released Wednesday by the OECD.

Total imports in the G7 and the "Brics" (Brazil, Russia, India, China and South Africa) grew by only 1.1% over the period April to June compared to January-March quarter, during which they had increased by 10.1%.

Export growth has followed a similar trend although markedly, falling to 1.9% against 7.7% in the first quarter.

The only Chinese imports (17% of the total considered) were up 0.7% from one quarter to another, the lowest since early 2009, which contrasts sharply with the increase of 11.1% recorded the first three months of the year.

This movement is partly due to efforts by the Chinese authorities to curb domestic demand and prevent overheating.

Exports from the Republic are divided along the front, rising 10.0% after 2.9%. This double movement resulted in a sharp increase in Chinese trade surplus at $ 54.8 billion, says the OECD.

This trend continued in July, China's exports registering a new record despite new tensions related to the debt crisis in the eurozone and signs of slowing U.S. economy.But Beijing was concerned about increasing threats to recent external demand.

United States, imports have also slowed, to rise from 11.1% to 3.0% while exports amounted to 5.6% to 2.6%.

In total, import growth slowed in all G7 countries and the BRICS with the exception of Brazil, where they rose by 11.2% (against 5.7% in the first quarter).

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?

Barack Obama announced late Sunday night that the Democratic and Republican leaders had agreed in extremis on raising the U.S. debt ceiling, spreading the risk of the world's largest economy in default of payment.

The agreement, which should be submitted to a vote of both houses of Congress on Monday, provides for drastic reductions in public spending but not tax increases.

The agreement reached after days of negotiations involves a reduction of 1.000 billion dollars in public spending over ten years.A bipartisan commission will also identify ways to reduce the federal deficit by at least 1500 billion dollars.

"There are still some very important upcoming votes in Congress, but I want to announce that the leaders of both parties in both houses have reached an agreement to reduce the deficit and avoid a defect, a defect that would have a devastating effect on our economy, "Obama said during brief remarks to reporters at the White House.

The Democratic president, who called on MPs to "do the right thing" by voting in favor of the compromise, said he would ensure that the U.S. does not relive a similar crisis in 8-12 months, is in full presidential campaign.

He also said that the drastic cuts in public spending would not intervene too quickly, so not to further weaken the weak growth in the U.S. economy.

RALLY THE BASE ASSEMBLY

"This is not the best deal in the world but it shows how we have changed the terms of debate," said John Boehner, for its part, the "speaker" of the Republican House of Representatives.

The compromise, he said, does not include any tax increases and spending cuts that exceed the expected increase in the ceiling of the debt.

The U.S. Treasury, which in May reached its debt ceiling set at 14 300 billion, Congress needs to borrow more.

He warned that if no agreement is reached after 2 August, the U.S. might not be able to fulfill their obligations vis-à-vis their creditors.

It is now up to leaders of Congress to rally their elected officials.

During a conference call with Republicans elected John Boehner, who wants to submit the agreement to a vote of the representatives on Monday, said the compromise did not violate the principles of the Republican Party.

Nancy Pelosi, who leads the Democrats in the House, it was suggested that the agreement might be difficult to accept by all the elected Democrats, including the left wing of the party who accepts evil without immediate increase of taxes on the wealthiest households and corporations.

Asian markets, the announcement of this compromise was greeted in extremis market share, while gold, traditional safe haven, and the dollar retreated against the yen was appreciating.

In Tokyo, the Nikkei index has surpassed the 10,000 points, gaining 1.84% to 10,013.90 points in mid-session.

"The declarations of Obama might be sufficient for the Nikkei erases losses the past two days, but the gains of the day rather reflect a temporary relief, not a strong confidence," said Tsuyoshi Kawata of Nikko Securities SMBC.

The main concern of financial market concerns about whether the agreement reached in extremis will allow the U.S. to avoid a deterioration in the sovereign debt rating, currently at Triple A.

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 French Minister of Economy, candidate to succeed Dominique Strauss-Kahn to head the Fund, will be heard next week. The Economy Minister Christine Lagarde welcomes the diagnosis made Wednesday, June 15 by the IMF on the French economy. The fund warns, however the French government against any complacency.

The French Finance Minister Christine Lagarde will be heard next week by the board of the International Monetary Fund (IMF) who must choose by the end of its new general manager, said on Friday in his entourage. The candidate to succeed his compatriot Dominique Strauss-Kahn, charged with sexual assault in New York, will on Tuesday afternoon in Washington, where the IMF headquarters, and remained there Wednesday and Thursday, according to his official agenda.

She will be heard by the Board of Trustees, which must then appoint the director general of the financial institution, said his entourage told AFP, without saying what day would be this great oral. The 24 members of the board also will hear next week, the only rival of the French, the Governor of the Central Bank of Mexico Agustin Carstens. Christine Lagarde, however, given overwhelming favorite to win the position, always occupied by a European since the IMF in the aftermath of World War II.