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The French car market resumed its decline in November after a slight rebound in the previous month, the disappearance of the delayed effects of scrappage scheme imposed in particular on sales of small cars.

The new car registrations fell 7.6% last month to 179,160 units, show statistics released Thursday by the Committee of French Automobile Manufacturers (CCFA).

They were up 2.8% in October, thanks to commercial offers to individuals.

The figures quoted in November as raw data to comparable number of working days, in November 2011 that counted as 20 business days in November 2010.The decrease primarily relates to small cars. "

Of the first eleven months of the year, the French car market was down 0.3% from the same period in 2010.

And this decline 4.7% only for French manufacturers, whose share of the passenger car market stood at 56.9% over January to November, down 2.6 points compared to last year.

EARLY 2012 will be difficult

Details of sales by manufacturer confirms the continuing difficulties of PSA Peugeot Citroen, whose new car sales to individuals dropped by 15.4%, a decline twice as large as that of the market.

Chinese Premier Wen Jiabao said he was "worried" the spread of protectionism with a "misuse" of anti-dumping. Chinese Premier Wen Jiabao at the "Forum Summer Davos" in Dalian City, September 14, 2011.

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.

The trade deficit of France in August fell to 4.967 billion euros from 6.363 billion euros (revised) in July, the implementation of major aerospace contracts, causing a sharp rise in exports, according to data CVS / CJO published Friday by Customs.

Five economists polled by Reuters on average expected a deficit of 6.2 billion euros, with estimates ranging from -5.7 to -7.0 billion.

The deficit for July was announced in early September to 6.460 billion euros.

"Deficit reduction is entirely due to the transport sector," reads the statement.

The accumulated balance in the trade balance since 1 January amounted to -48.560 billion euros, against -33.184 billion in the first eight months of last year.

Exports FOB data CVS / CJO came out to 37.420 billion euros in August against 35.265 in July.

Imports rose to 42.387 billion euros from 41.628 billion in July.

In August, France sold its 16 Airbus reported 1.345 million euros against 20 in July to 1.183 million.

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?

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.

The budget director with the White House, Jack Lew, reported Sunday to "work and progress" in negotiations on raising the U.S. debt ceiling.

Interviewed by CNN, Lew also found that members of Congress were well aware that failure of the United States on the debt financing was not an option.

A two-week deadline by which Washington would be in this situation, the White House and parliamentarians are still unable to agree on a budget agreement or an increase in the maximum legal debt.

"I think it should be emphasized that all of our leaders understand that it would be irresponsible to get to the August 2 without increasing the capacity of the United States to meet their obligations," said Jack Lew .

President Barack Obama has formally leaders in Congress to make the weekend a program to conclude the debate, but the day has passed Saturday without anything being said.

The current limit of 14 300 billion in foreign debt must be raised prior to 2 August to avoid a default.

The limit has effectively been reached, and the Treasury Department had to use technical procedures to overcome the obstacle.These maneuvers, however, are exhausted, and only an increase can now address the problem.

The Republicans call for reducing the budget deficit in return for their support for raising the debt ceiling. The Democratic camp agrees, but intends to lower the deficit by raising the tax the wealthiest Americans, what the Republicans do not.

Early agreement seems unlikely.Officials reported on discussions on "options" between Obama, Vice President Joe Biden and other members of the White House with members of parliament, but no significant progress has been reported.

Advocating the wisdom to face a critical situation, several governors voted Saturday for an early recovery of the U.S. debt ceiling to avoid a collapse of public accounts.

"This is a situation as dangerous as grotesque (…) The solution can be summarized in one sentence: we must raise the debt ceiling", said the Democrat Dannel Malloy, Connecticut, told Reuters in sidelines of a meeting of the National Governors Association in Salt Lake City.

After Black Monday, financial markets went back down Tuesday due to the inability of the euro area to find a solution to the crisis in Greece. The risk of contagion threatens the banks of the Old Continent. The Frankfurt Stock Exchange, November 30, 2009.

After Black Monday, financial markets remained nervous Wednesday, disappointed by the lack of agreement on the European Greece, in a fit of generalized mistrust towards the euro area, however, seemed calm at midday.

"We have entered a zone of strong turbulence, which could be very dangerous for the entire euro zone," warned Patrick Jacq, bond strategist at BNP-Paribas.

The lack of agreement, the day in Brussels on Greece after nine hours of meetings between finance ministers, has increased the nervousness in the rooms.Investors sold shares heavily considered as risky assets, and first of these bank stocks. As holders of a majority of the debt of Europe's most fragile, they would suffer the effects of contagion from the crisis in Greece. Tuesday mid-day values, some of which had lost nearly 8% yesterday, but straightened slightly as a result of bargain hunting.

However, the indices continued to fall Tuesday at noon. The London Stock Exchange gave up 1.32%, the Frankfurt lost 2.07%. Madrid and Milan to recover in contrast, benefit, according to market sources, redemption of debt by the European Central Bank, which helped to reassure markets.After losing nearly 4% in the early morning the Milan Stock Exchange stood up to 0.50% and Madrid not yield more than 0.85% at midday.

Other victims of the movement of mistrust, the debt of the countries considered fragile, Spain, Italy, Greece or Portugal. Since the weekend, Italy and Spain, two heavyweights in the euro area, are in the sights and obligations sold heavily by investors questioning the solvency of these countries.

Consequently, the rates of these bonds have soared, threatening their ability to repay debt if this trend were to continue. The 10-year rates have been near the Italian 6% and those of Spain have exceeded this level.The delay in the Greek crisis in Europe while the debt crisis began there nearly 18 months, increases in trading rooms, the idea that the euro area is in danger, analysts said.

The euro, the symbol of the euro area, has also dropped again Tuesday, falling below the 1.40 dollar per euro, its lowest level in four months. "Europe can not afford the luxury of a faillitte of Italy or Spain," said a portfolio manager and time is short.

Mistrust has crossed the oceans. Monday night, the New York Stock Exchange ended sharply lower, the Dow Jones yielding 1.20%. The Asian markets also suffered Tuesday the aftermath of the crisis in Europe. Tokyo has sold nearly 1.5% and Hong Kong was able to 3%.

As often in times of crisis, the Swiss franc has proved the winner, playing a full role as a safe haven.Tuesday morning the franc was trading at 1.163 francs per euro, breaking the record set the previous day.

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.

Greek Prime Minister George Papandreou, is confident that the Parliament vote in Athens next week's new austerity plan designed to ensure continued international financial assistance and to prevent his country from slipping into bankruptcy.

Greek MPs will vote June 29 on the austerity plan developed five years with the IMF and the European Union, and the next day on the law enforcement program.

Greece has found an agreement Thursday with the inspectors sent to Athens by the International Monetary Fund (IMF) and the European Union on the new plan.

At a press conference at the EU summit in Brussels on Friday, George Papandreou said he did not doubt that, despite popular protest Socialist deputies will mature and will vote the plan. He again stressed that the Greek tax system appeared to him a great injustice and promised to reform.

The Prime Minister also expects that the second program of aid to Greece is roughly equivalent in size to 110 billion euros in the first. "It's a huge loan," he said."The second loan – I can not give specific figures – could be the equivalent (the first)."

"PLUS INTEREST TO REMAIN IN THE EURO AREA"

George Papandreou said that Greece had more to gain by staying in the euro area by renouncing the common currency by devaluing its currency in an attempt to stimulate the economy. "It's an old debate. But if you look closely, we find that there are many more advantages to staying in the euro to get out," he said.

According to a poll released Friday, the conservative opposition ahead of the Greek Socialist Party (PASOK), Papandreou of 2.1 points.The survey credits the New Democracy 22.9% of the vote, against 20.8% for Pasok.

Pasok has an absolute majority in parliament with 155 deputies from Athens in 300.

One of the Socialist deputies, Thomas Robopoulos, announced he would vote against the austerity plan. "Some businesses close every day and we want to take steps that block the growth," he said. "I will speak in parliament that we must do something.It should form a government of national unity and Papandreou can not do it alone, "he told Reuters.

New Democracy said it would vote against the plan, but its leader, Antonis Samaras, said his party was in favor of measures, including privatization.

Europe is anxious to save taxpayers the full cost of a new bailout of Greece and urges financial institutions to take their share of the burden by voluntarily participating in a second bailout package to Greece.

THE ROLE OF BANKS

After the Brussels summit, French President Nicolas Sarkozy said that banks and insurance companies French were ready to voluntarily subscribe to new Greek government bonds.

This process of "rollover" on a voluntary basis is the solution being considered to allow private investors to participate in the financial rescue plan for Greece.

The Spanish Government for its part asked banks, savings and insurance in the country to maintain custody of Greek sovereign debt over the next five years.

Finance ministers of the EU have given until July 3 to the Greek Parliament to adopt the austerity measures demanded by the EU and the IMF to release the next tranche of 12 billion euros and prepare the background.

According to one senior EU source, Athens would now need public financing EU / IMF 55 billion euros until 2014.This is in addition to 57 billion still to be released in the forefront of support of 110 billion euros adopted in May 2010 and more than 50 billion expected from privatization and the participation of private creditors to plan.

The Greek government provides for lowering the minimum threshold of income tax to 8,000 euros per year instead of 12,000 euros currently. A special tax of solidarity on income will be introduced. It will be between 1% to 5% of revenues based on their amount.

The tax on heating oil will be slightly raised and a minimum tax will be introduced for self-entrepreneurs. This sector is seen as one where tax evasion is the most practiced.

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.