World Economy: 08/01/2008

Aug 26, 2008

One year after the two-man management, EADS works better but ...

Abandoning a year ago of the two-man management of EADS has improved the functioning of the European aerospace and defence, but Franco-German tensions remain within the company also faces a bleak future of air transport, according to analysts.
"It is good for the company. But I think the subject of integration and the question of how to overcome cultural differences are far from over. This will certainly last for years or even decades "Observes an analyst German.

On 27 August 2007, the French Louis Gallois took sole command of EADS that he shared previously with German Thomas Enders, appointed him to head the aircraft manufacturer Airbus, the main subsidiary of the group. A decision announced a month earlier, during a meeting in Toulouse between the french president Nicolas Sarkozy and German Chancellor Angela Merkel.

Established in the interests of balance between the two founding nations of EADS, France and Germany in 2000, the two-headed leadership group was blamed setbacks industrialists very jumbo jet Airbus' A380, and incessant friction within the management.

This reform governance structures EADS is "a step quite positive" for the group, which will allow it to become "a truly integrated with a" unity of vision ", said Welsh had become a single leader . "We must continue to build the new Airbus, integrated and more efficient", was expensive for his part Mr. Enders.

"From the viewpoint of strict management, it works well. Louis Gallois done a good job, it seems to be appreciated by all", said Nick Cunningham, an analyst with Evolution Securities in London.

But the Franco-German tensions have not completely disappeared. Upon arrival of Mr. Enders at Airbus, some french unions worried of a "control" of Germany. And last spring, many voices were raised in Toulouse, headquarters of Airbus, to assert that the region was a disadvantage compared to the German sites, as part of restructuring plan for the aircraft manufacturer, Power8.

A critic who had pushed Mr. Welsh to meet in person Airbus executives and local elected officials and affirm that there was no imbalance between France and Germany.

In addition, the presence of 2,000 German expatriates in Toulouse until the end of the year to address the delay of the A380 has been a source of tension with french staff. So much so that Mr. Gallois said last June "like improving the climate in Toulouse."

German side, many see the French investigation for alleged insider trading in EADS involving several leaders still in office, as a political manoeuvre to undermine Mr. Enders, itself concerned, was last June the daily Financial Times Deutschland. In July, Mr. Enders, had called the investigation "trial played in advance."

But "the biggest problem EADS is actually outside", said Mr. Cunningham: Victims of oil prices and a sluggish global economic environment, many airlines, Airbus clients start to show signs of weakness, which could lead some of them to deferrals of orders or cancellations.

The Russia takes the risk of delaying its entry into the WTO, according to USA

The Russia takes the risk of further delaying its entry into the World Trade Organization (WTO) if it should revert to some of its commitments, commented Monday the services of the Office of the United States Trade Representative (USTR).
"If Russia decides to go back on commitments necessary for its accession, it will still push its goal of joining the WTO," said an official of the USTR under cover of anonymity.

"Through its recent decisions, Russia endangers its aspirations" to integrate the international organization, he added.

The U.S. official was reacting to the decision, announced a few hours earlier, the first vice-Russian Prime Minister Igor Chouvalov, to denounce trade agreements deemed contrary to the interests of his country.

"We intend to continue negotiations within the framework of the working group for accession to the WTO, and to inform partners of the need to get out of some agreements which currently go against the interests of Russia" , Had said Chouvalov during a government meeting.

"It is reasonable", had immediately approved the Prime Minister, Vladimir Putin, according to Russian agencies. The government has subsequently approved these measures, without delivering detail, which is part of secret negotiations.

Mr. Chouvalov has subsequently confirmed that this decision was the Russian response to recent threats of U.S. Secretary of Commerce Carlos Gutierrez, to block the process of accession of Russia to the WTO.

Aug 25, 2008

Large enterprises entering the era of communication

Large Chinese enterprises have entered the era of communication with the Beijing Games, alongside the multinationals that have assimilated since lurette beautiful, the virtues marketing major sporting events.
"It was expected that international development of Chinese brands. The Olympic Games are the platform that allows them to bounce back," said Antoine Bourdeix, Beijing representative of Publicis Consultants.

"They have recognized the importance of communication and image. It is for them a natural development," he adds.

The computer manufacturer Lenovo has launched this internationalization in 2004 by buying the PC division of U.S. giant IBM. Haier and Tsingtao have followed in 2005 by becoming sponsors of the Olympics, in line with Coca Cola, McDonald's or Adidas.

"We wanted to take this opportunity to consolidate our brand as a global brand," said Diao Yunfeng, a director of Haier, Chinese giant, world number four appliances and electronics.

In contrast, foreign companies took the opportunity to specifically target the vast Chinese public and its emerging class of consumers, associating their image with the greatest sports stars of the country: the basketball player Yao Ming, Liu Xiang athlete or diver Guo Jingjing.

Some have even made the choice to devote all their resources as Samsung Electronics, of which 80% of marketing budget in 2008 has been injected into the Asian giant.

"China is so great and represents nearly 25% of our worldwide sales. So we preferred to adjust our target," explains Gyehyun Kwon, vice president of the South Korean who says he saw its market share in the mobile telephony from 14% in 2007 to 20% this year.

The Chinese advertising market, growing 20 to 25% per annum by profession, has become a market leader.

According to estimates by ZenithOptimedia agency, a subsidiary of Publicis, the Summer Olympics in Beijing are expected to generate $ 3 billion in advertising investment, of which 1 billion in China.

This momentum is expected to pass the Chinese advertising market in fifth place worldwide, ahead of Italy.

"For its size and growth rate, the Chinese market is unique. There was no such enthusiasm for investment in China a few years ago. For foreign companies the Games were a great opportunity to inform the Chinese Consumers who they are, "says John Davis, director of marketing department at the University of Management in Singapore.

Chinese or foreign, however, no company is willing to disclose the cost of these years of campaigning.

According to Chinese media, the biggest of the sponsors, like Coca Cola, McDonald's and General Motors, would pay $ 65 million of rights.

At Coca Cola, sponsor of a multitude of sporting events, said modestly that "sport is a big component of the marketing program" of the company.

But the benefits "worth every penny of investment," said Petro Kacur, spokesman for the American giant of the drink, a far cry from the cold sweat of sponsors last winter when China was caught in the maelstrom of events in Tibet or taken to task for its support to Sudanese regime.

An opinion that seems to share Tsingtao: The brewer announced Saturday he went for a tour and became a partner of the NBA China.

The euro goes below 1.47 dollar, victim fears of recession

The euro has stumbled against the dollar and the yen in Asian markets Tuesday, against a backdrop of concerns about the health of economies in the euro area and the Georgian conflict, said traders.
Around 06H00 GMT (08H00 in Paris), the euro went below 1.47 dollar at 1.4689 dollars against 1.4751 dollars Monday to 21H00 GMT. This does not happen it was since February 18, 2008.

The European currency fell slightly longer face the yen at 161.13 yen against 161.25 yen Monday. The dollar instead took the field the Japanese currency at 109.69 yen against 109.31 yen the previous day.

The single currency found itself under pressure from lending to speculation the European Central Bank (ECB) attempts to lower its rates in the coming months to stimulate economic growth amorphous, explained the analysts.

The euro was also sealed by the consequent concern to the Russian military intervention in Georgia, said Saburo Matsumoto, chief strategist at Sumitomo Trust Bank.

"Personally, I think the euro is most striking (as other currencies) by the growing dispute between Russia and Western countries about Georgia", he said.

Russia is a major energy suppliers in Europe and Georgia, a key crossing point for crude oil and gas extracted in Azerbaijan to Western markets.

The yen was relatively stable after the mobilization of the day, renewed concerns about the U.S. financial sector, encouraging speculators to reduce trade risky credit-based Japanese cheap.

The market was awaiting the publication in the day, sales of new homes in the USA as well as the barometer Gfk morale of German consumers, the first euro-area economy, have recalled the forex.

The figures published Monday on property sales in the USA gave a glimpse trouble for the sector already plagued by the crisis.

The National Association of Realtors reported a 3.1% increase in sales of real estate old in July. Sales remained 13.2% lower than a year ago.

The pound sterling still suffering the backlash of the publication Friday of figures for growth in Britain, which was zero in the second quarter, the worst performance since the kingdom sixteen years.

After being moved during European trading below the symbolic 1.85 dollar (1.8474 dollar exactly) for the first time in over two years, the pound was installing them lying on Tuesday to 1.8443 dollar. It remained almost stable against the European single currency, to 79.65 pence against the euro.

The Swiss currency was conducted against the euro at 1.6157 Swiss francs to one euro, but not face the U.S. currency at 1.0999 Swiss francs to the dollar

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The American aircraft manufacturer confirmed that it had requested six-month delay in the Pentagon, because otherwise it will have "many more options than nothing present."
Boeing has explained, Friday, August 22 evening, he would need time to respond to the bidding of the U.S. Air Force tanker planes. Dan Beck, a spokesman for the company, has indeed explained that Boeing had requested an additional six months the Pentagon to submit its proposal, and would in the immediate future "plus a lot of options from nothing present." In support of its request, the aircraft manufacturer said that the tender revised request a new aircraft, since it will be more fuel efficient.
Meanwhile, the Pentagon would have given an additional period of only fifteen days. The priority of the Air Force would "grow quickly and efficiently", in a folder that is bogging the past five years.
Northrop Grumman, EADS ally in this matter, for his part indicated that any further delay would be "harmful" to the program and could "lead to an escalation of costs for government and the taxpayer."
The mega-tanker contract, covering 179 aircraft for a sum of 35 billion dollars, is being a real "drama" to the USA. It was originally awarded to Boeing, before the tender is cancelled at the request of Congress (including John McCain, the current Republican candidate for the White House) because of irregularities, it was then assigned to Northrop Grumman and EADS, in February, before the bidding was also cancelled because of errors in the evaluation.

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The chairman of the board of Alcatel-Lucent, Serge Tchuruk, who is leaving his post in October, "assume" his record as head of the group, claiming in particular the focus on telecom merger Lucent with the U.S., he says in an interview with the Figaro on Monday.

"I assume. This is my state of mind when leaving my duties. I assume and I demand the strategy that has made Alcatel-Lucent a great world leader in information technology," said Tchuruk .

Serge Tchuruk, CEO of Alcatel from 1995 to 2006, in 2006 became chairman of the board of the new group Alcatel-Lucent after a merger with the American company Lucent Technologies, and was replaced as CEO by Patricia Russo.

Both have announced their departure in July, following sixth quarter of losses for the group and in a context of degradation accounts for the telecom equipment supplier hit by fierce competition.

For Serge Tchuruk, the "difficult period" through Alcatel-Lucent is now behind us "and" the group has been remediated. "

Recognizing have "perhaps" underestimated the difficulties of the merger, the former CEO of Alcatel stresses that, despite "difficult times", the "cultural problem" of "two systems bring different management" been resolved.

"We have emerged from the telecoms crisis with a strengthened position compared to our competitors in North America," he feels.

Questioned on possible new deletion of posts, Mr. Tchuruk believes that Alcatel-Lucent has now reached "a situation that is balanced in terms of jobs," recognizing that employees in the group had "considerable efforts" . Since the merger, Alcatel-Lucent has conducted several restructuring plans, with thousands of job cuts in the world: 16,500 in total by 2009, more than 1,800 in France.

Returning finally on the strategy of refocusing the group on telecoms, the leader said he had to "take drastic decisions because the difficulties are specified everywhere." "It was gather our forces in the central sector of telecom, which showed a strong growth potential," argued t
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The second German private bank should meet its supervisory board to decide on a takeover.
IKB Berlin could sell three times more expensive
Commerzbank is expected to deliver its verdict this week on a possible takeover of Dresdner Bank. The second private bank in Germany because, according to the Financial Times Deutschland on Monday 25 August, convened an extraordinary meeting of its supervisory board for the weekend.
After months of negotiations, Commerzbank would not have taken a decision on the case. Indeed, the two institutions have still not reached an agreement on a number of issues, particularly on the recovery of the Dresdner Bank and the assessment of risks on both sides.
According to the daily Die Welt, the two sides would come to an agreement on the fact that the transaction will not be a merger of equals as originally envisaged, but a takeover of Dresdner by Commerzbank. Allianz would retain a slightly less than 30% of the new bank.
According to the Süddeutsche Zeitung on Monday, the selling price of the Dresdner Bank could oscillate between nine and ten billion euros

world economy

The transport of aid workers decided in September
The Minister of Budget, Eric Woerth, said this Monday, August 25 that the modalities for transportation assistance will be decided "during the month of September" because "it is difficult" to reach agreement with social partners.
The arrangements for transportation assistance will be decided "during the month of September". The Minister of Budget, Eric Woerth, said Monday, August 25 on Europe 1 that it will integrate this measure the finance bill 2009.

The difficulty in gathering all the social partners prevents Eric Woerth give a specific date. But the government gave them until September 15 to make proposals on the aid for employees faced with the cost of travel between home and work.

The Secretary General of FO Jean-Claude Mailly asked the government Monday in an interview with the Parisien / Aujourd 'hui, to implement "now" its proposal to transport aid, the president of Medef Laurence Parisot had For its part said Sunday "very reserved" on a takeover by companies, in an interview with the JDD.

The Minister of Budget provides several options to finance this aid, as "the possibility of exempting from the payroll taxes paid by enterprises in transport costs, costs of transport (...) or transport costs under certain conditions his car. "

Aug 16, 2008

The U.S. unemployment rate rose to the highest level in more than four years as employers cut jobs again in July,

Payrolls fell by 51,000, less than forecast, the Labor Department said today in Washington. The jobless rate rose to 5.7 percent, from 5.5 percent the prior month. As recently as April, it was 5 percent. A separate report showed that manufacturing stagnated in July as companies were hit by rising raw-materials costs and slower spending.

QUOTATION OF THE DAY: McCain uses the latest Indiana Jones to display his optimism

QUOTATION OF THE DAY: McCain uses the latest Indiana Jones to display his optimism

"I have so loved. The old type wins."

John McCain, 71, candidate for the U.S. presidential election, responding to the magazine Entertainment Weekly (WE) the question of what was his last film seen in cinema: the new episode of the saga of Indiana Jones. And adding a small weight comment.

Published in 17:40 QUOTATION OF THE DAY | Permalink | Comments (0) | Send this note
Obama and McCain: everyone's tastes and colors in terms of popular culture

The U.S. weekly "Entertainment Weekly (EW) - magazine on cinema, television, music, entertainment in general, books and DVDs - published this week interviews with two candidates in the American presidential election. Under the under "My Favorites Pop-Culture", Barack Obama and John McCain each reveal a corner of their preferences, tastes and colors regarding popular culture.

Where one learns pell-mell that Batman is the hero favorite of the two senators, Obama also cites Spiderman, as U.S. President fiction preferred McCain is David Palmer in the TV series "24 hours time", than Obama east Jeff Bridges in the film "The Contender" that McCain listening pleasure ABBA, the crooner Roy Orbison and country singer Linda Ronstadt-rock but also the young singer Usher RnB, rather qu'Obama loves Frank Sinatra, John Coltrane, Bob Dylan and Sheryl Crow but also listening to the flute Javanese and African dance.

The two candidates also mention their films and television series favorite, those who scored when they were children, about who is it that takes control of the TV remote at home, a family. They are also questioned on a variety shows over the winter followed by spring the USA: American Idol (style Star Academy). In short, while some answers are contained in the sum already partially on different profiles of their election campaign (official website, Facebook, etc..) Magazine EW offers a few new answers and even more personal. As a small parenthesis apolitical!

A Las Vegas, a bus driver who spit his venom on U.S. policy

A Las Vegas, a bus driver who spit his venom on U.S. policy

That did not last long. But then what density angry, what verbal aggression. I did not see the coup coming ... of mouth. At first I even thought that there would be nothing travel time. Although he did not look friendly, much less talkative, not convenient at all. Renfrogné. Mal luné, even without saying anything. Of these persons known intuitively that there is absolutely no distractions. Do not ask questions. Even the rain and the weather seemed appropriate evil. Yet it is 41 degrees. There would otherwise be discussed. But no. Not today. Or even forever. So we are silent. It is expected to leave the airport and is expected to arrive at New York New York. Day summer regular in Las Vegas for a bus driver.

I finally a question anecdotal. He answered, but no more. It will be one of my only two questions of the journey. Then, to my great surprise, it loosens the jaw and asks us (I am with friends) from where we come from. I explain. Woe to me to have uttered the word journalist, Woe to me to have referred to the U.S. presidential election. Although down in his seat, rather shack, fifties, gaze dislike, the taxi driver does lâchera more piece to the hotel. He asks me what the USA. Three, four times, very offensive. Asked so open and vague that I am caught off guard, looking beyond the mountains of Nevada.

In fact, it does not seem a question, but really an attack. He insists he mitraille: "eh, tell me, what's the USA for you, you can explain what it is, eh, what is it?". Many answers are possible. I have no energy. Then he answered my place, interspersing each argument between a new question, almost methodical, as if to lead me somewhere. It lasts no more than ten minutes. But its venom, his bitterness, his écoeurement voltigent in the bus. Very long as I did not attend such a unpacking angry and outraged regards politics, a political system, politicians.

The journalist that I was irrespectueusement his eyes took as long as George W. Bush, Dick Cheney, Barack Obama, John McCain, Republican and Democrat parties, money in politics, the American institutional system, and so on. All involved, all accomplices. Vomiting classical elite politico-media corrupt. But here, man-in bus imposed by his physical and aggressive bitterness. I tried to put a few sentences too feeble to draw up a critical portrait of America and its government. Impossible. Never quite critical. I was grilled at the outset of my job.

He screamed over the media who did not speak enough of the "monarchy", the "kingdom", the "oligarchy", "dictatorship" American. It fusait in all directions. It climbed one step further when I asked him if he had a preference between Republicans and Democrats. It made me repeat several times these two words. Style: what you speak, but what you talking about? Republicans Republic, Democrats, Democracy. The media should be ashamed unnamed still use words like that to talk about American policy, "he said in substance.

Elite rich, silver, oil, manipulation of public opinion, contempt, corruption, etc.. Of course, everything has happened. What to do, what to say in such an intelligible when verbal spat. I dared a "calm down". Do not remember if I did. Arriving at the New York New York, unloading baggage for us, he died in one fell swoop. No smile, a wave grommellement without doubt a hello or a "take care". The storm stopped at once. Still: unpleasant impression of having taken a sacred spanking. Verbal.

Obama: Scoop by e-mail and SMS named his vice president to his supporters

Want to know the name of colistier the post of vice-president of Barack Obama before anyone else? Easy: just register on its official website. His supporters will have the possibility of early information in the next few days by e-mail and SMS. This is the campaign team of Democratic candidate for the U.S. presidential election which was officially announced Sunday evening in an e-mail sent to supporters of the senator from Illinois.

The campaign manager for Obama, David Plouffe, said in this e-mail: "Be the first to know." And to stress: "No other country has done this before." Barack Obama is currently on vacation in Hawaii, on the island of Oahu. Its return on the American continent is planned on August 15. He could announce the name of his colistier on the Democratic ticket at that time or shortly thereafter. Or why not from Hawaii, where he was born (in Honolulu). He is sure he will unveil the name of the candidate for vice-presidency Democrat before the Democratic National Convention, which will begin August 25 in Denver.

The question that seems to shake everything Washington is to know who Barack Obama or John McCain to announce the first choice of colistier. At first, it seemed that either the Republican senator from Arizona. Then rumors have mentioned that it wanted to await the choice of Senator Democrat of Illinois in order to refine the relevance of its own choice until the very last moment. In clear: adapt its choice following the choice of Obama. To take with tweezers. Only unanimous or almost: the choice of candidate for the vice-presidency is seen as the most important decision a candidate for the White House is obliged to take a few months before the general election, and particularly in this presidential election 2008

For Rove, will play Colorado, Virginia, Michigan and Ohio

We must leave something to the former eminence grise - the brain, as many have known - George W. Bush: he must have a gift, he has at least a boundless passion for the Study of the American electoral map, state by state, county by county ... In the Wall Street Journal on Thursday, Karl Rove delivers its analysis with respect to key states that will win on November 4 for either candidate to the U.S. presidential.

Most political observers and strategists refer to permanently Pennsylvania, Ohio and Florida (roughly every four years). As a reminder, a candidate for the White House must win 270 votes in the electoral college (the famous electors), every state won by a candidate is entitled to all electors allocated to it (their number is proportional to the demography of State).

The former strategist and personal adviser to Bush points to a priority four states singled out for this election 2008: Colorado (9 electors), Virginia (13), Michigan (17) and Ohio (20). For each of these states, Rove develops in detail his mathematical analysis and electoral, which is based on the comparison of results of 2004 between Bush and Kerry. He cites as a second step, Florida, Pennsylvania, Nevada, New Hampshire, Missouri and Wisconsin. It just feels that his prognosis is for John McCain ...

In bookstores, books on Obama are legion and himself in an apparent in September

Just go into any large bookstore to the USA to realise that: books on the presidential election monopolize rays "political" and "news". And especially the two candidates Barack Obama and John McCain. But it is the senator from Illinois who wins the respect of the number of publications. He is also clearly more to sell, according to several statistics. Books "for" and "against". The books very critical against Obama in this case are more numerous.

Released at the height of summer, "The Nation Obama, leftism and cult of personality" seems the most scathing ... and caricature. This pamphlet of nearly 400 pages explains why the "extreme leftism" Obama led the USA to ruin. According to the inescapable classification "books" The New York Times, "The Obama Nation" by Jerome Corsi is at the top of all sales.

The author is the one who had already published a book anti-Democrats in 2004, "Unfit to Command", the indictment against candidate John Kerry who faced George W. Bush. The team has Obama campaign Thursday to respond to this book, denouncing point by point the various lies, factual errors, inaccuracies and attacks on the book by Corsi.

And most importantly, on September 9 released the next new book by Barack Obama himself "Change we can believe in": or rather, its political programme, seven of his main campaign speech since the early primary (counting also the one delivered to the Democratic National Convention in 2004 and who had made known) and a portfolio (photos campaign). The draw is scheduled for 300,000 copies and revenue structure will be fully repaid to charities, according to the Obama camp. The senator from Illinois is already the author of two best-sellers, "Dreams from my Father" and "The Audacity of Hope".

Aug 13, 2008

ING: net profit down but above expectations

ING has published Wednesday a quarterly profit down 28.8% over one year to 1946 billion euros due to a decline "in income on its investments."

Nevertheless, the market expected a net profit of 1.52 billion euros, far below the performance of the Dutch insurer, despite a "turbulent".

From the operational side, ING recorded a decrease of 17.2% of his income which amounted to 1101 billion euros for its banking sector. As for operating income of its insurance business, it is down 41.5% to 1145 billion euros.

The real estate group also recorded a small performance, with a result and shares down. Only activities online banking ING Direct emerge up with a profit of almost 180 million euros, up 4.7%.

The impact of the crisis mortgages on these results has been valued by ING to 44 million euros.

Aug 1, 2008

Economic Recession or "recession nervous?

- A little more controversy in the U.S. election campaign, but a controversy which seems to us on the merits of revealing, to highlight a specific américaniste. These statements from Phil Gramm, former Senator (Texas) the right of the Republican Party, currently vice president of the Swiss bank UBS and economic adviser to John McCain. These statements, which are disorder, have been exploited by Obama and condemned by McCain himself - which, of the coup, does not seem to know his economic adviser.

• statements Gramm, in the Washington Times on July 9:

"In an interview with the Washington Times, Phil Gramm, a former Texas senator who is now vice chairman of UBS, the giant Swiss bank, said he expects Mr. McCain to inherit a sluggish economy if he wins the presidency, weighed down above all by the belief of many Americans that economic conditions are the worst in two or three decades and that America is in decline.

"" You've heard of mental depression, this is a mental recession, "he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession, we have not had one yet."

"" We have sort of become a nation of whiners, "he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said. "We've never been more dominant, we've never had more natural advantages than we have today," he said. "We have benefited greatly" from the globalization of the economy in the last 30 years.

"Mr. Gramm said the constant drubbing of the media on the economy's problems is one reason people have lost confidence. Various surveys show that consumer confidence has fallen precipitously this year to the lowest levels in two to three decades, with most analysts attributing that to record high gasoline prices over $ 4 a gallon and big drops in the value of homes, which are consumers' biggest assets . "Misery sells newspapers," Mr. Gramm said. "Thank God the economy is not as bad as you read in the newspaper every day."

• Of course, the two candidates, when they are fishing for votes, have condemned the statements Phil Gramm, who are a good market for the average voter. It may refer again to the Washington Times today. Obama has made it a clear advantage, mocking statements Gramm to the delight of an audience of 3,000 people, during a meeting of electors. McCain did the same, also in severe terms for Gramm which he seems to ask what he was doing in his place of alleged adviser. Gramm, he made a development… "Mr. Gramm expanded on his point in a telephone call to The Times on Thursday. "When I spoke of whiners at my breakfast with The Washington Times on Wednesday, I was talking about American leaders who whine instead of lead," Mr. Gramm said in the phone call. He said he was talking about American leaders who blame speculators and oil companies for high oil prices and yet have no proposal to produce more energy here at home. "[…]" We do not need whining. We need leadership. "

Phil Gram is a hard liberal and a Liberal sauce U.S. - which means a hyper-liberal hard drive, a trend that would describe as "Social Darwinism" in reference to the mainstream in the financial management U.S. economic and in the years 1920 and 1930 (until the arrival of Roosevelt). For this trend, an "economic crisis" or financial merit always désapprobateurs quotes because it is primarily a crisis of psychology (not need quotation marks) citoyen-travailleur/consommateur, which is no longer enough nor worker enough consumer. If the economy stumbles, because those who claim to be served by it are no longer the arrivals.

The mood joined the years 1920 and 1930, without a doubt. A reference to billionaire Andrew W. Mellon will be the case. In addition to being a billionaire, philanthropist, the third U.S. fortunes in the 1920 behind Rockefeller and Ford, etc.., Mellon was Treasury secretary during the unusually long time, under three successive presidents (1921-1932); one can say that 'And he was the architect of the economic and financial structure of the USA during the 1920 until the Great Depression. Faced with the Great Depression, he was in favour of a reduction in federal spending and opposed any aid to people affected by the crisis. He said the President Hoover, about mass unemployment the years 1931-33, that "he [unemployment] rid the body of social parasites and unnecessary" - which perfectly defines the "economic natural selection" which is the dynamic feature of social Darwinism.

The mood of a Gramm, which is widespread in the elite economic, financial and political U.S., found that of Mellon. It shows how the transformation prepared in the USA in 1970 with "Powell Manifesto" and launched by Reagan is perfectly integrated.

The fragility psychologioque

Here is a new psychological disorder: "recession nervous" as a complement to "nervous breakdown". It is the diagnosis of Dr. Gramm, who criticises this nation "pleurnichards" ( "whiners", not to be confused with "winners"). These comments are outrageous, grotesque caricature, and so on.? (Of course, "putting a point" Gramm has no interest in addition to being false - GW, the current Grand Leader of the Great Republic, not a "pleurnichard" at all points of view. It is, from Gramm, a simple correction required by the intervention of candidate McCain as well as by the measure of damage caused by his statements in a campaign that must adhere to the strict demagoguery.)

Yet, no, we can not ship the commentary Gramm two or three qualifiers derogatory. In reality, it touches upon an essential point, even if the interpreter foolishly, and / or a partisan manner, and / or excessively so. It should be noted that Gramm takes great care not to talk about the "financial crisis" if not incidentally, he actually spoke of "real economy", the economic situation with its effects at the human level (social and individual).

It is true that "the crisis" is first in the head, according to the notion that economic crisis can also be understood as a change in accounting and statistical an event does not necessarily decisive. A queue of unemployed is a queue of unemployed and there are even when the economic situation is flourishing. It is the perception that has suddenly transformed the accounting and statistical variation "in a crisis that takes a decisive and can be transformed into a monstrous event out of control. From this viewpoint goal situates the importance of the psychological factor, Gramm is right.

It is also true that some countries have held in conditions of "crisis" that the U.S. economic might not supported. It is also true that many nations would have much better "view" than did the USA during the Great Depression (by the way, the Great Depression did not hit the USA, as we know, only that country but was pushed by it to the brink of disintegration). Our thesis is that the constant phenomenon almost "civilization" that formed the Great Depression in the USA due primarily by the psychological fragility of Americans. FDR understood perfectly the thing, as we know, and therefore perfectly expressed his inaugural speech of March 4, 1933 ( "The thing we have to have the greatest fear is fear itself" [ "We have nothing to fear but fear itself, "adapted from a sentence quotation from the nineteenth century writer Henry David Thoreau] - what's more psychological than fear?).

In this way, Gramm gives us, perhaps unwittingly, an overview of the crisis possibly being developed in the USA. It is a psychological crisis, affecting the area fundamental structure the USA, that country without historical dimension and without regal structure, and that from the outset. The economic rule in the USA, this reality has resulted in the paradox that what counts in this economic aspect is what is not economical, the effects of the economy outside the economic sphere, where everything is weakened by the absence of historical basis, and particularly the more fragile is the psychology of individual private cement foundation of collective history. An "economic crisis" in the U.S. is not a specific crisis is a general crisis is the crisis of the system because it reveals the fragility of its components in areas outside the economic sphere (including psychology).

What we paradoxically Gramm said, arguing that the U.S. economic power is still enormous and significant is that precisely this power is not measured to judge its effectiveness psychological in economic terms. It is measured in terms of stability that U.S. economic power is able to provide, or to impose its components, including citizens - and that is why, despite its power still existing, America is in crisis and declining because it can no longer impose stability, for various reasons. Gramm is right involuntarily and then beyond, it is wrong when he advocated a contrario the Social Darwinism. The U.S. population is least able to bear the social Darwinism because of psychological fragility while the USA is the country's social Darwinism. Since 1933, and the magician FDR, the worst has been avoided thanks to towers pastime successive passes are mobilizations on which one can make a Hollywood narrative (War II, the Cold War, the War against Terror, etc. .). Today, the "recession nervous" seems to be able to eventually take precedence over all stratagems of the system. Politicians are at least as nervous as their voters.

The subprime thinking still dominates the banking sector

Last week, during our financial conference in Vancouver, we attended the presentations of various financial analysts ... trying to understand what is happening in the world of investment.

On the stage, our old friend Paul van Eeden explained why the price of gold is perhaps overstated.

"Gold is a currency," said Paul, "and almost entirely a currency". It can therefore forget supply and demand. To calculate the price of gold, we must simply watch what he will buy compared to other currencies. The only time gold abandons its "theoretical value" - as measured because they buy - that is, when speculation puts it above or below what it really is.

Paul is certainly right. If Based on what he can buy, or should be only about $ 800. But speculators are far ... and so do we. And we believe that gold will become much more attractive for speculators. It is above its "theoretical value" because current inflation is rising. Investors want to protect themselves. And if inflation rises again, or continue to climb dramatically.

But "the real threat is located east of an ear and west on the other," says another old friend, Rick Rule. "The subprime economy and the problems it caused were the result of the subprime thought. A few years ago, were found in southern California posters offering to pay people to 125% of the value of their homes. Je vous asks: Is this a good case that pay more than the value of collateral to people who can not repay the money to buy houses overvalued? No, of course. It is a thought subprime. "
According to Rick, eliminate the segment "food" and the segment "energy" of the U.S. index of consumer prices is also a syndrome thought subprime.

* "The measure of goods and services used by the government to describe the growth of the economy, calculating productivity and make adjustments to inflation was completely fraudulent," says Rick.

* "Other effects will be felt," he continues. "Credit cards, for example. Again, it lends money to people who often can not repay. Let's say that a man wants to buy a giant television screen and can not afford it. He uses his credit card, believing it will be easier to pay one year later, having paid 18% interest. Then they bring together millions of such loans and sell them to a fund pension ".

* "Or take loans for LBO (leveraged buyout, leveraged buyout). It seemed brilliant when sales and profits climbed. But when profits decline, it becomes difficult to repay all this debt. In fact, it was allowed the big fish of Wall Street to do the same thing as the freak who bought a house he could not pay. "

* "But there are bankers who know what they are doing. They have one big advantage now ... they have money, and others in need. It's always an advantage when competition is completely écervelée. Now, there are opportunities in the financial services sector, but we must really think 'non-subprime' to find them ... and have the courage to act accordingly. "

** But back to financial news. Lu on Moody's Economy.com:

* "The U.S. household finances are deteriorating rapidly under the pressure of increased debt and falling house prices, threatening the health of the U.S. economy, according to new research conducted by Moody's Economy.com, a branch of Moody's Analytics" .

* "The quality of credits household crumbles quickly, and heavily indebted households are at the heart of the problems of the economy," said Mark Zandi, chief economist at Moody's Economy.com. "The losses on growing household debts put at risk the financial institutions and cause difficulties in the economy for the remainder of the year and during much of 2009".

* Yet on Wall Street, major banks have undergone a major rebound, while gold and oil fell.

* "Is it reached the floor?" That's what everyone wants to know. Many investors think that was the case. And they think they can profit by buying large banks - managed by the same benêts that conditioned subprime loans and sold them to their best customers ... then lost fortunes for their shareholders while they agreed bonus of several million dollars.

Changeover of priorities U.S. public - from Iraq to the economy

Apart from changes almost daily assessment of popular concerns, often associated with changes in perception where manipulation communication play their role, it seems that we can consider as a major political and lasting now the changeover of priorities U.S. public - from Iraq to the economy. It is an analysis that now encountered in a manner common among statisticians specializing in opinion surveys.

This is the finding that the agency McClatchy Newspaper, July 16, in an analysis supported in particular on work by John Zogby, who heads a polling institutes among the most often referred to the USA for its capabilities. "" The economy is clearly foremost on the list of people's concerns, "Zogby said. "That probably will continue as long as things are sour."

The analysis reported impressive results over a significant period of time. The economy and Iraq have almost permuté in public concerns U.S., with differences radical figures. McClatchy Newspaper cites the result of a recent survey, but it is an example among others, all results are in the same direction.

"One new poll this week underscored how dramatically the political landscape has shifted since this long campaign started.

"This week, 53 percent of Americans ranked the economy their top concern heading into the election, while 16 percent ranked Iraq their chief worry, according to a national survey by Quinnipiac University in Connecticut. In May 2007, the priorities were the opposite, with 57 percent naming Iraq issue and the top 5 percent naming the economy. "

It is of course in relation to the presidential election that this development is discussed. The question is open since January, to find out what is the priority of the public, and the effects on the positions of both candidates. Here we find the vision of a conventional Obama encouraged by this development to the public. "The flip-flop in popular opinion could help Democrat Barack Obama, lowering the profile of one issue - Iraq - that, surprisingly, might have been helping Republican John McCain and raising another - the economy - that historically helps challengers such as Obama. "

However, this estimate makes a very conventional. It is a classical vision which refers to an election campaign which seems to shut himself increasingly in a conventional vision and a poor without surprise. This is the case when a contrario notes that on the question of war in Iraq, is the candidate of the party that gave birth to this disaster, which is considered the most capable of dealing with it.

Another sign of this mediocrity in the analysis of crises that are of exceptional intensity, is how the question of the economy is addressed. This question is actually the first priority of the public and it should become the main concern of candidates hence. No one knows yet find a clear, consistent proposals, much less a structured view, there is a complete absence of "inspiration" in this regard.

"" There is a perception that neither candidate has a handle on the economy and there's no clear direction from the public about what direction to go, "pollster John Zogby said. "It's not as though there is a demand for a new New Deal or Great Society or, on the other hand, for tax cuts." What's clear as of now, he said, is that the issue is dominant. "

In this light, general education of this evolution of the American public is kind of indirect. It focuses on the finding renewed conformism and the mediocrity of the establishment facing the crisis of the USA. The developments described by opinion polls is obvious and agrees to the intensity of the financial and economic crisis. The establishment Republicans and Democrats alike, is completely disarmed before this solicitation. This is especially visible in the Obama camp, which should be encouraged by this development but which has nothing to offer that can claim to respond to the intensity of the situation. Obama focused reported recently by positions on international issues, and in the sense that war is today the conformism of Washington. The question is certainly raised whether, with the confirmation of the shift in emphasis from the public, Obama will enjoy its natural advantage in the economic and social fields. It has every reason to be pessimistic about the likely response, as his campaign has become surprisingly conformist in recent weeks.

Between Obama and McCain, the economy will decide ... as usual

Between Obama and McCain, the economy will decide ... as usual
The Democratic candidate for the White House, Barack Obama and his Republican rival, John McCain.

"It's economy, stupid!" It's the economy, stupid. When Bill Clinton launched his campaign victory to win the 1992 presidential, one of his advisers - not very respectful but inspired - had included this slogan in huge letters on the wall of his campaign headquarters. And the Democratic candidate had indeed prevailed over George Bush Sr. relying on an ambitious economic programme, while the USA came to know a mini-recession that Bush had rather neglected. The outgoing President was indeed convinced that his victories in the first Gulf War would cause him his re-election in an armchair.

Sixteen years have past, and history could repeat itself. But not in favour of democratic candidate: because he was aware that he might suffer in the final straight of the campaign, his foot-tender policy, a deficit image of "Commander-in-Chief "Facing an opponent who, through his glorious military past, had nothing to prove, Obama has seen fit to use the palm of the summer to go to demonstrate in Iraq - where he was not visited since January 2006 - and Afghanistan, where he had never set foot. And for good measure, he completed his tour by a quasi-presidential meeting of rock-star in Berlin and two diplomatic stops in Paris and London.
The time was not chosen. The week's rescue by the federal state of two huge mortgage lending institutions and the granting of 300 billion dollars to disaster victims of real estate, two measures that can be described as interventionist and who, from d a government ultraliberal, made all the awareness in America of the seriousness of the crisis. With this result: Since the Republicans, even with Bush, are capable of being so close to the concerns of people, why not prefer the candidate who has the most experience with that, very charismatic, but whose voters s'agacer starting to make it more popular abroad than at home. By the way, a poll USA Today-Gallup sums up the issue of Obama: Americans think he would do a better president in relations with the rest of the world, but that McCain would be a chief more reassuring. .. "It's economy, stupid

Bristish Airways: under pressure in London after accounts

The British airline British Airways, announced that it had closed the first quarter with a decline of profits by 90% due to the high price of fuel. Net income fell because 27 million pounds compared with 274 million the same period the previous year. Sales have instead increased by 2.8% to 2.26 billion pounds.
Meanwhile on the square London British Airways shares are yielding 0.98% to the 252.75 p.

>Despite a decline in July, sales of passenger cars in France rose by 3.8% over the first seven months of the year.

Despite a decline in July, sales of passenger cars in France rose by 3.8% over the first seven months of the year.

Sales of passenger cars in France fell by 0.2% in July compared to July 2007, announced Friday the 1st August the Committee of french automobile manufacturers (CCFA). The market for new passenger cars was established in July to 183,014 units.
On the month, the French brands, with 88,484 units, are slightly down by 0.9% while foreign brands, with 94,530, increased by 0.5%. The market share of French brands eroded compared with the foreign brands respectively 48.3% and 51.7%.

Good year for Citroën

PSA Peugeot Citroen and Renault are making scores as opposed to one another, the first with an increase of sales 0.9% against a decline of 0.6% for the second.
More specifically, within the PSA group, one must distinguish between sales of Citroën than Peugeot. Indeed, if the initial progress of 8.3% with 26,285 cars registered, the second fell by 5% with 29,080 units.
The 55,365 cars sold in July by the group represent a market share of 30.3% against 29.9% a year earlier.
Regarding the Renault group, the Renault brand is down 3.7%, with 33,116 registrations while sales of Dacia, the Romanian subsidiary, continue to grow strongly at +38.7% with 3,754 units.
With 36,870 cars, the market share of the group stood at 20.1% against 20.2% a year earlier.

Results contrasted for foreign brands

The record is more mixed for foreign brands. Indeed, the highest increases in July concerning the group Fiat and Nissan, with respectively 33% and 15.3%.
The Volkswagen group known for its hand up +4.1%.
By cons, Hyundai, Toyota-Lexus and Mercedes saw their sales fall by 14.6%, respectively, 12.2% and 8.5%, while GM and Ford Europe are experiencing a decline of 5.4% and 4.2% .
Of the first seven months of the year, from January to July, sales of passenger cars in France are still up by 3.8%.

Electricity: EDF demand higher rates "more equal" to inflation

Electricity: EDF demand higher rates' more equal 'to inflation
The CEO of EDF, Pierre Gadonneix, said Friday have requested the State higher regulated electricity tariffs for households "equal to or less than inflation, which could amount to about 3% this years, at a press conference.

EDF has asked the government increased "differentiated" tariffs for its customers.

The increase of less than or equal to inflation concerns households.

For other customers of EDF, as businesses, the increase "may be superior" to inflation, "said Gadonneix.

He explained that he had requested the increase to cover "costs" of his company, in accordance with the public service contract between EDF and the rule which stipulates that the increase of tariffs set by the state, can not exceed inflation.

"Our operating costs and our volumes have increased investment under the combined effect of rising raw material prices and accelerating our programme of construction of new production capacity, maintenance and development of networks" , Said Gadonneix to justify this request for higher rates.

The regulated electricity tariffs for individuals had increased by 1.1% in August 2007.

End of strike at the German airline Lufthansa

The German airline announced Friday that the strike by cabin crew and ground triggered earlier this week at the invitation of the services union Ver.di would end Saturday morning, after the conclusion of a wage agreement.

The end of the strike will take effect from 06:00 am local time (04H00 GMT), said a spokesman, questioned by AFP.

"The normalization of traffic will take up to two weeks," said the spokesman for Lufthansa.

The main airline in the country had announced earlier with Ver.di have reached a wage agreement for its ground staff.

An agreement should be concluded for the cabin crew, but this remains subject to approval by the independent union of pilots UFO, "said a spokesman for Lufthansa, questioned by AFP

Ginger: 3 announces new contracts.

Ginger announced that he had been mandated to carry out a Project Management Book Depollution under the proposed development of the future Clinic Medipole Garonne on the town of Toulouse .

In addition, as part of the draft party Alsatian (section H) of the draft 2nd stage of the New Line East European between Baudrecourt and Strasbourg, its subsidiary CEBTP Solen was chosen by Réseau Ferré de France for the realization of LOT 2 of a campaign for the recognition of soils. Ginger 137 units will conduct surveys and extensive testing laboratory.

Finally, the subsidiary Sechaud Bossuyt Normandy was chosen for the construction of a crib 60 cradles in Evreux Nétreville. This mission is the study of basic and lots of lots enforcement techniques as well as assistance High Environmental Quality Project and the economy of construction. This is done with the firm and Taieb Bigeault in Paris.

WTO after the failure of Geneva, little progress in sight before 2009

WTO after the failure of Geneva, little progress in sight before 2009
The failure of negotiations at the World Trade Organization (WTO) in Geneva this week has probably postponed until 2009 any progress in trade liberalization, even if some countries calling for early resumption of discussions.

For Joseph Stiglitz, a professor at Columbia University and Nobel laureate in economics, "the talks could resume only after the American elections", especially since it is "difficult to negotiate an agreement when unemployment rises" and that the economy is weakening.

An opinion shared by Elie Cohen, director of research at CNRS. "We will await the arrival of the next U.S. administration."

India, heavyweight WTO, is expected to hold elections at the end of 2008, which does not his government concessions.

Some countries do not hide their satisfaction at seeing the Doha Round bogged down, like Italy. She is part of a group of 9 European countries, including France and Ireland, who felt that Europe had dropped too much weight compared to its trading partners.

The french minister of Agriculture Michel Barnier has suggested opening discussions on agricultural products, which he describes as "strategic assets" to other institutions, such as the Organization of the United Nations for the Food and Agriculture Organization (FAO) or the International Monetary Fund.

A typical argument "protectionist", Elie Cohen.

Joseph Stiglitz said it is difficult to move the negotiations to other forums, despite their complexity. "As with many issues together in one forum, it is easier to find compromises," he says.

The Brazilian President Lula, whose country was one of the main beneficiaries of a new agreement on trade liberalization, suggested him to convene a meeting of Heads of State to make a "political solution" to the Doha Round, began in 2001.

The EU Trade Commissioner Peter Mandelson has also called for a resumption as early as this autumn discussions, an opinion shared by Germany.

The technical meetings could resume this fall, "as soon as possible after September 15", indicated Friday a source close to the WTO.

Before a final agreement, Elie Cohen expects the proliferation of bilateral or regional conventions, as requested including the National Commission of Agriculture of Brazil.

They have greatly increased since the Uruguay Round, the round before the Doha because "some countries may find an incentive to negotiate more on lines closer," says Cohen.

But this type of agreement complicates global trade and could disadvantage the weakest countries "when the USA only negotiate with Colombia", the latter is a worse position than in "a global agreement liberalization, "argues Mr. Cohen.

The impasse at the WTO should not wear a fatal blow to international trade, which was "formidablement developed since the Uruguay Round, with a growth of 6% per annum," he says.

"The agreements already in place to protect against slippage. We had hoped mainly progress," adds Mr. Stiglitz.

Mainly for developing countries. The African cotton producers of C4 (Mali, Benin, Burkina Faso and Chad) expected a decline in Chinese and U.S. subsidies on cotton.

They returned without even being able to initiate negotiations. Their industry, which sustains 20 million people, is now threatened with disparitio

Exxon Mobil reported the fattest operating profit in U.S. corporate history

HOUSTON-Exxon Mobil reported the fattest operating profit in U.S. corporate history Thursday but took a beating anyway _ from politicians railing against Big Oil, drivers bleeding cash at the pump and investors who expected more.
The world's largest publicly traded oil company turned a profit of $ 11.7 billion for the second quarter, lifted mostly by meteoric crude prices. Its earnings were up 14 percent from a year ago.
Total sales: $ 138 one billion _ roughly the gross domestic product of Hungary.
Henry Hubble, Exxon Mobil's vice president for investor relations, said the record profits "highlight the quality of our integrated business model and disciplined investment approach."
For the most part, the plaudits ended there.
Despite their heft, Exxon's profits were a disappointment on Wall Street, and the company's stock slumped nearly 5 percent. Almost the entire energy industry was walloped by investors Thursday.
European rival Royal Dutch Shell posted its own record profit across the Atlantic, with earnings of $ 11.6 billion. Its American depository receipts tumbled nearly 4 percent in afternoon trading.
Growing investor apprehension can be found at the heart of what the oil industry does _ finding and producing oil and natural gas.
Exxon Mobil's overall output fell 8 percent in the second quarter from a year ago _ a significant blow for a company that generates more than two-thirds of its earnings from oil and gas production.
For Exxon Mobil, which produces 3 percent of the world's oil, finding new deposits of hydrocarbons is getting harder and harder. State-run oil companies like those in Saudi Arabia and Venezuela control about 80 percent of known global oil reserves. It's difficult if not impossible for Exxon and its competitors to get any part of that oil.
"It all comes down to production," said Brian Youngberg, an analyst with financial services firm Edward Jones. "This is the second straight quarter production came in below expectations. Investors are going to be questioning when they can turn that around."
Exxon Mobil was not alone in the industry in posting massive profits over the past week.
The reward? A broadening backlash from a public that is getting squeezed on fuel prices from every front.
Unleaded gas cost $ 3.74 per gallon at a Mobil station in Milwaukee, where Jeff and Jennine Pynn of Putnam Valley, NY, stopped Thursday during a 10-day road trip. "It's totally unfair," Jennine Pynn said as she pumped $ 47 worth into a Toyota Highlander. "You really hope to see them not turn so much of a profit."
Dan Owens of Muskego, Wis.., Drives about 100 miles a day as a sales representative for a packaging firm. He called Big Oil's profits "obscene."
"I'm all for making a profit _ it's the American way. But it's another thing to gouge," said Owens, 38, shaking his head. "It makes me feel like I'm getting ripped off."
While the oil companies insist they're trying to find new oil that might bring down gas prices, the money they spend on exploration pales compared with what they've spent in recent years on stock buybacks and dividends.
In the most recent quarter, Exxon Mobil said it spent $ 8 billion buying back stock, versus $ 7 billion on capital and exploration expenditures. The company has said it expects to spend $ 25 billion to $ 30 billion on capital and exploration projects each of the next five years.
In a letter to the five largest international oil companies released Thursday, some House and Senate Democrats demanded the companies spend more of their profits on U.S. production and renewable energy and less buying back their own stock.
"Given today's strong market incentive for expanding exploration and production, we can only believe that your vast reinvesting profits into the production of more oil and natural gas in the United States is a profitable strategy that will help our country decrease its dependence on foreign oil, "Said the letter from Sens. Charles Schumer, DN.Y., and Robert Menendez, DN.J., and Reps. Rahm Emanuel, D-Ill., And Ed Markey, D-Mass.
The American Petroleum Institute, the industry's trade association, said Big Oil earnings are not out of line compared with earnings in other industrial sectors.
For example, the institute notes, Exxon's earnings amount to about 8.5 cents per dollar of sales, versus 11.6 cents for the companies making up the Dow Jones industrials.
"The oil and natural gas industry is massive because it has to be to compete effectively for global energy resources," said John Felmy, the API's chief economist. "The industry's earnings make possible the huge investments necessary to help ensure America's future energy needs are met."
He noted about two-fifths of publicly traded oil and gas company stock is owned by tens of millions of investors through retirement accounts and pensions.
The entire industry is not rolling in cash. Refiners, including Exxon Mobil, must also buy crude. The company's earnings from refining and marketing fell 54 percent in the quarter to $ 1.55 billion.
Profits for Marathon Oil Corp.., Also reported Thursday, fell roughly 50 percent. The company said it may split itself in two, with one company focused primarily on exploration and production and the other on refining and marketing.
Exxon shares fell 4.7 percent, or $ 3.95, to $ 80.43. After Marathon announced it may split off its refining operations, its shares jumped 9.6 percent, or $ 4.34, to $ 49.47.

EDF seeks rate increase "equal to or less than inflation"

The CEO of EDF, Pierre Gadonneix, said Friday 1 August at a press conference, have asked the state higher regulated electricity tariffs "equal to or less than inflation," inflation could settle at around 3%.
Pierre Gadonneix said he had requested the increase to cover "costs" of his company.

The increase in costs

"Our operating costs and our volumes have increased investment under the combined effect of rising raw material prices and accelerating our programme of construction of new production capacity, maintenance and development of networks" , "Said the boss of EDF.
According to public service contract between EDF and the state, the higher rates - set by the state - can not exceed inflation, which could amount to about 3% this year.
The previous increase in regulated electricity tariffs for individuals aoput dates back to 2007. They were then increased by 1.1%.