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An agreement was reached between three parties, conservatives, socialists and a small leftist party, for a two-year interim government charged with implementing the austerity program "criminal" in Greece, said Sunday the leader of the left radical.

"Three parties have agreed on a plan to a government two years to implement the agreement on the loan (rescue of Greece). They have 168 MPs in the new Parliament, they have the majority, "said Alexis Tsipras, leader of Syriza, after 90 minutes of crisis talks with the Socialists and conservatives around President Karolos Papoulias.

Leaders of both major parties were less certain. When he left, the Socialist leader of PASOK, Evangelos Venizelos, argued that this first meeting led to "gridlock." For its part, the Conservative leader of New Democracy (ND), Antonis Samaras, assured that Syriza had again refused to attend, and even simply to support a coalition government, even if it was committed to "renegotiate" the agreement with the creditor countries, EU and IMF, which required a severe austerity cash advances pay day loan.

"I made every effort to obtain comprehensive cooperation", told reporters Mr. Samaras, who had said on arrival at the meeting its desire to form an interim coalition government for a period of two years, with mission keep the country in the euro area.

If that fails, new elections will be held by June 17. The left-wing party Syriza is favored according to polls. Raising concerns about a failure to comply with past commitments.

Creditors of Greece, starting with the EU and Germany, have made clear in recent days that if the country did not honor the commitments it made in exchange for rescue loans that were granted, they would cease to provide funding, and should consider leaving the euro zone.

Brussels, in its latest economic forecast, expects to Greece in a recession of 4.7% this year and zero growth next year. Greece must repay 15 May € 435 million of maturing debt.

Economists at the Organization of Petroleum Exporting Countries (OPEC) do not see the evolution of the European economy with optimism. "Industrial activity continues to decline and it remains to be seen whether, in the second half of 2012, growth will become positive, as is widely expected," it said in its monthly report the organization based in Vienna, published Thursday.

OPEC said that political uncertainty on the Old Continent is "higher a few months ago," because the "results of any recent presidential elections in France, the forthcoming parliamentary elections in France and the Netherlands, of new elections likely in Greece and a referendum on the fiscal pact in Ireland. " All factors that lead OPEC to forecast a GDP of the eurozone declined by 0.4% this year, a deterioration compared to the 0.3% decline expected in the previous report.

Drop of oil by 3.9% in April

OPEC, which produces about one third of the world's crude, month after month scrutinizes the state of the international economy. About the United States, the organization of Vienna is rather pleasantly surprised with a "higher growth than expected." U.S. growth forecast unchanged at 2.3% for 2012. With one caveat: the budget deficit will remain around 8% of GDP, above the average of OECD countries, at 5.6%.

Regarding oil, OPEC noted that after three months of increases at the beginning of the year, a barrel of black gold has declined in April, 3.9% for the "reference basket of OPEC ", which stood at 118.18 dollars (against 119.71 dollars per barrel of Brent listed in London, main world market reference).

A decline that has begun to feed for three weeks in the pump prices for French motorists. The increase in OPEC production (mainly provided by Saudi Arabia, Libya and Iraq) has allowed the placing on the market by nearly a million barrels per day (mb / d) on the market since the start of the year.

The estimated global oil demand for 2012 remains virtually unchanged this month, to 88.7 mb / d, up 0.9 mb / d over a year. It is driven by the "stabilization of the U.S. economy" and the closure of all Japanese nuclear power plants.

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From our correspondent in London

Rupert Murdoch and his son James are roundly scolded by a British parliamentary committee responsible for a report on the scandal of the late plays of the tabloid News of the World. Rupert Murdoch "is not fit to lead a large international group," concludes the report released Tuesday. The board deems "surprising" the allegations of Murdoch, father and son under which they would not have been aware of the practices of spying on a large scale in force in their newspapers. "Rupert Murdoch closed his eyes and demonstrated a willful blindness to what was happening in their societies and publications," the whips 121-page report, the culmination of nine months of hearings. MEPs also say that the News of the World and its publisher News International deliberately "misled the committee about the true nature and extent of the investigations they claimed to have carried on wiretapping."

Several leaders of the media group is also the subject of harsh criticism. His ex-CEO Les Hinton is considered an "accomplice" of concealment of practices in the home. The parliamentary committee has, however, divided on the report's findings, adopted by six votes against four. Conservative members refused to accept the judgment against Rupert Murdoch's ability to manage. Labour MP Tom Watson, spearheading the investigation, has firmly told the opposite: "News International has conducted a cover-up scale of its illegal actions instant credit reports. Its top leaders have lied to Parliament repeatedly. And the two men at the head, Rupert and James Murdoch, should now respond to these facts. They have corrupted our country to shame our police and our Parliament. They lied, cheated, practiced blackmail and intimidation. "

David Cameron called

The report leaves the House of Commons to decide on possible sanctions, which could involve the convening of Rupert Murdoch for a public apology. It is an embarrassment media mogul facing some of its shareholders, especially Americans, tired of the damage inflicted by News Corp. in this case. The report could also weigh negatively in the review by Ofcom, the regulator of the British media, the legitimacy of the group to manage the BSkyB satellite TV bouquet, whose license could be withdrawn.

Finally, the parliamentary report increases the pressure on David Cameron, who was summoned Monday to the House of Commons where he justified his support for his culture minister Jeremy Hunt challenged for its proximity to the leaders of the Murdoch group in reviewing the file BSkyB. Tom Watson claimed that the Prime Minister and his predecessors Tony Blair and Gordon Brown send the justice their email exchanges with the leaders of the Murdoch group.

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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

Will they follow? The question hangs over Airbus, like Boeing, which monitors the behavior of its subcontractors. Similarly, the major suppliers so-called "rank 1", such as Safran and Thales, regularly take the pulse of their own ecosystem. Together, the industry will meet the challenge of rising rates announced (see graphic).

Having racked up record orders in 2011, Airbus must produce more and more to deliver in a timely manner its customers. Despite economic uncertainties, demand is high. The world fleet will more than double to over 31,000 units in the next twenty years. In 2012, Airbus expects to deliver 570 aircraft (+ 6% from 2011). Boeing and put on 585 to 600 deliveries in 2012 against 477 a year earlier.

Suppliers are energized. Airbus does internally and 15% of the value of an aircraft. He buys 9 to 10 billion euros of components and subassemblies for other U.S. and between 11 to 12 billion in Europe and the rest of the world. In France, many providers depend on more than 30% and sometimes 100% of its orders. Airbus health is linked to that of its subcontractors. And vice versa. "We support our partners to increase their industrial performance. We have strengthened our team with our suppliers to optimize their production, "said Fabrice Brégier, CEO of Airbus.

We need to fund this growth. "Our industry is highly capital. Our working capital needs are important to fund our stock. We produce three to six months ahead of the pace of the builder. To garner a turnover of euro, we must invest one euro, "says Emmanuel Viellard, president of Lisi Aerospace, a leading European aerospace fasteners (airframes and engines). "Between 2010 and 2015, we plan to invest 250 million euros to finance 60% increase in activity linked to increased rates of manufacturers," he adds.

A fund of 100 million

This is when the order books are re-inflated to block the subcontractors are struggling to find financing. Especially SMEs as banks remain cautious. The Gifas, the union bosses of Aeronautics, conducted an awareness campaign on this theme. He watches any failure. Initiatives are multiplying to help SMEs. Next to the Strategic Investment Fund (FSI, depending on the Deposit) and type Aerofund dedicated funds, the state decided, with the support of Airbus and several banks, to develop a new tool Financial that takes into account the specificities of the sector. A fund of 100 million euro was launched to provide long-term bank loans to finance the "time costs" (NRC) under the pooling of risk between manufacturer and subcontractors. They must subsidize the upstream (design and development) by assuming the burden of NRC which are written on the number of aircraft sold. ROI – 10 to 15 years after the launch of a new device – is tied to the success of a program whose life often exceeds thirty years.

"Triple A Aviation"

But we must also rely on late shift that the first deliveries. They trap the subcontractors that produced in advance of equipment that will be paid upon delivery. In this case, inventories swell and cash suffers. Latecoere, which provides fuselage sections and wiring systems, has been close to bankruptcy. Heavily indebted, it has been hard hit by delays in the A 380 and B 787. An extreme case that prompted Airbus, in particular, to fly to the rescue by setting in advance of development costs and by providing four years of work load. As if the manufacturer gave a triple-A to its supplier, which reassures banks.

"We do not direct funding, but sometimes we make a one-time, targeted, said Marc Ventre, Executive Officer of Safran. Very keen to preserve the capacity for innovation in France, we give visibility to our partners by providing the production schedules in advance and by contracting our relations. "" Banks no longer rely only on past performance and objectives. This reassures them when we have commitments on four or seven years, "says Julien de Souza, president of Mecachrome (for engine components and fuselage components). The SME 256 million euros in sales projected to increase by 20% of its investments between 2012 (16 million) and 2014.

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Nicolas Sarkozy retorted tit for tat. Questioned Tuesday by Anne Lauvergeon in an interview published by L'Express, the Head of State, on Friday invited to iTV, has applied to devalue about the former president of Areva. "All this is of politicking," he judged. "What makes it less credible that Lauvergeon said was that she waited to be put out to challenge a system that she wanted to continue to participate in the first place as president of Areva," Nicolas Sarkozy has argued personal business card.

He also underlined the political commitment of the former CEO, also old Sherpa Mitterrand: "It is now the president of Liberation, with a known commitment to the left". Lauvergeon has headed the supervisory board of the newspaper in July 2011.

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The standoff continues between the leaders of the Swiss pharmaceutical company Roche and shareholders of American specialist Illumina DNA sequencing, they seek to buy. Sunday, the Basel firm has expressed a willingness to revise upwards its bid.

"We remain willing to consider an additional value (Illumina) if we have the opportunity to enter into discussions and consult the books of account" has informed the General Manager of Roche, Severin Schwan.

The boss of the Swiss laboratory reacted to the recommendations of the firm specializing in advising shareholders, the U.S. ISS, who said Friday that Roche's offer was inadequate on Illumina. In this context, the firm recommended shareholders vote against Illumina motions filed by Roche, in particular to bring its candidates to the board of Illumina, at its General Meeting on April 18.

In late March, Roche announced that it raised its takeover bid (OPA), launched in late January, 15%, to 51 dollars per share in cash against 44.50 dollars earlier, valuing Illumina to about 6.8 billion (5.2 billion euros). The board of directors of Illumina announced that after "carefully studying" the new offer, he rejected it unanimously and urged its shareholders not to make any response.

Last week, the same leaders of Roche had sent a second letter to shareholders of Illumina, again asking them to respond positively to their offer and to vote for directors to present on April 18th. If the representatives are elected from Roche, Basel lab would get a majority on the board of directors of Illumina, at the same time facilitating the takeover of American society.

Two Greek citizens seeking nothing less than the cancellation of the debt exchange transaction completed on March 12, which allowed Greece to considerably lighten his burden. A wealthy widow of 76 years and a retired undertook to continue the Greek state court, aggrieved by the restructuring of sovereign debt to their country, they held bonds. The widow puts its losses at around 200,000 euros and 4000 euros retired, or about half of their initial investment. "This is the first time that Greek investors take legal action against the state by asking the court to declare illegal and unconstitutional the decree implementing the debt exchange," said a source at Reuters court.

March 12, Greece is indeed managed to finalize the largest debt restructuring in history. 85% of private creditors – mainly banks, insurance companies and funds – have agreed to exchange their obligations under Greek law against new longer maturity bonds, and a value less than half. A massive turnout, which allowed Greece to force reluctant investors to participate in turn in the exchange, that is to say to make losses. With this agreement, Greece has reduced its debt by 107 billion euros, a total of 350 billion euros. A prerequisite to payment of a new international aid, totaling 130 billion euros, of which Greece was badly needed to meet its deadlines. This debt forgiveness can also expect the country to achieve a ratio of debt to GDP from 120.5% in 2020.

This is the start of "collective action clauses", by which Greece has forced investors reluctant to join the exchange, which is currently being challenged by some of its creditors. 110 of them, a German national, had already announced, following the restructuring, they had hired a law firm to seek redress. This is not so much the outbreak of collective action clauses is disputed, the fact that these clauses have been introduced retroactively. Some creditors believe that the rules were changed along the way, illegally. The judicial process may however take several years. Argentina, who also conducted a decade ago to a partial restructuring of its debt is still within the scope of prosecution.

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An air campaign in town. At a time when egg prices soar due to alignment with EU standards of cages for laying hens raising fears of a shortage, an idea surfaced: invest in a gallinaceous to have fresh eggs, and cheaper to produced at home than to buy. Came from North America, this trend may seem wacky touches France for some years. Proof of the popularity of the animal since the crisis, the company specializes in garden Truffaut says have sold about 20,000 hens and chicks last year and have seen a doubling in sales every year since 2009.

Raise a chicken in urban areas can indeed be large. Purchased between 10 and 15 euros, well-fed wheat and corn and raised in the open air, a hen can lay up to 280 eggs per year fee. When you know that the price of the box of six eggs increased 60% in 10 years, it is reasonable to talk about goose that lays golden eggs! When purchasing power has stagnated, this is an argument for who wants to reduce his bill at the supermarket. Must still have enough space in his garden or terrace to install a chicken coop because as explained Damay Francis, president of the National Committee to promote the egg (CNPO), "a hen need good breeding conditions for spawning regularly. " Like any pet, it needs a power équlibrée and a hot and dry at night best payday advance.

Fresh eggs … inexpensively

Pioneers in this field, New Yorkers had chosen the path of self-sufficiency in egg thanks to the crisis. But beyond the purely economic, individuals plébiscitent also a return to nature and the desire to better control their diet. Like hives in urban areas, as on the roofs of the Opera Garnier in Paris, the cities will want less and less disconnected from the campaign. And the ecological dimension is also evident. Appreciating the organic waste, hens are true composts on legs.

Last argument in favor of the chicken at home, it can play an educational role with children by introducing them to the natural cycle of production and supply.

The idea grew to the point that some cities are taking initiatives in this area. The latest example, the common Pinched, Sarthe, will propose to offer two hens to households that request them. This operation, already experienced in the town of Mouscron, Belgium, aims to reduce waste and therefore spending garbage collection.

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In the stakes of companies with cash reserves of the most important, the major U.S. technology companies held the upper hand. 98 billion to Apple in addition to 52 billion from Microsoft, Google's 44 billion or 40 billion of Cisco. These five cumulative 234 billion of cash! And they all have the same problem: what to do with this money?

So much so that they are regularly subjected to a barrage of criticism from all sides: investors, financial analysts, policy and consumer. Very critical of the companies too much debt, analysts do not like to see huge reserves of unused money. They would prefer to see used to finance growth internally or externally.

This is far from true. Microsoft has spent less than 0.14% of its cash reserves in 2011 to finance acquisitions. The problem is that these technology companies are too big to grow: 90% of PCs sold worldwide are already equipped with Microsoft. Their business model does not lend itself to growth operations to increase geographical presence: Microsoft, Apple and Google are already everywhere. They could invest in diversification, but changes in industry are very difficult to manage. Google has spent $ 15 billion last year to buy Motorola and must demonstrate their ability to integrate.

Paradoxically, the distribution of dividends is also an image problem. An unwritten principle of equity markets is that a growth company does not distribute dividends cash advance. The rise of the action sufficient to satisfy the shareholder. The dividend distribution is restricted to mature companies who see their growth slowing. A dividend is a bad sign given to the market.

Consumer discontent

In fact, Microsoft has begun to pay dividends in 2003. Since then, growth has stalled. Cisco has committed to do that in 2010 and Apple, since Monday. They do that and constraints enforced. "On average, the stocks of companies in the S & P 500 offer a yield of 2 to 3%, is an analyst at Merrill Lynch. For Apple, it will be 1.8%. "Having a pile of gold is also a source of tension with the political. Between half and three quarters of reservations technology groups are located outside the United States and they will not repatriate cash because U.S. tax severely penalizes this movement. These groups of high-tech campaigning for abolition of this tax. But they are regularly criticized by American associations who wish to see them spend their money to create jobs in the U.S. and pay taxes in their home country.

Finally, consumers would be able to claim a share of the booty. If Apple has as much cash, it's because its products are very expensive and that its margins are buxom (44.7%). Consumers may therefore require lower prices.

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