All World

The ongoing negotiations to prevent an outright collapse of the euro area will lead, if successful, the definition of a new European balance. It will then explain to the French. What lies there, in fact, behind the formulas often repeated by Nicolas Sarkozy of "convergence Franco-German" or "greater European integration"? First of all a European circles, the first being composed of 17 members of the euro area. Second, a more integrated Europe, where intergovernmental bargaining outweighs the Community method, the latter being relegated to the role of implementation and technical body.

Before the French, Nicolas Sarkozy will decide maybe not the word federalism, because it means a loss of sovereignty that they do not approve.Polls show they are committed to the euro – are 77% want to keep the single currency, according to the latest BVA poll for BFM / Challenges / Avanquest. But other surveys indicate that about two out of three French are not ready to "more integration". The ridge is close to the head of state for several months defending the prospect of a further step towards more integration.

"Bargaining"

It should engage in this exercise in front of the French education before or after the European Council of December 8 and 9, as a great speech that will trace the contours of France in the Europe of tomorrow. "Europe must rhyme with protection, not with globalization in the eyes of the French," says William Peltier, a member of the UMP, and patron of the Letter of opinion.

In one day, the U.S. national debt has grown from 55.8 billion. Results on Tuesday it reached 15,033.6 billion, according to the U.S. Treasury Department. She is now 99% of GDP forecast by the White House for all of 2011.

This debt had crossed upwards the threshold of 10 000 billion in September 2008. Since then, the United States earn one trillion additional debt every seven and a half months on average. Pace violently denounced by the Republican opposition accusing President Obama of being solely responsible.If nothing comes of these discussions before November 23, the law provides for the automatic implementation, from 2013, cuts in government spending, divided equally between defense spending and the remaining costs.

Pessimistic, the International Monetary Fund (IMF) said in its latest "monitor public finances" dated September, the public debt of the United States would reach 100% of GDP at the end of the year, 105% in 2012, and continue to increase up to 115% in 2016.

ALSO READ:

"Obama addresses the U.S. budget deficit

"United States: flaws in the plan of the last hour

The Paris market takes a few colors on Friday. In this holiday, where the activity is reduced, the CAC 40 was up. In mid-session, the index rose 0.65% to 3084.49 points after opening up 0.21%. Yesterday, he finished down slightly. In Frankfurt, the DAX index also advanced 0.96% to 5923.95 points while the FTSE-100 in London gained 0.49% to 5471.75 points.

Investor sentiment is supported by advanced this week in the eurozone. Management of public finances in Greece and Italy, two countries that focus on crisis fears of European debt, will change hands. In Greece, Lucas Papademos, former Vice President of the European Central Bank (ECB), has been appointed head of a government of national unity. In his first statement, he said that the euro is a "guarantee of monetary stability online payday loans."The United States and reported a reduction in trade deficit while new jobless claims fell to their lowest level since April. This morning, Asian stock markets were also in the green. In Tokyo, the Nikkei closed up slightly from 0.16% to 8514.47 points.

The AMF opened an investigation

The Financial Markets Authority (AMF) has announced the opening of an investigation after the blunder of Standard & Poor's last night, the rating agency has mistakenly sent a message indicating a degradation of the triple A French before denying the information two hours later.

On the currency markets, the euro has regained some ground. The European currency changes above $ 1.36, above the low of 1.3484 in one month.

Debt crisis: the hope of a European agreement yet repelled

The first pieces seem certainly find their place. But the puzzle is far from complete. The Europeans have agreed on strengthening the capital of their banks, with a budget of up to 100 billion euros. Nicolas Sarkozy was also close to Angela Merkel on the future arsenal EFSF, after a frank discussion in Frankfurt. But there is so much more to do before finding a complete agreement, most detailed and validated by the whole euro area. That is why the French President and German Chancellor confirmed on Thursday night, the sounds that had run all day: a second summit of Heads of State and Government held "no later than Wednesday," after that of Sunday. In addition, Sarkozy and Merkel will meet on Saturday night in Brussels to prepare its crucial deadlines.This new adjustment schedule confirms that markets foresee that this time, European leaders are no longer allowed to make mistakes. The first tangible plans must begin to blur out that night, after a first closed session of the seventeen ministers of finance of the euro.

Recapitalization of banks

In the preamble, the bloc cleared the table of a bulky dossier. They agreed on the recapitalization of banks weakened by the crisis, two months after the IMF has sounded the alarm. The bill, estimated at between 85 and 100 billion euros, less burdensome previously announced. It should allow banks to increase to 9% of their capital ratio "hard" a recognized strength. To achieve this, banks will first use their private shareholders, and if necessary of public funds bad credit payday advance. The EFSF intervene as a last and final resort.Uncertainty remains about the date of implementation, 2012 or 2013.

On Thursday, Paris and Berlin have also tried to dispel the misunderstanding about the previous meeting on Wednesday between the President and the Chancellor. The stakes: the future modalities of action of EFSF and the famous "leverage" critical piece of the arsenal to stop the European debt crisis and prevent contagion.

The German Finance Minister Wolfgang Schäuble ensures that the two capitals are in fact "in total agreement." But he hastens to add that there is still no agreement at European level. French side, it was confirmed by noting that if there is a discrepancy, it is rather with Spain and especially Italy.In Brussels, witnesses of the appointment of Frankfurt continues to describe "a cold atmosphere" between Nicolas Sarkozy and Angela Merkel, barely warmed by the announcement of the birth of the president's daughter.

To further complicate the picture, the Greek press spoke of a setback yesterday on what promised to be the easiest section of the summit: the release and payment of EUR 8 billion international loan in Athens. The European Union grows. But the IMF question the ability of Greece to address its long-term debt without the involvement of Europeans more convincing.

ALSO READ:

Investing in a student residence

For two years, investment in student residence has regained color, thanks to the encouragement of the state. But this should not last because the draft budget law for 2012 provides the tax benefit to plane provided by the device Censi-Bouvard. 18% today, the tax reduction will be reduced to 12% next year. A bad blow to student housing. "We feel the need for housing to 250,000 and this measure goes against the will displayed by the government to double the park students, said Philippe Josse, General Manager at Bouygues Immobilier France accommodation. It seems desirable to distinguish between corporate residences, tourism, nursing homes and students and to encourage investment in priority. "Meanwhile, Jean-Philippe Bourgade, CEO of Bouwfonds Marignan, remains serene."We must not dramatize and expect a decline in business because, anyway, it will be built to meet the needs, he says, the market is healthy to five years. We have done an excellent year in 2010 and 2011 should also be a good year, especially as sales are accelerating. "It is a fact, like last year, investors expect the decline in tax cuts .

Those interested now they still have time to buy and enjoy the scheme Censi Bouvard-current? "Of course, exclaims Jean-Philippe Bourgade, the offer still exists," It is also necessary to achieve the sale by the end of the year. "Considering that the deed of sale requires time and a half months, investors have until mid-November to engage," says Philippe Josse.If the investor has the status of renting dwellings unprofessional (Leaseback), the device will be Bouvard Censi-acquired and will give him until 31 December, a tax reduction of 18% on the amount of its investment (HT), reduction spread over nine years, subject to a ceiling of 300,000 euros. Since the signing of a commercial lease, the investor is also entitled to recover the VAT at 19.6%. Provided he keeps his property for twenty years. Otherwise, the IRS will not hesitate to claim his due in proportion to the missing years.

Nevertheless, this type of investment must be carefully considered.For if it can reap tax savings, it also implies constraints.

Investing in a student residence is to buy a home in a building designed for student life, with only small areas (studio, 2 rooms maximum) and provided with services to facilitate the lives of occupants: reception, cafeteria, laundry room study, recreational areas … The entrance ticket is modest, about 80,000 to 100,000 euros for a studio from 18 to 20 m².

The investor undertakes commercial lease of at least nine years to rent a well furnished and to entrust the management to the operator of the residence which will then sublet the property and rental income to pay the investor.Care must be taken when the load distribution and quality of the operator.

ALSO READ:

"The student housing still difficult

"Housing, the main concern of students

"Creating a label for better student housing

"Can we still easily rent a furnished accommodation?

"A room tax of good

SERVICE

"Loan Insurance: Reduce the cost of your credit with cplussur.com

Wall Street resumes height

The day after a session in the red, the U.S. stock markets end up the way to higher Tuesday. In early trade, the Dow gained 0.37% to 11,446 points, the Nasdaq advance of 0.45% to 2625 points and the S & P is 0.40% to 1209 points.

The progresison remains very cautious. U.S. operators, like their counterparts in Europe and Asia, remain very concerned about the issue of sovereign debt in Europe. They fear a contagion to other countries considered fragile in the euro area.The decision of Standard & Poor's lowered by one notch to "A +" to "A" note of Italy, due to low growth prospects, has just added to the failure of the meeting this weekend of European Ministers of Finance have failed to agree on a new loan to Greece, still under the threat of default.

The question of the future of Greece will remain central today. In Athens, after an initial conference call Monday night, a new meeting between the Greek Finance Minister Evangelos Venizelos and representatives of the troika of the country's creditors, European Commission, European Central Bank and International Monetary Fund, to be held tonight . Their verdict depends on the payment in October of $ 8 billion from the loan made last year in the euro area country and the IMF.Manna vital for the country to the brink of bankruptcy.

Pending around the Fed meeting

Hopes for recovery of the market, worried about the economic downturn hitting the United States and Europe, are now placed in the meeting of the Federal Reserve (Fed) which starts today and will end tomorrow.

The fears are in fact more and more vivid on the other side of the Atlantic, where Barack Obama announced a plan to further reduce the deficit of 3000 billion Monday, financed half by an increase in taxes for the rich, did not produce any relief.

On the macroeconomic front, the U.S., housing construction has increased its decline in August, falling to its lowest level since May, according to official figures published Tuesday in Washington.

Mergers and acquisitions continue

The side of values, the French computer group Bull and American Technologies CA (0.09% to 21.24 dollars) Tuesday announced an alliance to facilitate the switching of heterogeneous enterprise IT infrastructures to the Internet and the "cloud" ( cloud computing).

The Internet giant Google (-0.10% to 546.12 dollars) bought DailyDeal, German site group purchasing established in 2009 business cards design. Google, which offers this service for U.S. consumers, seeking to expand its presence outside the United States to reach the largest number of users and compete with its rivals in the field as Groupon.The amount of the acquisition were not disclosed.

The U.S. stock market watchdog, the Securities and Exchange Commission (SEC) encourages U.S. companies to transparency regarding their income abroad, reports the Financial Times. The SEC, which has made this his new battle cry, drew particular groups such as Dow Chemical (-0.73% to 27.54 dollars) or Caterpillar (-0.28% to 84.36 dollars) share more information with investors.

After the close of Wall Street, Air Products (0.10% to 81.66 dollars) has announced a new share repurchase program of $ 1 billion.

The mergers and acquisitions also continue to multiply.According to reports the Times, Blackstone (-0.45% to 13.26 dollars) would buy with Prestige Brands of America (-0.73% to 9.46 dollars), a portfolio of non-prescription drugs worth £ 2 billion, owned by GlaxoSmithKline (0.07% to 41.54 dollars).

Jazz Pharmaceuticals Inc. (0.90% to 44.13 dollars) and Azur Pharma Ltd. (will merge to create Jazz Pharmaceuticals Plc, a pharmaceutical company based in Ireland and listed on NASDAQ.

Also in the pharmaceutical sector, Varian Medical Systems (1.16% to 53.05 dollars) will buy Calypso Medical Technologies, a company specializing in monitoring tumors during operations radiosurgery and radiotherapy for $ 10 million and contingent payments.

However, ConAgra Foods (0.21% to 23.44 dollars) withdrew its offer of Ralcorp Holdings (-0.23% to 75.06 dollars) due to "lack of constructive dialogue with Ralcorp."

Others are preparing to pass the act as Home Properties (-5.61 to 58.70 dollars) will conduct a capital increase of 5.25 million additional shares to finance "its external growth and new real estate development projects. "

Also note, a Court of Appeal in the United States lifted a court order blocking the payment of compensation of $ 18 billion by Chevron (-0.69% to 98.03 dollars) for environmental damage in the Amazon.

In addition, three complaints were filed against IBM (+0.11% to 173.32 dollars) from the European competition authorities, including one by a French company, have been abandoned, it was reported on Tuesday the European Commission.

Darty advantage of the web to gain ground

Darty seems to have found the parade. In France, the company has "re-recorded a performance superior to the commercial market," said the British parent company Kesa. In other words Darty has taken market share from its competitors. And thanks to strong growth in sales darty.com, which rose by 18%. "This growth is profitable," said Thierry Falque-Pierrotin, managing director of Kesa. The website, which became commercial in 1999, now accounts for 12% of the turnover of the group. Globally, sales of Darty fell 3.7% between early May and mid-August.

"The beginning of the year was difficult," says Thierry Falque-Pierrotin. Involved, the lack of major sporting event like the World Cup football last year which had boosted sales of televisions. "Conditions should remain still difficult for some time," added the CEO.According to GfK, sales of consumer electronic products fell 11.3% in the first half in Western Europe.

The distributor hopes to continue to succeed at the game perfecting his model. "We are professionals and will further improve in-store assisted sales and other services. We install, for example, listening zones in our stores to test the helmets, "says general manager. The company is also continuing successfully its growth in the kitchen. Market entry in 2007, Darty offers these products in 21 stores of 223 and plans to do the same in another 11 outlets by the end of the year. "As in our other segments, we want to offer good price and good service in the kitchen. This strategy has already allowed us to gain market share ", says Thierry Falque-Pierrotin.

Banks back into the market turmoil

The respite will not last long: after a week of relative calm, the European banking sector has again stumbled in the stock market Monday. Britain's RBS, French Societe Generale, Deutsche Bank or German for example, have dropped out of respectively 12.32%, 8.64% and 7.53%. Even the champion of Frankfurt stock exchange now weighs less than half its book value! This increased tension is supplied from Friday with a new bundle of anxiety on the macroeconomic front. Investors fear that gives that summer debt crisis in Europe and the United States against a backdrop of slowing growth, worsening. The European foot-dragging on the Greek case illustrates the difficulty of political reassurance. Terms of private sector contribution in the second rescue of Greece, to be completed at the root end of August and early September, and still raises many questions.The debates are multiplying on the accounting treatment of such assistance, and the right level required for impairment of securities Greek, while the economy sinks further into crisis.

200 billion euros in recapitalization

Asked about the idea of ​​requiring banks assessment of sovereign debt in the market, the CEO of Deutsche Bank, Josef Ackermann, said Monday that "it was forcing an open door to say that many banks Europe would not survive. " Especially since the doubts about the ability of Italy to keep its austerity plan and that of France to absorb a succession of shocks without further tighten the screws are becoming more vivid.The CDS on the two countries, these insurance policies that protect a non-payment, Monday reached a record high.

Under these conditions, the crusade of the new Executive Director of the IMF, Christine Lagarde, against the underfunding of the European banking sector is gaining credibility. According to the Financial Times, its equipment valued at 200 billion euros on equity gap for the entire industry. The chairman of BNP Paribas, Michel Pebereau, said Monday: "The stress tests in Europe (…) suggest that it is not so obvious that today the European banking system as a whole may need to be recapitalized.Some banks, no doubt. "Boss BPCE, and past president of the French Banking Federation (FBF), François Perol, said he did not think" that (statement of Christine Lagarde) was referring to French banks. "

On the other side of the Atlantic, the signals are no more reassuring. The disappointing U.S. employment published Friday that result in maintaining a high unemployment rate to 9.1%, have cast a chill on the market. The same day, Washington expressed its willingness to prosecute seventeen banks for selling its agencies refinancing, without the correct information, asset-backed mortgages, subprime. The legal battle casts a new threat to the sector.

The Cac 40 widening losses

The day after a session sharply higher on Wall Street and in Asia, the Paris market continued its rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Paris Bourse was awarded 1.22%. But at midday, the CAC 40 is pressed into the red (-0.40% to 3141.62 points) with shortness of breath and banking stocks before the release of major U.S. indicators.

Meanwhile, the announcement in late morning, a confidence index of entrepreneurs and consumers in the euro area fell sharply in August may have contributed to this turnaround.Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.

The business sentiment index in the euro zone, published separately by Brussels, also fell for the sixth straight month to $ 0.07 against 0.44 points in July.

Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the front of the foreign exchange market, the euro fell slightly against the dollar, below $ 1.45, to 1.4392 dollar.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire.The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas was down 0.45% in mid-session at 34.24 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.

When asked, BNP Paribas said that it had "pre-funded its exposure to Greece in full agreement with its auditors and the competent authorities, according to the plan drawn up by the Union on July 21" to help Greece, according to a spokesman .The bank had said on August 2 had provisioned 534 million euros to compensate for lost value of Greek bonds.

For its part, the CNP said it was "in line with the agreement of July 21," which provided the threshold of 21%, "validated by our listeners no teletrack payday loan."

Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.

Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.

Are also expected in mid-day figures for business failures.

Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (0.45% to 14.41 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars.Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating. Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (8.62% to 24.05 euros) announced revenues up 5.3% in the first half.He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

Hermès International climbed 1.86% to 263.35 euros before preparing to publiecation on Wednesday, excellent interim results, widely anticipated by the market after the increase last month by the group's growth forecasts sales and profitability. From January to June, sales of luxury brand famous for its bags and silk scarves were up 22% to EUR 1.3 billion, more than expected by analysts, according to data released in July .

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

ALSO READ:

"The Cac 40 erases its losses the last two sessions

"Wall Street continues its rebound

Wall Street ends on a rebound after Fed speeches

A disappointment, yes, but short-lived. After opening down moderately, Wall Street initially widened its losses after the speech, as expected, Ben Bernanke. This involved the measurement of the Fed to support the U.S. economy at annual meetings of the Fed's Jackson Hole (Wyoming). But the New York indexes were quickly taken: at the close, the Dow Jones gained 1.20% to 11,283.17 points. The S & P 500, wider, takes 1.49% to 1176.57 points. The Nasdaq dominated by technology advance on its side of 2.47% to 2479.44 points. Over the whole week, the Dow gained 4.3% and the S & P 500 4.7% and the Nasdaq 5.9%, reversing some losses last week.

The Fed chairman did not communicate further decisions to boost growth, leaving the possibility of a new monetary easing later.Yet he managed to reassure the markets by stating that "the foundation of growth" were still there in the United States. "It is clear that the recovery after the crisis was much less robust than we had hoped," he acknowledged, however,

He also announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money. Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

Just in Europe, the indices sank after the speech of Ben Bernanke: The CAC 40 ended the session on a drop of 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%.Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke. This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

As for currencies, the euro is regaining ground against the dollar after the speech of Ben Bernanke. To 22h (French time), the European currency was worth 1.4486 dollars against 1.4378 dollars on Thursday night.As for the oil markets, U.S. crude oil ended up slightly, and snapped a series of four weeks of losses. Since Monday, oil gained 3.11 dollars or 3.78%. On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of 7 cents to 85.37 dollars baril.Dans the same time, Brent advanced 0.61%, or 68 cents to 111.30 dollars.

Wall Street should open normally by Monday morning as Hurricane Irene is expected to reach the East Coast of the United States this weekend. The New York Mayor Michael Bloomberg on Friday ordered the mandatory evacuation of more than 250,000 New Yorkers living in vulnerable coastal areas before Saturday 17 hours. "We intend to be open for trading Monday.We have a device to respond to such events, to the market to function while ensuring the safety of our staff, "said a spokesman for the New York Stock Exchange AFP.

Values ​​of the day

On the corporate side, Madison Square Garden (1.31% to 23.14 dollars), Frontline (-0.15% to 6.47 dollars) and Royal Bank of Canada (-2.69% to 49.89 dollars ) must be published.

Tiffany (9.35% to 69.01 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars. (Consensus: 3.56 dollars per share).

HollyFrontier (7.17% to 70.73 dollars) has reported a dividend increase of 17% to 8.75 cents.MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (9.31% to 8.57 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Boeing (-2.78% to 62.80 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation.The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.