Archive for the 'special' Category
Relief. Is the word that prevails today in all of world stock markets, after U.S. lawmakers passed this night finally put to an agreement on raising the ceiling on the debt. In the wake of the Asian stock markets, the benchmark index in Paris went on Monday morning from 1.28% to 3718.38 points, and gained further 0.84% to 3702.21 points in mid-session. Without emphasis, therefore, probably in May, the CAC 40 bounced finally, after losing 7.8% in July, of which only 4.4% over the last week.
Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.
After the relief 10 days ago on Greek sovereign debt, the second bailout should be voted on Monday by French deputies, optimism is therefore in the financial center of Paris. After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is not found in default of payment in the coming days.
According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars less, breathe new life in the United States on the forehead of the debt until 2013, after the elections presidential. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.
The reaction of rating agencies expected
On the other hand, no excessive optimism sustainable are to be expected in financial markets, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day. Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.
For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years.From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely adopted by the markets in the coming hours.
On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement. The euro was little changed at 1.443 dollar. The ounce of gold reperd some ground in 1614 Dollard.
In terms of oil prices were up on Monday in a market relieved by this agreement in extremis. A barrel of "light sweet crude" for September delivery gained 1.37 dollars to 97.01 even dollars in mid-day.
Macroeconomic side, investors will appreciate, at 11:00, the publication of a stable unemployment rate in the Eurozone in June to 9.9% of the workforce, according to EU statistics office Eurostat.The unemployment rate is now 9.9% for four months.
Manufacturing index to the lowest in Europe
Less good news, however, on the front of the growth of manufacturing, reflecting a sharp slowdown in July in the euro area, as confirmed on Monday the second estimate of the PMI purchasing managers, at its lowest level in a year and a half. The manufacturing PMI fell to 50.4 points against 52 in June, the company said that performs Markit index, confirming its preliminary estimate published in mid-July.
Overseas are also expected to 16h construction spending for the month of June, the ISM manufacturing index for July, which should appear in decline.
As for values to follow
Last week, the numerous quarterly publications were rather disappointing, adding to the nervousness of investors.The pace slows down this week, though are expected in the next three days the details of the interim bank shares.
After the U.S. agreement, the entire industry is also well oriented in mid-session: BNP Paribas gained 0.54% to 45.71 euros (the bank will release its results on Tuesday), Societe Generale s' awards 0.76%, to 35 euros (Wednesday results), AXA, 2.10%, to 13.38 euros, and Natixis, 1.51% to 3.22 euros on Thursday).
The Committee of French Automobile Manufacturers (CCFA) announced a decline of 5.9% of new car registrations in France in July, up 159,945 units sold. Sealed by the plunge of its brand Dacia, Renault sales were down 12.4%, but stock market, the title is better than the market (0.12% to 37.31 euros).This is not the case of Peugeot, which despite a more moderate decline in sales (-7%), displays one of the worst performance of the CAC 40 (-2.41% to 25.9 euros).
EADS (1.10% to 24.46%) announced this morning that the takeover from Apax Partners Vizada, a provider of communication services for 673 million euros, the second largest purchase of his history. The transaction will be financed entirely by cash.
Eiffage (0.52% to 38.36 euros) reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered down over the period.
Outremer Telecom (0.42% to 12 euros).A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.
EDF Energies Nouvelles (suspended) entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process. The listing of EDF Energies Nouvelles has been suspended following the July 21 filing with the AMF, a project by EDF squeeze.The withdrawal and cancellation of the shares of Euronext Paris EDF EN should be held no later than mid-August.
HSBC (3.95% to 7.10 euros) The UK bank listed in Paris, which will publish its results after market close for the first six months of the year, announced it would sell to First Niagara Bank near half (195 branches) of its retail banking activities in the United States. The transaction amount is estimated at $ 1 billion.
General Health (1.55% to 10.47 euros) issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher stays acute care.
Recylex (6.83% to 6.10 euros) on Friday issued a Revenue for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its lead recycling business thanks to the 16% increase of lead prices and increased sales volumes.
Air Liquide (2.55%, to 98.4 euros) the gas giant on Monday reported a 11% increase in net profit in the first half, to 750 million euros. It maintained its forecast a "steady increase" in net profit for the year.
Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period.
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Attention is on Monday that the PV for non-payment of parking up in all cities in France. Fines will now be € 17 instead of 11 euros, an increase of over 55%! According to the decree of the Ministry of Justice published Wednesday, July 27, 2011 in the Official Journal, the fine of 17 euros suppress "the non-compliance with paid parking," or "stopping or parking in a opposite direction to traffic. " It took about a year for MPs and government agree. Initially, the Finance Committee of the National Assembly had called for a more sustained recovery by adopting an amendment to the UMP Gilles Carrez, president of the local finance committee (LFC), carrying a fine of 20 euros to encourage drivers to have "virtuous behavior".Some elected officials suggested that limits the increase to 15 euros while the City of Paris had called for a penalty of 35 euros.
The government has finally won the decision by setting the value of what is familiarly called the "plum" at 17 euros. The announcement was made on February 8 by Baroin, then budget minister. This increase was long requested by local officials, who denounced a shortfall, either for PV or timestamps as revenues of the two to them. Record to justify this increase, the government put forward a rate unchanged since 1986 (75 francs or 11 online payday loans.43 euros).
"Measure of a pedagogical"
Pélissard Jacques, president of the Association of Mayors of France (AMF), a member of the finance committee of the National Assembly, who participated in this project.He explains: "The fact that there was no change for twenty-five years is extremely rare in the French political and economic landscape." According to the chairman of the MFA, this provision is twofold. First, it is a "measure of a pedagogical" since the price increase of the fine will again act as a deterrent, which was not the case for a long time with fines of 11 euros. Drivers prefer to park their vehicles without paying the parking meter by accepting the risk of being verbalized (although this is particularly common in large cities) because it exists in France a practice not to reprimand the same driver twice in the same day.
Second, the interest is "economic", since 53% of the total return of the fine to fund local government, while 47% accrues to the state.With these increases, the additional revenues are estimated at 36 million euros, given that last year the total proceeds of fines levied by municipalities for bad parking was 600 million euros (up 30% over 2009).
French hopes of a major Airbus order from American Airlines had started to be felt on June 30. An article in the Wall Street Journal announced an order in effect prior upcoming 250 aircraft from European aircraft manufacturer with the third largest global airline industry .*
These hopes were not disappointed. The official announcement has fallen American Airlines places order for 460 Airbus A320 aircraft with 260 and 200 Boeing 737. This is a record contract in the history of aviation from AMR. Even better, some 365 options on Airbus against Boeing's 100 for those raised. This is a turnaround in favor of Airbus fleet since the American company did not count any European aircraft since 2009."Airbus Boeing enters a pure client, there is a 'mix' Neo A320 and A320, which responds to the risk of cannibalization between the two devices," said Yan Derocles, an analyst at Oddo Securities.
The options are for delivery in 2025, while orders already confirmed will be made within two to eleven. So far, Airbus continues its momentum in the Paris Air Show. Indeed, in June, two historical controls had already been reached: the Malaysian company Air Asia going contract for 200 copies of the Neo-A320 for a total of $ 18 savings account payday advance.2 billion, while Indian IndiGo in seeking 150.
The A320 shares to glean Neo 737
Strategically, American Airlines hires a phase of renewal of its fleet and intends to reduce its fuel consumption.In fact, the company looks to new generation aircraft, whose engines are designed to consume a minimum of oil. Airbus, the A320 Neo meets this requirement and just walking on the toes of the Boeing 737 Next Generation, delivered since late 2010. Neo The A320 should be available by 2015. American Airlines will be the first U.S. company to deploy this aircraft.
However, the amount of the order was not disclosed, while the company saw the amount of its net loss increase during the second half of 2011, reaching $ 286 million more than estimated by analysts. In addition, the suspense continues as to the entire command must pass Air France KLM during the summer. She will choose only European aircraft? Stay tuned.
* Number of passengers / km, according to IATA.
The earthquake of March 11 in Japan can be seen in the accounts of the mobile phone manufacturer Sony Ericsson. Controlled equally by the Japanese Sony and Swedish Ericsson, the joint venture made a loss of 50 million euros in the second quarter, the first for over a year. Its turnover was also affected, falling 32% to 1.19 billion euros.
"The impact of the earthquake has had an impact on the supply chain and delivery of approximately 1.5 million product especially at the beginning of the quarter," said the Swede Bert Nordberg, CEO of Sony Ericsson. Its mobile phone sales declined to 7.6 million units. What Sony Ericsson should immerse the tenth largest in the world.
Already, the whole of 2010, the group had fallen to sixth place, because of Apple's breakthrough in the rankings, according to research firm Gartner.Then, in the first quarter, Sony Ericsson has continued its descent into hell to register for the ninth World manufacturers. The thrust of the champions of smartphones such as Apple, Samsung, Research in Motion, which manufactures the BlackBerry, and the Taiwanese HTC, very involved in the smartphone using Google's Android, partly explains the loss of land. However, even the American and Chinese ZTE Motorola went to Sony Ericsson.
Play the card Android
Xperia product line, totaling 16 million units, has been slow to be renewed, which explains the loss of land until the first quarter of 2011. However, recent losses do not affect the strategy of the joint venture. This is a "hiccup." "We do not change our goals, plans or anything.We see a great demand for our products and we approach the last two quarters in a very positive, "said the boss of Sony Ericsson. The focus on Android, the Google operating system for smartphones, the most sold in the world. Already 70% of its sales of smart phones, designed to connect to the Internet, are equipped with Google software. Sony Ericsson claims therefore about 11% of the global market segment. Bert Nordberg hopes to achieve, ultimately quarter sales of Google Phone in the world. But it does not specify when this should occur.
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The higher the debt crisis is intensifying and European gold is getting stronger. The metal price has risen late Thursday at a new record of 1594.45 dollars approaching the threshold of 1600 dollars per ounce, still supported by concerns about the debt crisis in the euro zone and the renewed nervousness around indebtedness of the United States. The metal is "overbought in a configuration that is generally followed by a phase correction with profit taking," said Alexandre Taurand, market analyst at XTB France.
Since early July, the Yellow Gold has gained nearly 60 dollars and grew by more than 2% in five days. A craze that is also explained by its role as a refuge for investors wishing to protect themselves against currency volatility, turbulence government bonds and inflation pressures persist.Since the beginning of the month, the disturbing news in the euro area accumulates. Standard & Poor's warned that a draft agreement between Greece and private creditors would be equivalent to a default under its criteria. On Tuesday, the working group to find a solution to save the country from bankruptcy said he did not exclude a more "partial failure" Greek. Moody's lowered the rating of Portugal and the eyes are now to Italy and Spain where the rates of bonds soaring.
Investors are not convinced by the ads of European finance ministers that provide control to prevent contagion. The latter said they were willing to increase the size of the Fund for financial help. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt. But nothing works.Tuesday again, plummeting stock markets in Europe reflected a continuing concern.
All eyes turned to Italy
"Unlike money, which is currently trading on the area of 35.50 dollars an ounce and is a turning point towards lower, gold is playing its role as a refuge and is one of few underlying advantage of the situation, "says Alexandre Taurand.
In his view, two scenarios are emerging now for the precious metal, "If the price settles above the area of 1547.11 dollars, then maybe we would pause in the middle before a new upward impulse to try re-cross the area of 1557 dollars per ounce. In the event that the price of gold were to fall below the 1545 dollars, then we would have a target level of support for 1541 dollars, "said he.But can not decide yet, "there are a lot of uncertainty. Investors are focused on the Italian austerity plan (on which Parliament must decide by by the summer break, ed.) They also monitor the situation in the United States with the vote on the debt ceiling to be held by 2 August. "
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Christine Lagarde keeps its promises and thus confirms the rise of China on the international economic and international. The new executive director of the International Monetary Fund (IMF) has appointed a Chinese Zhu Min, the Director-General, a third managing director created for the occasion. It will work well alongside a Japanese and an American. The Chinese were far special adviser to Dominique Strauss-Kahn.
At age 58, Min Zhu has a strong resume: he went through the World Bank, the Central Bank of China and Bank of China business establishment. He "brings a wealth of experience in administration, politics and international financial markets, but also strong leadership skills and communication, and an understanding of institutional funds, Christine Lagarde said in a statement.In his capacity as Executive Vice President, he will play a decisive role in our work, in collaboration with other members of my team and myself. "
Elected by the unit of European leaders and the agreement of the United States, Christine Lagarde has focused during his campaign for the highest office of the IMF to receive the support of emerging countries. The latter, in much better shape economically developed countries, intend to carry more weight in the decisions of the IMF, busy to participate in rescue of Greece, Portugal and Ireland.
An Obama adviser appointed
To secure the support of China (3.82% of votes in the IMF), the former French Minister of Economy visits in Beijing, hinted that it could appoint a Chinese by his side.At its inaugural press conference, she said she would continue the policy of his predecessor, Dominique Strauss-Kahn by giving more weight to emerging within the Fund.
Christine Lagarde has not forgotten the former shareholders of the Fund, namely the United States, which were the key to his appointment. She announced that David Lipton, an economic adviser to the White House, take over from his compatriot John Lipsky as Director General."Combining international expertise, experience in public policy and private sector and a strong track record in managing economic crises, David brings to the Fund's long experience in the design of policies and negotiating skills," said Christine Lagarde said.
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Tuesday, July 12 at 20:45, Stéphane Rotenberg will kick off a "Dinner almost perfect: the best team in France." "This is a series of bonuses for daily works so well, says the leader. We combine the two best candidates to represent their city. This sometimes creates dissension or complementarities. They are fans so it's very far from "Top Chef", but represent his city, this is not the same issue as to represent himself. "
Usually released in late afternoon, the program is available in the evening for the third consecutive year. In 2010, the "Battle of the regions" had attracted an average 2.9 million viewers and 13.2% audience share With the second part of the evening between the candidates for known chefs, who rise up to 40 % market share. "The goal is to repeat the same … if you can!" Smiled the host.In a TV landscape shaken by the appearance of TNT, the erosion of audience is indeed the common lot of most programs. And "Beijing Express", the sixth season ended on July 6 M6 and also presents Stéphane Rotenberg, is no exception to the rule. On average, 2.7 million of the faithful have watched the program this year, 12.7% audience share. "Only 3% of the point of hearing in less than two years ago," Beijing Express "is one of the programs that have best resisted, supports the presenter of the program launched in 2005. With three million members and 14% market share for the final, it is also not very far from our scores there are two or three years, when there were six major channels. And at the candidates, the enthusiasm is still there, since we have already received 20,000 applications for next season. "What convinced the chain of command a new season, and allow the facilitator to reflect on the development of the program. "But we do not revolutionize the program, he says. The challenge is to be creative to surprise, while reducing the budget. "
Starting Agathe LeCaron Top Chef
The show, produced by Studio 89, sometimes receives support from Red Mountain, the production company that Stéphane Rotenberg created in 2006. This example has co-produced the second part of the evening of the show ("Peking Express, The Adventure Continues"). "I know the fragility of the trade facilitator," concedes one that started as a journalist, "so I always wanted to have a second business, behind the camera yesterday and today as a producer." Red Mountain has also produced for the TNT (NRJ12, W9).Thirty-six issues of "Fast Club" were commissioned by the subsidiary of M6 for next season and new episodes of "Convoys to the extreme." With 5% audience share on average and regular spikes in excess of one million viewers, the show imported from England is among the highest ratings of the channel, and TNT. This year, Stéphane Rotenberg has also produced a dozen documentaries for 80 minutes NRJ 12, and is confident about new collaborations. "Working for TNT is not exceptionally profitable, says the producer. What is certain is that the host earns a living as best production company. " Then he nuance: "In the past, producing for TNT was the limit of volunteering. Today, these channels give more and more money because they have more public. They are more ambitious. "
A third season of the program of culinary competition "Top Chef" is on track, despite a question mark on it to replace LeCaron Agathe, the co-presenter of the show which will leave for France 5 in September. "That destabilizes a large chain programs, but we'll find. Moreover, even if there is real competition with "Masterchef" on TF1, I think it is now regarded more as a leader in this field. "
The U.S. stock markets, should the open down on Wednesday. Future of Standard & Poor's 500 and Nasdaq 100, respectively, in fact retreating from 0.24% to 1333.50 points and 0.14%% to 2368.75 points. Tuesday, Wall Street ended the session in a disorganized manner. The Dow Jones lost 0.1% to 12,569.87 points while the Nasdaq 100 has been 0.35% to 2825.77 points. For its part, the broader index S & P 500 yielded 0.13% at 1337.88 points, in a low volume of trade.
Lowering the debt rating of Portugal four notches by Moody's is expected to weigh on investor sentiment on Wall Street.The rating agency has no confidence in the program "ambitious" in the words of the new government which includes to reduce the country's deficit from 9.1% to 5.9% this year, and 3% of 2013, and believes it is likely that Portugal needs a new aid in addition to 78 billion decided last May.
Also on the front of the public finance crisis in Europe, major international banks and insurers have an appointment in Paris today to discuss again the terms of their expected participation in the next plan of aid to Greece.
On the foreign exchange market, the euro fell sharply against the dollar on Wednesday, weighed down by renewed worries about the economic health of the most fragile countries in the euro area.Around 11:00 in Paris, the single European currency was worth 1.4359 dollars against 1.4418 dollars late Tuesday.
Warren Buffett eye on the activities of consumer credit from Citigroup
On the macroeconomic front, investors will be watching in the U guaranteed pay day loans.S., the ISM index of activity in the service in June in 16 hours and the weekly inventory of crude oil after half an hour.The main highlight of the week, however, is expected Friday with the employment figures.
The side of values, the U.S. investor Warren Buffett, through his holding company Berkshire Hathaway, is in line to take over the activities of consumer credit offered for sale by the bank Citigroup, the Wall Street Journal said on its website.
According to the Wall Street Journal, the micro-blogging site Twitter is finalizing a new round of finance which would raise hundreds of millions of dollars and the recovery to $ 7 billion.In December, Twitter announced that it has raised funds "important" from a group of investors who, according to a news site dedicated, focused its total value to about $ 3.7 billion.
Also note, investment banks Goldman Sachs and Morgan Stanley announced Wednesday it had placed with private investors 9.16% of Spanish giant Amadeus travel bookings, to 569.9 million euros.
In addition, DST Systems has announced the acquisition of IntelliSource Healthcare Solutions, a solutions provider operating in the field of health insurance. The terms of the transaction were not disclosed.
For its part, Pfizer has reported positive results for the phase III study conducted in Japan on Lyrica (pregabalin) for the treatment of fibromyalgia.
The debt crisis has blackballed two governments in Ireland and Portugal, and the list is certainly not closed. The damage is more severe on public opinion because they take a nationalist turn. In Germany, almost one in two voters, according to a recent survey, calls for the release of Greece to the euro area. Last month, the Bundestag voted by a majority of only ten members agreed to a new aid plan in Athens. Chancellor Angela Merkel has obtained such authorization on the express condition to require private investors to make "a fair contribution" to the bailout.
Unexpectedly, the debate on financial solidarity in Europe tends to resurface interregional strife. And paradoxically it is in federal countries like Germany or Belgium, the tensions appear more vivid.The euro zone should not lead to "a union transfer," insists there be beyond the Rhine. "Greater integration will not remove economic imbalances. No one knows this better than the Germans who had a similar experience there are almost twenty years during the realization of monetary union between the two Germanys, "says the weekly Der Spiegel in its edition of June 20 The Germans continue to pay until 2019, a special tax called the "Soli" (Solidarität), which has already cost 187 billion euros.
Euroscepticism in the richest regions in Europe
In Belgium, a country Europhile if any, the antagonism between Flanders and Wallonia reaches new levels. The two communities are unable to agree to form a government, the Prime Minister, Yves Leterme, is reduced to administer the routine business since April 2010.Experts struggle with blows of figures to assess the transfers flowing North Flemish Francophone south. They represent an annual 11 billion euros, according to the Flemish Institute of economy and society (Vives). False, answer the French, with this basic argument: Belgium charges taxpayers in their homes and not where they work, as recommended by the international law. If this standard was followed, Brussels, attached to the French-speaking area, recover 4 billion euros of income tax.
Euroscepticism would it be more marked in the richest regions in Europe? This is clearly the case in Italy: Northern League campaigned for the prosperous regions of the Po Valley found a form of independence political-administrative and fiscal, while maintaining the strongest prejudices vis-à-vis the euro no fax pay day loan.
Not so in contrast to France.Regional differences are however not lower than in the rest of the continent but they are resolved in a more gentle. And the Ile-de-France, and its ten million inhabitants, it is by far the most productive region of the hexagon: it polarizes alone 29% of GDP, gross domestic product of the country, but represents only 22% of the income of the French (according to figures from INSEE). The explanation for this defect is simple: on one side, 7% of payroll companies Ile-de-France are paid to employees who live outside and conversely only 14.5% French pensioners living in the Paris region.The latter is losing both ways: a significant portion of its revenues from production escapes and receives limited resources from the inactive, who prefer other lands.
Centralism French or German federalism
He welcomed such an "invisible circulation of wealth" between the territories of the Republic, in the words of happy economic geography Davezies Laurent. The Limousin and Corsica can be very productive while enjoying relative prosperity, thanks to the mobility of the French who will spend their vacation or retirement. These contributions and income of private individuals play a more fundamental transfers of public money themselves. "Similarly, the savings is in the province and bank credits in the Ile-de-France, but these movements do not create real problems protest across regions.This is probably due to mixing of populations: from birth to retirement, through studies and work, the French used to change the place throughout their lives, "noted Jean-Luc Biacabe, Director of Foresight to the Chamber of Commerce and Industry of Paris.
Often criticized for its lack of centralization and autonomy of its regions, France is she a model of harmony for its neighbors? The Germans, because of their culture of federal government, are much more aware that the French fiscal federalism in the euro area is currently in practice be established. The Bundestag is alarmed by the German contribution to the European guarantees of financial stability, to 123 billion euros. The National Assembly does not seem moved by our share, yet the same magnitude because of the weight savings (three quarters).In Germany, it continues to quote the formula of Ernest Renan, 1862, "A customs union is not a nation." In Paris, the euro is considered the homeland.
From our correspondent in London
British Prime Minister David Cameron faces his first big Thursday-day strike in the public sector as opposed to pension reform. Approximately 600,000 employees of which a majority of teachers and members of the Border Police should follow suit, causing the closure of thousands of schools in the country and major disruptions at airports.
Trade unions in the public protest against the passage of the retirement age for all staff to 66 by 2020 (it was already 65 years for men and 60 for women) and against the increase in taxes for pensions.
"This will be the biggest social movement since the general strike" of 1926, promised Dave Prentis, general secretary of Unison, the largest union of public service.The country will certainly not be stopped during the great miners' strike of 1926 since the work stoppage will last only twenty-four hours and will not be extended. However, the subject of pensions involves all teachers.So much so that for the first time in 127 years of existence, the union moderate the association of professors and teachers in higher education (ATL), which has many contributors in private schools in the UK, called on its members to participate in a work stoppage at the national level.
800,000 new employees in Blair
During the session of questions to Prime Minister on Wednesday in the House of Commons, David Cameron said "there was no justification to strike as negotiations are still ongoing with the unions guaranteed fast personal loans." But the discussions last minute held Monday at Whitehall with the union representatives were far from successful.The Chancellor of the Exchequer George Osborne is absolutely not ready to make concessions on a reform he described as essential to provide the balance of the pension system, weighed down by the recruitment of 800,000 new staff under Tony Blair . The Ministry of Finance has estimated 10 billion pounds (11 billion) the cost to taxpayers of a postponement of the pension reform.
The austerity is, indeed, the slogan of the coalition led by the Conservatives with the Liberal Democrats since last year. The goal that David Cameron has established with the support of the Deputy Prime Minister Nick Clegg is to eliminate substantially all of the public deficit by 2015, making 81 billion pounds of budget savings over the period.The drastic reduction of public spending is accompanied by a wage freeze for two years and the removal of more than 300,000 jobs in the public service. The main public service union, Unison, has not joined the social movement Thursday, for procedural reasons but promised a seamless mobilization of its 1.2 million members in July and next fall if the government made no concession.
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