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Livret A: withdrawals exceed deposits

This is a first since early 2010. In the month of May, the French have spent more money on their livert A investor.

According to the Deposit and Consignment Office (CDC), withdrawals exceed deposits were $ 310 million. Net inflows (deposits less withdrawals) remains positive on the first five months of the year of 2.49 billion. In late May, are deposited on the Livret A, held by 50 million French people, amounted to 187.4 billion euros.

For its part, the booklet Sustainable Development (LDD) has seen its assets (deposits) to fall by 460 million euros in May

The rate of the Livret A, which is the same as LDD, is blocked since 1 August 2009 to 1.25%, the lowest level since its inception in 1818. However, it should be increased to 1.5% or 1.75% on 1 August, as announced by the Minister of Budget Baroin.

Even increased, the rate will remain below the 4% achieved two years ago.

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The United Kingdom wants to eliminate its deficit in 5 years

The British government announced austerity cure the biggest since the Second World War. The measures announced thus leave little room for surprise. On Tuesday before the Parliament, the finance minister George Osborne has announced that his government had a deficit of 1.1% in 2015-16 against 10.1% this year. This means that the deficit would increase from 149 billion pounds in 2010 to 20 billion in 2015/16.

To achieve this objective, the minister calls for reducing departmental running costs of 30 billion pounds per year by 2014-2015. The expenditure review will be presented to Parliament on 20 October. The salaries of public servants will be frozen for two years.Similarly, net borrowing of the state are scaled down to 149 billion pounds this year, six billion less than expected last week by the Office for Budget Responsibility (OBR), the new independent oversight body budget. The net borrowing should be reduced to 116 billion pounds in 2011-2012 to 89 billion in 2012-2013, then gradually to 20 billion in 2015-2016.

Among other measures announced: an increase in VAT, which will be increased to 20% from January 4, 2011, against 17.5% currently. "By the end of the mandate of the current Parliament, this measure alone will bring more than 13 billion pounds per year of additional revenue. This is 13 billion pounds that we will not find a reduction in spending or a tax increase on income, "he said. The tax on capital gains will also spend 18% to 28% from midnight.

The government also plans to raise the legal age of retirement at age 66. Similarly, a decline of social protection spending is projected to save 11 billion pounds by 4-5 years.

Tax on banks

In addition it will create a tax on banks apply from January next year to British and foreign institutions. This new tax will be calculated on the basis of the balance sheets of banks and mutual groups and British subsidiaries of foreign banks' local payday loans for self employed. "Once fully in place, we expect that the tax will generate more than two billion pounds of annual revenue," he said. The Alcohol, tobacco and fuel will not be taxed.

Changes are also in the agenda on taxes.George Osborne announces plans to cut one percentage point per year for four years the corporation tax to bring it to 24% against 28% currently. "This will give us the lowest rate of major Western economies and the lowest rate of G20," he added. Tax relief for 23 million taxpayers paying the lower tax bracket (20%) will be increased by £ 1,000 in April 2011, allowing them to save 170 pounds each. "The burden" will be "fairly shared", according to the minister.

Growth revised downwards

This budget "emergency", described as "inevitable", will impact on growth of the United Kingdom. The British economy should grow more slowly than expected due to fiscal consolidation. Growth in 2011 is revised downwards to 2.3% in 2011 against 2.6% expected by the OBR.But the minister provided an acceleration thereafter: 2.8% in 2012 and 2.9% in 2013.

"We are on track to reduce debt and achieve a structural budget balance by the end of this legislature, George Osborne promises.

Rejection of the Euro

George Osborne in the wake on Tuesday announced the dissolution of the service of his department who was assigned to work on a possible accession of the United Kingdom to the euro. "I can confirm that, as stated in the coalition agreement, this government will not adopt the euro during this Parliament.So I put away the Treasury Department responsible for preparing for the euro, "he told the House of Commons.

The new government combining conservative and liberal Democrats from the legislative elections of May 6, had promised in his coalition program that the United Kingdom does not adopt the euro and making no such move during the term.

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Pensions' more than 11. 000 "untaxed

Discussed Tuesday by "government sources" quoted by AFP, the tax "special" on incomes over 11,000 euros per month to finance retirement, lived. If that threshold had been applied by household income, a couple of executives earning 5,500 euros each have been struck. A level consistent with the definition of "rich" François Hollande (PS) but remains visible in the middle class for Nicolas Sarkozy. The government is therefore seeking a way to help high incomes.

Among the possibilities is a slice of the additional income tax. This is part of decisions that must still be taken as setting the new age. "For the public finances, better go to 62 by 2018 (or extension by a quarter per year) to 63 years by 2030," argues a government source.Way to break in the speech? Response no later than Wednesday, with a press conference of Éric Woerth. The head of the state will not talk about retirement at this point.

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European shares dive in the red

New waves of turbulence on Thursday on European equity markets. At 2:35 p.m., the CAC 40 yielded 3.10% at 3403.06 points, in a transaction volume of more than 3 billion euros. The London Stock Exchange lost 2.04% at the same time, while the German Dax loose 2.41%. Already very tight, investors have been demoralized by a poor U.S. statistics: registrations are weekly unemployment rose against all odds, for the first time since early April in the U.S. during the week of May 15, at 471 000 446 000 cons the previous week, according to the Labor Department.

The euro goes down quickly and found $ 1.23, after having taken the day 1.5% up to 1.2414 dollar. The rebound came after the sharp decline of the single currency in the night from Tuesday to Thursday, which has pushed the euro to a new four year more, to 1.2144 dollar.

In Paris banking stocks pull the index up. Credit Agricole rises from 1.17% to 9.49 euros and signed the largest increase in the index. Societe Generale gained 1.62%, 36.40 euros and BNP Paribas, 2.1% to 47.23 euros.

According to Finance Minister Christine Lagarde, the euro is not "in danger". His German counterpart, said this morning in the Financial Times that he considers the markets "really out of control" and advocates more regulation.

Several statistical significance Thursday

In Germany, producer prices rose 0.8% in April, official data showed on Thursday.In one year, they recorded a rise of 0.6%.

In the U.S., the composite indicator of economic activity for the month of April and industrial activity in the Philadelphia area in May are still awaited by the operators No teletrack payday loans.

Air France: record loss

On the CAC 40, a single value in the red: Arcelor Mittal, which lost 1.21%, to 24.49 euros.On the SBF 120, it appears as Soitec the red lantern (-6.64% to 8.84 euros): the producer of silicon on insulator for the semiconductor industry has confirmed its forecast return to operating breakeven this year, Concentrix off after a current operating loss reduced during the second half of 2009-2010.

In addition, Air France-KLM (+0.06% 9.61 euros) confirmed anticipate a return to operational balance in 2010-2011 after posting record losses after an exercise she calls it himself as "annus horribilis." Franco Dutch airline, which renounces propose an annual dividend, also undergoes an early exercise sealed by the eruption of the Icelandic volcano Eyjafjöll.

Credit Agricole (1.17% to 9.49 euros) was no surprise on Wednesday confirmed the appointment of Jean-Marie Sander as his successor Rene Carron as president of the bank, marking the arrival of a new tandem leaders the head of the listed vehicle of mutual group.

Sanofi-Aventis (0.90% to 30 euros): Brazil has given the green light to redeem Medley by the pharmaceutical company for 500 million euros.

The Board of Directors and the two main shareholders of Sperian have agreed to repurchase the company specialized in personal protective equipment by the industry group American Honeywell for $ 1.4 billion. The shares are still suspended from trading.

Are expected date general meetings of CIC, Carbone Lorraine, Thales, Rexel, Eramet and Suez Environment.

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Gemalto sign a contract promising to United States

For the first time, the United States, Americans will have a smart card (smart card to the French) and "accepted in the world. It Gemalto.

A contract which seems small in relation to the size of the division payment at Gemalto.But "this announcement is very important symbolically," noted analysts at Natixis, surprised that the stock price does not react.

For the group at 1.65 billion euros in turnover in 2009 made his first steps on American soil that could well decide to finally initiate the transition from magnetic stripe cards – which are the subject of a high fraud rates – to smart cards adopting EMV (Europay, MasterCard, Visa) to pay around the world and securely.

For the strategists of Natixis, the bank card market with a microprocessor in the United States has "a potential 1.5 billion cards.

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1st May: decline in mobilization Province

Thousands of people began to protest Saturday in France on the occasion of May 1st this year placed under the sign of the defense of employment, purchasing power and especially pensions.

Trade unions, left parties and student organizations have called for the streets, in the words of the secretary general of the CGT Bernard Thibault, "create a balance of power in discussion" with the government. The pension reform is expected before the end of the year and a new appointment office at the Elysee Palace will be held prior May 10

According to the CGT, more than 280 parades are planned throughout France. The Paris demonstration must rush early in the afternoon instead of the Republic.

For its part, Workers Power revives the tradition by going it alone.The secretary general of the union, Jean-Claude Mailly, said Saturday morning on Europe-1 radio that "the repeated demonstrations will not shake the government" on the proposed pension reform.

"Putting pressure on politicians'

In Toulouse, about 5,000 people, police, 6,000 according to organizers, marched in the rain Saturday morning, behind a banner of the Inter-CGT, CFDT, FSU, UNSA and Solidarity proclaiming: "All public-private sector jobs, wages, pensions and retirement. A procession much shorter than last year, when there were between 15,000 and 30,000 participants according to sources.

The mobilization was also low in Lyon, under a rainy sky, where vendors thrush in haste mingled with the demonstrators Guaranteed online payday loans.

In Lille, where the procession is gone by late morning, between 2000-3000 people marched. "I come to defend pensions, it worries me a lot for young people, I am already retired but what will happen to young people?" Said Benoit Evrard, a retired banker of 62 years. "I am the parades since 1968. It is important to do this kind of demonstration. " This puts pressure on politicians.

About 3,000 people marched behind a banner in Strasbourg Inter CGT, CFDT, UNSA, FSU. There was little slogans – replaced by sonos – and banners in a parade where the theme of pensions was not particularly present.

In Nice, 2,300 people marched, according to police and organizers. On the hood of a car was installed a model wearing a mask representing President Nicolas Sarkozy, with counterfeit notes in the pockets flying in the wind."Hits enough that society that does that unemployment and precariousness, fattens the shareholders and spreads poverty, have launched the demonstrators.

In Nantes, the Inter counted 5,000 demonstrators in the city center, against 3700 for the police. "It's worse than last year, but it remains a good May 1, Marie-Claude analyzed Robin, departmental secretary of the CGT in Loire-Atlantique.

"The issue of pensions is not yet in every head. Yet now he must take action: the case will go to Cabinet before the summer. In July-August, it will be too late, "she warned.

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Valeo supported by the scrappage

The automotive supplier Valeo has made over the first three months of the year a consolidated turnover of 2.309 billion euros, up sharply from 42% over the same period of 2009. On Monday, its biggest competitor, Faurecia, has published a quarterly revenue of 3.2 billion euros, up almost 60%.

This 42% increase in sales is twice what the group had planned two months earlier. In late February, when the annual results of the group, the Director-General Jacques Aschenbroich had said the first quarter was broadly in line with the activity of the previous three months, emerged up 21%.

"Valeo's business in the first quarter confirmed the group's ambition to become the partner of automakers in the technologies to reduce emissions of C02, for which we plan to double our turnover of 2013, "commented Jacques Aschenbroich, quoted in the statement, issued after-hours trade.

The automotive industry in France is supported by the boom in orders, which marked the end of 2009 in anticipation of the phasing out of the car scrapping. The second half of the year remains uncertain, and Valeo has delivered on Thursday any evidence on the evolution of the activity on the second part of the year. "Despite a moderate decline in car production in Europe, Valeo anticipates second quarter 2010 sales of the same level as the first quarter," simply stated the group.

The supplier has unveiled a strategic plan in early March by which it expects to achieve a turnover of ten billion euros and an operating margin of 6% to 7% in 2013.

In 2010, Valeo anticipates a near-doubling of its operating margin to 1.8% emerged in 2009, a goal also confirmed Thursday night.

At the Paris Bourse, Valeo closed down 0.77% to 26.36 euros in a market down 1.33%.

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American Express doubles profit

American Express has more than doubled its profit in the first quarter, a sign that the specialist credit card extricates a crisis battering the past two years.

Net income stood at $ 873 million, 73 cents per share, against $ 361 million, 31 cents per share, a year earlier.

Revenues, net interest rose 11% to $ 6.6 billion over the same quarter last year.

Amex charges its excellent resulting output to the resumption of consumer spending and an improvement in credit quality.

The action of the group took 1.8% to 47.61 dollars in after-hours transactions after finishing at 46.77 dollars.

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IMF: the euro area lags behind the recovery

The weather global economic summarized in three figures: production (GDP) will grow 10% this year in China, 3.1% in the U.S. and 1% in the euro area countries. For the whole world, growth is expected in 2010 to 4.2% and 4.3% in 2011. With a clear dividing line between the advanced countries, whose growth prospects are around 2.3%, while savings "emerging and developing" a galloping pace of 6.3%.

These new "World Economic Outlook," IMF showed that "the recovery unfolds better than expected. But new challenges have emerged and exceptional "cautioned Olivier Blanchard, chief economist of the Fund. He calls a "warm" restart in the advanced countries, which are still found a lower level of production of 7% it would have without the crisis.In the eurozone, the IMF also revised downwards by 0.1 percentage point to 1% its forecast for growth in 2010, although France, among others, has fared rather better with a forecast of 1.5% instead of 1.4%.

Dependence credit

For Europeans to wonder why their economies pull themselves together much more slowly than America, Olivier Blanchard gives two main explanations. Europe is "more dependent on bank credit as the U.S. market where finance plays a greater role for business and they have restarted the fittest." Furthermore "the policy responses have been later and less strong in Europe," he adds.

This means that the IMF does not disavow the fiscal stimulus packages, including Dominique Strauss-Kahn, the boss, was one of the strongest supporters, from January 2008 fast cash advance. But "it is urgent to develop strategies for fiscal consolidation in the medium term" now stress the same experts. They note that the budget deficits in advanced countries have now reached 9% of GDP on average and that "the debt / GDP ratio should exceed 100% by 2014 if nothing is done.

Rebalancing Economic Policy

The situation is more delicate than a too abrupt adjustment of public finances could hinder growth already shaky.Hence the advice to double trigger "to fully implement fiscal stimulus measures planned for 2010, except in countries which already have a strong increase in their risk premium and must begin to rebalance their budgets now," as Greece. But the most advanced countries should undertake a substantial fiscal consolidation in 2011.

Emerging economies are the reverse face "to an influx of capital, a good thing in itself, but can become excessive," warns Olivier Blanchard. He recovered one of his favorite anthems "the currencies of a number of emerging markets remain undervalued in considerable proportions regarding the yuan." It calls for a revaluation of the currency, both in relation to the dollar than the euro, the only way to give oxygen to Western exports and ease the risk of overheating in Asia.This rebalancing of economic policies will be central to discussions of the G20, whose finance ministers meet Friday in Washington.

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