The French plébiscitent more than ever the Livret A. At the end of 2009, there were no fewer than 59.3 million savings books (and blue, distributed by Crédit Mutuel), nearly 65 million inhabitants! If one adds the 600,000 booklets initiated by associations, there are nearly 60 million savings books (59.9 million to be exact). That is 10 million more than 2008 (49.69 million booklets A and blue).The current 60 million books, however, must be qualified because, contrary to what the law says, many French people have more than one account.

The widespread distribution of the Livret A, 1 January 2009, has allowed this very old investment (born 1818) to learn a new youth. "The interchange has resulted in strengthening the collection, especially during the first quarter of 2009, in a context it is true in favor of regulated savings," said Christian Noyer, governor of the Bank of France and President of the Observatory regulated savings. For the record, between August 2008 and February 2009, Book A reported 4% net of taxes!

Young people more attracted

In total, at the end of last year, the outstanding Blue Book A and amounted to 183.4 billion euros, up 11%.Of this amount, "153 billion euros have been collected by distributors historical (the Savings Bank, La Banque Postale and Crédit Mutuel) and 30.3 billion from other banks, which for them represents 18% collection, "said Christian Noyer. This proves that, contrary to what some feared, dealers history have resisted the opening to competition.

Disoriented by the chaotic stock market and uncertain economic climate, investors continue to place their savings passbooks regulated, however low returns.

Despite a slump in June, in the first six months of the year, collecting on the book A and book Sustainable Development (ex-Codevi) remained positive at 990 million euros. This trend should continue and even grow in the coming months.Generally, the higher rates in effect encouraged the French, always very reluctant to risk, to feed their booklets.

In late 2009, 42% of assets were placed on 4.3 million booklets only! In contrast, more than half of the accounts (30 million) were credited with less than 150 euros. Is it because the book A is held mostly by young people (usually minor)? Older people (over 65) it would generally prefer other types of investments, such as life insurance.

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In early July, the number of Declarations owe ISF stands at nearly 562,000, against 539,000 the same day last year, and the amount of total tax amounts reported this year 3.29 million against 3.13 million during the same period in 2009.

"These initial results on TFR must be confirmed by definitive and comprehensive statistics to be established in early 2011, the ministry said in a statement.

Moreover, the tax cuts provided by law for labor, employment and purchasing power increased by 16.7%, representing 838 million euros against 718 million in 2009, for a total reductions of 140,043 for investment in SMEs (small and medium enterprise) or donation to a charitable body (102.000 cuts $ 718 million in 2009).More than 1.1 billion euros have been invested in the equity of SMEs, according Bercy.

LE FIGARO. Largely eurosceptic Conservative Party, to which you belong, has concluded a coalition agreement with the Liberal Democrats, favor, they, to a rapprochement with the EU. What will your European policy?

William HAGUE. This is good news for the EU that we have heard over five years with our coalition partners. This was not the tradition in Britain to have a fixed maturity term of office. The next general elections will be held in May 2015. For our European partners in particular, that political stability should be a good omen.With the Liberal Democrats, it was not difficult to determine what our European policy: this is further good news for the EU, because we will be predictable. The course is set for the next five years: we intend to be extremely active in European affairs so that the EU can collectively weigh in the world. We will also be very active to help European economies to recover growth, create new jobs and new businesses. We'll be tough negotiators, but is not that we should expect from any government?

The economic crisis, financial, monetary and across Europe requires its members to further cooperation. How far will you go on the path of solidarity?

We do not belong to the euro area and we do not rejoin, as stipulated in the coalition agreement.Neither partner will do the same proposal, as long as this agreement. But as David Cameron has said a euro zone healthy is in our interest. We do not want to be part but we hope it contributes to the financial stability of Europe. It is very important to us. Regarding the financial support that Britain could make to the euro area, our position coincides with that of the government of Gordon Brown. Our country faces the heaviest budget deficit in history (aside from the period of world wars) and the priority task is to reduce the deficit to a level where it can be controlled.We are not able to provide other financial guarantees.

So you exclude from participation in a support fund for countries of the euro area in trouble?

The government that preceded us had agreed to participate in one of these funds a few weeks ago. We will assume our responsibilities in fulfilling this agreement. But we will not be dragged further into the euro area. This is not what the British want from their government. It will not offer more than what has already been proposed.

Do you negotiate opt-outs with the EU?

We will discuss with our partners in government. As indicated in the coalition agreement, we want to limit the application of the directive on working time, which we consider too restrictive in Great Britain.We also wish to pass a law requiring a referendum if a future government would go further transfers of sovereignty to the EU. There was a lot of institutional changes in Europe and debate. We must now ensure that the institutions function, can improve economic performance, extending the single market and cooperation in foreign policy. Let us focus on concrete achievements rather than engaging in a new institutional debate.

A bounce or a deepening of the crisis could lead to more regulation. How would you react?

We certainly need to improve how we regulate the banking and financial services. But further regulate the labor market and the business would be in the wrong direction. This is the traditional view of the British.The crisis has again highlighted. We say: Great Britain is open for business. Our next budget in two weeks, will reaffirm the years to come. We hope that our European partners adopt a similar approach.

The EU's foreign policy is lacking, according to you, "determination and consistency." What will you offer?

The situation in Gaza shows that Europeans must contribute to the relaunching of a peace process. All solutions to ensure the delivery of aid to Gaza and trade require a form of international assistance and there is a role for the EU. European nations, when they speak together, can have a particular impact. That the Israeli government to decide whether to accept the fact-finding mission to which France and Great Britain are favorable.In a situation like this, we must unite our capabilities. It is also the case for Iran. We work closely with France to allow the adoption of new UN sanctions. We also want to discuss additional EU measures. Again, the Union can demonstrate its collective weight.

Are there still you think a "special relationship" between Britain and the United States?

Yes, this special relationship exists. I called the alliance indivisible. It is expressed through a wide range of cooperation (diplomatic, military, nuclear, intelligence, economics …). Great Britain and the United States is still the largest investor in the partner. But it is not for us to choose from competing in Europe or France. Both relations, transatlantic and European natural fit.

Afghanistan is a priority.Can you do better than the government of Gordon Brown?

We need a viable political process at the same time that military progress in the field. Of course, it's difficult, but we must remain faithful friends. We will remain strongly committed to Afghanistan. The worst would be to leave an uncertainty reflected in our action. This would only strengthen those who do not want a future of peace. The question is not whether we will continue to make our contribution but how we will.

With France, cooperation in defense looks promising?

We already talked with our counterparts in French when we were in opposition. It is still too early to make announcements: the review of our strategic policy and defense completed in the fall. But we are very open to new ideas and a closer cooperation.David Cameron and Nicolas Sarkozy have already established between them a great working atmosphere. We have many things to do together to ensure the growth of our economies, develop civil nuclear power or act in the field of immigration. The fact that the Prime Minister and I have chosen to perform in France our first bilateral visit abroad shows the enormous importance that we attach to these relationships.

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Insensitive to calls for a "perfect price" of $ 80 a barrel, launched by OPEC, oil prices clung all week at the helm of $ 86. A barrel of light crude Texas (WTI) for May delivery has exceeded the 87 dollars for the first time since October 2008 last week.

The markets were quickly erased their losses Wednesday and Thursday, with a barrel qutour income of $ 85. Investors were then cooled by a rebound in the dollar and especially by a surprise increase in weekly unemployment registration. During the week of April 3, the latter amounted to 460,000 against 442,000 the previous week, according to the Department of Labor.An indicator that put the brakes on optimism the speed of recovery and hence the increase in oil demand.

On Friday, during fro above $ 86 a barrel in New York, enjoying a rebound in equity markets and a slight weakening of the dollar. A barrel of Brent North Sea crude for delivery in May stood at 85.74 dollars on the InterContinental Exchange (ICE) in London. "We needed a correction, we have had, then one starts to rise," noted Tom Bentz of BNP Paribas. "It's always the same story, it has small downturns, and buyers are returning. Buyers have been constantly rewarded when they took advantage of these folds and so it continues, "he noted.

According to analysts, "the courts seem to have found a floor around $ 85 a barrel.A sustained movement under $ 70 now seems much less likely that progress towards 90 dollars.

Copper, a leading base metals

After profit taking Thursday, the base metals markets are generally started to increase.

Copper shows a striking health, reaching its highest since August 2008 Tuesday to 8010 dollars per ton. Friday's trading at 7,794.50 dollars per tonne on the London Metal Exchange (LME). Since January first, the increase is 6.12% and 81.10% over one year. China is largely the cause of this infatuation. The country engulfed 40% of global demand. The World Copper Conference, held Wednesday and Thursday, has made it the starting point for discussions. According to participants, China should boost demand by 5.4% in 2010. Growth to 12% in the first quarter bodes well for the future.

Nickel also benefits from China's growth through the increase of the steel in the country. The production of stainless steel (two-thirds of nickel consumption) explodes in the country. After crossing the 25,000 dollars per tonne on April 1 (highest level since June 2008 on the LME) prices were around the 24,435 dollars Friday.

In their wake, aluminum climbed to 2,397 dollars per tonne on the LME, its highest level since October 2008. An upward, according to observers, would that point.

Precious metals: palladium in great shape

As for precious metals, gold has had a week of small but can increase to a rise of 2.68% over the last 5 days. Friday, for the first time since January 12, gold has taken the helm of 1150 dollars.After the first auction in London, per ounce in late morning trading at in 1156 dollars (863.009 euros) against 1148 dollars.

For its part, palladium continues upward, reaching its highest level since 2008. Strong growth still driven by the fear of insufficient supply while the automotive market (primary market) leaves. Palladium rating still around $ 500 an ounce.

In the aftermath, platinum is about 1.29% in one week in 1722 dollars an ounce Friday.

Agricultural raw materials: grains fall

Prices of wheat, corn and soybeans continued to fall this week. As expected, the U.S. Department of Agriculture (USDA) has left its forecast production virtually unchanged in its report released Friday.Thus, world production of wheat for the 2009/2010 marketing year amounted to 678.42 million tonnes (Mt) against 678.01 million tonnes expected this month. Global consumption is raised by 1 Mt to 647.83 Mt, the final inventory at the end of the 2009/10 campaign back to 195.82 million tonnes against 196.77 million tonnes estimated a month ago.

Friday, wheat dropped to 470.75 dollars in Chicago. A bushel of soybeans was $ 9.48 dollars while corn was trading at $ 3.49 a bushel.

This category of the population does not know the crisis."While they represent only 1% of the workforce, people with very high incomes receive 5.5% of earned income, 32% of income from assets and 48% of the windfall revenues reported (capital gains, exercise of options), "INSEE noted in the 2010 edition of its publication The income and household wealth.

Between 2004 and 2007, the number of employees earning more than 100 000 per year has increased by 28% and those exceeding the half-million dollars … 70%! Since 2002, wages rose an average 5.8% per annum in real terms, against a 2.3% increase for all employees on the same period.Three focus areas more than half of these very high salaries: advice and assistance (including sector "business administration" including holding companies, the group headers), financial activities and trade activities Wholesale Guaranteed pay day loans.

West Paris in mind

40% of these very high salaries are salaried executives who earn on average 230 000 per year, 15% of financial professionals, such trader or chief of a financial service of a large company (290 000), and More anecdotally, for 0.8% of them, the athletes earning almost 450 000 euros on average per year.

Nearly nine in ten very high salaries (87%) are men."The more you go up the hierarchy, the higher the proportion of men increases," notes INSEE estimated 6% difference in pay between male and female quotas at this level of responsibility.

Another feature related to the experience, they are older (49 years on average) than high wages (45 years) and that all employees (40 years). Only 16% of them are under 40 years. Finally, nearly one in two lives in West Paris, in the three departments (Paris, Yvelines Hauts-de-Seine) where the head offices of large enterprises.

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Jacques Aschenbroich sweeping indictment of any future relocation. "Valeo produces much more in France than it sells. And our research and development is mainly based in France, "says he.It benefits the transition to dent the French model: "What strikes me is that in ten years, the average hourly cost of France became higher than in Germany. It is a concern. "

Green energy and transfer program

In addition to this new direction for investment, the director of the OEM plans to put the package on green energy. According to him, "some 70% to 80%" of product lines will be affected. The group plans to focus on "vehicle electrification" or the "micro hybrid".

In this context, Valeo does not separate himself from some activities, after selling its range of weightings for lighthouses: "We are thinking whether we should we produce our own components or purchase them, which could result of disposals in the coming months, "explains Jacques Aschenbroich.The group envisages currently no acquisition, preferring to concentrate on organic growth.

Valeo, which aims a turnover of 10 billion euros in 2013 against 7.5 billion in 2009, also started to restructure its business through the elimination of the eleven branches and the creation of four main poles. A combination of flexibility resulting 600 job cuts on the 52,000 account that the group worldwide.

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The United States has published employment figures less bad than expected. The U.S. economy has destroyed 36,000 jobs in February, according to figures released Friday by the Labor Department. It is far better than economists' forecasts. The unemployment rate held steady at 9.7%. But it remains "inadequate", according to President Obama.At the time of closing in Paris on U.S. exchanges were directed upward, the Dow Jones arrogating 0.8% at 10,531 points.

Moreover, German industry has recorded a surprise jump in orders in January, 4.3%, according to provisional figures published on Friday that far exceeds expectations, thanks to a spectacular increase of 7.1% of domestic orders .

The DAX index of 30 blue chips of the Frankfurt Stock Exchange ended Friday up 1.42% at 5877.36 points against 5795.32 the day before closing. The London Stock Exchange closed higher Friday, the FTSE-100 index of leading values winning 72.60 points, or 1.31% over the closing Thursday at 5599.76 points.

After Market (in 21 hours), the U.S. figures reveal consumer credit.

Veolia Environnement in the single red

Veolia Environnement (-4.26% to 23.94 euros) said before market in 2009 have recorded a turnover of 34.55 billion euros, down 3.4% on year, down slightly higher than expected (-2%). The titles are the only ACC to be in red guaranteed approval cash advance loans .

Still later publications, Areva announced Thursday after the stock market, a 2009 operating profit up 20% to 501 million euros. The turnover showed an increase of 6.4%, to 14 billion euros and net income group share for 552 million euros (-6.3%). The title has been 1.98%, to 352.3 euros. euros.

NicOx reported Thursday a net loss of 60.4 million euros in 2009, cons -73.9 million euros in 2008.The shares gained 1.01% on 5.98, having outperformed the broad trend in recent sessions.

The markets welcomed the gesture of banks

Side of EADS (+1.98% at 15.95 euros), the client countries of the military transport plane A400M and the European industrial group EADS in Berlin on Friday reached agreement on funding for this project has told AFP the French Minister of Defense Herve Morin.

The banking sector remained well oriented on Friday: Societe Generale (+4.83% to 44.95 euros) eventually leads the CAC 40, BNP Paribas (3.67% to 56.78 euros), Credit Agricole (3.19% to 11.66 euros) and Axa (+3.17% to 15.61 eruos) were searched. Following a meeting with Nicolas Sarkozy at the Elysee, the banks have agreed to reserve 96 billion in financing small and very small.

Casino (-0.38% to 60.20 euros) should start in May its pods, modeled on that of Nespresso. In France, the market for coffee pods is estimated at 1 billion euros, half for Nespresso.

Natixis (0.90% to 3.69%) is under the radar of the AMF. A book published Thursday reveals that the former officers have disclosed false information to markets, in October 2008.

In an interview with the Financial Times, the group's boss, Jean-Bernard Levy, said he was interested in the sale of a mobile frequency by the governor of Brazil. According to analysts, this would require an investment base of over one billion euros.

LE FIGARO. – The latest unemployment figure is better. Is this a sign of lasting improvement?

Fr?d?ric SAINT-GEOURS.-feeling of our members on their activities is very varied.Capital goods or export sectors are still in great difficulty. Others are more like the automobile, with the premium snack, or remain at good levels as railway equipment. I have two concerns for the future. First, many companies have exhausted the means for maintaining the relationship with their employees, including partial unemployment. If their order book does not go back, they should ask themselves questions about their workforce. Therefore, the employment situation will not improve substantially until a few months. You have to look if it is possible to extend these devices. Second concern: in two or three months, the companies have completed their 2009 accounts, which are often degraded.If banks apply their analytical tools such classic figures, they refuse many loans – I am not talking about fund investments, but simply increasing needs for working capital resulting from a rebound in activity. The risk is to clip the wings of the recovery. We are working on this with the mediator credit, Gerard Rameix.

You have to participate in the States-General of Industry. The final report sets the goal of "restoring an industrial ambition" to France. Does it still make sense to argue at the national level?

Clearly, yes. Exports from France, this is 80% or 85% of industrial goods.However, if we had kept our market share of ten years ago in world trade, it would be 100 billion euros 'turnover' in addition to France, so perhaps hundreds of thousands of jobs, billions in tax revenue, R & D … But in France, the industry faces obstacles that are not specific to him: taxes, too focused on factors of production, education must increase training to new technologies, new businesses such as green growth, or difficulty in finding long-term financing. Now we need the conclusions of the General does not remain in the state report.

When it comes to the carbon tax, this time you prefer to speak to Europe!

Exactly.The business tax was a mistake French, it is deleted and that is not enough to put French industry at par with its rivals in terms of competitiveness – and I speak of our European rivals, not Chinese! Do not create another anomaly French with the carbon tax.

On behalf of the same desire to save France in the industry, the state interferes in the strategy of Renault and Total. Shoot there too far interventionism?

The State must play its role as guarantor, no manager. The dialogue, the contract may be more effective than law and regulation, because they give companies greater flexibility, flexibility.That is how the UIMM signed agreements on training, employment of older workers, after taking a diagnosis with the unions in the sector.

The Delegate General of the UIMM, Jean-Fran?ois Pilliard, took the head of the Social Protection Committee of the MEDEF. So, does it change the approach to the appointment pensions?

I recommend that we proceed at cross as we used to do in the UIMM: establish a working group, consult widely to build the position of business before entering the "hard" discussions. This must be done quickly, but there are already many tests. Finding a consensus will be difficult, but we must absolutely try.

Your annual convention, March 18, will focus on how employers' organizations can be useful to businesses.Three months after the start of the food industry, the MEDEF should it be seen as a veiled threat?

On the contrary! The subject is exactly one: from business needs and how to respond with a simple, cost control, and effective. Effective, that is to say, which makes a service to members (of the economy, tax, legal, social …) which allows them to best be heard locally and nationally. This suggests the most appropriate organizations. Asking these questions is not a threat, as an aid to employers throughout the world. How many times have we heard of the structural complexity employers!

Should we open the question of the employer's representative?

I can not imagine anyone not treated during the convention. I would add that the UIMM be extremely firm on the joint system: it must develop.We need stronger intermediary bodies to better address important issues, which must generate the widest possible accession. As to the joint management (Insurance Unemployment Agirc-Arco …), it must go further now that the new rules of representation reinforcing the legitimacy of unions. This requires changing the rules of governance, transparency, funding. It is possible the UIMM did in six months.

Do you agree with the criticism of the President of the MEDEF?

There is no question for us to weaken the MEDEF. Businesses need a strong employer representation and united.Our convention and the arrival of Jean-Fran?ois Pilliard as President of the Welfare Committee of MEDEF serve to strengthen it.

But when your delegate said that joining the team of Laurence Parisot does not constitute support for the renewal of its mandate, it is a sign of defiance!

Not at all. What is being done every day, Jean-Fran?ois Pilliard and me? We work. In UIMM and MEDEF. We are all employers who are negotiating delegations, which met the government. No confidence, we serve the cross. I do not say it was easy every day …

The present UIMM Does a candidate for President of the MEDEF?

We will do things in order. We will set our direction in our convention. We'll see if one candidate or another the endorsement.Otherwise, we'll see.

Where are your projects using your famous "kitty"?

Again, the idea is to use these reserves heritage as a service to businesses. What are their issues? Develop. In January alone, our system of capital development has taken investment decisions totaling 9 million euros, and these are multiplied by 4 to 10 other investors. Second issue, recruit. We will launch the next wave of our communication campaign in the spring, to show young people that may be realized in the industry. And we've released several million as part of our integration fund to help companies find skills, including among those furthest from employment. Finally last challenge, innovate.Our other endowment funds joint research projects university-industry or education programs that meet the needs of businesses.

This figure reflects the sharp drop in advertising business, the more cyclical activity of the group and the only fully established in Europe. She has indeed recorded a decline in organic sales of 16.1%. Activities Furniture Urban Transport and proved somewhat more resistant, their respective sales down 12.1% to 934 million euros and 6.3% to 589.6 million euros. Organic growth at constant scope and exchange rates, amounted to -10.9%, while the group expected a decline of 12.5%.

"The reduction in advertising budgets and a strong pressure on prices led to a decline in global advertising market, including internet, expected around 10%," said Jean-Francois Decaux, CEO and Co-CEO JCDecaux.

2009 the worst year since 1964

The annual report for France, compiled Wednesday by Kantar Media Institute, revealed growth "historically low" advertising market (+1.4%), outdoor (posters and street furniture) is the medium most affected (-8.7%).

In the fourth quarter, sales fell by 7.2% to 561.6 million euros. A perimeter and constant exchange rates the growth was -4.9%.

"2009 is undoubtedly the toughest year that JCDecaux has faced since the inception of the company in 1964, said Jean-Francois Decaux instant payday loan . The reduction in advertising budgets and a strong pressure on prices led to a decline in global advertising market, including on-line, expected around 10%.

Sales in Asia and North America most resistant

Europe, excluding France and the United Kingdom, presented a decrease in turnover from 16.7% to 650.9 million euros. La France has decreased its turnover by 8.7%, despite a difficult advertising environment and a strong performance in 2008 (organic growth of 4.8%).

The United Kingdom is the area that experienced the largest decline in fiscal 2009 (-25.5%), improving economic conditions, however, clearly in the fourth quarter. Asia-Pacific and North America have been stronger with declines of 6.7% to 300.9 million euros and 6.5% to 146.2 million euros.

"The group has benefited in the fourth quarter with a slight recovery in advertising spending and increased its exposure to emerging markets. The more positive view of advertisers found on some markets in September, seems to continue in the first quarter of this year. This allows us to be, for now, confident in the ability of JCDecaux to reach a rate of positive organic growth in the first quarter of 2010, "concludes Jean-Fran?ois Decaux.

The annual results 2009 JC Decaux will be published pre-market March 10, 2010.

"This is a proposal had been President of the Republic August 25 last, much has campaigned for it to be internationally accepted. Now a British proposal and French and I will defend to Parliament in January, "said the minister.

Christine Lagarde also suggested that this "tax exceptional exceptional circumstances" would not be renewed. Information that had already been raised in the common platform of Nicolas Sarkozy and Gordon Brown, published by the Wall Street Journal.The measure should be included in a draft supplementary budget.

According Bercy, between 2,000 and 3,000 traders will be affected.

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