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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To emphasize the installation of these centers in France, the Secretary of State may well introduce a surcharge "of calls from sites located abroad.Conversely, companies deciding to keep their call centers in France would receive the "nudges" as aid in recruitment, training, installation in rural areas or relief from social security contributions, believes Learn daily.

More transparency

Laurent Wauquiez would generally aim to "make practices more transparent" left to prepare "a list of poor performers. The fight against the relocation, however, looks very difficult. According to latest estimates, dating to 2008, the Union of professional contact center (SP2C), an employee of a call center Morocco is for example paid between 400 and 450 euros a month against a minimum of 1320 euro gross France (including bonuses and thirteenth month).The battle is also likely to face the refusal of the Commission in Brussels which could object to these tax measures.

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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.

At the opening, the Paris Bourse is 0.93% at 3411 points, passing the symbolic start of the 3400 points.

In Asia, however, counters Nikkei enrolled in dark red. The Japanese index finished at its lowest in six months. And if the Dow Jones finished up comfortable last night, the Nasdaq index of technology stocks, has been on a decline, showing the confidence of investors vis-à-vis companies that export to Europe.

Another reason to shun the market, the Fitch rating, released Tuesday afternoon, which estimates that the UK is facing fiscal challenges "formidable".

On the foreign exchange market, the euro remains fragile, and still very much under rated $ 1.2 to U.S. $ 1.1934 around 7:30 exatement.In addition, gold has reached a new record Tuesday, beyond $ 1250.

The CAC 40, which ended Tuesday under 3400 points, should continue to decline on Wednesday.According to technical analysis, the benchmark index of the Paris market, which fell under 3381 points, could soon fall below 3,349 points in intraday (that is to say during the meeting), then the line of sight is then fixed at 3290 points.

Growth of European countries to follow

Several European countries will face the second estimate of GDP in the first quarter of 2010, as Belgium, Portugal, Greece and Hungary, etc..

On Wednesday, OPEC, OPEC (Organization of Petroleum Exporting Countries) will release its monthly report just after 12:30.

U.S. Overseas, will be published at 16.30 weekly stocks of crude oil, as Ben Bernanke, the Fed chairman, will now testify before the Budget Committee of the House of Representatives on the economic and financial the federal budget.

EADS: Airbus signs "Order of the Century

Airbus, EADS subsidiary cash "Order of the century. Emirates Airlines will pay 11.5 billion dollars to supplement its fleet of A380s. Titles s'adjugent 2.4% to 16.62 euros.

Remy Cointreau: biggest drop of the SBF 120 The spirits group has published results from 2009 to 2010 a little worse than expected, with organic growth of EBIT by 7.2%, slightly below expectations consensus. The net result is in line with expectations, and the group confirms its growth prospects. In exchange, the current loose 2.6% 41.85 euros.

Ingenico, one of the largest increases The French manufacturer of payment terminals, the world, is a sales "more than one billion euros" in 2013, against 700 million in 2009.The shares climbed 4.3% to 17.2 euros.

Vivendi: -0.78% to 16.44 euros The stock market authorities of the country believe that the group had misinformed the market to buy GVT. The fine could reach 1.3 billion euros, according to the Brazilian press.

France Telecom: 1.1% to 15.3 euros a surprise move in the soap opera twists in the takeover of the newspaper Le Monde. After the trio led by Matthew Pigasse, Pierre Berge, Xavier Niel is Orange on the scene.Stéphane Richard, CEO of France Telecom, has expressed interest in an industrial partnership with Le Monde in an interview with Reuters.

The group will hold its general meeting this Wednesday.

Total: 1.25% to 38.1 euros United Arab Emirates are expected to sign Wednesday with the French Total and the Spanish Abengoa an agreement to build a solar power plant of 100 megawatts (MW) for $ 600 million ( 500 million euros), the Financial Times.

GDF Suez: 0.33% to 24.5 euros GDF Suez will spend 300 million euros to take control of its joint venture with Societe Generale, Gaselys to become a European leader in the trading of gas and Energy, said Wednesday the newspaper Les Echos

Dassault Systemes: +1.6% to 48.3 euros The group announced the acquisition for about 130 million euros of Exalead, a French company specialized in solutions research and access to corporate information and Internet.

ArcelorMittal has initiated the Natixis group couverturedu diversified steelmaker with an opinion "buy" and a target price of 34 euros, or appreciation potential of more than 50%.

Rodriguez Group, the CEO still in custody

The action was suspended on Tuesday at the request of the designer of yachts and pending a statement.Its president is in custody in police stations Marseille, after a crackdown against organized crime.

Property Regions: -0.31% to 71.2 euros The group off his special dividend (3.30 euros + six shares of Beni Stabili) after the closing, prior to the listing of its Italian subsidiary to the Paris Bourse, which starts Friday.

Wendel: +1.1% to 41 euros Wendel Participations, which groups the interests of family shareholders Wendel, holds its General Assembly (GA) on Wednesday. Questions remain about the governance and financial benefits granted to executives, said Sophie Boegner, a member of the family, on the eve of the GA.

OL Groupe: 1.23% to 8.2 eurosLe band announced the arrival of Philippe Sauze, currently vice president Europe, the U.S. company Electronic Arts, the world leader in the videogame industry, as Director General from 1st of July.

Electricity The electricity bill threatens to fly. ERDF, a subsidiary of EDF in charge of distribution, said that the cost initially calculated, ie 120 euros per household, is still relevant. An envelope 4-5000000000 euros to finance the whole operation. However, according to the Federation of local communities, this amount could be twice as high.

Like last week, the attraction of gold can not be denied on the markets. Despite the aid plan of 750 billion euros earmarked by the European heads of state, investors worried and rushed to gold. The gold chains the record: the rising price ended at 1249.40 dollars, never seen on the London market which serves a global reference. On the London Bullion Market, an ounce of gold ended Friday at 1236.50 dollars at auction Friday night, cons 1202.50 dollars the previous Friday.

In its wake, the money is increased to a level it had attained over the past two years.The gray metal rose Thursday to 19.64 dollars, not far from $ 20 per ounce reached in March 2008, to finally finish the week at 19.64 dollars Friday.

Stimulated by the gold and silver, platinum group metals have rebounded after falling last week, victims of the strengthening dollar. On the London Platinum and Palladium Market, an ounce of platinum finished in 1721 dollars Friday. In turn, an ounce of palladium finished $ 536.

The dominant concern in oil markets

The continued turmoil in oil markets. The prices fell Friday to their lowest levels in three months to 70.83 dollars. On the Nymex, a barrel of light sweet crude for June delivery finished at 71.61 dollars, down 2.79 dollars compared to Thursday. Prices have been a difficult week, leaving more than $ 5 in four sessions.They are well below the levels of early April, when the barrel was mounted to $ 87. In London, Brent crude ended Friday at 77.20 dollars, yielding 2.93% on the week.

As the equity markets, the euphoria that had raised prices Monday has not taken very long. The markets saw a dim announced the austerity policies that could lead to a slowdown in oil demand. Moreover, the continuing fall of the single European currency, which fell Friday to its lowest level since October 2008 (1.2359 dollars), weighs heavily on the markets.

In addition, crude oil reserves rose 1.9 million barrels during the week ended May 7, two times more than expected.

Week of mixed fortunes for base metals

On the London Metal Exchange (LME), the week has been more troubled.Investors fear the rigors of European policies that could dampen growth. In addition, China has caused confusion by announcing lower than expected macroeconomic data: the rate of growth of China's industrial output slowed in April, rising 17.8% year on year, after 18.1% March.

Copper, considered a barometer of the market ended the week slightly up to 6955 dollars per tonne. The aluminum stabilized this week at 2,093 dollars per tonne against 2,090 dollars the previous week.Zinc, nickel and lead have declined by 1.8% to 2.050 dollars per tonne, from 3% to 21,650 dollars per tonne and 2.4% in 1950 dollars.

Agricultural raw materials: sugar recovers

On Liffe in London, a tonne of white sugar for August delivery was worth 470 pounds on Friday against 435.80 pounds a ton for the same term last Friday. On the NYBOT U.S. a pound of raw sugar for July delivery was worth 14.88 cents against 13.64 cents a week earlier. But the euphoria is unlikely to last. The International Sugar Organisation (ISO) said Thursday he expected a surplus in 2010-2011 of nearly 2.5 million tonnes. Production is expected to grow in Brazil, India, Mexico.

For his part, cocoa was penalized by the strengthening dollar and profit taking. There is also an expected production increase in Brazil.Prices fell to 2,212 pounds per tonne in London and 2852 dollars in New York, respectively, the lowest since three weeks and a month. They ended the week at 2,232 pounds on Liffe and 2858 dollars on NYBOT.

Moreover, prices of wheat, corn and soybeans fell this week in Chicago, penalized by the rapid advance of planting in the United States. May 2, 68% corn, 60% of spring wheat and 15% of soybeans had been planted against respectively 40%, 47% and 8% on average over the past five years. In addition, the rising dollar makes U.S. production less attractive to export than those in Europe. The contract of corn for July delivery ended Friday at $ 3.63 and lost 2.4% on the week.The contract of soybeans in the same maturity fell to 9.53 dollars per bushel (-0.7%) while the wheat contract ended at U.S. $ 4.71 (-7.6%).

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"The major buyers French do not play the card of their industrial sector, which blocks the investment process, denouncing Vincent Schramm, CEO of Union business of technology and production (Symop). The organization of work in production chain, inducing greater solidarity between large corporations and their suppliers is a major theme of the General Industry. "To minimize production costs, the major buyers struggling to lower their purchase price and to encourage the relocation.They do not take into account the costs, like transportation, non-quality costs of monitoring … "adds Didier Bouvet, Director of Industry area in Bucci, a manufacturer of industrial robots. Instead, the big German companies to ensure their subcontractors markets for several years, re-creating a virtuous circle of local industrial production.

"In France, a supplier may lose its biggest customer overnight, without notice, regardless of financial risk taking. How an employer can invest calmly in such conditions without exposure to medium term? "Asks Didier Bouvet. However, the automation is a key to competitiveness that can withstand competition from Asia payday loan lenders . "The owners of PMI are often reluctant to robotize to preserve employment.In the long term it's a miscalculation, "said Vincent Schramm.

Robots: the late French

A study conducted for the Directorate General of competitiveness, industry and services (DGCIS) and Symop highlights the backwardness of French companies in the field of robotics. They are six times less robotic than their German and two to three times less than the Italian.

Park French industrial robots is between 17 and 18 years on average as against 10 in Germany, which further increases the competitiveness gap. However, since 1990 the price of a robot has fallen from 80% to 50 000 in average (130 000 taking into account all installation costs). In addition, 63% of robots are used by the principals of the automobile. Only one third of the 34 500 robots used in France are by companies with fewer than 1 000 employees.

Moreover, "the French PMI can still make many gains in productivity, argues Didier Bouvet. For example, the establishment of a production line and not through workshops can achieve significant gains. "Payroll taxes, nearly two times higher in France than in Germany (42.2% against 23 , 20%) are far from the only explanation for differences in industrial performance between the two countries.

This device – that Brussels refuses to call rescue plan – based on guarantees or loans which are bilateral granted by banks and institutions in different member states, though Greece requested. No precise figures are not advanced. But estimates are around 20 billion euros, an amount comparable to the maturities that Athens will soon meet.

Olli Rehn, Commissioner for Economic and Monetary Affairs, has placed the issue in an interview with Le Figaro and four European newspapers."If Greece fails, the credibility of the entire European Union that will be permanently damaged, says he. The euro is not just a monetary arrangement. The euro falls first to the heart of European political project. "

Providing Athens to appeal to the IMF

The Commission can initiate the signing of the EU as a bailout. But in the new mechanism, it would pose the "stringent conditions" required to Greece in return for aid proposed by the capitals, the sources said. It is also the key to a firm commitment from Germany, alongside France in particular. Brussels is considered as a given, despite public misgivings expressed in Berlin.The Commission will also continue its work "tight fiscal monitoring, launched last month with the help of experts from the European Central Bank and the International Monetary Fund.

This new European action, coupled with drastic budget cuts mandated by George Papandreou, is designed primarily to deter attacks against the euro. The single currency is experiencing a respite from Athens has strengthened its finances. But the timing Greek refinancing foreshadowed further shocks in April or May The mechanism also aims to provide Athens to use IMF resources, politically humiliating scenario considered by Paris and Berlin in particular.

Creating a European Monetary Fund

According to Olli Rehn, the use of Greek is the priority of a series of "key decisions" that the 16 countries in the euro area and the 27 EU discuss early next week in Brussels.This is the first floor of a rigorous device which comprises two others. First, strengthening the collective monitoring of budget deficits, desired by the President of the Eurogroup Jean-Claude Juncker. Then, in the longer term, creating a "European Monetary Fund. The German Finance Minister Wolfgang Sch?uble, critical voices among the 16, provided support yesterday noticed this missing piece of the arsenal in Europe. But Berlin attaching strict conditions of financial discipline.

The Commissioner echoed him. "It's a critical lesson of the crisis, says he. We have put in place a rigorous and systematic monitoring of budgets throughout the euro area, including the medium term. " Olli Rehn is concerned about both the widening deficits and "national forecasts rough times" that are sent to Brussels."In France, the United Kingdom and Spain, he said, the debt burden grows heavy at a speed which requires that (these three countries) meet no later than 2011 and possibly as early as this years budget discipline accepted in common. "

"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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Henri Proglio Photo credits: AFP