Friday morning presentation of the broad guidelines of the economic program of FN required three hours of explanation. Declined by Francis, an "economist in a private financial institution" who did not want his identity, this project is at odds with "one of the WSPU who repeats the same stale receipts, what does not and Yet that attention be given to apply for 30 years, "Marine Le Pen hammered.
The base of the FN program revolves around the gradual exit of the euro. "France is the 5th world power, it has the means to manage its own currency as it has done for 600 years," François considered. If Marine Le Pen was elected in 2012, it will give six months to persuade other countries to abandon the euro zone single currency. "If they do not, we will go out alone," warned the president of the FN.In case of attack against the franc (reintroduced to parity 1 franc = 1 Euro), the government will leave "float" or will "exchange control temporarily. As for the risk of inflation due to devaluation "necessary", it is not proven by the FN.
The party of Marine Le Pen proposes to restore the "border protection" to fight against unfair competition that we deliver the low cost countries. This patriotism newlook rely on import quotas, tariffs or health standards on certain products.
"To ensure the recovery of the middle class and SMBs," his two priorities, the FN suggests reindustrialise France in investing in certain sectors and certain renationalizing strategic sectors (energy, transport …). Marine Le Pen also promises to rebuild a large public banking division."We will wait until fall for the banks to redeem them," admitted publicly any of his relatives, who requested anonymity.
In fiscal matters, the FN promises a "revolution for social justice": the merger of income tax with the CSG, simplifying the corporate tax, eliminating tax loopholes … "We want to go to 5 taxes instead of 1000 today, "said Marine Le Pen. On the expenditure side, the FN wants to reduce bureaucracy and cut in social benefits. "You have to book some social protection, including the French," she said, promising also the "national preference" in employment. "If a stranger does not find work, he did not intend to stay in the country," she conceded.
The FN will also remove the 35 hours but not repeal the tax exemption of overtime.It will end in "1 of 2" in the state civil service and reserve one third of public recruitment for over 45 years. It will allow learning from 14 years and establish a retirement card from "40 years, full".
ALSO READ:
The FN, "a party like the others" for 52% of French
How Hénin-Beaumont became the spearhead of the FN
After one hundred years of industrial dominance, the United States are being eclipsed by China. In 2010, the Middle Kingdom has become the leading manufacturing power in the world, according to a study released Monday by the economic research firm IHS Global Insight.
Manufacturing output of China represented 19.8% of the planet in 2010, while the share of the United States stood at 19.4%, according to estimates by IHS. According to the study, the added value of manufacturing output of China reached 1.995 trillion (current dollars) in 2010, against 1.952 trillion dollars for the United States.
"U.S. manufacturing output has rebounded strongly in 2010, with growth of 12.6% in value," writes IHS. That was not enough.Growth 'fastest in China, "and" appreciation of the yuan against the dollar helped the Republic to pass before the United States.
The American more productive
If China now produces more than the United States, they remain the most effective. The study notes that productivity is significantly higher at Uncle Sam "with 11.5 million employees, the U.S. manufacturing sector produces roughly the same value as the Chinese manufacturing sector with 100 million employees."
The mass effect was therefore due to the dominance of the United States Centennial. The latter became the first global manufacturing power at the turn of the nineteenth to the twentieth century. They dethroned the then Great Britain. At the end of World War II, U.S. factories accounted for more than half the production on the planet.But foreign competition and the service sector of the economy of the United States has gradually eroded this rule no fax cash advance.
According to figures from the U.S. Department of Commerce, the share of industry in GDP of the United States follows a downward trend started in 1954. In 2009, it accounted for only 11.2% of the wealth produced by the country, against 28.3% in 1953. At the time of the service sector employs about three out of four assets in the United States, bankruptcy and restructuring of the carmaker General Motors, once a symbol of industrial America, were able to illustrate the difficulties of the country's manufacturing sector.
Second trophy for China
In the long term anyway, manufacturing output in the United States tends to increase in value through productivity gains.Conversely, the rise of the Chinese economy depends on industry, particularly factories, whose production is destined mainly for export.
China wins as well, according to IHS Global Insight, his second trophy of the economic year 2010. In February, she actually won the second place in global economic power surpassing Japan. But the race to GDP (gross domestic product), the United States remains dominant. Their GDP is 2.5 times that of China. The latter should wait another few years before doubling the United States. Probably until about 2025, according to estimates by the World Bank and various financial institutions. And if it manages to overcome its many challenges in the coming years.
ALSO READ:
"China revises growth forecast downward
"The many challenges of China for 2011
France remains the largest AAA. This note, the best is always what the rating agency S & P (Standard & Poor's) – one of three major awards at the world-France.And what is triple A party to last at least a few months since S & P's note accompanying a stable outlook.
This assessment "reflects our views on health and strength of the French economy, the political environment, which we estimate to be flat and oriented towards prudent economic policies," says Marko Mrsnik, an analyst for S & P cited in the statement.
S & P increases the scenario in which the French government will continue its effort of fiscal consolidation and "could reduce the deficit to about 3% of gross domestic product in 2013."
France has promised to reduce its budget deficits (government, social security, local) of 7.7% of gross domestic product (GDP) this year, a record at 6% next year.Paris is a deficit of 4.6% of GDP in 2012 and 3%, the maximum allowed under the European treaties, in 2013.
Debt in a few dates and figures
The debt of France amounted to 1591.5 billion at the end of second quarter 2010 (latest figure available), or 82.9% of gross domestic product (GDP). It is expected to exceed 1,600 billion at end 2010 to 83.2% of GDP, or about 25,000 euros per capita.
It increased by almost 60% since 2003, during which she had crossed the symbolic threshold of 1,000 billion euros and the 50% of national wealth. The mark was surpassed 500 billion in 1993. Ultimately, the burden of debt to GDP has tripled in 30 years.
The Department of Budget expects that the French debt will represent 86.2% of GDP in 2011 before reaching 87.4% in 2012 and to decline slightly.Government debt is owned 70% by non-resident investors, a figure rising steadily in recent years.
A closed
In the "club" very closed countries rated triple-A by all three agencies (S & P, Fitch Ratings and Moody's) include, in addition to France: Germany, Netherlands, Finland, Austria and Luxembourg in the euro area; Norway, Sweden, Denmark, Switzerland and United Kingdom in the rest of Europe, USA, Canada and Singapore around the world.
S & P, "an issuer of bonds rated AAA has extremely strong capacity to meet its financial commitments." Moody's, the Supreme Aaa rating thus reflects a "strong economic, financial and institutional exceptional, allowing unfettered access to credit" and requires that "no conceivable impact is likely to affect repayment capacity."Fitch, meanwhile, explains that "the political will and capacity to mobilize resources to meet their financial obligations is a key element of sovereign credit reliability.
The rating agency Dagong Chinese, meanwhile, has awarded its own "Triple A" only seven countries: Norway, Denmark, Luxembourg, Switzerland, Singapore, Australia and New Zealand. It notes the AA-France, the United States and Germany AA AA +.
With agencies
ALSO READ:
"Fitch degrades the debt of Portugal
Moody's puts Spain and Portugal under pressure
"The operation of credit rating agencies
The contenders are scrambling to the door of the group Yoplait. Since the fund PAI Partners, co-owner with Sodiaal Yoplait, has expressed its intention to pull out, expressions of interest for the cream of the dairy industry is growing.
And even the ISP (Strategic Investment Fund) may participate in the resumption of the Yoplait dairy group, reports Les Echos. French sovereign fund "looks closely at the record Yoplait," says the daily. But for now, no scheme is adopted. However, the ISP would take a minority stake, its role being primarily "to promote the French and their anchoring in France." The fund could facilitate applications and lights.
Aspirants would be many.Several names have been mentioned by the press and especially the Swiss Nestle, the American General Mills, Pepsico and Kraft, or the Anglo-Dutch Unilever and the Mexican Lala. The American investment fund Kohlberg Kravis & Roberts (KKR) already present in France Tarkett (worldwide leader in floor coverings), Legrand (electrical equipment) and group PagesJaunes would also be in the running.
Lactalis: only official candidate
For now, the only known candidate and is the official Lactalis cheese the second world, which made a bid to regain 100% of Yoplait for 1.4 billion euros. However, a proposal rejected by PAI and Sodiaal because it deemed too greedy. In fact, Sodiaal does not separate the second yogurt brand in the world, but could, under certain conditions, agree to reduce its presence in the capital.
ALSO READ:
"Nestle is considering a bid for Yoplait
"Lactalis bid 1.3 billion euros to buy Yoplait
"Yoplait scindrait its activities to better attract
* Flora Accursi, Sylvain Alzial Pascher and Julie credit report.
Back to basics. A few days before the G20 summit, the head of the World Bank advocates the establishment of an international monetary system based on the gold standard.
Faced with the intractable war of currencies, Robert Zoellick, speaks in an article published in the Financial Times, the need to replace the current "Bretton Woods II", the floating exchange rate system that has prevailed since the end of the Bretton Woods in 1971. The former member of the secretariat to the U.S. Treasury calls for the establishment of "an international system able to involve both the dollar, euro, yen, pound sterling and the renminbi (Chinese currency Ed). He added that this "must also be considered to rely on gold as an international reference point for assessing market expectations on inflation, deflation, and the future value of currencies".
The statements of the economist occurred when the current monetary system is under fire from critics. The latter in particular having allowed China to artificially weaken its currency, say U.S. and other countries. Moreover, the U.S. Treasury Secretary Timothy Geithner called again this weekend emerging economies to rebalance their growth and relaxing their policy changes. But the U.S. central bank has also been strongly criticized these days for a further massive injection of dollars into markets, denounced as a source of major imbalances. This gesture helped to weaken the dollar against other currencies.
Gold at record levels
The Fed's intervention also triggered a further increase of an ounce of gold has climbed in recent days to record levels at over 1393.55 dollars an ounce.The boss of the World Bank also indicates that "although textbooks may consider gold as an old currency, the markets use gold as an alternative monetary asset today."
Remains whether the expert will be heard. France, which chairs the G20 to be held Thursday and Friday in Seoul has set out to reform the international monetary system. The Elysee said he had already won support from China.
ALSO READ:
"China supports France for" its "G20
"G20: Beijing and Berlin are opposed to Washington
"War of the G20 currencies and
In the wake of Wall Street Wednesday night and Thursday morning, Asian stock markets, the Paris Bourse is expected to open sharply higher. The CAC 40, which ended yesterday with a drop of 0.59% and is expected to exceed the threshold of 3900 points, and quickly approaching the famous 4000 points.
Wednesday night, the Fed confirmed as expected that it relaxed its monetary policy and clarified to what extent: the Federal Reserve will inject $ 600 billion by June 2010. Good news for markets, reassured to see the U.S. leading economic power and financial world, supported.
On the foreign exchange market, the news immediately plunges the dollar, pushing the euro to $ 1.41 over 20 hours from Wednesday evening. Since then, the milestone of $ 1.41 has not been taken down.
Expected figures this Thursday
In France, is expected at 9:50 PMI Composite (Markit).In the euro area, 10 hours, will be known PMI purchasing managers then 11 hours of industrial producer prices in September.
The ECB will make its decision on interest rates in the EU from 13.45.
In the U.S., traders await the traditional weekly claims for unemployment benefits at 13.30, and productivity in the third quarter (First estimate) at 14:30.
LVMH responds to Hermes
Ousted head of Accor he led since late 2005, Gilles Pelisson said he left the band "head high"."Sad," he said "proud" of the work accomplished in five years, during which the group has lived in both its two best years in 2007 and 2008, and an unprecedented crisis in 2009.
The CEO of LVMH responds in Le Figaro to his counterparts at Hermes, who deplored the hostile nature of the massive influx of capital saddle (he owns 17.1%). Bernard Arnault raises a plea of inadmissibility at the request of Hermes to sell those holdings.
Reportedly, the Swiss group Nestle speaks with French Lactalis around a joint bid on Yoplait. Half the capital's world number two is to sell yogurt.
EDF has signed an agreement with Delta cooperation to study the feasibility of a new nuclear plant in the Netherlands, in Borssele.No details on the project financial nor an element of timing were made.
While Chinese President Hu Jintao starts his visit to Paris on Thursday, a series of contracts to be signed, including Airbus, Areva and Total.
Very good quarterly results
Lendamain to the publication of good results by généréale Company, BNP Paribas has exceeded expectations in the third quarter: net profit falls sharply to 46% increase to 1.9 billion euros.The bank did not need a capital increase to comply with new standards and Basel III is confident for the fourth quarter, said its chief executive Baudouin Prot in an interview with Reuters Insider no faxing payday loans.
The telecoms equipment maker Alcatel-Lucent said Thursday it recorded a third quarter surge by 10.5% of its turnover to 4.074 billion euros, above analysts' expectations and marks a return to growth sales.
During the first half ended September 30, Alstom recorded a net profit of 401 million euros (-29%), operating profit of 763 million (-8%) and a turnover of 10.432 million (+ 8%).
The chemicals group Rhodia statement Thursday its goal of operating performance, to become a gross operating profit (EBITDA) of about 900 million euros in 2010, after posting third-quarter net income quadrupled.
The Legrand group of electrical equipment was again raised on Thursday its profitability target for 2010, after a third quarter supported by emerging countries and new market segments.
The food group Bonduelle, specializing in vegetables, has published a quarterly revenue up sharply following the purchase of France and mushroom with a favorable currency impact. Turnover (1 July-30 September) was up by 15.7% to 419.8 million euros, according to a statement.At constant exchange rates and constant perimeter, the activity growth is 2.1%.
Imerys has also raised its 2010 operating margin target after an improvement in profitability in the first nine months of renewed activity and the depreciation of the euro compared to 2009.
Eutelsat himself has confirmed its objectives for the current year and for 2013, based on a market that remains well oriented and the upcoming launch of the aircraft Ka-Sat.
Bureau Veritas has confirmed its 2010 targets after a third quarter marked by an acceleration in organic growth of its business, and said look 2011 with confidence.
JCDecaux expects organic growth of about 8.0% for 2010 after reporting a rise in sales in the third quarter slightly below expectations.
Vicat expects margin improvement from one semester to another after a third quarter marked by a cement company for confirmation signs of recovery volumes.
Seloger.com, subject of a bid from German Axel Springer, has matured in its annual targets up Wednesday after a growth of 15.5% in the third quarter.
The world leader in call center Teleperformance achieved over the past quarter revenues of 487.2 million euros, up 14.5% on a reported and organic growth of 0.2% (at currencies and constant perimeter).
The construction group Bouygues is favored against Eiffage and Vinci to capture the market of the future high-speed line Le Mans-Rennes, understands the daily La Tribune on Wednesday.
Eiffage group who appear to challenger and Vinci have already won the concession in March of future Tours-Bordeaux, "some market participants argue that games are made" while the three groups call on Wednesday their final bids to the manager French railway network, Réseau Ferré de France (RFF), the newspaper said.
These stakeholders "believe Vinci (…) can lead two such large projects," which Bouygues place in a favorable position, the newspaper reported.
Vinci could even choose to make an offer "designed not to be competitive with Bouygues and Eiffage," the newspaper speculated, citing these same stakeholders.
Vinci contends, however, that "if he submits a tender is that it is the ability to perform," says The Tribune.
The section TGV Bretagne-Pays de la Loire (182 km and 32 km of connections) is estimated at 3.4 billion euros and is set in Paris Rennes 1:26 2015, 2:03 cons now.
This is a partnership and not a concession, the manufacturer selected receiving rent from RFF.
Brittany-Pays de Loire will be "the largest contract of partnership in rail infrastructure" because "the winner will build the line and maintain it for 25 years", said La Tribune.
The industrial group Alstom to remove 4,000 jobs by March 2012 in its activities "Power" (manufacture of turbines and power plants), including 1,000 non-renewal of temporary contracts and "natural attrition", a statement said.
The 3,000 additional job cuts will be conducted "with all the accompanying measures available." And clarify the AFP that "a hundred jobs are affected in France on 5,400 people employed by Alstom Power in France".
Alstom justifies this plan job cuts by "changing some of its markets.""In Europe and North America, there was a drop in electricity consumption and a drop in orders for new plants," said a spokesman, citing a drop in orders by 50% between 2008 and 2009.
Switzerland, Germany and the United States, the most affected
The job cuts will spread and "in Europe and North America, including procurement of new equipment from coal and gas plants have been most affected by the crisis," the statement said the group paydayloans. Industrial sites most affected "are located in Switzerland, Germany and the United States."
"Other sites are also within the framework of this plan, particularly in the United Kingdom, Hungary, Norway and France," the group said.
The Directorate-General Alstom has delivered Monday, October 4 at the European group committee "a draft plan of Sector Adjustment Power," the statement said. A new group committee was convened on 18 and 19 October to consult with trade unions on this project, according to a spokesman.
Alstom employs 96,000 people worldwide, including 49,500 in its branch Power (one of three branches of the group with transportation and "Grid").
The euro continued its ascent against the dollar increasingly weakened. On Wednesday, the euro hit a new high for more than five months to $ 1.36. A series of disappointing indicators have revived in recent days on concerns of U.S. growth markets.
"So we expect to see the Fed increase its purchases of government bonds to support the economy, as it has announced. It finances the purchases by printing dollars. The mass of greenbacks in circulation may be exacerbated, and that currency drops very logically, "says Patrick Fraguier, head of strategy at CAAM.
The greenback's decline is an effective way to boost the competitiveness of the U.S. economy. "A non-cooperative game among states is set up. The foreign trade deficit will slow growth in the United States, which have the reverse.However, China does not revalue its currency. Americans are forced to leave their spin, "says Patrick Fraguier.
The yen also makes the cost. But the Japanese monetary authorities, worried about the Japanese economy, already intervened to limit its rise and could recur.
The ECB does not intervene, her on the forex market, the euro could continue to appreciate among the major currencies. But the euro area also has weaknesses that can weigh on its currency: a heterogeneous back, Shortage of current tax, debt and concern in some states.
Comments Off