The Paris markets do not take risks on Monday. The CAC 40 thus begins the day on a small drop of 0.19% to 4054.32 points. At mid-session, the Paris index was down 0.67% at 4034.68 points. A trend that has persisted until the end because at 17:30, the CAC shows a shrinkage of 0.57% to 4038.70 points.
In Paris as elsewhere, investors are trying to make a first point on the Japanese situation, one month to the day after the disaster that has ravaged the north-east. Reassuring news fell on the nuclear situation: According to government spokesman Yukio Edano, "the risk that the situation at the nuclear power is deteriorating and it leads to a new major radiation leak was significantly reduced. " In Asia this morning, markets have however not given clear signals.
Side indicator, the day promises to be especially quiet since no statistics are expected. Only INSEE announced before trading up 0.4% of French industrial production in February, after rising 0.7% in January.
The rest of the week will be loaded with particular current accounts in France and the German ZEW index Tuesday, the Fed's Beige Book on Wednesday, the weekly jobless claims in the U.S. on Thursday and the index of U.S. consumer sentiment Friday.
Markets await especially forward to the start of the dance publications of quarterly results in the United States. As usual, Alcoa will begin the festivities this evening.
As for currencies, the euro appears small drop, to 1.4453 dollar. Same thing for oil, hit by profit taking after sharp gains last week.Oil prices retreated Monday in the opening in New York, a barrel of benchmark yielding 62 cents to 112.17 dollars, as investors pocketed some profits while waiting to see if the possibility of a cease-fire became a reality in Libya.
EDF and its subsidiary EDF EN fly
Renault: -2.21% to 39.98 euros
The board of directors of the group will try Monday to see more clearly in the wrong spying scandal at a special meeting and will try to establish the responsibilities of everyone in this fiasco. The group planned to communqiuer after closing. According to Reuters, Patrick Pelata, number two in the group had resigned and this time his resignation was accepted by Carlos Ghosn.
EDF: 1.99% to 27.92 euros, EDF Energies Nouvelles: 9 guaranteed payday loan.74% to 40.21 euros
The listing of both Kingbird, who was suspended Friday after the announcement of a takeover offer from EDF on the 50% stake in its subsidiary EDF EN it does not already own, resumed today with a bang.
EDF also requested that the EPR reactor being built at Flamanville is considered "priority" as part of the audit of nuclear safety in France, said the Nuclear Safety Authority.
United States, the commission (NRC) has denied Unistar, owned by EDF, a license to build a new reactor at Calvert Cliffs Nuclear Power Plant.
Saffron: -1.75% to 23.59 euros
The Central Directorate of Internal Intelligence (DCRI) investigation on suspicion of spying for Turbomeca, a subsidiary of Safran including computer networks have been "looted" for several months.
NYSE Euronext: -1.64% to 26.31 euros
The board of directors of the transatlantic exchange operator yesterday rejected unanimously the offer of participation of $ 11.3 billion made by Nasdaq, coupled with Intercontinental Exchange (ICE).
Crossroads:: 31.72 EUR -0.28%
The walkouts on Saturday in favor of wage increases were a success according to the unions, who speak highly mobilized. The strike rate ranged from 30 to 85%.Negotiations will resume Wednesday.
Sanofi-Aventis: 1.04% to 51.27 euros
The group said Friday night that completed the acquisition of Genzyme after the reopening of its bid and said the U.S. biotech is now a subsidiary that holds all.
Total: -0.34% to 43 euros, GDF Suez: -0.33% to 27.33 euros
The French government has decided to ban the exploitation of shale gas and the repeal of licenses already granted.
Areva – 0.50% to 31 euros
The group bought for 1.62 billion euros from Siemens in the joint venture Areva NP, paving the way for a merger between Siemens and the Russian Rosatom, said on Sunday the German newspaper Die Welt.
Note that the bank respond well to the changing situation in Portugal and the ads on Friday on the European stress test.Societe Generale (-1.32% to 47.22 euros), BNP Paribas (-1.08% to 54.11 euros), Credit Agricole (- 0.67% to 11.78 euros) and Natixis (-0 , 63% to 4.13 euros) are in green.
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".
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Identify the earliest possible anomaly in the management of a program to respond very quickly to get back on the right track. It is a priority for Thales issued Thursday night, lost 45 million euros for 2010 largely due to new provisions (721 million) on programs at risk. In 2009, the group of defense and technology had already spent 500 million provision.
"Four contracts representing a total turnover of 1.5 billion euros reflecting a spiraling costs of 1.2 billion euros," said Luc Vigneron, Chairman and CEO of Thales, who does not want to relive the nightmare Airbus A400M whose group provides avionics or contract Meltem (patrol) in Turkey.
Creation of "Tiger Teams"
To this, Thales reorganises Luc Vigneron. "Previously, the divisions were very isolated and did not speak. It was absurd.Décloisonnons us to achieve synergies. We are strengthening the monitoring and reporting, "adds the CEO, who personally monitors the 10 largest projects of the group. "We are instituting a duty alert to be responsive to confine the fire. There was a problem of transparency in the house. If the upper floors had been alerted earlier, things would probably not there, "said Luc Vigneron.
Spearhead terrain of this policy, the creation of "Tiger Teams" composed "the best experts' group, from subsidiaries, activities or countries. They are called in when needed. One team commandos spent a month in Meudon to solve a problem on a computer's onboard avionics with the team in charge. "Together, they established the diagnosis and outlined a plan of action," said Luc Vigneron.Once the mission, the Tiger Team is dissolved.
The goal is to find Thales of serenity and margins in the management of programs while they are becoming more complex. Better management of risks involved in the recovery of accounts. Yesterday, commenting on the results, Luc Vigneron has displayed his confidence in a quick rebound. It confirmed a target operating margin of 5% in 2011 and 6% in 2012 cons – 0.7% per annum dernier.V.GD
After pressing, the balance sheet. It's late March, Xavier Bertrand, Minister of Labour, before the Council policy of working conditions (Coct) the contents of the 230 agreements signed by the psychosocial risks of over 1,300 companies with 1,000 employees unions; plus 230 action plans for prevention. A year ago, in full case France Telecom, the Ministry of Labour required these companies to act quickly on stress prevention. "Otherwise, they risked punishment unprecedented media coverage in France of the results of negotiation, says Philippe Douillet, project leader psychosocial risks to the National Agency for the Improvement of Working Conditions (NAALC). But it did not last long …. "
230 agreements
At that time, the list of good and bad students was remained on the website of the Department that the time for a short day, Feb. 18 … As to the 230 agreements, 90% of them the 'were in the 1 st half of 2010, under pressure from the ministry. "That said, this action resulted in a genuine process of negotiation," said Philippe Douillet.
Cited as an example, the agreement with Danone assumes that "any proposed change of organization must assess human impacts, which involves asking the questions upstream," says Muriel Penicaud, CEO of the giant HR food. Signed in March 2010 with five unions, after two and a half years of work, it includes a strong preventive approach. This c omprend a training component of the local management, "a key element" for Muriel Penicaud.Co-author of the report "Well-being and efficiency", delivered in February 2010 the Prime Minister, she observes that things have since changed business cards. "Many companies recognize that managerial decisions have an impact on stress, which was rarely the case a year ago." However, few are still those who registered stress in their "single document". Compulsory since 2005, this document is to identify and prevent such risks. "A complex approach on the part of psychosocial risks," says Valerie Decaux, HRD Saur (network management of drinking water, 10,000 employees in France) is currently finalizing the document."The challenge is to address the risks identified: lack of information, the ergonomic conditions, but also recognition of the work, a subjective element. "
Founder of the firm Artelle Council, specializing in the prevention of psychosocial risks, Haubold Bénédicte (1) estimates that companies are now clearly the link between psychosocial risk and economic performance: "We see where a shareholder, who sees his participation depreciate , appealed to us. "Microsoft France, has started negotiations with unions, has understood. For six months the company has embarked on a process well-being and performance ". "A fundamental approach to talent retention and attractiveness of the business," says HRD, Yves Grandmontagne, citing "employees happy and productive".Latest action: the establishment of an observatory of health from the 1400 group employees in France.
(1) "The Psychosocial, library Eyrolles, Editions d'Organisation
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The Asian market ends week on a very tentative. The Tokyo Stock Exchange, closed Friday for a long weekend, is not there to give clear guidance to markets remained open. They follow in the footsteps of Wall Street, which closed yesterday at equilibrium.
U.S. investors have shown particular concern about the evolution of bond rates in Europe, and they were also suspended from the developments in Egypt where President Hosni Mubarak spoke not to announce his resignation but to state transfer his powers to Vice President Omar Suleiman. The voltage is therefore likely to rise a notch with protesters angry and disappointed by the announcements of the president.
Chinese markets are leading the dance
Egypt is this Friday at the center of attention of investors. But not only.A new measure of monetary tightening in China worried the markets. After raising interest rates, the Chinese central bank had indeed ordered some banks to small and medium-sized to meet their reserve requirements in order to control the volume of credit and inflation, according to Bao Zhongguo Zhengjuan ( China Securities Journal). The measure would be effective this week, according to business daily.
In Hong Kong, the Hang Seng 0.28% loose while the Shanghai Composite climbed 0.19%. The banking sector values are eroding. In Hong Kong, Agricultural Bank of China (-1.37%) and Cheung Kong Holdings (-1.57%) declines sharply while at the same time in Shanghai, AGBANK lost 0.4%.
These doubts have consequences for other markets in the region.
The result is final. According to a poll by Ifop for the Sunday newspaper Ouest France, eight in ten French (80%) believe that in recent months, the quality of services offered by the SNCF was "somewhat worse". Only 15% of respondents believe the contrary, that it was "somewhat improved". Three percent of respondents believe the situation has "not changed" in this area and 2% were undecided.
More telling, three out of four respondents (76%) say the times were "less respected" in recent months. They are only 18% say that they are "more respected". Three percent noted no change and 3% were undecided.
Malaise
The survey, conducted on 20 and January 21 with a sample of 968 people, seems to confirm the ras-le-bol general users of the station.After the subscribers of the TGV, which just received a compensation package, it's time for users of regional express trains (TER) to show their displeasure by engaging in a strike submission of tickets from Monday.
Eager to appease the discontent of its customers, the station provides a plan for improving its twelve lines called "sick". Efforts should focus on the Paris lines, RER A and D in mind.
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The noose tightens on conventional breaks, these "friendly separation" between employer and employee who are very successful (455,000 have been registered since August 2008) and now represent 11% of the grounds of breach of CDI. Christian Charpy, head of employment center, announced Wednesday, during a meeting with the Association of Journalists of social information-a unique figure which confirms that this new provision of the Labour Code would provide early retirement scheme for certain large companies.
According to Christian Charpy, a job seeker five entering employment center after a break treaty has over 50 years. This is double their other reasons for listing. But the fifties unemployed are eligible for compensation for three years if they have paid 36 months.And if they are over 58 years, "they can be compensated until age of retirement," admits the Ministry of Labour. "Employees found there, because they have a guaranteed income until retirement," abounds Isabelle Mathieu, a partner in employment law at Daempartners. To say that employers are using conventional breaks to separate "cheap and cost of unemployment insurance" of their seniors, there is only one step that the OECD has passed in April last.
The diversion of this device invented by unions and employers to frame-outs which took the form of dismissal for misconduct-concern mainly large firms. Including more than 250 employees, where 17.4% separation amicably affecting more than 58 years. Or 13 points higher than in less than 50 people.Unemployment insurance note well "over-representation of 55-60 years, but has no" evidence to draw the conclusion of a drift "detrimental to its finances, largely in deficit (11 billion at end 2011). His office has commissioned a study to take stock. Results in the first half.
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The sales prices of existing homes set records in 2010, up from 8.7% in France, increasing from 18.46% even for Paris, according to figures released Tuesday by Century 21 , a leading French network of estate agents.
"France has recorded in Q4 2010, a new record with 2,580 euros in 2549 against euros/m2 highest in 2008," said Laurent Vimont, president of Century 21, during a press conference.
For all of 2010, the increase was 8.7% compared to 2009 (+10.6% for apartments and 6.7% for houses) according to statistics from 49,700 transactions per 90O the Century 21 agency.
This reversal occurs in France after two years of decline (-4.9% in 2009 after -3.1% in 2008 according to the National Federation of Real Estate).
Paris steals his share of record after record.In the fourth quarter it touches the 8,000 euros/m2 average (7942 euros to be exact) payday loans. Over the full year 2010, the increase reached a staggering 18.46%.
On 9 December the Chamber of Notaries of Paris and Ile de France had said, based on preliminary sales contract, that increase would be about 20% in Paris in 2010.
But 2011 should register a serious brake on the soaring prices shown in the real estate agencies or websites.
"I foresee an increase should not exceed 3%," says the president of Century 21.Main reason: the rates of mortgages are currently experiencing a rise in November after reaching historically low levels (average 3.35% over 20 years, excluding insurance), that rise should dampen the ardor of the "second home buyers," the owners who buy a bigger house or better location after making a gain on sale.
(With AFP)
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
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Senate Majority adopted Tuesday night against the Government's view, a UMP amendment to the bill funding the Social Security (PLFSS) 2011 device that reduces the charging of top-hat.
The PLFSS provides that the beneficiary of these supplementary pensions for large amounts, allocated to some business leaders, will be subject to pay a further contribution of 14% will be added to payroll taxes and current tax income already paid.
Exemption up to 500 euros
When passing text to the National Assembly, the government has done little income exempt from this contribution. Rents below 300 euros a month there will be unsecured and rents between 300 and 500 euros will be taxed at 7%.The Senate passed an amendment introduced by Catherine Procaccia (UMP) will enhance these thresholds from 300 to 500 euros and 500 euros to 700 euros payday loan lenders.
"We take the minimum age for reference" for this contribution also applies "to the pension house plans created by large companies after the war," argued Philip Dominati (UMP), also signed the amendment.
"The amendment will cost 20 million," regretted the Health Minister Roselyne Bachelot, who unsuccessfully opposed the measure.
The left has found the contribution of top-hat "insufficient" and proposed to increase by the amount of pensions. "We must discourage the outrageous practices that have hit the headlines," said Francis Autain (CRC-GSP, Communists and the Left Party).The discussion of Social Security Financing Bill 2011, which began Monday in the Senate, continues Wednesday afternoon and will last until Sunday.
(With AFP)
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