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)
After months of tension, is this the end of the vicissitudes of the A400M? The seven client countries and military transport aircraft manufacturer Airbus Military has reached an agreement on the distribution of incremental costs of the program.
"I announce to you a very, very good news: the conclusion of the A400M," said Hervé Morin at Airbus in Toulouse. "The contract is currently being finalized between the seven countries and Airbus Military."
"It remains to initiate the ratification process in the seven countries. This November 5th is a great day for the European defense industry, "he added at the manufacturer's delivery center.
The first aircraft will be delivered to France in 2013 and seven in 2014, said Minister of Defence. In total, the French order is 50 units total $ 8.4 billion.It is "much cheaper than buying off the shelf", that is to say that existing aircraft "can not perform the same missions," said Herve Morin. States will pay 3.5 billion euros (five billion U.S. dollars) more, and EADS has already been provisioned 1.8 billion euros (2.6 billion dollars) in its 2009 accounts.
Nevertheless, a few hours after the formalization of this agreement, London and Berlin, confirmed that they have reduced their orders for the A400M, of respectively 25 to 22, and 60 to 53 aircraft.
Franco-British
The agreement between Airbus Military and the seven client countries (including Germany, France, Spain and Britain) should be signed before the summer. But in the month of August, Germany had threatened to reduce its order from 60 to 50 aircraft. What threatens the economic foundation of the program, according to Airbus.
The agreement signed on Friday came just days after the merger between the British and French armies. The two countries will sign in 2011 a unique program of care and maintenance of their fleet of A400. pilots will be trained together.
Growth is back in the U.S. since the summer of 2009 but Barack Obama still takes little credit. The Democratic Party is poised to lose many seats in Congress, a victim of expressing concern and also the disappointment of the Americans.
The concern was primarily due to insufficient job creation to fall back on unemployment. The Conference Board, a research institute employers, reveals that in October only 14.1% of Americans anticipated an increase in job offers. More than 8 million jobs have disappeared in the United States since the recession began in late 2007. That is fourteen months that the unemployment rate remains above 9.5%: this has not happened since 1948, the date of the compilation of employment statistics.
The disappointment of the Americans is proportional to the initial objectives of Barack Obama."The White House had predicted in January 2009 that the passage of his stimulus plan would prevent unemployment exceeding 8%. This prediction was silly, "says Barney Frank, Democrat of Massachusetts who chairs the Committee on Financial Services of the House of Representatives. In fact, 73% of Americans disapprove of the way Barack Obama runs the U.S. economy. Impatient people, Americans have wanted the great recession of 2008-2009 is already forgotten.
Outstanding infrastructure
The Republicans make much of the meager results of the apparent massive plan to revive the $ 787 billion passed without their support in February 2009. A third plan (288 billion), said "stimulus" was devoted to tax cuts.But the effect of stimulating consumption would have been larger if a good portion of those tax cuts had not been hoarded.
A third plan (224 billion) has also covered the transfer of credit to U.S. states under their health programs and education for example. Without them, the precarious finances of most states would have been downright tragic.
The remaining third (275 billion) was supposed to cover infrastructure costs. We realize today that the projects of roads, bridges and rail transport and subsidies were not as mature as the Democrats claimed. 45% of funds allocated to such projects have not yet been spent.More reason, say the Republicans, alarmed by soaring public debt, to "immediately freeze all spending."
The explosion of debt is another major concern of Americans. The risk that Barack Obama made them for years they seem disproportionate to the results obtained to date.
In 2009, Uncle Sam spends less than $ 200 billion in interest on its debt. This amount will be twice as high as 2014. The fact remains that without this stimulus, most economists believe that America has shifted into a depression. "The president is very little credit for having averted a depression," laments David Cote, Honeywell International boss. According to the Congressional Budget Office, the revival of Obama created between 1.4 and 3.3 million jobs.Reduced its total cost, it still represents an enormous sum of more than 238,000 dollars per job. Tea Party conservatives are screaming foul.
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The French Football Federation is not ready to forget the World Cup in South Africa. In addition to an athletic performance unworthy of his status, Team France has reported a disastrous image (insults from Nicolas Anelka to the national coach, Raymond Domenech, players' strike …). Suddenly, the sponsors, most remained faithful to the FFF, despite their discontent, seeking redress. They reached their end. "We negotiated with our partners in the repair of damages, amounting to 4.5 million euros," said Bernard Desumer, the treasurer of the FFF.Reimbursement without doubt facilitated by the decision of the Blues to waive their bonuses in terms of sponsorship, which enabled the federation to make a saving of 2 million.
States General of football late October
But this refund has necessarily an impact on the financial statements for 2009-2010 of the FFF. Validated by the Federal Council of the federation, they show a deficit of 1.36 million. Revenue amounted to 199 million euros, down 12.7 million (-6%), and expenditures 200.4 million euros."The year 2009-10 was an excellent bill if he had not held a very serious incident in South Africa June 20 (players' strike of the France team, Ed), treasurer of the relativized FFF, recalling that "when the General Assembly in June 2009 in Reims, the budget was built on an operating deficit of 2.9 million euros."
The campaign of the World Cup has yielded a positive result of 600,000 euros.However, the application for the organization of Euro-2016 has resulted in expenditure of 2 million and the compensation paid to the marketing company Sportfive, after the contract ends June 30, s' raises to 2.4 million.
Conflict with its former employees
So that must be held at the National Institute of Sport's expertise and performance on 28 and 29 October of the States General of football, Bernard Desumer not worried. "For us, this is not a problem to submit a budget deficit because our goal is not financial but to ensure the development of football. In the overall budget of the Federation, with football fan is 40 million euros so we had ample opportunity to present a budget surplus, it would have been enough to draw support to amateur football, what we don ' have not wanted to do, "he concludes.In conflict with Raymond Domenech, the former coach Gerard Houllier and the former national technical director, the FFF is found in an awkward position before the States General of football.
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Tension rose a notch on Friday between the executive and the unions, less than two weeks of mobilization against the pension reform on September 7. "We have entered a power carried by the government," critic Jacques Voisin, chairman of the CFTC. "We will have no lights before the Assembly debate, agrees Marcel Grignard, number two of the CFDT. The government does not want to give grist to the mill workers before mobilization. "The Elysee confirmed:" We will not reveal anything because the unions would benefit from our proposals to demolish in order to mobilize more. "
Eric Woerth's proposal to hold further discussions before considering the text on Sept. 7 failed to calm the ardor of unions to fight. "The minister's letter has also stiffened relations", says Jacques Voisin.The CGT will not lend itself to exchanges which are lip service to the thesis of social dialogue is still alive, so that no real negotiation is still the order of the day ", said Thursday its secretary General, Bernard Thibault.
For him, it will be to decide on the streets: "We're heading for a big day, perhaps even unique, and I can not imagine it will not affect the head of state," he said on RTL radio Friday. The boss of the CGT also judge Nicolas Sarkozy "much more feverish" at this time. In his eyes, his decision not to restrict the device housing assistance for students shows. "This is the topic that would put the students in the street," says a spokesman of the majority. "It's a sign, says Alain Olive, secretary general of the UNSA.Nicolas Sarkozy must remember that this is not the unions that have obtained the withdrawal of the controversial First Employment Contract in 2006, but the presence in the processions of schoolchildren and students. He is wary of a mass effect from them. "
"All the shots are allowed"
Alain Olive, too, considers that "the Elysee concessions are available to show that the president is listening, but only at the margin, on the issues left open (career long, arduous and polypensionnés) before summer . "The Head of State realizes that there are inequalities in policy and that the sum of these injustices becomes problematic," adds Marcel Grignard. Forgery, replica near the Head of State: "Nicolas Sarkozy is serene.He is less worried about the outcome of the reform for the good economic indicators released in recent days show that cuts to the budgets of state and social will be less painful than he thought. But he was more afraid of the reaction of the French on the issue of expenditure on pensions. "Even at the Elysee opinion:" We expect a large-scale mobilization, so it is unlikely that changes our text if so. "
Jean-Claude Mailly, general secretary of FOR, raises the bar "more than two million protesters. Either a higher level than at the last day of mobilization on June 24 "People will have something else in mind that the pension reform, warns Jacques Voisin: laborious recovery, employment, discipline …" But also the case Woerth-Bettencourt."Everyone knows that the reform will be polluted by his supposed status in question," Bernard Thibault launched yesterday, when he had thus far refrained from comment. A little phrase that has infuriated the Head of State, who "has now concluded that all shots are allowed," slips one of his relatives.
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