International & World Report

Demonstrate the sensitivity of the issue of employment at PSA Peugeot Citroën in five months of the presidential election, Nicolas Sarkozy is personally seized it yesterday. While he has made the defense of employment in the automobile one of its most cherished since the crisis of 2008-2009, he attempted to play down the scope of the saving plan of the manufacturer who announced Tuesday 6000 job cuts in Europe, with more than 4000 in France with the positions of providers.

"There will be no social PSA in France," said Nicolas Sarkozy, to mark the third anniversary of the creation of the Strategic Investment Fund (ISF). Picking up on the commitments of Philippe Varin , CEO of the group, it has has ensured that some 2000 employees of the group directly threatened in France (excluding retirements) would be "reclassified all."Nicolas Sarkozy was outraged to learn that Renault, which the state holds 15% stake, plans to transfer all of the production of its Clio 4 future in Turkey. Carlos Ghosn had to backtrack after being summoned to the Elysee.

The automotive industry employs, directly or indirectly, 2.3 million people in France, 9% of the employed population.

A health insurance plan is definitely a major source of financial assistance in times of illnesses, accidents or diseases.

Caution should again dominate this Tuesday at the Paris Bourse. The CAC 40 yields 0.69% in early trade at 3090.53 points. Like their counterparts on Wall Street and Asia, investors will again examine the risk of contagion of the crisis of sovereign debt in the eurozone. The sharp rise in bond yields Spanish and Italian supply fears. Spanish borrowing rate to 10 years have in fact exceeded the critical threshold of 6% yesterday, what had not been seen since early August. Italy has in turn launched a debt issuance where rates were also above 6% for securities maturing five years.

This morning, the spread between government securities, french and German, that reference in the euro area, has reached a new record since the inception of the euro with an increase of 8 basis points (bps ) to 173 bps.

In Italy, Prime Minister Mario Monti called for a short time to market his team to form and implement a program, which will contain "sacrifices cash advance." For its part, the new Prime Minister of Greece, Lucas Papademos, assured that the implementation of decisions taken at the top of the euro area on October 27 would be the "main task" of the new government, preventing the Greeks from one period difficult. He has said the country's public deficit in 2011 will be reduced "at around 9%" of GDP.

This morning, the euro continued its decline against the greenback. The single currency is dollar 1.3583 (-0.29%) in morning trading. The small increase in oil is: a barrel of "light sweet crude" for December delivery gained 8 cents to 98.22 dollars a barrel while Brent North Sea crude for December delivery took 44 cents to 112.33 dollars .

From our correspondent in Brussels

For the euro, auctions have never been so high. The Heads of State or Government rejected twice by the end of the game. They meet Wednesday night to decide on a "package" massive enough to stop the contagion of debt, no more poor national treasuries and banks already weakened by the crisis.

Prime Minister François Fillon asked Tuesday the issues preventing a failure "could push the European continent to unknown lands." The common currency is, with the single market, the cement of the EU. Dramatization, she stretches under the gaze of politicians: in Rome, London or Berlin, the crisis of the euro weakened government coalitions. The majority of Silvio Berlusconi Tuesday seemed on the verge of bursting.David Cameron faces a near-rebellion in its ranks conservatives, not on the euro but even on membership of the United Kingdom to the EU.

Defense against infection

For now, Angela Merkel seems less threatened. But witness the influence of its parliamentary majority on crucial European choices, the Chancellor will accept the decisions of the summit after obtaining a travel order tightened the Bundestag. "There is no need to top, just look at the parliamentary debate before the Bundestag on TV," a European diplomat scoffed Tuesday. At the heart of the debate in Germany find themselves the roles of the European bailout fund and the ECB's refinancing loans become vulnerable to large countries like Italy or Spain.

The drama may come from Silvio Berlusconi.Italy, the third continent's economy, has taken the place of Spain in the nightmares of the leaders of the euro area. To it they think of first when they say they want to erect a barrier against infection. Nicolas Sarkozy has strongly requested the Italian Prime Minister to introduce an austerity plan credible to their peers. Tuesday evening, all indicated that the Cavaliere would arrive in Brussels on hands almost empty. He could get away with a pirouette. "Who will take the risk of rekindling the fire on the euro, claiming that Italy is definitely not serious?" Asks a well-placed observer.

Tuesday in Brussels, experts and diplomats continued to activate a device described as "quite substantial".But this is not the only issue: Wednesday evening, "it will be for each to balance the three points of a triangle: accept economic reality difficult to convince a sustainable markets and minimize the impact of the election austerity" . The crisis has entered its most political.

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Despite successive reforms, the future of pensions remains uncertain. According to the circle of investors, it is expected that the replacement rate – that is retired from the last wage – down in the next twenty years. Middle managers, especially, will be penalized with lower returns on supplementary schemes. Individuals are aware they will have to save to preserve their future purchasing power. They can do this by reducing their taxes. Several savings products can indeed be a winner on the tax.

The Perp: still little used

The most universal of these savings products is also the least known. The popular retirement savings plan (PERP), established to encourage the French to build and open to all, hard to seduce.According to figures from the French Federation of Insurance Companies (FFSA), 27,000 new Perp were subscribed in the first half of 2011, 2% more than in 2010, but the number of building plans has stagnated at around 2, 1 million since its inception in 2004. "It produces a tunnel that compares poorly with the life insurance contracts, where the funds are not blocked until retirement and also offer a tax advantage," said Marc Darnault, Associate Optimaretraite consulting firm.Perp of the main asset is the ability to deduct contributions from taxable income, with two limitations: the amount deducted must not exceed 10% of earned income, and must remain lower for the 2012 tax return, to 28,281 euros – 10% of eight annual ceilings for Social Security (Pass).

The placement is especially interesting for those imposed in the higher brackets (30 and 41%) of the Income Tax Act and is most appropriate as thirty fifties. The Perp suffers from a disability second. The sums are blocked until retirement recovered mainly in the form of an annuity.Only 20% of funds can be "removed" capital (they are then subject to withholding tax of 7.5%), except in special cases (acquisition of a principal residence indebtedness, disability …) "The Perp is a wager on life expectancy, "says Marc Darnault. The pension amount is difficult to assess in advance and then it will suffer the same tax that the pension provided by the general scheme, namely the scale of income tax after deduction of 10%.

The Perco: the advantage of leaving capital

In comparison, the Retirement Savings Plan (PERCO), which allows the retirement funds out an entire capital – option selected by three-quarters of investors – more attractive.Reserved for the minority of employees whose company has set up this device (about 2.8 million people affected), it has experienced in 2010 an increase of 27% over 2009, according to the French Association of Financial Management (AFG). Some 690,000 employees have passed and the stock reached 4 billion euros on 31 December, an increase of 35% in one year.

The Perco can be powered both by the employee, who can contribute a maximum of 25% of its revenues, as the employer of up to triple up to a maximum of 5,656 euros per year. These payments are exempt from social charges and tax. Only the CSG (7.5%) and CRDS (0.5%) must be paid. "It's a little device binding is a management tool. It may in fact be powered by the profit-sharing payday advance low fees.Since 2010, half of it is also paid directly to the Perco, "said Philippe Crevel, general secretary of the Investors' Circle, which advises to choose security, particularly at the approach of retirement. "It should also be careful because insurers who manage packages often encourage more risky," warns Marc Darnault.

Préfon: The Perp of the Public Service

This optional retirement plan is open to staff and those who worked for a time in the public service. He met with mixed success. Only 3.7% of potential members contribute to gain points Préfon. A lack of interest that can be explained by the low incentive to contribute, the Pension Plan of the Public Service to ensure a replacement rate of 75%."This has made less sensitive to the officials the opportunity to purchase additional pension that private sector employees, including the replacement rate is 50%," says Philippe Crevel. In addition, the level of pension paid will depend on the pension point value, passed annually in the board. A rather complex system that does not allow the insured to have a clear idea of ​​what it touches.

The Préfon was dusted in early 2011. If the principle is the payment of a pension supplement in the form of annuity (taxed at the rates of income tax after deduction of 10%), it is now possible to recover 20% of the money invested capital (taxed 7.5%). Its main attraction is nevertheless able to reduce its income tax by contributing.As for the Perp, amounts paid annually to the Préfon are tax deductible within the limit of 28,281 euros for 2011 income.

Madelin: a necessary complement to the self

Created to encourage self-employed (merchants, independent artisans, professionals, leaders of society … self-employed) to accumulate savings and a pension insurance scheme Madelin contracts are tax-advantaged. As for the Préfon and Perp, contributions are deductible from taxable earned income (BIC or BNC). The device is even more advantageous, since the deduction of 10% of income to a maximum of 28,281 euros plus an additional deduction equal to 15% on income between 35,352 euros (the maximum Social Security for 2011) and 282,816 euros (eight times in the past). The maximum deduction is set at 65,401 euros."Contributing to this diet is all the more necessary for the self that the benefits of their pension base are lower than for employees," said Marc Darnault.

According to the circle of investors, 61% have an independent contract Madelin (including retirement). The FFSA counted 899,000 contracts outstanding of 1.1 billion euros. The funds invested – usually on euro fund or units of account such as life insurance – are recoverable in the form of an annuity (taxed at the rates of income tax). No events capital is possible except in very specific cases of bankruptcy or disability of the investor.Finally, unlike other retirement investments, payments on contracts Madelin must be regular.

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Banks still working hard to provide for bank charges. Including payment cards. A study by the magazine 60 million consumers, an international card is billed an average of 37 euros per year, while its cost is only 5 euros. Half of the institutions have even raised prices in two years.

Banks 'traditional' is the Postal Bank which offers the lowest rates with an average annual cost of 73 euros, ahead of Caisse d'Epargne Ile-de-France (83 euros) and Societe Generale (93 euros ). Bringing up the rear, there is Crédit Mutuel Ile-de-France (133 euros) and CIC (140 euros). But the banks 'traditional' remain far behind online banking, according to the survey published in the journal business cards.Including ING Direct, which continues to lead but the price of the basket of basic services is no longer free but is 10 euros.

To perform its study, the magazine wrote a basket of ten banking services under the Act Lagarde. It includes an international payment card with deferred debit, the new edition of the code card, a transfer to another bank, the blocking of a check, looking for an archived document for over a year, account management on the Internet and any account maintenance fees.

Shortly before opening, chewing Americans were expected small decline, but volatility remains very high, the index futures may return at any moment, like the indices themselves. Shortly before noon Paris time, the index futures Standard & Poor's 500 and Nasdaq 100 yielded respectively 0.3% to 1165 points, and 0.37% at 2150 points.

On Thursday evening, U.S. markets have rebounded sharply, welcoming new listings weekly fewer than expected. European markets had also enjoyed the news, closing up vigorously.

The pressure remains strong this weekend

Other statistics on the agenda for this Friday, may well generate a few responses. Retail sales for the month of July will be unveiled at 2:30 p.m., in fact, before the start of the session Eats United.Investors await with interest the first estimate of consumer confidence from the University of Michigan for the month of August, from 3:55 p.m..

Pressure remains high on world markets. Lack of macroeconomic and really good news in the absence of major business publications Friday, this weekend is likely to be overshadowed by even more obvious signs of a weakening of growth. The sovereign debt crisis, and severe drops in banking stocks recorded this week, amid rumors of bankruptcy, particularly in France, will affect the trend no fax payday loans.Asian stock markets have already finished down on Friday morning.

In this context agrave exacerbated by a volatile market, investors are going to look at publications such as retail sales, which should also benefit from a slight rebound in auto sales?

Difficult to answer this question. For analysts Aurel BGC, "while" so far the timing of publications of macroeconomic indicators has been poor, a reaction, positive or negative, this indicator would in any case an early normalization "of market behavior. Excluding cars, the indicators are still available for now more mixed.

On the corporate side, the U.S. airline AMR, parent of American Airlines, announced plans to separate its regional affiliate American Eagle.A document filed with the stock market regulator described a "possible separation" with the American Eagle to introduce the stock market separately. American Airlines is still bound for nine years in its subsidiary. American Eagle will continue initially to operate 281 aircraft for American Airlines, which will wind down its cooperation in 2012.

Careful, this is the verdict seems to be emerging markets about the compromise between Republicans and Democrats to raise the debt ceiling. European shares closed sharply lower on Monday and Wall Street is in the red at mid-session.

European leaders hailed the recovery of 2.4 trillion dollars in the legal limit of U.S. debts. Enough to hold until 2013, after the U.S. presidential election in November 2012 of. "This plan raises considerable uncertainty that hovered in recent days on the market about a risk of recession in the United States, welcomes Philippe Waechter, head of economic research at Natixis AM. While no agreement was reached before Aug. 2, the federal government could not spend what he earns, which would have sealed the growth. "But economists remain cautious: the lack of plan detail and ambition.

• Two uncertainties

The plan presented by President Barack Obama and the Democratic and Republican negotiators is still a project that has not passed by Congress. "The Republicans may be unhappy with the cuts in the defense budget. (…) In addition, any tax increase is explicitly provided, which could make it difficult to convince a sufficient number of Democrats to vote the text, "Analysis Paul Mortimer-Lee, chief economist at BNP Paribas IPC.

Second unknown, raised by Inna Mufteeva, economist at Natixis, "no timetable has been issued for budget cuts. These cuts should not be introduced too fast, Barack Obama assured, but it would be interesting to know when. "Especially the plan, based solely on spending cuts and no tax increase, is likely to influence an already weak growth.

• A plan insufficient

"The total savings proposed, or 2.4 trillion dollars, is insufficient to put the U.S. budget on track," said Paul Mortimer-Lee. The rating agency Standard & Poor's estimated 4 trillion in savings over 10 years are needed to reduce the U.S. debt.

• The main decisions postponed

Almost two-thirds of the austerity measures -1.5 trillion dollars over a total of 2.4 trillion-flow from the proposals of the committee for the opportunity to be presented in November. Result, "there are still too many uncertainties about possible future tax and budget cuts, concerned about Paul Mortimer-Lee. This uncertainty will penalize investment decisions and hiring companies. Growth will suffer.The compromise presented Sunday night therefore merely postpone the problem, and not far beyond. "

• Questions about Washington's ability to make decisions

"Initially, Obama targeted Republicans as a plan of 4,000 billion dollars, said Philippe Waechter. As they differed on how to achieve their ambition has melted over the negotiations, to agree in the end the lowest common denominator (2400 billion dollars in savings). "

So lacking in the original goal to doubt the effectiveness of the American political system. "If there were only Republicans and Democrats agreed was found. But the presence of extremists of the Tea Party has changed the situation, forcing the Republicans to more than intransigence, Philippe Waechter analysis. It has changed the political system in the United States.Part of the Republicans wanted something other than what was negotiated usual, causing the blockage. "

This could happen in the future, warned Standard & Poor's in a note dated July 14: "The inability to reach an agreement today leads us to believe that there will be no more coming years. "This argument could lose its" AAA "in the United States.

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Further escalation, that night, in the war between the elected officials for several months Republicans and Democrats in the U.S. to find a solution to the need to reduce the U.S. budget deficit. Having failed to reach an agreement with Barack Obama, the chairman of the House of Representatives, Republican John Boehner, Friday slammed the door to negotiations with the president.

At issue this time, as the Republican's will vote Democratic president to make an additional $ 400 billion of tax increases. A demand unacceptable, according to Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue.This Saturday, the threat of a default by August 2 of the world's largest economy has thus further increased.

Of default formally excluded

The President has convened several political leaders to an emergency meeting Saturday afternoon at the White House to try yet again to reach compromise. Both sides say they are confident of raising the debt ceiling (14.294 billion U.S. dollars), reached on May 16, but whether common ground had been reached on the amount of the uncapping. Barack Obama and John Boehner have ruled out a formal non-payment within 10 days.

But the talks still face the question of the amount of budget cuts and debt reduction.Republican side, John Boehner said that after the new clash, he preferred to look to the leaders of the Senate to find a "reasonable" on these issues. Which casts a big doubt about the outcome of negotiations Saturday with the president, which is called Boehner. Democratic side, Barack Obama is prepared to assume full political responsibility to raise the debt ceiling in order to unlock at least for a time, the status quo. "If that's all Congress can do, I will sign an increase in the ceiling to take us to 2013," the president said.

Obama recalled that he had proposed to the Republican's $ 1.65 trillion spending cuts various offers an "extraordinarily fair" said the president.But still not enough for John Boehner, who accuses the president's inability to take "tough decisions" on reducing public spending. Boehmer wishes to bring to the 3 trillion budget savings over 10 years.

Time-critical

The time to find common ground is critical. The readiness of Barack Obama to convene a further meeting this Saturday is a sign that the U.S. president does not want to wait until the deadline of August 2 to reach an agreement. "We have more time in front of us," he said.

Recalling that Wall Street opened Monday, the president pointed to the impact on financial markets of such uncertainty. "Americans are outraged" by the inability of Congress to act, he said.This willingness to find a solution is also shared by the Republican camp, in which counsel highlighted the urgency of an agreement by Monday. What then leave both parties ten days to write a non-redundant legislation and get it validated by Congress.

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As announced in Le Figaro, the No. 1 reactor of the nuclear Fessenheim (Haut-Rhin) received clearance from the Nuclear Safety Authority (ASN) to continue operating. He "is able to be operated for a period of ten additional years provided you follow a number of requirements," said Monday the president of the ASN, Andre-Claude Lacoste.

The concrete slab on which was built the reactor must be such "enhanced" before June 30, 2013 "to increase its resistance to corium (molten magma resulting from insufficient cooling of the fuel, Ed) in case of serious accidents with piercing of the tank. "Second "major limitation" on the 40 made by the ASN: EDF will have to install an emergency device designed to remove the residual power "in case of loss of the cold source" before December 31, 2012.

Notice of extension published Monday is worth not discharge. Especially since it was made "subject to the findings of evaluations undertaken additional security after the accident Fukushima," said Andre-Claude Lacoste.

These stress tests requested by France and Europe aimed at assessing the behavior of plants in extreme situations. An "appointment" that could lead to the ASN "strengthen requirements," says its president. It will then EDF or the government to decide whether to continue the operation of reactor.

Monday, environmental groups and antinuclear called for "immediate closing" of Fessenheim.Nathalie Kosciusko-Morizet, Minister of Ecology responds to Le Figaro.

The Japanese government thought about it and he did. The operator of the plant in Fukushima Tepco come under his control. The Japanese government has indeed released Friday details of a financial rescue plan to help compensate victims of the nuclear accident that hit Japan on March 11. "The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are properly compensated." The operator will be under the supervision of an independent commission to strengthen the de facto government's influence on the conduct of its affairs.The government project, hotly debated within the team of the Prime Minister's center-left, Naoto Kan, has yet to be voted by Parliament.

Between 26 and 43 billion euros in compensation for victims

This plan includes the creation of a structure financed by both state funds and contributions from various private power companies in Japan. This entity will help Tepco through grants of bonds (5,000 billion yen by the Japanese press) convertible into cash, to compensate the estimated 85,000 victims of the nuclear disaster. Japanese media say that the operator should have to pay from 3000 to 5000 billion yen in total (26 to 43 billion euros).Tepco should also pay annually between 100 and 200 billion yen this structure (from 870 million to 1.74 billion euros), according to Japanese news agency Jiji.

The government even asked the banks that have lent 1.4 trillion yen (11.7 billion euros) to Tepco to waive a portion of their claims vis-à-vis the operator. "People do not understand that public funds are injected into Tepco if banks did not give their side a portion of their claims vis-à-vis the operator of the nuclear power plant in Fukushima," says Government spokesman Yukio Edano credit reports free.

TEPCO will have to sell financial assets and properties

Anxious not to appear to give a blank check to the company criticized for his role in the nuclear incident, the government also demanded that she undergo Tepco a number of conditions. The company will mainly sell financial assets and properties in order to concentrate its resources on the production and distribution of electricity.In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In addition to the huge amount of compensation, TEPCO will have to pay an extra bill to increase hydrocarbon production in thermal power stations, eleven of its nuclear reactors have been arrested since the disaster, counting those in the central hilly.Group CEO believes that these additional imports of gas, oil and coal would cost him 1,000 billion yen (8.7 billion euros) over budget during the year to April 2011 to March 2012.

Bank stocks fall at the Tokyo Stock Exchange

Result of this announcement, bank shares fell sharply on the Stock Exchange on Friday: Sumitomo Mitsui Financial Group sells at the close of the Tokyo Stock Exchange 3.80% to 2452 yen, Mizuho Financial Group, 2.98% to 130 yen and Mitsubishi UFJ Financial Group 2.79% to 383 yen.Due to the collapse of the market capitalization of Tepco stock market that has lost more than 80% between March 10 and April 7 last, Sumitomo Mitsui Financial Group (SMFG) could announce a loss of about 80 billion yen ( 696 million euros), Mizuho Financial Group, 50 billion yen (435 million), and Mitsubishi UFJ Financial Group (MUFG), 30 billion yen (261 million).