International & World Report

Late last year, an Ipsos found that more than half (56%) of the French were worried about their dependence … Will they be ready for all to take a day off again? Faced with an aging population and the need for funding – more than 20 billion euros per year or 1% of GDP – the state looking for new revenue sources, and according leJournal Sunday, the creation of a new day solidarity would be considered. A measure that has merit for the majority to increase state revenue without raising taxes.

2.2 billion euros per year

The idea is not new. Since 2004, after the drama of the heatwave in 2003, the French work an extra day each year, normally without pay, and employers pay a contribution – the contribution solidarity independence (CSA) – in favor of the autonomy of elderly and disabled.Initially introduced on Whit Monday, the law was later relaxed to allow employees to choose another date, or even split the solidarity day. It relates each year 2.2 billion euros. A second day would allow the Government to partially fund the additional needs estimated at 10 billion by Prime Minister Francois Fillon. Philippe Bas, former Minister of Health and Solidarity, then Hénart Lawrence, Secretary of State for the professional integration of young people in the Raffarin government, have already voted for the creation of a new day of solidarity. For the moment the terms of this new day does not stop.It is likely that the choice of date will remain free to avoid the debates that followed the abolition of Whit Monday payday advance lenders.

Extend CSA

The majority also exploring another avenue to bring in new revenue, that of broadening the base of the CSA. This idea is supported by the MP (UMP) Valérie Rosso Debord, who stresses that the day of solidarity is based only on employees. Professionals, craftsmen, tradesmen and pensioners are exempt. A peculiarity which could also soon lead to the questioning that day. The Labour Court of Angers announced in early March that he had seized the Supreme Court for a ruling on what could be considered a breach of equality before tax.Judges should give their opinion on this question of constitutionality at the end of May, which could lead to referral to the Constitutional Council.

According to the member, elect to extend the CSA to all non-employees, would allow the state to reap 2 billion euros, a sum close to that expected with the creation of a new day of solidarity .

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The CAC 40 is continuing its momentum. At the opening, the index in Paris gained 0.34% to 4124.26 points. At the London Stock Exchange, the FTSE-100 is 0.19% at 6049.43 points and the Frankfurt Stock Exchange, the DAX 30 was up 0.19% to 7414.23 points.

In terms of technical analysis, the trend remains positive in the short term. Exceeding candid 4130 points would signal a further acceleration upward.

Societe Generale its dividend multiplied by seven

On the podium of the largest increases in the CAC 40 include Sanofi-Aventis and Societe Generale, with respective increases of 2.88% and 2.53%.

In contrast, PPR, which reports tomorrow, shows the largest decrease (-0.56% to 115.15 euros) to Air Liquide (-0.27% to 95.37 euros) and EDF (-0 , 21% to 31.14 euros), which published Tuesday.

Societe Generale: 2.88% to 50.27 euros

Meanwhile, good news comes from the results published by companies, including Societe Generale.After publishing the results in line with market expectations, the banking group has increased its dividend in September by

Societe Generale in its wake Credit Agricole (1.97% to 11.89 euros), BNP Paribas (1.59% to 58.20 euros) and Natixis (1.19% to 4.06 euros) which must publish their results tomorrow (BNP Paribas) and next week (Credit Agricole and Natixis).

Sanofi-Aventis: 2.53% to 51.06 euros

Another announcement that should be reacted in financial markets, even if she was waiting for: the acquisition by Sanofi-Aventis U.S. biotech Genzyme. The two groups have reached an agreement in principle after the French laboratory which will provide $ 20.1 billion plus a certificate of conditional value.

On the macroeconomic front, the news is mostly American with housing starts in January (1430), the producer prices in January (1430), industrial production in January (15.15), the weekly inventory of crude oil (16.30) and the meeting of the Monetary Policy Committee of the U.S. Central Bank (2030) Faxless payday loans.

Renault: 0.70% to 45.98 euros, Peugeot: 0.68% to 30.23 euro

For the EU, new car registrations fell 1.4% in January to 1,041,650 vehicles, announced Wednesday the Association of European Automobile Manufacturers (ACEA).Renault sales fell by 5.2% and Peugeot, 3.4%.

On the currency markets, the euro is rising again against the dollar, gaining 0.53% to 1.3559 dollar.

A battery of results to follow

M6: 0.88% to 18.26 euros

M6 was released on Tuesday a turnover and operating profit in 2010 increased, thanks to the general recovery in advertising expenditure.

Atos Origin: 1.05% to 41.79 euros

Atos Origin has more than tripled its net profit in 2010 to 116 million euros, indicating that they had "achieved its objectives." The group is confident for 2011.

Imerys: 0.43% to 51.86 euros

Imerys will rely on the growth of demand in its markets, particularly in emerging countries and in the paper and steel, to take over the restocking that has supported its findings in 2010, told Reuters its general manager.

Euler Hermes: -1.52% to 73.86 euros

Euler Hermes announced Tuesday a strong rebound in its annual results, driven by a drop in claims, and the resumption of a dividend to its shareholders.

ADP: 0.51% to 64.84 euros

ADP reported a January traffic up 5.5% from 2010.

Bic: +0.40% to 64.58 euros

The group of stationery and disposable Bic has made a net profit up 36.7% to 207.5 million euros in 2010, thanks to gains in market share and reported a very good start 2011.

Orpea: 1.52% to 35.12 euros

Orpea reported Wednesday in a double-digit growth of its business in 2010, supported by organic growth of 8.7% and its external development.Group homes was confident for 2011.

After market, it was the turn of Bricorama (turnover in the fourth quarter) and Icade (results in the fourth quarter) to submit their figures.

After a successful meeting on Monday, Asian stock markets operate in an uncoordinated Tuesday.

The Nikkei 225 Index moves slightly, gaining 0.21% to 10,747.80 points. And this, although the Bank of Japan left its key rate unchanged at between 0% and 0.1%, and especially it has improved its assessment of the Japanese economy, considered "in gradual recovery."

In China, financial markets reacted differently to the announcement of renewed inflation in the country in January of the Middle Kingdom. The CSI 300 Index climbed 0.80% Shanghai at 3244.85 points, while the Hang Seng Index in Hong Kong was down 0.45% to 23,016.50 points. After declining slightly in December to 4.6% (against 5.1% in November), inflation in China amounted to 4.9% in January over a year, a figure but below analysts' expectations ( 5.4% price increase)."Overall, inflationary pressure remains very high", told AFP Yao Wei, an economist at Societe Generale in Hong Kong based. He added: "The Chinese economy remains generally overheated."

Fusion Singapore and Sydney: changes to the draft

Scholarships Singapore and Sydney are declining. The FTSE Straits Times Index lost 0.63% to 3084.84 points and the S & P / ASX 200 Index 0.10% to loose 4931 points. Both financial centers announced Tuesday they would change their merger, with the same number of representatives in Singapore and Sydney on the board.Initially, eleven members of Singapore and four in Sydney were planned.

The TAIEX Taiwan Stock Exchange Index gained 0.42% in Taiwan to 8721.93 points, while the KRX 100 Index yields 0.44% from Seoul to 4270.55 points and the BSE Sensex 30 Index to loose 0.71% 18,072.60 points.

Crude prices were up Tuesday in electronic trading in Asia, still supported by instability in the Middle East and North Africa and strong demand in China, analysts said. In morning trading, a barrel of light sweet crude for March delivery gained 24 cents to 85.05 dollars. That of Brent North Sea crude for April delivery took 13 cents to 103.21 dollars.

Ten months after being placed in receivership, the City is finally set for himself. The brand's ready-to-wear at 67 stores joined the Breton group Beaumanoir, a leading French clothing with 2000 outlets and 1 billion euros of turnover. The bid from the owner of Cache-Cache, Morgan or Scottage was accepted yesterday by the Commercial Court of Paris. Group Beaumanoir was not the only contenders. A consortium Vivarte, Celio, Etam, Sergeant Major proposed to divide the network of the City, incorporating Vivarte brand and 12 stores. The solution was therefore preferred.

Roland Beaumanoir, CEO of the eponymous group, prides itself as to preserve 350 jobs and "provided through this recovery to create 160 in the next three years." A social plan, however, should receive less than forty employees of the siege of La Courneuve.A total investment is 23 million euros over three years for the group of Saint-Malo: 8 million for the recovery of assets and 15 million to fund operating losses, or renovate stores boost mark.

The strategy is already established: The City will be "incorporated into the Morgan firm" to ensure synergies and complementarities between both brands and networks. The acquisition of The City is a "vector acceleration for the Morgan Group," comments Luc Mory, CEO of the sign, which achieves a turnover of 150 million euros, against 34 million for the approximately City. Morgan, who wants to double its turnover in three years, showed an ambitious store opening and expansion of its offering easy payday loans. Now, stores Morgan -214 worldwide including 130 in France may also distribute clothing The City.And vice versa.

City endured 40 million debt

The network of stores will be remodeled, but it is too early to specify how much. "There will be a network The City, The City and a registered Offer City" merely indicates Luc Mory. And clarify that a "large majority" of the City stores will be integrated into this project, the others being repainted in the colors of Cache-Cache or "Patrice Breal.

With the City, the group Beaumanoir, who had only 49 stores in 2000, hopes to continue the momentum established with Morgan. Since its acquisition in March 2009, the brand success of the 1990s generated an "additional sales of 45 million euros, achieved mainly by LFL growth", says Luc Mory. The brand went through a period of air hole with competition from international chains like Zara and H & M.Already in trouble in the early 2000s, The City, she had suffered terrible setbacks in the summer and winter seasons of 2009, which she could recover. Resumed in February 2008 by the investment fund 21 Centrale Partners, the orbit of the Benetton family, the "brand that dresses naked women" bear about 40 million of debt. After trying a continuation plan, the Commercial Court had finally opted for a transfer plan.

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Between Free and SFR, the battle increases. Free had scored a point in December by making free calls to mobile subscribers of its new internet box "Revolution." Today, SFR reply: French number two mobile will include effective January 18 calls to mobiles in the package of its new unlimited internet box "Evolution", as revealed last night the Twitter site specializing N9ws online payday loans.

It remains to be seen whether Orange will follow suit. For even if the price of calls from fixed to mobile has dropped, they remain an important item in the invoice, sensitive to the subscriber. SFR, which gained 329,000 new subscribers in the first nine months 2010, hopes to continue to lead the race.

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 no fax pay day loan.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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New funding rules for the purchase of aircraft will be introduced from 1 February. They involve the use of "export credit, export credit insurance provided by the State to airlines to buy planes via specific organisms (Coface in France, Germany Euler, Exim Bank in the United States …). At the heart of the crisis, this device particularly attractive to airlines had come to represent up to 40% of aircraft deliveries for Airbus and Boeing.

On Wednesday, negotiations have been ongoing for more than six months between five major international actors (USA, EU, Japan, Brazil and Canada) eventually succeed. Christine Lagarde, Minister of Economy, it is welcomed.She notes that "this new regulatory framework takes into account the interests of the European manufacturer Airbus will continue to benefit from the security of States in respect of a portion of its exports and will be submitted by way of funding the same rules as its rival Boeing."

The new agreement provides, first, that companies will have equal access to this system for buying jumbo or regional aircraft. Then the level of insurance premium credit will be raised to approach the level of the debt market. It is also anticipated that the rates may be adjusted quarterly to correspond better to the changing financial markets fast payday loan no faxing. And premium rates charged to date for the purchase of large aircraft hovered around 4 to 8%.Will increase to a range of 8-15%.

Transitional period until end 2012

Orders placed at the beginning of 2011 fit into this new framework. A transitional period will apply to orders made before. These will benefit from the former regime until late 2012. Another transitional period for purchases made before 2007 aircraft: 69 Airbus and 69 Boeing (mostly B787 and A380) and are in the pipeline.

One may wonder if the export credit in these conditions remains a funding interesting. He is certainly in times of crisis.Companies have used massively in 2009 as the number of aircraft ordered through this system increased from 20% in normal times to 40%.

However the problem of "home market rule, a rule that domestic companies to aircraft manufacturers may not benefit from export credit – U.S. companies but also companies with French, German, Spanish and British and Canadian now – is the subject to separate negotiation. This should take another few weeks …

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The U.S. stock market should open slightly lower on Friday. Shortly after 13:00 Paris time, the Dow Jones was expected around breakeven, down from 0.06% to tiny 11,424 points. Shortly before the opening, the index futures Standard & Poor's 500 and Nasdaq 100 fell back from 0.09% to 1237.4 points and 0.15% to 2216 points.

Reduced macroeconomic agenda

Wall Street took a breather after closing Thursday at its highest level in two years through a series of statistics smiling bode well in this season. After mixed accounts for FedEx, the encouraging figures of employment, but more importantly, an index of manufacturing activity from the Philadelphia Fed up sharply, the Dow Jones closed up 0.36% at 11,499 points .Investors, however moderate their passions, while concerns over the European countries of their debts patients remained alive. Leaders of euro zone met indeed. After Greece and Ireland, whose rating has been downgraded from 5 notches by Moody's on Thursday, Spain and Portugal remain threatened.Moody's also warned it might lower the rating again in Greece.

On the front of the macroeconomic news, the agenda will be eased on Friday the United States, only the index of leading indicators for November is on the menu at 16.00 (expected increase of +1.1% cons 0.5% previously).

Blackstone, Oracle, RIM and Toreador to a

On the corporate side, the U.S. investment fund Blackstone Group (-2.826% Thursday closing) has reached an agreement to restructure around seven billion dollars of debt related to the purchase in 2007 of real estate group Equity Office Properties Trust said Friday Wall Street Journal.This agreement provides for a rescheduling of the debt until 2014, instead of 2012 previously, the newspaper said, citing sources close to the negotiations.

The software publisher professionnelsOracle (-0.722% Thursday) unveiled the results above expectations. In the second quarter, which ended in late November, the group net profit up 28% to $ 1.87 billion, or 37 cents per share. Excluding items, earnings per share were 51 cents, or 5 cents better than consensus Thomson Reuters. Turnover rose 47% to $ 8.6 billion through consolidation of Sun Microsystems. Wall Street was 8.34 billion dollars.

The Canadian Research In Motion (0.101% Thursday) Thursday reported a quarterly profit above expectations thanks to Torch model Blackberry, competitor to Apple's iPhone.RIM reported net earnings up 45% for its third quarter to 911.1 million dollars. The turnover amounted to 5.49 billion. RIM said to have delivered 14.2 million BlackBerry for the quarter and have garnered 5.1 million net new subscribers. In after-hours trading in the U.S., the value gained 3.4% to 61.25 dollars after finishing up 0.1% to 59.24 dollars on the Nasdaq.

The Japanese group Fujitsu computer equipment has also announced it would develop with Boeing (+0.24%) an electronic labeling system to reduce aircraft maintenance costs of fleets.The two companies plan to start their process in the first quarter of 2012, for aircraft manufactured by Boeing but also by other aircraft manufacturers, said Friday the Japanese firm in a statement.

A note on Friday, finally arriving in Paris deToreador Resources, (+0.39% Friday on Wall Street), a group of American exploration and production of oil and gas traded on the Nasdaq. It was up slightly this morning for his first day of listing on the Paris Bourse. At 11:04 Paris time, won the title and 1.04% to 11.69 euros.

Unable to escape the rising prices in the insurance next year. This tariff increase will affect all insurance sectors, with leaps in 2011 between 3.5% and 8% for home insurance and between 2.5% and 4.5% for motor insurance, reports Les Echos.

The addition is more salt in the house. And for good reason, in 2010 a particularly devastating account of claims between the storm and flooding Xynthia Var. As such, Jacques de Peretti, deputy CEO of AXA France told the newspaper "if we know in 2011 a third bad year in a row, these increases are not sufficient for the market return to equilibrium technique."

Axa plans to increase its rates by 7% on average in 2011, said Jacques de Peretti at Les Echos. The average increase is 7% and 8% in France and Aviva similar in MMA.MAAF think it will be "at the bottom of the market, with an average increase of 3% over the effect of the INSEE index, or 4.4% overall. For now, only Maif is below (+ 3.5%) of average estimates.

Smaller increases in car insurance

In auto insurance rate increases are less marked: between 2.5% and 4.5%.It is "more of a necessary adjustment," said Claude Zaouati, senior product manager with health and damage to Aviva France Echos before adding "everyone was perhaps gone too far in lower prices years past. "

Enough to justify a revision of rates for insurers that have paved the way for their clients, referring repeatedly to impending price increases.

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A weekend for reflection. Alexandre Bompard, CEO of Europe 1 on Saturday met Francois-Henri Pinault, the CEO of PPR. The latter suggested that she take the reins of the Fnac and joining the Executive Committee of PPR. Monday morning, Alexandre Bompard had made his decision: he chooses the Fnac. On Monday, he informed the CEO Arnaud Lagardere group's eponymous which includes the decision and accept the resignation. Late Tuesday afternoon, he spoke to employees of the station of the Rue François 1er. "Well done to all of you that I think today. You with whom I had an extraordinary adventure, "he told them. In the corridors of Europe 1, is the surprise and shock. In June 2008, they witnessed the arrival of this young man of 35 who stated at the outset to be very attached to marqueEurope 1.Returning to the fundamentals of the resort, he overhauled the grid, Marc-Olivier Fogiel committed to the morning and recovered the hearings that have gone in two years from 8.8% to 9.7%, according to Mediametrie.

But today, his departure ends a period of uncertainty. Engaged in the race for the presidency of France Televisions, Alexandre Bompard has long been the favorite. Las, July 5, 2010, Nicolas Sarkozy himself preferred Remy Pflimlin. In September, Alexandre Bompard assured to take over the radio and he was supported by Arnaud Lagardere. However, the climate was tense between Alexandre Bompard and Didier Quillot, the CEO of Lagardère Active. "The two men do not talk much more," said an executive of Lagardère. His place will be given by Arnaud Lagardere himself pay day loans. But his departure could lead to others.Marc-Olivier Fogiel, highly courted by France 2, could return to television sets in September.

Fnac sale

At just 38 years, Alexandre Bompard is a young man in a hurry. Technocrat, Inspector of Finance, he began his career as a technical adviser Francois Fillon at the Ministry of Social Affairs. Then he enters the world of media as chief of staff Bertrand Meheut, CEO of Canal +. It negotiates broadcasting rights of football in 2004, faced with GST before becoming athletic director at Canal +. But he aspires to lead a media. It will be Europe 1. Manager, it straightens the finances of the radio should finish the year with a growth of 13% of its turnover and operating profit of close to ten million.

But Fnac is a much larger group with its 4.3 billion euro turnover. And most importantly, it is a real challenge.The sale process of FNAC should officially start in early 2011 after publication of the results of the PPR group. For now, no warrant of sale has been given. Alexandre Bompard, no distribution experience, he arrives with a potential buyer for Fnac? In the entourage of PPR, we are assured that not. François-Henri account profile turned to digital Alexandre Bompard, which will "invent the art of Fnac tomorrow." As Denis Olivennes, CEO of FNAC until 2008, is a former Canal +. Christophe Cuvillier, the current CEO and promotion boyfriend Francois-Henri Pinault at HEC, "soon will be given new responsibilities with it."