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Barely two months after the EU-Russia summit in Stockholm, the energy tensions resurface. Moscow may decide to deprive Slovakia, Hungary and the Czech Republic of oil because of "unresolved issues between the Russian Federation and Ukraine," said the Slovak government in a statement Monday, citing a letter sent by the Russia to the European Commission.

In this letter, Moscow stresses the existence of a "trade dispute" with Kiev, confirmed a spokesman for the European Commission Figaro.fr. "Member states have been alerted to this note by the usual procedures. The oil price is a sensitive issue between the two neighboring countries, which have already been two "gas wars" in late 2005 and early 2009. If Europe is much less dependent on gas than oil from Russia, the prospect of closing the valve by Moscow worried.Slovak Prime Minister Robert Fico has convened an emergency meeting of the Security Council in the country on Monday, the government said.

Kiev wants "guarantees" on transit

The Ukraine has not responded. Sergui Zinkevitch, a spokesman for the Ukrainian pipeline operator Ukrtransnafta, told AFP that Kiev wanted to review the conditions of transit of Russian oil to the EU. "The current contract was concluded in 2004 for fifteen years, the Ukraine wants to make amendments." And seeks assurances from Moscow on the volume of oil transiting through the country. "Negotiations are continuing," acted as spokesman. According Sergui Zinkevitch, however, complaints from Moscow did not arise, the tariff issue has been resolved."A compromise satisfactory to both parties has been found," he said.

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"Russia threatens Europe with a new gas war

Statistics mixed and disappointing in November in the United States. Consumer spending rose for the second consecutive month, gaining 0.5% on month, after rising 0.6% in October, according to statistics published Wednesday by the Commerce Department.

Although most economists expecting the continuation of consumption suggests an acceleration of growth on the end of the year, confirming the rebound of 2.2% in the third quarter.

The increase in consumption was accompanied, in November, the fifth consecutive increase in household income at 0.4%. Although this is the largest increase in this indicator since May, it remains below expectations (+0.5%).

Despite this more favorable context, the real estate market continued its descent into hell, touching its lowest level since April.Sales of new homes have plummeted 11.3% in November to 355,000 units annually. A very unpleasant surprise to economists, who expected 440,000 sales. To make matters worse, the figures for October were revised downward, to 400,000 units against 430,000 previously estimated.

Senators are sitting on a pile of gold. Their very generous pension fund available in late 2008 from 575 million euros in reserves. Enough to finance 23 years of service! This study reveals that Safeguard pensions, including Le Figaro revealed the exclusive content.

The association, which aims to promote equity between the retirement of private employees and that of other assets (staff, nationals of special schemes …) based on official documents, public or not.It highlights the "extraordinary performance" of the Senate plan: taking into account life expectancy and age of retirement (67.5 years), a senator "means" receive before his death, 4.90 euro pension for every dollar contributed during his career – against 1 euro pension for about an employee's private and 2 for an official.

A former senator who made a single six year term and receives 1 932 euros monthly pension. Either "30% more than the average pension of an employee's private after a full career," observes Backup pensions. Only condition, almost always true: have paid double, as any senator has the opportunity during his first fifteen years in the "house" (480 euro premium "pay" per month). Reversion (retired widower and widow elected) is more favorable than in the general scheme.Finally, "most varnishes are the senators from the public (39% of the Chamber)," wrote Saving pensions. They can continue to contribute 7.85% of wages they would have received in their original, adding the State as 60.14% for all staff. Finally, they combined so full of retired staff and retired Senator, unlimited.

And yet, despite this apparent generosity, the body of senators shows no deficit, despite his bad demographic situation: 1.7 to 1 pensioner contributor (cons 1 retiree for 1.4 active in the general scheme). By what miracle? Strong support from taxpayers? Not really: the contribution "employer" paid by the Senate, represents 2.4 times the premium "pay" for senators.This is more than in the private but much less than in the public or any other special arrangements (for members, taxpayers pay 7 times more than the elected themselves!).

Everything comes from the fact, that the backup pension scheme senators is "remarkably managed. Based on the collective capitalization (1), he leads every three years an audit in which it updates its forecasts and issue invitations to tender to select managers for its funds. Sewing up since birth … in 1905, he held a "pot" whose composition is unknown but the end of 2008 amounted to 575 million euros – given the financial crisis, a provision impairment has been moved cautiously, however, reducing the carrying value of these reserves to 484 million.Result: only the interest generated by these investments provide over half of the pensions paid each year.

A pool of 1 billion euros in 2050

A performance such as – and this is the only criticism Backup pensions – by "employer" is "not only immoral but unnecessary. Why bother keeping a grant which only swell the reserves that increase perceptibly from year to year? ". Calculations of the association, placed at a reasonable rate of 4%, this kitty will reach 1 billion euros in 2050 …

(1) Safeguarding pensions do not hide that she is campaigning for the introduction of a dose of capitalization in the general scheme, which currently relies on distribution, Ed.

"DOCUMENT – The study Backup Pensions (pdf)

The National Association of food industries (Ania) decided this morning after three hours of heated debate, leaving the MEDEF, it was learned from corroborating sources.

After your secret ballot procedure rarrissime the board took this decision by 18 votes against 12. The Ania MEDEF considers that it "pays" too little regard to the amount of annual dues (over 600,000 euros).

Yet no decision to join another employer organization has been taken. The departure of a large federation, which had supported Laurence Parisot when she presented herself at the head of MEDEF, is a blow to the boss of bosses.

The owner of Ania, Jean-Ren? Buisson, will hold a press briefing at 15 am explaining the decision of its directors.

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"The food industry is considering leaving the MEDEF

While the inaugural flight of military transport aircraft A400M has just taken place, the boss of aerospace group reported ambitious goals, with the hope of doubling turnover in ten years alone. "We want to double the turnover of 43 billion currently to approximately 80 billion by 2020," says Louis and Welsh, president of the European group EADS, in an interview published Monday by the German newspaper WirtschaftsWoche.

Additions to the services area

Such growth can not be fully carried out internally and should pass through acquisitions, particularly in the services sector. "I see, for example, a potential for services generate 20 to 25% of turnover. Today we're at a little over ten per cent. There are services such as maintenance, training and repair.We want to add new services, "said Louis Welsh.

EADS CEO also said that no decision has yet been arrested for his participation in the tender for the renewal of the American fleet of refueling aircraft, which represents a potential market of 50 billion dollars. "We never said we should abandon the game, only that we had concerns about the current process of bidding," says he.

Northrop Grumman's partner, EADS, announced last week that he would not participate in the tender launched by the Pentagon, believing that the requirements of the contract favored Boeing in the current state of things.

EADS shares gained 1.5% to 12.55 euros on the Paris Bourse at about 11:00.

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"Welsh optimistic about funding for the A400M

"Galileo: EADS in turmoil

Surprise drop in industrial production in October. It fell again by 0.8% after falling 1.2% in September. From his side, manufacturing production also decreases by 0.8% after declining 1.1% in September. Despite everything, the good performance observed in August saved the furniture: over the last three months, manufacturing output rose 2.6%. Over this period it has observed a strong rebound in metal and other metal products (+7.4%) and in automobiles (+14.1%). It has also increased in the manufacture of rubber products, plastic and other nonmetallic mineral products (+4.1%), manufacture of machinery and chemicals (4%).

However, through the last two months, rather bearish, suggesting that the destocking process finds no link with a recovery in demand.In addition, manufacturing output last three months is 10.4% lower production in the same month last year, which is hardly pleasing. "The truth is that no demand: our exports, especially to our neighbors in the European Union, are crumbling and the investment in the country continues to decline" Analysis and Alexander Law.

The situation in the automotive sector and is symptomatic. Despite a sharp increase in registrations due to the scrapping bonus, production slowed significantly in September in October, with a 5% drop in production in October, itself resulting from a fall of 8.1% in September. After a period of destocking, manufacturers are reluctant to turn back to their full production lines, especially with the planned termination of premiums.

The ISP has been created by the government in late 2008. It is owned 49% state and 51% by Caisse des Depots et Consignations. With 20 billion euros of capital, announced its objective is to develop French firms in terms of growth and competitiveness. On this point, some investments are discussed. Its scope is as follows: enter capital firms involved as a minority without trying to take control. Then accompany the medium-long term while seeking profitability to finally get out as soon as the financial health of society will be improved and that its shareholders have been reconstructed. In a year of existence, it became a capital of 14 companies, and promised to take stakes in four other companies.The sequence of dates for achieving such equity.

February 25, 2009:

The ISP has acquired a stake in Valeo to 24 million euros which provides 11% stake in the automotive supplier. He becomes the second largest shareholder.

April 14, 2009:

He completes his entry to the capital of the aerospace supplier Daher up to 65 million euros. Daher, Socata has taken over at Airbus has launched the construction of a new plant in Nantes for the manufacture of advanced aircraft structures.

April 28, 2009:

The FSI between capital Farinia Group, a leading French processing of metals, up to 20 million euros.

02 May 2009:

Between the capital of the company to Led Lite, specializing in the field of lighting based on high brightness LED for 2 million euros.

June 26, 2009:

The ISP releases 10 million euros for the company 3S Photonics, an SME in Ile-de-France is a leading global electronic components for telecommunications networks.

1st June 2009:

He pays 160 million euros to the U.S. TPG Capital to buy him 8% of the French specialist in smart cards, Gemalto.At present, this remains the biggest investment made by the ISP.

July 6, 2009:

It acquires 5% stake in Nexans, the worldwide leader in the cable industry following the acquisition of shares in the market for 58 million euros.

July 20, 2009:

The brand toys Meccano announces fundraising of 4.4 million including 2.2 from the ISP via CDC companies.

July 22, 2009:

Frey News Energy, a company generating electricity from renewable energy sources, announced a fundraising of 15 million euros, of which 7 million euros from the ISP.

09 September 2009:

The ISP has crossed the threshold of 5% stake in Technip following the stock market for 90 million euros.

1st October 2009:

The fund participates in the capital increase Forenap group, specializes in pharmaceutical research in neuroscience, to the tune of 6 million euros.

06 October 2009:

He participated in the recent capital increase of Groupe Carbone Lorraine to now hold more than 5% by injecting 10 million euros.

October 22, 2009:

The ISP is investing 7.5 million euros in Dailymotion, one of the leading sites for sharing videos.

November 18, 2009:

It provides 25 million euros in biotech company NicOx, and thus takes possession of 5.1% of its capital.

In the coming weeks:

The fund will pay 10 million euros in Mecachrome as part of a recovery plan and 10 million euros over the proposed takeover of manufacturer and automotive supplier Heuliez.It will invest a maximum of 117 million euros in capital increase of Cegedim. The ISP will thus have a shareholding of approximately 15%. He is also preparing to inject 6 million euros in Avanquest Software, a French manufacturer of consumer software business and also as part of the capital increase planned for early 2010.

The ISP has also carried out a series of reinvestments in the amount of nearly 10 million euros to accelerate the development of companies of which he became a shareholder in the context of the contributions made by the Caisse des Depots et Consignations.

After a year in 2009 under the sign of restraint on wages, what does the year 2010? "The care and attention are always placed in businesses," said Fanny Potier-Koninckx, principal at Towers Perrin and responsible investigation "Outlook 2010 in terms of pay, which is published today.