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In an essay published last April 15 to Eyrolles, Mary Visot, editor in charge of the government's economic policy at the Figaro, in an educational analysis of the upheavals caused by the economic crisis on the relationship between state and business.

Putting into perspective the level of government intervention resulting from the bankruptcy of Lehman Brothers and the ensuing crisis, the author recalls that during the French economic history, it is "what happened who chaired the degree of state intervention in the economic sphere, rather than the color of government policy in place. " From the planning of post-war to regain control of capitalism in 1981, periods during which the state has invested heavily in the economy are not unusual, said Mary Visot.

Still, the public interventions in 2008 and 2009, have influenced, the circumstances require, the balance of power between the state and enterprises. The bank rescue, aid to the automobile sector, have included more control over legitimate businesses, including the convening of Carlos Ghosn at the Elysee Palace on the production of the Clio in Turkey is an example.

Activity in the first quarter was strong for the group phamarceutique Sanofi-Aventis. Like all its competitors, the French group has benefited from the epidemic of influenza A, which boosted its sales activity of vaccines.

Sanofi-Aventis issued a net profit from growing 9.7% to 2.427 billion euros at constant exchange rates. It's better than expected. The consensus reached by Reuters stood at 2.28 rather billion. Reduced to an action, the net earnings from spring up 9.4% to 1.86 euro. Good performance also operational. Operating income rose 6.5% to 3.3 billion euros while sales reached 7.38 billion euros, up 3.9%.

So the vaccines business that has been the source of this performance fast cash now.This branch has indeed registered a 56% to 944 million euros, 413 million euros on sales of vaccines against H1N1.

Sanofi-Aventis confirmed its 2010 targets

The world number four from the pharmacy always think to do for all of fiscal 2010 to grow its earnings per share from continuing operations of between 2% and 5% at constant exchange rates, "unless major unexpected adverse events .

The group said in a statement that this forecast reflects the input of generic medicines market in 2009 and sales of H1N1 vaccines in the fourth quarter of 2009. They also include the expected impact of health reform in the United States.

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The U.S. administration smiles again. On leaving the G20 meeting in Washington Friday, Timothy Geitner has been shown. The Treasury secretary now considers that the recovery in the United Etatx will be driven by the private sector in 2011, implying that the economy will need at that time a support plan. "We're quite certain," he said.

This is the first time since the end of the U.S. recession in the summer of 2009 that an official raised the possibility of autonomous growth in the United States. In his speech, the more optimistic on the U.S. economy in mid-April, the central bank chairman Ben Bernanke had told Congress that the recent economic evidence "suggests that the increase in final demand would be sufficient to ensure recovery Economic moderate in coming quarters. "He did not, however, ventured to advance a date for a possible self-sustaining recovery.

These perspectives on the future economic conditions are more optimistic than the Treasury Secretary has made since his arrival at this position in January 2009. They are based mainly on economic indicators better than expected since the beginning of April.

Deficit

Asked how the administration intends to reach its deficit reduction monster, Timothy Geithner has again shown reassuring. According to him, Washington has promised to focus on deficit reduction in 2011. A date that coincides precisely with the arrival of a real growth driven by private sector efforts to lessen the fiscal stimulus.The U.S. deficit reached yet about 10% of GDP in 2008-2009 and could rise to 10.6% for the current fiscal year, which ends in late September.

In this regard, the U.S. Treasury Department said Friday in a letter to the chairmen of both houses of Congress and heads of the parliamentary opposition, that he saw sharply lower its estimate of the total cost of all measures rescue the financial sector taken by federal authorities since the beginning of the crisis bad credit pay day loans.The ministry is now talking to a maximum of $ 87 billion, less than 1% of GDP.

Program to support the liquidity the Fed rescue of AIG, Chrysler and General Motors, through the aid homeowners in distress a year ago, the Treasury estimated that the losses of the state would reach 500 billion dollars, or 3.5% of GDP. "This means that the federal budget deficit and public debt will be substantially below what was expected before," the Treasury.

The return of job creation

On the employment front, the optimism is also relevant. "Next month, I think we will create between 100,000 and 200,000 jobs," said Vice President Joe Biden on Friday during a trip to Pennsylvania. "At the White House, some say to me: 'do not you progress too'.Well, I'm here to tell you that in the coming months we will create between 250,000 and 500,000 jobs per month, "he added.

For now, the unemployment rate remains high at 9.7% of the workforce. "I'll tell you something, folks. We have not stumbled badly in the fall. As well we have designed our plan to end the crisis, we have a lot of good news on the road to recovery, "assured Joe Biden.

These statements come as the U.S. economy has created jobs in March in a way never seen for three years: 162,000 net jobs were created this month, according to figures from the Labor Department. The country began to "see the end of the tunnel," according to President Barack Obama.

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Essilor, the world leader in ophthalmic optics, has released this Friday's turnover of the first quarter of 2010. It reached 905.8 million euros, up 7.8% over the previous year.

The Group's organic growth rose 2.5% thanks largely to strong sales in emerging markets and a gradual recovery in activity in mature countries. The rest of the group's growth came from acquisitions or equity investments during the quarter, seven in total, including FGX International, a leading North American sales of pre-mounted goggles.

At the time of publication of its 2009 annual results in early March, the Director General Hubert stated Sagnieres wait "growth between 5% and 7% excluding currency effects" of sales in 2010, indicating that the number of cases of this first quarter is in line with forecasts.In contrast, the group does not other forecasts for the full year 2010.

While acknowledging "the path in one year", ie the return of growth, Dominique Strauss-Kahn said on Thursday that "the world remains a dangerous place." At the press conference opening spring financial meetings, held in Washington until Sunday, he cited high unemployment and weak demand remaining lot of "rich countries". He expressed concern about the almost inexorable rise of their public debts, which will spend "80% to 115% of GDP on average, between 2008 and 2014.

But the boss of the International Monetary Fund had especially in mind the "Greek case". "There is no simple solution," he admitted."Everyone can understand that I will not give many details about Greece because we are just beginning to negotiate." Asked about a possible "restructuring of public debt", he replied that "it is not a question on which we work. " The opposite would have been surprising.

Dominique Strauss-Kahn has been more incisive about what should be the main topic of discussion of the G20 Finance Ministers, held on Friday, namely the financial sector reforms."In many areas, such as rating agencies, trading over the counter (derivatives), hedge funds, which has been announced if implemented by the United States, Europeans, Japanese is simply incoherent fast payday loan. "

DSK will strike while the iron is hot and play the full role of coordinator who is the IMF's mandate. "We have a political pressure in most countries, the United States and the European Union to ask governments to move faster.". He took the opportunity to condemn the so called "Basel II on bank capital and the development of which" has taken twelve years.

Two proposed fee

This warning is "advanced countries", the only ones whose banking systems have been failing during the crisis of 2008-2009.It is accompanied by an IMF report, whose first draft will be discussed by finance ministers. DSK summed himself three themes: "The rules of liquidity and capital, systemic risk, and the resolution mechanism (failure)."

The study recommends the introduction of fees. The one on the balance sheets of financial institutions, to supply a mattress of rescue funds. The other tax, sitting on profits and wages, would be to share the burden of public budgets. The IMF, however, rejects the hypothesis of a Tobin tax on financial transactions. It does not contribute to financial stability or to fight against the excessive risks taken.

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Large mechanical precision that are the engines of airliners are not certified against the effects of volcanic ash. "It protects engines vis-?-vis things like the ingestion of rain, of course, hail, sand … volcanic ash are rare events and highly variable, "said Jean-Paul Herteman, CEO of Safran, the parent company of the engine manufacturer Snecma, during a conference call.

Why are they so sensitive to dust Icelandic volcano? Because a reactor is a kind of vacuum overkill. "The engines are machines to suck air volumes extraordinary (…) They are sensitive to a certain level of ingestion of ashes," continued Jean-Paul Herteman.

No "miracle technology"

And the ashes are a phenomenon so rare that manufacturers will focus their attention."This is a subject that is not standardized at this stage by the certification regulations and civil aviation", according to the head. "The current priorities are in terms of fuel consumption, emission of greenhouse gas emissions and noise. (…) If certification is evolving and the demand of course we look at what should be done. "But do not expect" miracles of technology, "he pleaded. Especially since the composition of the ash may vary, it says at Safran.

The British engine manufacturer's Roll Royce has to share content with a press statement that the group is working with the rest of the sector to ensure that the impact of volcanic ash on our engines would be properly understood. "

Two Finnish fighter F-18, last Thursday, and an F-16 NATO on Monday, were damaged engine after flying in the cloud of ash."The engines of fighter aircraft are most vulnerable from this point of view than those of airliners," says one in the French engine. Airbus conducted flight tests on Monday between France and Germany with long-haul A380 and A340. "The crew did not notice anything unusual and technical inspection showed no irregularity in the future", said the aircraft manufacturer.

The pilots union European ECA (European Cockpit Association) has called on Monday not to sacrifice security in favor of economic considerations. The ECA, representing 38,200 pilots and crews in 36 countries, said that some of its members were confronted with the effects "extremely abrasive and clogging" of volcanic particles.

The air nozzles and blade cooling systems measure only a hundred microns.They can easily be blocked by volcanic particles are vitrified, told AFP Michel Gliniasty Scientific Director General at ONERA (French Aerospace Research Center). 'The old engines are more durable.'

All the tourist industry, from airlines to the tour begins to make the accounts of the unprecedented crisis caused by the closure of almost all European airspace. "We try to anticipate any difficulty in having the head to the grindstone," said a spokesman for New Frontiers, a leading tour operator in France, highlighting the unpredictability of the coming days.

According to Civil Aviation Organization (ICAO), the economic impact of this event will exceed the attacks of September 11, 2001. A disaster for the aviation sector since 2008 through one of the worst crises in its history.Last year, according to the International Air Transport Association (IATA), which comprises companies in the world, the profession has seen its sales decline overall by 79 billion dollars, for a cumulative deficit of more than $ 11 billion.

150 million per day

The impact of "cloud" is not precisely calculated. The best estimates varied circulate. For airlines, the paralysis of traffic would cost 150 million euros a day, calculated IATA. Since last Thursday, 63 000 flights have been canceled. Individually, the companies refused, however, any evaluation. "The priority is to deal with passengers suffering and how we can gradually replace the system," said Air France-KLM. "Economic issues will be discussed in a second time," says its director general, Pierre-Henri Gourgeon.However, rumors of an exceptional aid to the sector at the European Union had already begun to circulate yesterday.

50 000 French customers of tour operators are currently stranded abroad on a total of 150 000 nationals concerned. Between 150 and 200 strokes would be required to return. But he estimates would be "rough estimates", as the Secretary of State for Transport Dominique Bussereau. "It is quite premature to make a statistical report therefore considers it in New Frontiers. For now, it's about being as pragmatic as possible. "

Tour operators vulnerable

Businesses, however, see them evaporate in anguish turnover of the Easter holiday.On Friday, the union of Tour Operators (Ceto) has urged the government to organize the repatriation of passengers stranded abroad, whereas the tour operators could not afford to do so. "We ask for government help, otherwise it's bankruptcy," said Rene-Marc Chikli, president of Ceto. To which Dominique Bussereau countered Saturday he belonged to the tour operators take their responsibilities in taking care of their customers. "Outrageous! Jean-Francois was outraged Rial, CEO of world travelers. I do not see how the operators should be held solely responsible for something beyond their control. "

In practice, most operators support the "Logistics" on the spot. They negotiate with their partners than usual hotel preferential terms to facilitate the extension of stay of French, whose flight home was canceled.But it's the clients that support these costs. A company like Corsair back his customers at airports that have opened in the south of France. Then, tour operators are in charge returns to the point of origin. The Ceto yesterday negotiating these issues with the SNCF and bus companies.

Force Majeure

For customers in France, whose flight was canceled, the tour operator offers them either a postponement in the context of a "package" flight and stay, or a credit. In both cases, the tour operator is responsible for finding solutions in six months. "All changes are possible, our crisis is already working to refit program," says one in New Frontiers.For flights "dry", customers must look to the airline.

Legally, tour operators are covered because it is a case of force majeure, an external event, unforeseeable and irresistible. As such, they have no obligation vis-?-vis consumers. But in practice, tour operators who neglect their customers too liable to break their image. That is why they choose to postpone toll under the "commercial gesture".The financial bill may be steep.

Awaiting the return to normal, a working group should meet at Bercy today or tomorrow "to appraise the economic consequences on affected areas.

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The Wednesday session of the Board of Retirement Guidance (NRC) was less tense than the previous one, which saw employers and unions clash. It was yet to adopt the report with the forecast, unveiled yesterday, financing needs astounding: 72 to 115 billion "gap" year in 2050. These data were endorsed without major debate. The MEDEF has put away his previous criticism of the unrealistic projections and refocused his speech: these figures indicate the need to act, even if they return to full employment, "commented essentially the employers' organization.

The final text was hardly changed, notably to highlight more explicitly the effects of the crisis. She leads by 20 to 25 billion euros shortfall in 2020 for the whole pension system, which is half the funding needed for this date, according to the CFDT.While Jean-Claude Mailly disputes the projections themselves: "Nobody can make serious predictions in 2050. It's Nostradamus, there is more than the economy. "The Secretary-General FP – which is not in itself the ROC – found on Radio Classique that these forecasts would" serve to government propaganda " to impose painful measures. For its part, Solidarity did not dispute the data but interprets it this way: "The gloom is not appropriate, says the union. There is no fundamental problem, not the new situation created by the crisis. "

Two voices well insulated. Other reactions are all in the same direction: the need to act quickly. For the president of the NRC, Raphael Hadas-Lebel, these projections introduce "something new" compared to the previous (2007): "The challenge is immediate."Without effective measures, "the younger generations will have more confidence in the system," puts it on hold.

"We need not to short-term measures, timely, symbolic, but structural measures" hammered Francois Fillon. Otherwise, warned the prime minister, "the system would collapse under the weight of deficits". Neither the left nor the majority of unions have challenged this requirement. But all have reached a conclusion in which the government refuses: he will raise taxes to finance pensions. "The NRC shows that if we play only on length of service, private sector employees must work up to 72 years, said Jean-Christophe Le Duigou CGT union representative within the institution saving account payday loan. Everyone knows it's impossible.Eric Woerth I put the challenge to find the solution without increasing resources. "

Runs Preferred

For the CFDT, "income from property and financial investments will be further used '. Member of the ROC under the CFE-CGC (union frankly admits the need to work later) and president of the Caisse Nationale d'Assurance-old Daniele Karniewicz concurs: "This report shows that it will anyway additional resources to spend more points of GDP in retirement. Both the job. "

In a long gallery in the world, Martine Aubry, refused to yield "to an ultimatum," accusing the executive of "seeking to dramatize" the situation with figures as disturbing. The first secretary of the PS drives the point home: "Employees and retirees can not be the only underlying all efforts.Reforming pensions calls to introduce new resources without delay. "The first secretary of the Socialist Party – which says in passing that the Socialists defend" the maintenance of legal age to 60 years ", following statements far more ambiguous – believes that this is the "blind spot" of previous reforms: "Not the right has taken the trouble to make very high incomes, products of financial capital or annuity to the imperative of solidarity."

What does the management? The response of "Mr. Retirement MEDEF members of the NRC, is precise:" Among the resources, there are contributions on wages. We are strongly opposed to any increase in rates, warns Jean-Fran?ois Pilliard. This would be a contradiction. This would weaken the competitiveness of businesses and ultimately increase unemployment, thus aggravating the social deficits.Otherwise, the MEDEF is very clear: he did not rule on the taxation of individuals. "If the postponement of legal age and longer duration of assessment remain the preferred tracks of the MEDEF, Jean-Fran?ois Pilliard recognizes that "politically and socially, it comes to the idea of imposing person to work up to 72 years consistently.

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The German company Cognis, a manufacturer of additives for cosmetics and detergents, is for sale. Its owners, the funds Goldman Sachs Capital Partners and Permira, are in talks with potential buyers for a sale price that some 3.5 billion euros.

The world of chemistry, BASF would be the most likely buyer according to sources close to negotiations. It could make a bid this week. The German giant hopes to raise its presence in Asian markets and U.S. Cognis achieving only 30% of its business in Germany online payday loans. The U.S. DuPont and Lubrizol could also be interested.BASF had already acquired last year the Swiss Ciba for 3.8 billion euros to strengthen in the mill.

Cognis owners have already tried to sell the company in 2006, but were eventually dropped for lack of attractive offers. They had bought Cognis Henkel in 2001 for 2.5 billion euros. After a major reorganization, the workforce has shrunk by almost 30% and today the company has 5600 employees.

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After playing in the Russian mountain last week, Asian markets follow different paths in the beginning of the week. In Japan, the Nikkei has evolved in the green throughout the session with a closing up nearly 1% at 11,313 points, after opening up 0.86%.

In China, the Hang Seng in Hong Kong climbed 0.11% to 22,233 points while the Shanghai Composite lost 0.57% more frankly to 3127 points. The Kosdaq Korea followed suit with a drop of 0.65% to 3611 points. In India, the Stock Exchange was down 0.24% to 7083 points.

Australia is in the green with an S & P 200 up 0.67% to 4981 points.

Meanwhile the U.S. results …

The Asian markets are reluctant to follow the movement driven by Wall Street Friday. The U.S. stock market finished the session at its highest level since September 2008 (0.64% at 10,997 points) despite mixed statistics.The clarification of the case by the Greek EU heads of state, announced on Friday and confirmed Sunday, has confirmed the good mood.

According to analysts, Asian investors are now expecting the ball quarterly publications which should begin on Monday in the U.S.. Alcoa will open the ball tonight before Intel, Google, JP Morgan, Bank of america or General Electric throughout the week.

As for the U.S. statistics, budget figures are expected this evening. In the rest of the week will be revealed, among others, the figures in the housing sector, the weekly unemployment registration and the index of sentiment among American consumers.

In Japan, markets will keep an eye on the conclusions of the minutes of the meeting of the Bank of Japan on 16 and 17 March.

Oil up

Crude prices were trending upward Monday in electronic trading in Asia, boosted by the dollar's decline against the euro. The European currency jumped to exchange in effect against 1.3675 dollars.

A barrel of light sweet crude for May delivery gained 46 cents to 85.38 dollars while Brent North Sea due to the same, took 50 cents to 85.33 dollars.