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What are the main principles of pension reform that will defend from 7 September to the National Assembly?

This reform is reasonable, fair, progressive and effective. It has three main points: a new age of retirement, taking into account the hardship for the first time in France, and a reconciliation between the public and private sectors. Increase to 62 the legal age of retirement is to hold an age of reason, drawing conclusions from the fact that we live longer. Simply increasing the contribution period was rather unreasonable: we should bring to 47 the contribution period to balance the system. By raising the bar to 62 years in 2018, we will remove the pension deficit at that date and until 2020.Afterwards he will talk again, this is normal.

Amendments will be tabled during the parliamentary debate to improve the consideration of the strain at work. What do they consist?

France is the first country to do so the link between pensions and arduous. In the current state of reform, an employee with a disability rating of 20% will retain the right to retire at age 60. I have long listened to the unions and specialists in this question. We need to look if you can better respond to situations of "arduous delayed effect ', that is to say, the case of employees who have had a very exhausting life, but are not medically verifiable when they are retiring. We are also looking at improving the prevention, because the first response to the hardship is to avoid being exposed.We must go further on this issue and improve the traceability of exposure to proven situations of difficulty. We are also considering the organization of occupational medicine for it plays a more important role in this field.

You're not afraid to create a new gas plant?

We will do everything to avoid it as too complex creates injustice. The common law, it will be 62 in 2018. Devices to keep the retirement age to 60 will be fair and operational. About 700,000 people retiring each year, 100,000 will retain the right to leave at 60 when our reform passed through the devices' hardship 'and' long careers.

Do you lower the threshold of 20% disability rate for the consideration of the hardship?

I think that this threshold is realistic.

And for polypensionnés, what do you do?

40% of employees who liquidate their retirement have contributed to several schemes. It is a question more complex than it seems. Some polypensionnés have interest to be because they have such validate more than four quarters per year. We are looking for greater consistency between pension plans, but we want to look at the issue from both sides: the losers of the current system, but also its winners.

When do you intend to publish these amendments?

Nothing is off but probably in the days following the opening of the debate at the meeting. Besides, by then I continue my consultations with Georges Tron.

Bernard Thibault began to worry that the debate on pensions is overshadowed by these cases. Do you see an attack against you?

No.I welcome the attitude of unions who have not howled with the wolves and do not participate in the hunt for the man I'm costs. Bernard Thibault do regret that the controversy overshadowed the debate on the merits of the reform. I think this results from the Socialist Party will do everything to avoid talking about a subject that divides them: the pensions.

Do you fear the mobilization of Sept. 7?

A significant reform, significant mobilization. But the French know that they live longer, it makes sense to share the extra time between work and retirement.

Are you afraid of being targeted by demonstrators on September 7?

That there are banners in my name or my image, I expect, since the opposition instrumentalist my name to caricature the debate on pensions.

Do you remain Minister of Labour after the pension reform or after the redesign?

I will do what the president wants me to do. But I feel very good in this department where I still have many projects to bear.

Which?

Once the pension law passed, we will undertake consultations on the reform of dependence. With Nora Berra we have made great progress on technical solutions but it is still too early to prejudge the financial terms of this reform. I intend, moreover, to resume with Nadine Morano the issue of inequality between men and women who did not sufficiently advanced, despite the many laws passed during the last fifteen years. I will also work on the topic of workplace violence. I have not forgotten the policy of the city.We need to support experiments in a pool of fifty jobs with Fadela Amara.

"Segolene Royal is poorly placed to give me a moral lesson"

Do you fear one day be referred to the Court of Justice of the Republic about the case Bettencourt?

I am very serene. I have nothing to reproach myself in this case, I am guilty of any conflict of interest and have already had occasion to explain in detail each of the charges which I have been .

Why then the Attorney General of the Court of Appeal considered there this solution?

I have not read that he was considering! He simply, if I understand correctly, responded to a letter which was sent. It examines the issues that are submitted before a decision is his role. I did not comment.However, I can only wonder at the letter sent by Corinne Lepage, who is a political process. I see that right now many are looking to be taking me as a scapegoat. But it's still a shame to receive lessons in morality from someone like her! What was her husband when she was Minister of the Environment? Do not he headed a law firm, specifically in the environment?

You speak of "stoning political" about you. Who are you targeting?

When I hear Ségolène Royal to denounce France 2 20 hours of the "billionaires of the UMP," I say we're living in delirium. The "billionaires UMP" as she says, have given a maximum of 7,500 euros, transparently, under control of the commission of the campaign accounts, in strict compliance with the rules of financing of political life.And at the same time, Ms. Royal is funded by Pierre Bergé. She was sentenced by the court for the conditions under which it has paid two former collaborators, is poorly placed to give me a moral lesson. I have nothing to reproach myself, and I am sure that the judicial process, whatever the judge, will prove it.

Aim to highlight you still not back so weakened that?

It seeks to weaken me! But I do not feel at all weakened. Throughout the summer there has been a little game of trying to prove so-called affairs on my municipal campaign, the sale of land at Compiegne … Every time, everything has deflated half a day. An accumulation of rumors and slander is not a truth. What sites are seeking to do business commercial on my back does not make me guilty.

Your absence from the meeting Brégançon around the head of state, last week, is it not a denial?

The meeting focused on fiscal deficits and budget preparation. I just remember that I am no longer Minister of Budget. Therefore my presence was not normal.

A new request for a hearing she will soon be presented to the Cabinet?

I have no idea. Again, all this, they are rumors spread by some newspapers or sites. I believe in freedom of the press, but I do not believe in freedom to slander.

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The fall is twice larger than expected. Sales of existing homes in the United States have unscrewed from 27.2% in July compared to June, according to figures released Tuesday by the National Association of Realtors (NAR). A statistic which agrees with the economists providing a relapse of the U.S. economy.

Sales of existing properties and have hit a 15-year low in July. The June sales have they been revised downward to 5.26 million units, against 5.37 previously.

These figures are certainly worse than expected catastrophic but are not a total surprise. They indeed correspond to the decision of the tax credit established by the Federal Government to support sales. "Citizens are very rationally rushed on the market before the expiry of the measure in May," says Laurence Yun, chief economist of the NAR."Since that date, signature of contracts of sale were far less numerous. Expect a break until late September. "Other economists expect a further slide in sales volumes until 2011.

Radio Silence. Since the leaks to the press last July that Sanofi-Aventis has made an initial offer of $ 69 per share or 18.4 billion dollars, the pharmaceutical company and the American biotechnology company, Genzyme, have decided to no longer communicate on the subject. On the occasion of the publication of the results of the group in late July, the CEO of Sanofi-Aventis, Chris Viehbacher, confirmed to Le Figaro that the group will continue its acquisition policy. "We will continue to make acquisitions. We work on small and medium-sized operations. Small can be up to 5 billion dollars. The averages may reach twenty billion dollars. However, we do not want mega-mergers. ".

Between $ 75 and $ 80

A silence that analysts interpret as the beginning of discussions between the two parties.And, according to The Wall Street Journal, these negotiations have started badly. While Sanofi encamp on his positions, namely an initial offer of 69 dollars per share, the leaders of Genzyme seller would not be below 80 dollars. "I do not see Sanofi pay more than $ 80. However, the shareholders present capital of Genzyme – Relational and Carl Icahn – will not accept offers of less than 75 dollars, "said Hervé Manign, specializing in mergers and acquisitions. If Sanofi-Aventis declined to specify the amount of the envelope before it, the analysts amounting around 20 billion euros. The group comes easily to renegotiate a credit line of $ 7 billion to 2015.

"Sanofi is not obliged to do this operation"

If both parties wish that the discussions continue, they must s'entendrent on the initial offer."Genzyme is a very tempting prey for Sanofi, because it would allow him to catch up on organic products, which have the advantage of being more difficult to generics, said Herve Mangin. But Sanofi is not obliged to do this. On the one hand, an acquisition too expensive tarnish the good investments made by Chris Viehbacher since his arrival at the head of the group. On the other hand, it would force the group to increase its capital, which would reduce the value of the transaction.

A month ago, Sanofi-Aventis published in the second quarter sales up 4.6% to 7.8 billion euros, but down 1.2% at constant exchange rates. Net income from operations rose 7.6% to 2.5 billion (+4.5% at constant exchange rates).If the activity is driven by emerging markets (+19.4% organic growth for the half year), sales in Europe and the United States will continue to decline with further loss of patents, but after 2013 the group remains confident with the launch of new products. Sanofi-Aventis development Jevtana particularly in the treatment of prostate cancer has just been approved in the United States, and iniparib (BS1201) in the treatment of breast cancer.

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The CAC 40 should remain cautious. Following a meeting that ended with some profit-taking, the leading index is expected to begin in Paris in the red a session that will be marked by the wait. Markets await in fact the first estimate of U.S. GDP in the second quarter to be announced this afternoon across the Atlantic. This Friday in Asia as investors remained on the defensive. Thursday already on Wall Street, the markets had signed a febrile very bearish session.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI. In Europe, German retail sales and GDP of the area will also be published.

Moreover, this last week's meeting will again be marked by a series of major business publications.

Alcatel Lucent revenues of 3.813 billion euros in the second quarter, up 17.4% sequentially and down 2.4% from the second quarter of last year. The group reiterated its outlook for 2010, including an adjusted operating income of between 1% and 5% of its revenues.

JCDecaux announced Friday a net profit in the first half of 65 million euros compared to 4.4 million euros over the same period in 2009. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge reported a sales increase of 2% to 4.43 billion euros in the second quarter. The group now provides a variation of the demand for cement between -1 and +3% in 2010 compared to 2009.Lafarge expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF has announced a net profit group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations easy payday loans. Moreover, the EPR Flamanville, who has two years late, should produce marketable electricity in 2014, with construction costs re-estimated at around five billion euros.

EADS announces first half net profit of 185 million euros and a turnover of 20.3 billion euros. Adjusted operating income is 406 million euros. Its subsidiary Airbus raised its target for gross orders in 2010 to more than 400 aircraft. For Eurocopter, the sales increase for 2010 should exceed 44 billion euros.The adjusted EBIT target is maintained at one billion euros despite negative currency effects that are cumulative outstanding in the first half.

Schneider Electric releases a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second. The group expects an increase in organic revenue in the second half "broadly comparable" to that of the first half and is now an EBITA margin of around 15.5% before restructuring costs and the impact of consolidation of distribution areva , against 14% previously.

Renault posted a turnover increase of 23.1% for first half of 2010 to the same perimeter, to 19.668 billion euros.The manufacturer profitable again, the latter standing at 823 million euros over the period cons net loss of 2.712 billion euros a year earlier.

PPR announced a net profit after minority interests rose 86.8% to 407 million euros in the first half. The turnover was 8.139 billion euros, representing organic growth of 1.7%.

Imerys has reported a net operating income rose sharply to 122 million euros (161%) in the first half with a turnover of organic growth of 16%.

Michelin and Total must follow.

ArcelorMittal blows hot and cold. The steelmaker displays uninviting outlook for the third quarter, but he nevertheless kept his goals in the second quarter.

ArcelorMittal plans a third quarter slowed, with lower operating performance. The group on a table and a gross operating surplus (EBITDA) of between 2.1 and 2.5 billion dollars. ArcelorMittal explains that the period will be marked "by a combination of seasonal factors and the effects of economic slowdown in China." The goal of a 10% increase in global demand in 2010, described by the group earlier this year, now seems difficult to achieve.On the other hand, the group's factories, which have operated in the second quarter to 78% of capacity against 80% expected in late April, are expected to slow to about 70%.

Long awaited on the subject, ArcelorMittal also said: "For the second half of the year, the challenge will be to pass all cost increases to our customers."

More encouragingly, the world's largest steelmaker has managed to keep its goals in the second quarter. The steelmaker has unveiled an operating surplus in line with expectations at $ 3 billion after an increase of 150% compared to last year. The net continues, as expected, grow, and was 1.7 billion dollars against a loss of 792 million last year. "The improved second-quarter performance is consistent with our expectations and reflects the continuation of the slow and gradual recovery," said Officer.

An independent company for the stainless activities under study

Turnover was slightly below expectations at 21.65 billion dollars against 23.1 billion expected by the consensus of analysts.

Finally, ArcelorMittal said currently evaluating the possibility of creating a separate company (spin-off) of its stainless steel business. "We have confidence in the future of the stainless steel business and believe that creating a separate company will create further added value for all shareholders," said the group.

The Societe generale de financement du Quebec has acquired a 4.5% stake in the video game publisher Ubisoft for an estimated $ 40 million. "The studio was in Montreal is a globally recognized center of excellence including the creation of game concepts of the most innovative and coveted for the expertise of its employees" justified the CEO of SGF Raymond Bachand said in a statement . Ubisoft employs over 2,700 people in Quebec on a total of 6,300.

The deal also further secures the future capital of Ubisoft, uncertain after the departure of its main shareholder, the American Electronic Arts last week. With the sale of 15% held by the latter is the Guillemot family, which became the largest shareholder with a stake in Ubisoft to 11.3%.The FMS and the Guillemot brothers now control over 25% of voting rights.

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With the football World Cup, TF1 maintains its primacy in terms of both audience and advertising. In the final between the Netherlands to Spain on Sunday night, the first private channel totaled 63.1% audience share and 14.1 million viewers together with peaks at 17.4 million at the end meeting. For the private channel, it is "a record audience for a football match without a French team. It is also the third best year for hearing TF1. Stephane Deverge, director of sports pole TF1 Publicité, also welcomed "the prime-time audiences who, throughout the competition, gathered 8.2 million viewers on average."

31 million visits

A little respite on Friday in Asian markets. After more than five consecutive days of decline, the most important place on the continent Asia-Pacific represents a reversal of trend. The Nikkei started Friday's session up 0.47% earning 43 points to 9234 points. An advance that the Tokyo market has struggled to keep since mid-session, the majority of gains were erased.

In contrast, Hong Kong, the trend is clearly down because the benchmark Hang Seng yield 1.38%. In Australia, the Sydney Stock Exchange ahead slightly (+0.1%).

The mining stocks rose

In Tokyo, the market is mainly guided by higher mining shares following the downward revision of tax on the profits of these companies decided by the Australian government. This has encouraged new JX Holdings Inc., an oil refiner and producer of copper jumped 3.5%.Inpex, oil explorer, rose 3.2%. Komatsu, the largest manufacturer of earthmoving Asia, gaining 1.5%.

In contrast, the values are auto oriented down significantly, especially for Honda (-1.89%) and Toyota (-2.27%), after the monthly statistics considered disappointing sales in the United States.

Evolution contrast to oil

On the oil market, crude prices were mixed in electronic trading. In morning trading, a barrel of light sweet crude for August delivery gained 18 cents to 73.13 dollars a barrel, while Brent North Sea for delivery in August, yielding six cents to 72.28 dollars. Oil prices fell Thursday in New York on a market worried that sent the barrel under $ 73.

Volatility remains high on the market

Investors remain nervous about the possibility that the slower recovery of the global economy becomes more pronounced. On Friday afternoon will be known monthly unemployment statistics in the United States before the opening of Wall Street. They could reflect a deterioration of the labor market for the first time since December, according to economists.

The indicators Thursday were accentuated anxieties of investors. The ISM index of activity in the manufacturing sector declined more than expected to 56.2%. On the front real estate, the promise of selling homes fell more than expected in May (-30%). In China also, the two indices of purchasing managers showed a slowdown in manufacturing activity in June

Nearly a thousand investors will be meeting Tuesday night at the Convention Centre in Strasbourg, for the annual meeting of the Afer. And the board of directors of the most popular savings association in France will work hard to answer their questions. For many subscribers have questioned the compensation they can expect after the conviction for abuse of confidence by the Court of Cassation, the founders of the Afer Gérard Athias and Andre Le Saux. The meeting will Does the opportunity to come out on top and turn the page so nicely That is the question facing those who have trusted to rightly Afer to invest their savings, but are tired of business and financial disputes that threaten the life of the association for years.

In the first letter in mid-May, Gerard Bekerman, the president of the Afer, had laid the groundwork.The association would make every effort to try to help savers to recover 92 million that the court had decided to confiscate the former leaders. But to get more (the total damage is estimated at 250 million euros), investors should only engage the battle in court. Collective actions are not allowed in France, considers Afer being unable to lead the fight to them.

Mediation proposed

But a few days ago, in another letter, the president went further Bekerman. It offers a mediation "under the responsibility of an independent and indisputable," which "could lead to a financial proposal" probably by the end of the year. The association will stop there. Each member will have to act individually whether to be better compensated.

These proposals indignant SOS principles Afer.The latter, led by Francis Nocaudie, would love to take Afer leading the fight shoulder and at least the action of members no fax payday loans. It invites Afer to turn against the insurer of the contract, Aviva believes it civilly liable for the actions of former executives of the association, and more solvent than Gerard Andre Le Saux or Mathias. SOS Principles Afer the opportunity to mention the loss of independence of the association vis-à-vis the insurer. In recent weeks, the tone is mounted between Francis Nocaudie and current leaders Afer. The first, after asking the court to postpone the general meeting, expected to require the cancellation. Motive? The poor presentation of the resolutions announced by his association, while those of Afer were well developed.And most importantly, the difficulty for members to give him authority to vote on their behalf. "If the power is valid, it was necessary to mention the zip code of my home, that few members know," he says.

Still in question, the insurer Aviva remains silent. Even if, for the debates which agitate Afer today, a lawyer for life insurance, Mr. Lecoq Vallon not hesitate to resurface an old case appropriately. It is indeed in conflict about a company's old contract, which permitted to invest in stocks during the previous week. An investment to "known price" that proved a boon for investors, and difficult for the insurer. "Many court decisions have sided with the investors who had signed the contract and can not benefit," explains Mr. Nicolas Lecoq Vallon.He estimated that 34 million euros provisioned by Aviva to address disputes are insufficient given the amounts involved in that case.

China has emerged unscathed from the slump that has upset the global financial system. "Last year, Chinese banks have been the arm of an expansionary monetary policy", said Yang Zaiping, executive vice president of the Association of Banks of China, during an interview with China Central Television (CCTV) last February.

In 2009, Chinese banks have indeed given some 9.6 trillion yuan (1.150 billion euros) in loans. A staggering amount, to the extent of the recovery plan of 4,000 billion yuan (430 billion euros) set up by Beijing in late 2008. The grants funds have exploded from 30% in China in 2009 and projected to grow further by about 18% in 2010, according to the World Bank. In the first five months of the year, loans have jumped 7.6%, reports the institution in its latest report on China on Friday.And despite the many measures adopted by the central government in recent months to limit the risk of bubble and soaring property prices.

The regulatory tightening is not the business of foreign banks operating in China. These institutions expect that the legislation, already significant concern in recent years, a rigid further, the survey shows "Foreign Banks in China" * PricewaterhouseCoopers, published recently.

Since the opening of the Chinese banking market, 11 December 2006, following China's accession to the World Trade Organization (WTO) in 2001, foreign banks have rushed into the breach. "The market share of foreign institutions is still limited to 2% today, after a slight decline in 2009," said Herve Demoy associated financial sector specialist with PricewaterhouseCoopers in France.

A share market still weak

And half of banks surveyed by the consulting firm believes that this market share will not increase in 2010. Access to the Chinese market is an obstacle course for foreign banks. Three paths are possible. First track, making participation in a local bank. "The regulations limit the non-Chinese banks at 20% equity stake, which limits the chances of key positions within schools," notes David Bernard, associate director of retail banking outside France's Societe Generale Group .

By buying in 2004 a 19.9% interest in Bank of Communications, the fifth largest commercial bank in China, one year after acquiring 8% stake in Bank of Shanghai regional bank, the HSBC Group has quickly made the bet external growth in China.The formation of a joint venture with a Chinese partner is a second possibility for foreign banks, but it is restricted to a specialized field, such as asset management or private sale.

A third solution is to create a subsidiary to 100% Chinese cheap payday advance. "To open an agency and develop a network, you must obtain multiple licenses for geographic location or product offering," according to David Bernard, who estimated five years the time required for a foreign bank, once obtained the license for its network covers all of its products and services. Especially since the rules limit the pace of network expansion of foreign banks to open a new parent agency by city and year or so a year to two agencies in a city where the bank is already established .Despite these obstacles, Societe Generale has decided to develop its own network in the Chinese territory, following the failed acquisition of Guangdong Development Bank (GDB) against Citigroup in 2006.

Chinese banks gaining momentum

The regulatory environment is not the only challenge facing foreign banks in China. Competition with Chinese banks has increased, following the implementation of the huge recovery plan, says PricewaterhouseCoopers."With the importance of their networks and their growing expertise, particularly in the development of innovative products, Chinese banks are now better equipped to cope with foreign competition," said Herve Demoy.

However, some foreign banking players fear a backlash for their Chinese competitors, which have multiplied the granting of credits or risk having to cope with non-performing loans to term. On the other hand, Chinese banks are not exactly the same target customers as their foreign counterparts.

"International banks are working with foreign companies that have operations in China," according to David Bernard. But not only. A new type of clientele grows. "Chinese companies are parties to conquer the world and foreign banks are focusing on those slots," says the head of Societe Generale.They support projects and Chinese actors in Africa, where Chinese banks are not present.

If the conquest of Mecca is difficult Chinese, foreign banks remain optimistic. "Most of them expect an increase of 10% to 20% of their activities in 2010," says PricewaterhouseCoopers. Their ability to adapt to playing in China will be the key to their success.

* PricewaterhouseCoopers presented its fifth survey on foreign banks in China, which follows four previous studies published since 2005.This survey was based on interviews conducted in January and February 2010 with CEOs and senior Chinese branches of foreign banks from 42 in Beijing, Hong Kong, Shanghai and Shenzhen.

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