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"There will be a reasonable evolutionary vision. By this sentence while caution Eric Woerth summarized what would be the attitude of the government on pension reform next week.

The text will be considered at the Assembly from Tuesday, when all the unions call a strike and demonstrate. "There will be many people in the street" without that "France would not France, already primed by the Minister of Labour, on Thursday, before the Association of business and financial journalists. No way to change "fundamentally" the bill after that day, but the government "will file amendments.

The game continues on balancing the grant "most important" requested by Wednesday François Chérèque (CFDT): 2018 reject the decision to raise from 65 to 67 years the age at which anyone can receive a full pension even without having contributed all his quarters. As it stands, the government draft plans to implement this measure in stages starting in July 2016 (ie, for all those born from July 1951) No fax payday loans.

Possible additional measures on the arduous

"It's very important that there be two terminals of age," argues the Minister of Labour, for whom it would be "unfair" that people with long and often deliberately interrupted their careers – housewives, for example – able from the same age as the others (60, 62 in 2018) without financial penalty.However, "I do not think everything is locked. Eric Woerth temporizes also possible additional measures to take account of hardship: "You can probably go a little further, it is unresolved. We allow a maximum time. "

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LE FIGARO. – Do you double dip scenario?

I believe more in a low growth as a relapse of the activity. There have been a very sharp slowdown, as the pace of growth fell from 5% at end 2009 to 1.6%. These figures, subject to some volatility, however, overstate the true extent of the downturn even if the coming quarters, many uncertainties remain.

Let's start with the volatility …

The restocking of companies boosted the activity at year end, without any increase in imports. The opposite effect has played in the first quarter. Despite the slowdown of GDP, domestic demand excluding inventories accelerated, rising by over 4% annual rate in the second quarter. The latest indicators (monthly or weekly) are obviously more worrying, especially in real estate.However, we do not rely on the construction as an engine of the economy!

What drives the U.S. economy?

Exports are an important driver. They rose 15% between mid-2009 and mid-2010 and continue to grow at a rate of 10% per annum. Investment in equipment has also greatly contributed to the recovery since late 2009.

What can we expect consumption?

Two elements of condition, the rate of savings and disposable income. Households who have seen their assets melt, have sought to rebuild their savings. Their savings rate, which now exceeds 6% – against less than 2% in 2007 – should now be stabilizing. Changes in consumption should therefore, over the next month, depending on that of their disposable income and therefore the payroll.So far, the increase in weekly hours of work allowed a reasonable growth of income despite the weakness in job creation. But after hours of work returned to normal, job creation of about 130,000 each month will be needed to avoid a recurrence of the activity. But the last three months, there was an average of only 50,000 jobs created in the private sector.

Is there any new stimulus package?

Even if they are significantly smaller than before the crisis, the leeway of economic policy are not necessarily zero. Two measures are also to be discreetly passed: an extension of the duration of unemployment benefits and federal funding of $ 26 billion to states. Americans are pragmatic: whether to again support the economy, they will.The Federal Reserve may also help prevent a recession by pushing more time to raise rates and, especially, in announcing a new program of buying shares of Treasury bonds.

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The U.S. growth revised sharply downwards

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.

Traveling in Tokyo, Francois Fillon sought to reassure the Japanese business on the situation of France and Europe. Focus on the issues outlined by the Prime Minister.

Rigor

The word is out. Against all odds and for the first time, François Fillon spoke of the "rigor" to describe the economic policy of France. Boasting to an audience of Japanese businessmen, austerity measures launched by Paris, the Prime Minister said: "In every state budgets, the only one who is not subject to discipline, that is the budget of Higher Education and Research. Until now, the executive refused to fully use the term "hardship" may be too unpopular with the French.The economy minister, Christine Lagarde, recently described the French policy of policy of "ri-lance, a neologism describing a mixture of" rigor "and" revival ".

France has pledged to save 100 billion euros by 2013 to reduce its deficit. For now, the government relies on its growth forecasts to find half the sum. Otherwise, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and only slightly increase health spending. The state should also remove the tax loopholes and create a new tax on the wealthiest to raise 3.7 billion euros.

In Japan, the country's debt is colossal. The International Monetary Fund press and the country to reduce its deficit.However, there are uncertainties about the government's austerity policy, weakened by his recent defeat in the Senate elections.

The euro and yen to each currency's problem

And the Prime Minister was not content to praise the austerity policy of France, he also invited Japanese investors not to "turn away from the euro payday loans. He also promised that the EU would emerge "stronger" of the economic and financial crisis. It must be said that the disallowance of Nippon contractors for the euro area is growing. Proof is the recent A japponais Nikkei business daily, the 30% decline in investment in the euro countries during the first half of 2010. The concerns of the market seem to disappear on the Old Continent.The success of recent debt issuance in the euro area and witnessed the rise of the euro against the greenback, which is currently processing over $ 1.29.

In contrast to the euro, the yen continues to strengthen against the greenback. It operates at its highest level this year against the dollar, to 87.3 yen against the dollar.

Mitsubishi and Areva

At the industrial level, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries (MHI) in the capital of nuclear group Areva. The Prime Minister has expressed his desire to "see strengthened the association between Areva and Mitsubishi for the particular realization of a new reactor, the reactor TTY. MHI and Areva have forged various partnerships, including establishing a joint venture, TDD, a developer of nuclear reactors of medium power.

Mitsubishi Heavy Industries does not hide its ambition to grow the European market nuclear pressurized water reactors. Nuclear is not the only area in France to attract companies Nippon. In 2008, France has 450 Japanese companies employing nearly 57,000 people.

Jean Arthuis, chairman of the Senate Finance Committee and chairman of the centrist Alliance, calls for a revision to bottom of the French tax.

LE FIGARO. – Nicolas Sarkozy said Monday he would keep both the tax shield and the ISF. Defend yourself always the opposite?

Jean ARTHUIS. – Yes. I think we should remove the two devices. The shield is a bad answer to a bad tax, the ISF. This shield has too many defects. It is calculated on income tax, not real income. Its beneficiaries are beyond any possible tax increase. This is clearly not fair.

Precisely, the government released the shield fiscal measures to finance the pensions …

Yes, but suddenly the complexity increases. Daring to break the taboos and radically simplify tax by removing the shield and the ISF.To finance this deletion, I propose to create an additional income tax (IR) to 45% and increase the scale of taxation on capital gains and real estate. I will table an amendment during consideration of the budget 2011, in the fall.

This option does not penalized Does not those with high salaries but little fortune?

No. The rate of 45% is a marginal rate, which would apply that beyond 100,000 euros per share. RI takes into account family responsibilities. And there is a 10% reduction on wages. In fact, it is mostly capital gains on shares or real estate, which enrich.

Should we raise taxes?

France can not escape the tax increases. Because the plan proposed by the Government alone will not reduce the public deficit to 3% of GDP in 2013. The growth assumption of 2.5% is unrealistic and inadequate conservation measures.It lacks about 50 billion euros. Besides reducing costs, I propose that VAT in particular the restoration and renovation for housing increased from 5.5% to a rate between 10% and 12%. To restore our competitiveness and combat unemployment, it would even raise without waiting the standard rate of VAT, currently 19.6%. Funding for Medicare and family policy must no longer weigh on earnings. VAT must take over.

At the risk of penalizing low-income households?

Is there any greater injustice than unemployment? By maintaining too high levies on production, is pushed to the relocation. All taxes are ultimately paid by the consumer. For a company that sees its tax increase raises its price. The additional VAT on imported goods will.

Should we cut more in the niches?

Yes.The tax shelters cost 75 billion euros. They are undermining the social compact, by making the tax illegible, unfair and inefficient. In addition, the pricing becomes artificial. Ultimately, we must consider deleting the niches, and especially stop creating new ones. Without the increase of the reduced rate of VAT, the government will have great difficulty in meeting its commitments, that is to say an economy 10 billion in two years. The overall ceiling should be lowered.

The government is strong enough on public spending?

During the hearings the Committee on Finance, I had the impression that some ministers were not always aware of the savings. However, it will be necessary to act with determination.Hack 66 billion in credit assistance amounts to touch on sensitive issues such as individual housing (PLA) or subsidies Réseau Ferré de France (RFF). I would add that it is not easy to force parastatal structures to decrease by 10% of their operating expenses. These organizations, ranging from museums to Météo-France, served as space flight for public expenditure.

Should we freeze the salaries of civil servants?

Despite job cuts, the state's payroll increased from 860 million in 2009. This increase is due to wage concessions and changes of the index. Strict moderation is essential.

As a senator from Mayenne, what do you think the value of blocking the funds that the State grants to local communities? This gel can be leveraged to conduct the review of local public policies.Do we really redo roundabouts standards expensive? Especially, the proliferation of standards must end. Premier promised. Despite this, the agricultural modernization law gives the government a right of limitation on the school lunch menu!

France will she one day a zero deficit?

It must. An overburdened state is in the hands of its creditors and threatens the solidarity between generations. This national independence is at stake.

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

Fourth day up to the Paris Bourse. This Friday, the CAC 40 has continued to rise started Tuesday and continued Wednesday and Thursday. The key index in Paris was up 0.46% at closing.

At the end of the week, and the CAC 40 gained 5.8%, from around 3360 points to 3554.48 points exactly at the close on Friday.

Elsewhere in Europe, the LSE has been 0.54%, to 5132.94 points while the German Dax rose 0.49% to 6065.24 points.

Yesterday, the index in Paris had passed the milestone of 3,500 points, reassured by U.S. data entries weekly unemployment benefits.

The euro has weakened a bit about him on Friday, while European ald evisa Thursday passed up the psychological and technical $ 1.27.

In France, French investors have learned that before the opening of the Hexagon industrial production had rebounded strongly in May rising 1.7% after falling 0.5% the previous month, according to Insee. Economists had expected an average growth of 0.4% of industrial production in May

EADS tanker of the series continues

EADS (0.53% to 17.01 euros) said it had responded to the call for tenders for tanker aircraft to the U.S. Air Force, on the eve of the deadline for the takeover bids . In addition, the World Trade Organization announced the postponement of the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

Kaufman and Broad (2.23% to 18.14 euros) issued a revenue down 7.6% to 385.7 million euros in the first half, below expectations.But reservations are up 55% to 675 million euros and the property portfolio is up 50% over one year.The gross margin reached 17.1% against 12.9% in the first half of 2009.

Areva (5.11% to 347.55 euros) announced Thursday it would investigate the possibility of building a second nuclear reactor in the Canadian province of New Brunswick.

Mestrallet, CEO of GDF Suez (+0.4% to 24.96 euros), confirmed Wednesday that negotiations with suppliers in Norway, Holland and Russia to obtain lower prices.

The German utility E. ON has indicated in an interview with Les Echos on Friday that he would be "very interested" in acquiring a stake in EDF reactors (-0.91% to 31 euros) to help extending their lifespan.

Moreover, the banking sector with the exception of BNP Paribas (+1.05% to 50.09 euros) suffered some profit-taking, like Credit Agricole (-1.13%) or Societe Generale ( -0.98%).

Similarly, the automotive sector should still react to earnings announcements commercial Renault and Peugeot this week. Titles manufacturers earn 1.13% respectively to 33.45 euros and 1.94% to 23.09 euros.

Money does not buy happiness, it is often said. Gallup conducted a global study whose results appear to confirm the adage. According to the study, published in the American Journal of Personality and Social Psychology, whose findings were released by the Christian Science Monitor, the U.S. is perhaps the richest country in the world, but they are far from be the happiest.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

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The World Cup soccer does it threaten the global productivity? It is a question that may arise after the publication of a survey conducted by Monster in early April: according to the specialist in career management and online recruitment, 19% of French workers say they are watching the World at their place of work, a little less than the global average (21%). The enthusiasm is even sharper in some of our neighbors: 25% of British and over 27% of Spaniards and Italians will follow the games while working. The number of survey participants, however, show large differences across countries: the UK (457 people) and Spanish (407) are nearly three times less likely to have responded that the French (1194).

Ultra-mediated, the World Cup is one of the most watched sporting events on the planet.Fanatical football fans and casual parties are before the football games the most essential. "I'm not a football fan, said Arnaud, network engineer for 24 years, but I'll watch the matches of the France team and the greatest teams like Spain and Brazil. But if the blow of sending many matches will be whistled at 20:30, other meetings will take place during the day. So, how employees will organize themselves to watch the highly anticipated match between France to South Africa and will be held June 22 … 16 hours?

Sites streaming and mobile phone

Fortunately, new technology makes it easy to watch the games away from home. After radio and television screens, salvation will come from streaming websites and mobile phones."I think working together to turn the match back on the computer, and I'll have a look occasionally," says Sebastian, a Marseille football addict who nevertheless adds that his "priority is work." "We will release the iPhone," says his side an employee of a company of mutual fund also defends his dedication: "we have the right to play it if everyone does his job." His team has even organized together to bet on the outcome of games.

For football fans are lucky, their boss shares the same passion (or includes) and installed a screen in the office. "We bought a TV for Roland Garros, the World Cup and also for the financial news networks anyway," says Bruno, an analyst in a asset management company, "we will light according to general opinion, and it will mute the sound, as Roland Garros.

Productivity in danger?

In these circumstances, the World Cup could have an impact on global productivity? Yes, according to the company Blue Coat Systems specializes in security and networking applications that points to the bandwidth consumed by access to streaming soccer matches, to the detriment of professional priorities bad credit pay day loans.

"Many employees are unaware of the effect of video streaming over a network, said Nigel Hawthorn of Blue Coat Systems. This is the first World Cup where there are as many opportunities to watch the games online and interact with our friends and colleagues on social networking sites.Knowing that a football match watched streaming consumes about 750MB of bandwidth – is sending more than a dozen copies of Tolstoy's War and Peace – it is important that IT professionals and human resources to communicate employees clear rules.

"A question full of traps"

But Didier Primault, economist at the Center for Law and Economics of Sports, the Economic Impact of the World Cup is a particularly complicated problem to solve. "The impact may even be positive, he notes, there is more enthusiasm when France wins after a joke among colleagues!". We can actually remember the wave of enthusiasm generated by the victory of the Blues in 1998.In general, the economist points out that many professions do not allow access to a screen to watch the game and the duration of the competition is too short, just over a month to have a real impact on economy.

"It comes full of traps" answers Didier Primault, referring to "substitution effects" that allow some sectors to benefit from slowing further. And, even noting a change in productivity during the World Cup, there is no evidence that the sporting event is the cause. Many other factors must indeed be factored into the calculation of productivity, such as unemployment or even the climate situation.

But historically, the economist says, despite the impact of the 98 World Cup, "France has a lower demand for sports entertainment" than other countries like Great Britain.Moreover, according to the poll by Monster, 61% of French respondents say they are not interested in the World Cup, the world average but well behind the Italians (39%), Irish (40%), British ( 53 %)… and especially the few hundred Malaysians who participated in the survey: 85% of them are excited by the adventures of South African players and loans to 44% to defy a ban on employers to watch the games. Beyond cultural differences, doubts about the 2010 vintage lights may prevent the French workers to dissipate this year …

New Man announced yesterday its acquisition, by the end of the month, the group Morepeace. The latter company's holdings Overall, based in Besançon, a specialist in ready-to-wear and men through its brands and El International Dellalui. The transaction price was not disclosed. Bernard Krief Consultants The company had expressed interest in New Man.

Its owner, the industrialist Leon Cligman, through its group Indreco, trying to sell the brand for a while. He had already surrendered in March its 29 stores in Zannier Group, specialist clothing childish.

This sale is another step in the long agony of the flagship brand of menswear in the 1980s. In its basin of Cholet, New Man at the time employed up to 3,000 people, and yet almost 500 a decade ago.Since then, social plans have succeeded in retaining only forty employees today. Latest figure available, the brand in 2008 achieved more than 45 million euros in turnover.