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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"Lack of communication of the group"

A trust that does not necessarily share the financial markets.At 9:30, the action Gemalto shows a decrease of 4.28% to 28.19 euros in a market up 1.07%, the largest drop in the SRD. "This drop is excessive, an analyst who follows reacts value. The elements that have affected the first half performance was known. The discrepancy between results and expectations of the market indicates a lack of communication from the group. "

Gemalto in line with the consensus

However, the group released under the first-half turnover of 840 million euros, up 5% at current exchange rates. "We accelerated our offers have been very well received, because they correspond to a real need," said Olivier Piou. There is a real market potential of contactless payments, particularly in Africa and South Asia.In France, we are in trouble because we took too far ahead. "

The group's net profit amounted to 63 million euros, down 7.35% from a year earlier. "Today, the consensus of analysts is around 200 million euros profit the year is well within our range," says Olivier Piou. In 2009, the group posted a net profit of 148 million euros.

No new acquisitions

In addition, Gemalto first half operating profit down 15.2% to 67 million euros but he "remains in line with the company plan to increase its result in 2010," the group said in its statement. Gemalto is 300 million euros in income from operating activities in 2013.Of the three main activities of Gemalto, security has the highest increase (+21%) in the first half to 148.2 million euros (17.6% of sales) to the mobile phone (8%) to 451.7 million euros (53.8% of sales) and secure transactions (1%) to 207.4 million euros (24.7% of sales).

After several acquisitions, including the United States and Germany, the group does not provide new acquisitions. Olivier Piou said that Gemalto had to concentrate in the second half on the integration of recent operations.

The explanations are manifold, since by definition, when the exchange rate Euro / Dollar rises, it may come from a strong euro, but also a weaker dollar. In this case, currently, the two factors at play.

The euro rises

First, the rise of the euro reflects a growing confidence in Europe.If the euro has fallen more than 20% in less than six months, overwhelmed by the problems of sovereign debt, Greek, Portuguese, Spanish, Irish, etc.. Have even questioned the existence of the euro, European currency recovers while the EU has proven, with the IMF, she was desperate to save a member of the bankruptcy, and it would be tough on states to put in stringent budgetary policies.

The renewed confidence is also bolstered in recent weeks by a series of rather positive economic statistics in Europe. Especially in Germany.

The dollar drops

On the other hand, the dollar decline. First, the inverse relationship between changes in U.S. equity markets and the greenback continues to hold. But Wall Street has recovered well in July (7.18% on the month for the Dow Jones) and the month of August has begun.In reality, investors are becoming more appetite for risk and sell the dollar in favor of assets or currencies more risky.

On the other hand, the economic statistics on U.S. rather disappointed and shed doubt on the strength of the recovery across the Atlantic. Good reasons to abandon the dollar.

The yen is at its highest in fifteen years

The weaker dollar also largely explains the surge in the yen, which reached a higher Wednesday since April 1985. What open competitive Japanese companies, including the key word for success is export.

For three months, the dollar has lost 9.48% against the yen. A worrying trend: according to calculations by the OECD, a 10% appreciation of the yen would cut growth by 0.2 percentage points in the first year and 0.4 the second and third year."The impact is not significant when the forecast is 2-3% growth per annum over the next two years," relativized in a note Takuji Okubo, senior economist at Societe Generale IPC.

According to Raymond Van der Putten, Japan specialist at BNP Paribas, "the yen's appreciation is mainly due to poor growth expectations in the United States."

IN BRIEF – Australian dollar and sterling

The doubling of the surplus balance of trade of Australia and its implications for sustained economic growth, has rekindled hopes of a future market for new rate hike by the Australian central bank, providing support this morning the Australian dollar.

In the United Kingdom, the earnings published by the UK banks have supported the pound sterling, which reached a high of six months against the U.S. dollar.

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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.

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.

The deal is simple: the U.S. and 2% of the world population, consume nearly 22% of the world's oil. They are well produced 7.1 million barrels per day last year (8.5% of world production), but must import about 60% of their needs.

A carbon market

Since the beginning of his mandate, Barack Obama defends climate energy bill, stalled in Congress. Precisely for Obama rally Republican senators, one month before the spill, had conceded the oil lobby to lift the ban on oil drilling in Atlantic and Pacific instant payday loan. Before declaring a new disaster in six-month moratorium.Giving due to 32 oil companies that had filed an appeal, a judge in Louisiana quashed yesterday, this moratorium. The White House immediately announced its intention to appeal.

The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to find a new compromise on the law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

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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The Head of State has decided on during a meeting just one hour with Prime Minister François Fillon and Labour Minister, Eric Woerth, in charge of the pension. This choice seems to reflect a message of reform on the horizon is "only" set at 2020, while the government did not exclude at the outset to give purpose to sustain the pension until 2030. But energetic measures will be implemented to ensure that indeed the financial balance before.It will then be possible to consider a further postponement of the age, the hardest doubtless having been made by blowing up the taboo of 60 years.

Tax rate raised to the "easier"

Nicolas Sarkozy has also officiated the form that would take the contribution of the "easier" to reform: a contribution equivalent to 1% additional tax on income for households at the upper end, whose marginal rate is 40 % (about 342,000 tax households affected, reporting more than 69,783 euros per share). The 1% levy will not be entitled to refund under the tax shield if it results in a total tax (income tax + local + tax + social security contributions … TFR) of over 50% of income.In addition, the withholding tax on capital gains from securities sales will be increased, perhaps around 1%.

A source familiar with the matter said last that the rate of salary pension contribution (7.85%) would be raised gradually to all staff to reach gradually the private sector employees (10.55%). In addition, prospective employees may have their pensions calculated on the best 25-year career, instead of six months. These elements were however not confirmed in the late evening.

A bill to be finalized by Friday midnight

These measures, which will be officially unveiled this morning, will now be subject to the unions and employers. The government gave two days to possibly drop a little ground, then he will write the final version of his bill before Friday midnight.The text should indeed be forwarded before the deadline for authorities to be consulted (Councils of the three public, boards of directors of social security funds). Otherwise, the whole of his schedule to be called into question: the text could then be presented to the Cabinet on July 13 and is discussed in committee in the Assembly during the week of July 19, before arriving in the Chamber in September.

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At the opening, the CAC 40 rose 0.58% to 3433 points, and other European markets were also in the green. The stock reacted quite favorably to the words of Ben Bernanke, the Fed chief, interviewed on ABC, ensuring that there will be no double economic believed.

But about 10 hours, the red again invaded the index, investor sentiment remains fragile. Since the ACC slipped further into negative territory. Around 11:30 am, he fell from 1.7% to 3356 points.BNP Paribas (-3.03%), AXA (-2.31%) and Total (-2.07%) are the main contributors to the decline in the index in Paris.

Other major European stock markets also erased their initial gains and the pan-European FTSEurofirst 300 index was down 1.57%.

In France, the trade deficit was slightly reduced in April to 4.248 billion euros against 4.413 billion the previous month, according to Customs. When the budget deficit, according Bercy, it reached 56.2 billion euros at end-April, against 71.6 billion a year earlier.The Bank of France maintains its forecast of growth of 0.5% in the second quarter in its May business survey released Tuesday.

We will monitor developments at noon monthly industrial production in Germany expected an increase of 0.7% and the sense of optimism (U.S.) in small businesses to 13.30 (expected figure to 90.6) or the sense of optimism U.S. economy at 16:00 (expected number 49.3).

The European plan sealed

Monday evening, the finance ministers of Twenty-Seven were meeting in Luxembourg. They sealed their agreement on the "ease" of 750 billion which should guarantee the eventual bailout of states on the brink of bankruptcy.On one side it is good news for European coordination, but this agreement also shows that European leaders have never had so little confidence.

In Germany, Angela Merkel has decided to cut in government spending, welfare and unemployment benefits while creating specific taxes on aviation and nuclear power. A cure dark record of 80 billion euros by 2014.

Oil side, it goes a bit Tuesday. The black gold will change this week in publication of several important reports on the status of supply and demand, namely the monthly publication of the International Atomic Energy Agency (IEA) on Thursday, the Agency American Energy (EIA), Tuesday, and the Organization of Petroleum Exporting Countries (OPEC) on Wednesday.

Partnership between GDF Suez and E. ON

GDF Suez (-0.04% to 24.5 euros) and E. ON (balance) announced Monday the signing of a partnership to explore new opportunities in the area of nuclear power in Italy. The chairman of GDF Suez Energy Europe, Stephane Brimont believes that this agreement represents a first step in the reintroduction of nuclear energy in Italy payday loan lenders. Klaus Schaefer, CEO of E. ON Italy's "cooperation with GDF Suez could contribute to the formation of a new consortium in the future".

Total: 0.22% to 38 euros. Total said Monday night he entered the capital of American society AE Polysilicon up 25.4% through a capital increase reserved.The boss of Total, Christophe de Margerie, said Monday in Montreal that he should continue to explore for oil in the bottom of the sea and agree to pay for security, "even tripled, to avoid repetition of pollution Gulf of Mexico.

Areva: 0.43% to 353 euros. Areva said Monday it has completed the sale of its transmission and distribution division to Alstom and Schneider Electric. According to Les Echos, the group is also preparing to record an allowance of 300 to 450 million euros in its accounts of the first half due to delays in the construction of its EPR reactor in Finland. Moreover, starting the nuclear reactor at Olkiluoto EPR has been postponed for six months. Its commissioning will take effect in 2013.

Schneider: 0.76% to 84.4 euros.The Chief Executive welcomed the fall of the euro and confirms its objective of "organic growth" moderate turnover of his group in 2010. "Mechanically, the decline of the euro has a positive effect when we consolidate our results. When the euro lost 1% against the dollar, our gain is approximately 8 million euros, "said Jean-Pascal Tricoire in an interview with Les Echos.

Klépierre: largest increase of the SBF 120 (EUR 22.12 +2.15%) value is boosted by a good recommendation from UBS, which rose from "neutral" to "buy" with target price maintained at 29 euros.

The trial begins Kerviel

Today begins the trial of Jerome Kerviel, the former trader at Société Générale, sued for a loss, he contests, nearly 5 billion euros in early 2008.

Accor: 0.27% to 39 euros. Separated hotels, Accor Services is renamed Edenred.The owner of Ticket Restaurant changes name before its listing on the Stock Exchange on July 2.

Technip: 1% to 49.64 euros.Le oil group to win Refinery & Petrochemicals Mangalore three turnkey contracts for a fixed price, worth a total of about 25 million euros for phase III project expansion of its refinery located in Mangalore on the west coast of India.

Gemalto 1.23% to 30.5 euros. In turn, the global leader in digital security, today announced that Deutsche Post DHL deploys its innovative card of vegetal origin. Since 1 June 2010, Deutsche Post DHL offers its business customers to adjust Postcard GoGreen sending letters and packages for express delivery.

Online Games At 10:00, the Regulatory Authority online games (Arjel) certified operators present the implementation of paris and online gambling in France, starting this Tuesday.

Electric Other important event of the day, Bill Nome on the organization of the electricity market will be discussed at the National Assembly. EDF fold from 0.86% to 34.5 euros.

Jean-Marie Messier, went on along with six other defendants should stand trial for dissemination of false or misleading information, market manipulation and abuse of corporate assets. The record comes on Wednesday before the Criminal Court of Paris was born after a complaint, eight years ago, the association of small shareholders assets. The former CEO of Vivendi Universal will mainly meet its financial communication.The inquest has cruelly deciphered the discussions behind the scenes with the song unscrewing the stock market. It is for example the defendants alleged to have, on the fiscal year 2000, largely under-estimated the debt of the media division.

The boss Featured

At that time, Jean-Marie Messier, who had relied heavily on telecommunications, including SFR, saw its short-term ambitions ruined by the financial crisis and the attacks of September 11, 2001. To fill gaps, the group's management had ordered the takeover market of over one billion euros of Vivendi in order to artificially raise the title. The maneuver, which took place in autumn 2001 had also attracted the curiosity of the Commission des Operations de Bourse (COB today MFA).The financial analysis reports thus form the backbone of a judicial inquiry which has also been able to stop on items less austere, starting with the part of alleged abuse of social good to Jean-Marie Messier.

"J2M" had, following his departure in July 2002, received a driver, health coverage for five years and, according to justice, a sum of 18.6 million euros … The skipper featured n 'had not actually received the money, having given up after an arbitration proceeding in New York. But the magistrate Jean-Marie d'Huy, who decided against the advice of the prosecutor to refer the accused before the court, has severely criticized the gap between the sinking of the accounts of Vivendi Universal and conditions of departure its CEO.It was "manifestly excessive benefits in relation to the situation at this time of Vivendi Universal," the judge wrote in his order of dismissal.

During the investigation, the gap between the financial health of Vivendi Universal and benefits granted to its CEO has also held various volumes of the file. In his complaint, which triggered the whole affair, counsel for small shareholders, Frederik-Karel Canoy me, questioned the use by "J2M" and his family from a New York apartment paid by the group . His curiosity was also flying in helicopters and private planes paid by VU.

Jean-Marie Messier was cleared on this point. But, amid internal squabbles with former anti-terrorism judge who was then the officer in charge of security of Vivendi, Jean-Rene Fourtou successor "J2M" at the head of the group, which has a time been concerned .An investigation had been opened on weekends in private jet before being discontinued, after repayment of disputed amounts. The episode is closed for justice. He could resurface during the trial in Paris if the tone rises again between Jean-Marie Messier and his former group.

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