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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On Friday, the NYSE has ended sharply higher, buoyed by another round of quarterly results from U.S. companies of good quality and were reassured on the results of resistance testing in European banks. The Dow Jones gained 0.99% and the Nasdaq 1.05%. On the whole last week, the Dow Jones gained 3.23% and the Nasdaq rose 4.15%.

On the foreign exchange market, the euro steadied against the dollar. In the morning, it was worth 1.2901 dollars against 1.2906 dollars on Friday.

A busy week on the macroeconomic level.Today investors expect the sales figures for new housing. Another highlight, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy.

On Tuesday, it is the Standard & Poor's / Case Schiller home prices and consumer confidence, which will be followed, before investors only look the next day on orders of durable goods. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter to be expected this week.This new burst of publications should be followed especially when investors are questioning the strength of new U.S. economic recovery No fax pay day loans.

U.S. companies are still likely to take stock in their accounts this week, including the program six companies forming part of Dow Jones. Tomorrow investors expect such figures CIT and Lockheed Martin and those sitting in the middle of DuPont.

To follow today the title of BP traded on Wall Street. The British press refers to a departure from the CEO of BP, before tomorrow, the date of publication of interim results of the oil giant.

Always on the side of values, General Electric said Friday its increased dividend of 20%, the quarterly dividend from 10 cents to 12 cents.GE also announced a resumption of its share repurchase programs. He had stopped this practice in September 2008. The board gave its approval for an additional $ 11.6 billion. "GE hopes to finish the year with $ 25 billion in cash, including proceeds from the sale of a majority stake in its subsidiary NBC Universal to Comcast" say the analysts at Aurel BGC. Some of this money will be used to buy three billion dollars in preferred shares that the group has sold to the holding company Berkshire Hathaway of Warren Buffett in October 2008.

Also note Friday night, the FDIC, the federal agency whose primary responsibility is to guarantee bank deposits, announced the bankruptcy of six new American banks, bringing to 102 the number of closing establishments since the beginning of year.These six failures will cost about 394 million dollars to its compensation fund the FDIC.

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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A reversal following direct speech, much anticipated, Ben Bernanke. The Fed chairman, who delivered his verdict on the U.S. economy before the Senate Banking Committee, said that the takeover of the U.S. economy "continues at a slow pace" and that "the economic outlook remain unusually uncertain" . If no measure of support is mentioned, the Fed is willing to act.

"The market reaction reflects the caution shown by the markets," notes Nick Kalivas, an analyst at MF Global in Chicago."Yet, to some degree, support annocée the Fed would have meant that things were worse than we thought."

These ads are disturbing in any case overshadowed the results published before market trimestreils …

Record earnings for Wells Fargo

Wells Fargo (4.32% to 27.03 dollars) on Wednesday posted a net profit of the group "record" for the second quarter to 2.787 billion dollars, up 12% over a year and above expectations, and reported an improvement in the credit greater than planned. Based on the number of shares, the benefit amounts to 55 cents, while analysts were only expecting 48.Net revenue (turnover) of the fourth largest U.S. bank stood at 21.394 billion dollars, yielding 5% a year.

The U.S. investment bank Morgan Stanley (8.05% to $ 24.25) Wednesday announced a net profit group share of $ 1.578 billion in the second quarter, much better than expected, with a turnover also exceeding analysts' forecasts. Per share, net income totaled $ 1.09 and 80 cents without considering the integration of brokerage Smith Barney Citi bought instant credit report.Analysts had expected 46 cents per share excluding special items.

The U.S. giant soft drink Coca-Cola (+2.05% to 54.32 dollars) net earnings up over 16% to $ 2.37 billion in the second quarter, slightly less than expected thanks to higher sales volumes internationally. Reported per share, current earnings is $ 1.02, slightly less than the $ 1.03 expected by analysts, but better than the 92 cents recorded a year earlier.

Apple has released its quarterly after the close of Wall Street. The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.The securities earn 3.81% to 261.48 dollars.

The U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged. The shares dive: -8.88% to 13.85 dollars.

Moreover, the oil giant BP traded on Wall Street Tuesday concluded an agreement with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which he had hired to offset the cost of the spill. The news was welcomed: securities rise of 3.35% to 36.38 dollars.

Note that the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks. In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

The issuance volume of prepaid titles, the key measures for the sector, up by 7.5% to 6.615 billion euros in the first half, in line with the annual target growth of 6% to 14% in the medium term set by the group.

The activity was led by Latin America region, which posts revenue up 4.9% to 181 million euros. "The strong growth in operational activity in Latin America offsets an economic environment still difficult in Europe," notes the group.This region is indeed a cash decrease of 5.3% to 79 million euros over the same period.

The turnover of the financial group fell from 25.6% to 39 million euros, weighed down by "the low level of interest rates," according Edenred.

Chouchou brokers

Edenred, which develops on land Sodexo, Compass Group or Mastercard and Visa, should still jump on the stock exchange after advertising 100% free credit report. Introduced last July 2 at a reference price of 11.40 euros, still have won titles this Monday 1.37% to 13.30 euros, giving a market capitalization of around three billion euros.

The new entity has the benefit of brokers. Most recently, Goldman Sachs who recommends buying the title with a target price of 18 euros."Edenred should long-term growth and profitability linkage, analysts also noted the CM-CIC Securities. The broker Aurel bgc, hailed for its part "the potential for development" on the market for vouchers.

For the second half, Edenred does not change in sight. "It follows the same trend. In Europe, we do not see the restart of employment, which is a trigger of our volumes, "said CEO Jacques Stern during a conference call.

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Always on the fringes of economic meeting organized by the Circle of economists in Aix-en-Provence, Louis Welsh, assured that Airbus would submit an offer in time with U.S. partners for the bulk tanker contract from the U.S. Air Force."We have reached an agreement with 200 companies amricaines. The Pentagon must decide to fall on the mega-tanker contract enviton estimated at 35 billion dollars. Airbus and Boeing have until July 9 to finalize their proposals. A decision is expected next fall. "I think the nervousness that manifests Boeing in this case and the propaganda campaign that he led for three or four days shows qu'ls fear that we have a competitive bid on the tanker," said Louis Welsh. Ambiance, atmosphere …

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"This measure is maintained" said the mayor of Troyes. "If it must be questioned, the debate will take place during the next presidential election," he added.

10 billion savings

It must be said that the budget minister no longer had much choice. Tuesday morning, his minister, Christine Lagarde, had hammered on RMC and BFM-TV that the reduction in tax loopholes would not affect the VAT at 5.5% of restaurant owners.Baroin will have to find other niches planing to recover 10 billion euros economy expected by 2013. The minister on Wednesday gave few tracks a bit fuzzy.

Besides the movement of the plane 10% on tax loopholes previously announced, it confirms the non-replacement of 100,000 civil service posts (3 billion savings), reduced operating costs (2000000000), the reduction of lifestyle State … Baroin explains that this is the second round of general revision of public policies.The first, launched in late 2007 as it would have to generate 7 billion euros.

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On Friday, BP has reaffirmed its intention to announce to its shareholders on July 27 the amount of its interim dividend by way of the second quarter.Dividends paid by the group representing some 10.5 billion dollars (8.7 billion euros) per year.

Yet another bad news for the oil group that is not due to his inability to pay, but the fact that the U.S. authorities there are not favorable. "It does me no problem that BP complies with its legal obligations (to its shareholders, Ed), but I want them to know they have a moral and legal obligations here in the Gulf, warned Tuesday Barack Obama.

The U.S. authorities have also sent an ultimatum to compel them to BP by unveiling its plans to 72 hours to stop the leak.

"BP must state its plans for its parallel initiatives ongoing and alternative oil recovery, including establishing a timetable within 72 hours after receipt of this letter," says the letter from the admiral-cons Coastguard James Watson chief operating officer of BP, Doug Suttles, and dated Tuesday.

With the installation of a funnel, BP has accelerated since last week the recovery of oil leaking from the wells to 1,500 meters below the surface of the water for more than seven weeks. But the water continues to move towards the U.S. coast and crude oil continues to flow.

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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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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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