Daily International Headlines

This is a first. Boeing has unveiled Tuesday on the economic impact of its partnership with the French manufacturers. And it is quite significant. In 2008, Boeing had charged for 4 billion worth of contracts to subcontractors lights, representing 9.6% of turnover in the sector. Of this total, 2.8 billion from direct contracts with manufacturers and the balance through the airlines at the head of Boeing fleet. The activity generated by the aircraft manufacturer in France had led to the creation of 23,000 jobs, 11,500 of which direct the total end of 2008.

Senators are sitting on a pile of gold. Their very generous pension fund available in late 2008 from 575 million euros in reserves. Enough to finance 23 years of service! This study reveals that Safeguard pensions, including Le Figaro revealed the exclusive content.

The association, which aims to promote equity between the retirement of private employees and that of other assets (staff, nationals of special schemes …) based on official documents, public or not.It highlights the "extraordinary performance" of the Senate plan: taking into account life expectancy and age of retirement (67.5 years), a senator "means" receive before his death, 4.90 euro pension for every dollar contributed during his career – against 1 euro pension for about an employee's private and 2 for an official.

A former senator who made a single six year term and receives 1 932 euros monthly pension. Either "30% more than the average pension of an employee's private after a full career," observes Backup pensions. Only condition, almost always true: have paid double, as any senator has the opportunity during his first fifteen years in the "house" (480 euro premium "pay" per month). Reversion (retired widower and widow elected) is more favorable than in the general scheme.Finally, "most varnishes are the senators from the public (39% of the Chamber)," wrote Saving pensions. They can continue to contribute 7.85% of wages they would have received in their original, adding the State as 60.14% for all staff. Finally, they combined so full of retired staff and retired Senator, unlimited.

And yet, despite this apparent generosity, the body of senators shows no deficit, despite his bad demographic situation: 1.7 to 1 pensioner contributor (cons 1 retiree for 1.4 active in the general scheme). By what miracle? Strong support from taxpayers? Not really: the contribution "employer" paid by the Senate, represents 2.4 times the premium "pay" for senators.This is more than in the private but much less than in the public or any other special arrangements (for members, taxpayers pay 7 times more than the elected themselves!).

Everything comes from the fact, that the backup pension scheme senators is "remarkably managed. Based on the collective capitalization (1), he leads every three years an audit in which it updates its forecasts and issue invitations to tender to select managers for its funds. Sewing up since birth … in 1905, he held a "pot" whose composition is unknown but the end of 2008 amounted to 575 million euros – given the financial crisis, a provision impairment has been moved cautiously, however, reducing the carrying value of these reserves to 484 million.Result: only the interest generated by these investments provide over half of the pensions paid each year.

A pool of 1 billion euros in 2050

A performance such as – and this is the only criticism Backup pensions – by "employer" is "not only immoral but unnecessary. Why bother keeping a grant which only swell the reserves that increase perceptibly from year to year? ". Calculations of the association, placed at a reasonable rate of 4%, this kitty will reach 1 billion euros in 2050 …

(1) Safeguarding pensions do not hide that she is campaigning for the introduction of a dose of capitalization in the general scheme, which currently relies on distribution, Ed.

"DOCUMENT – The study Backup Pensions (pdf)

After a year in 2009 under the sign of restraint on wages, what does the year 2010? "The care and attention are always placed in businesses," said Fanny Potier-Koninckx, principal at Towers Perrin and responsible investigation "Outlook 2010 in terms of pay, which is published today.

The European car still recovering. In a statement released Monday, the rating agency Fitch believes that 2010 will be a "transition year" for the sector, despite the appearance of "early signs of stabilization." But the number of bankruptcies in the sector should also remain high in 2009, provides for the rating agency.

Fitch anticipates that the impact vehicle sales in Western Europe will shrink in 2010, and that this decline could reach 6 or 8%. The rating agency predicts that by 2009 the decline in sales will reach 5%, and that production will open in fall of 20% over the same period.

The rating agency gives such a negative outlook because of the gradual but planned, the premium breaks that currently boosts sales.The impact of the disruption of these measures remains difficult to quantify, especially in Germany, "the largest car market in Europe where about one million vehicles were sold under these incentives," says Fitch. Emmanuel Bulle, Director in Fitch motor, said that uncertainty: "Based on sales growth and the actual ability of manufacturers to meet all these challenges, a stabilization of the ratings outlook could arise in the first half of 2010."

Increased pressures on cash

The sales momentum is indeed not the only challenge facing the sector. The issue of financial strength will also return to the front of the stage, including OEMs, Fitch said in another note."In the absence of specific operations, such as increases in capital or asset sales, abandonment of leverage will be a slow process for companies falling into recession with a substantial financial debt, as Renault, "the statement said. The manufacturer is rated "BB with negative outlook" when rival SAP is rated "BB +, B, with negative outlook."

Given these financial pressures, "the agency expects the trend to selective alliances and partnerships will continue into 2010, as well as downsizing discrete and gradual, which are necessary to support a structure lower cost, more in line with forecasts of declining sales.

Automakers will also adapt to new consumer needs.Fitch notes that "the trend towards smaller cars is another challenge for manufacturers of Western Europe, focused on technology, while margins are generally larger segments for vehicles and premium sedans. "No matter the size! Some prefer to bet on another emerging trend of consumption, mindful of its impact on the environment: Renault intends to become the largest producer of electric cars, since the launch of its first four models of its kind in 2011.

ALSO READ:

"The car, a flagship of the car? Ask your questions!

"VIDEO – Renault presents its range of electric