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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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"Woerth:" Retirement at age 62, is to hold an age of reason "

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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"SPECIAL CASE – The challenges of pension reform

"Woerth ready to receive the unions

"We are confident in the future," says Olivier Piou, CEO of Gemalto, with BFM Radio, which recently released its results on Thursday for the first half of 2010. So much so that the specialist manufacturer of digital security and smart cards, SIM cards and electronic passports is a turnover of one billion euros in the second half. "The acquisitions made early nosu costs a little money, but we must continue to invest. We can because we are confident, "says CEO of Gemalto. Gemalto has "changed dimension. Now we're a start-up. When I arrived in the company, I do not think I'd still be in office with such a turnover, "he says.

"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 Dow Jones wins 0.92% at the opening. The Nasdaq, 1.23%. And the S & P, 1.31%. From the first minutes of trading, the indexes have increased their earnings. The Dow Jones already posted a gain of 1.23% to 10,595.06, while the S & P 500 1115.12 1.23% to taking and the Nasdaq Composite advanced 1.1% to 2279.52 .

The month of August begins on sound footing, after a month of July under the sign of the rally. Wall Street has indeed the balance Friday night, but after a volatile session. The Dow Jones has sold just 0.01% at 10,466 points, but has had its best monthly performance (7.18%) last year. The Nasdaq was awarded 0.13% to 2255 points. In July, the Nasdaq and the Standard & Poor'500 have earned 6.9%.

The slowdown, confirmed the U.S. economy, however, has influenced the trend.In fact, the Commerce Department announced preliminary second quarter GDP rose just 2.4% annualized, while the consensus was expecting 2.5 and he had grown more openly 3.7% first quarter. Traders are still welcomed other indicators more encouraging: the Chicago PMI for July was well above expectations (even if relapse at its lowest since November 2009) and the final index of consumer sentiment for July improved slightly although it remains a net withdrawal a month.

On Monday, investors showed they appreciated the performance of enterprises. The KBW index of bank took 1.69%, encouraged by the strong results presented today by BNP Paribas and HSBC.

The ISM manufacturing index is expected with caution

On the face of macroeconomic indicators, meanwhile, on Friday, the U.S. employment report, investors will closely monitor the publication at 16:00 on Monday, the ISM manufacturing index for July (consensus 54) index ISM activity in the industry, which could either be moderating further, but also show that on Monday the 12th consecutive month of growth in manufacturing output. It could increase by 54.6% against 56.2% previously. It also is known that at 16:00 the index of construction spending for June, due in slight decline of -0.5% against -0.1% previously.

"Employment and consumer credit (Friday) will be crucial electronic check payday advance.Other market movers are, unsurprisingly, the two ISM surveys, analysts said Aurel Bgc. Investors have "overreacted" to last week regional surveys, which are very volatile … The ISM manufacturing index, released today, will determine the market trend over the week. "

Latest quarterly publications before the summer break

On the corporate side, no new publication will boost the morale of investors. Indeed, the largest quarterly publications arrive this week to an end, on both sides of the Atlantic after the accounts variously appreciated Merck, Chevron, McAfee or Friday, "recently published expected these days This should provide some important information and news on different sectors of activity, analysts said Aurel Bgc.

This week will publish in fact the computer services company VeriSign (Monday), and Electronic Arts, as well as Pfizer, Dow Chemical, Procter & Gamble (Tuesday).It will then turn to Time Warner (Wednesday) and Kraft Foods and Viacom (Thursday).

The investors also will keep an eye on the pharmaceutical giant Bristol-Meyers, and the other on the pharmaceutical distributor CVS Caremark, who will pay interim dividends.

In the news this Monday, Ford (1.63% to 12.98 U.S. dollars) has announced having completed the sale of the Volvo automobile brand and related assets in China Zhejiang Geely to $ 1 8 billion.

Walt Disney (-1.75% to 34.28 dollars) will also be closely watched after the announced sale of its studio Miramax for more than 660 Million Dollars to Filmyard Holdings.

The acquisition of Alico by the insurer MetLife (-0.45% to 41.87 dollars) will not bring much to the insurer that he had hoped and the latter announced Monday a program to increase capital to finance this acquisition.First life insurance company in the U.S., MetLife now expects an increase in its annual operating profit of between 40 and 45 cents per share. The group had initially estimated that the acquisition of Alico would be accretive to its results between 45 cents to 55 cents per share in 2011.

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.

Good news for residents of 133 communes in the Ile-de-France. The new contract for water distribution unsurprisingly won Thursday by Veolia provides a decrease in the price of water in the order of 6%.

On its website, the union of the waters of Ile-de-France (SEDIF), explained that the tax price per cubic meter fall under the responsibility of end December 2010 from 1.75 to 1.51 euros or 1.41 euros , following the return or not nine municipalities in the SEDIF. A decrease of at least 14% plus taxes, which amounts to 6% taxes, according to Le Parisien on Friday.

The new contract also provides for the creation of a multi-rate habitat option that will allow residents of an apartment building to "benefit from rates close to those living in individual homes. The union figure to 19 cents per cubic meter of savings for consumption of 180 cubic meters.In return, the affected households will pay a quarterly subscription of 5.72 euros on 1 January 2011.

Other measures under the contract, an amount of 2.5 million euros devoted to households in difficulty should be established. 1% of revenue from water sales will be allocated according to the statement from Veolia. Tariff escalation in the volume of water consumed should also be introduced.

A highly concentrated market

According to André Santini, President of SEDIF and deputy mayor of Issy-les-Moulineaux, is "the price" that made the difference in the manager's choice of water in the Ile-de-France for the next twelve years. For this mega-contract that represents a combined turnover of around 3 billion euros, the offer of Suez Environment has been ruled out from the month of May in favor of Veolia Environment.Leading distributor of water in France, with 24.6 million users, Veolia is already holder of the Paris agreement since 1923 and is now committed until 2022.

Lack of competition in the market for water distribution in France is regularly singled out by the Competition Council. Some cities are returned to management in public ownership (without going through a private company), as Paris at the beginning of the year. Yet, according SEDIF is "the direct competition between candidates" who has achieved this "significant decline" in prices.

However, the issue of price allow the investor indifferent. At the Paris Stock Exchange shortly after 9:30 am, the title Veolia Environnement rose 0.46% to 20.955 euros on a market up 0.44%.

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The credit rating of BP continues to tumble with the rating agencies. Moody's downgraded the rating on Friday, the oil company three notches, from A2 to Aa2, "to reflect the worsening of the expected impact of the oil spill in the Gulf of Mexico."

The agency explains reflect the strong upward revision of the volume of oil spills every day in the Gulf of Mexico, the persistent failure to seal the well and the staggering costs associated with damage from the disaster."The oil spill will have a lasting negative impact on cash flow generation of the company and its financial position for a number of years," the agency said in a note.

Moody's believes that the creation of a fund by BP of estimates of 20 billion dollars to compensate victims of the disaster is "a moderately positive development": the pressure of U.S. government could indeed become more flexible but the substance is in no If an expenditure ceiling of BP.

The agency states that all notes of the group remains under surveillance.

The three rating agencies have become so degraded the note of the oil company is the largest British company listed on the London Stock Exchange.Last week, Fitch downgraded BP six notches, to BBB (cons AA), Thursday, Standard & Poor's downgraded two notches, from A to AA-.

Nevertheless, BP wins the title at 2.45% 368.50 pence shortly before 15:30 at the London Stock Exchange. In New York, where the group is also listed, the share was up 3.12% to 32.70 dollars.

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The operation of rating agencies

"Oil slick: Obama promises to pay for the damage to BP

"BP is surrounded to avoid bankruptcy or a hostile takeover

The White House is ready to do battle with BP. Pace in London who tries to minimize the diplomatic chill cast by the ecological disaster in the Gulf of Mexico, Barack Obama is stepping up its action against the British group. The U.S. president, criticized for his handling of the spill, went again on the coast on Monday, where he promised to protect the inhabitants of regions affected by the spill, particularly the fishing industry.

In an interview with the Politico newspaper, Bush even mentions a "September 11th green." The environmental disaster in progress "will push us to rethink our energy and environmental policy," he said.The tragedy that is played off the coast shows that it is time "to transition" to new energy sources, "said Obama, whose administration is trying to push through Congress legislation to reduce emissions of greenhouse gas emissions.

Sequestration of payment of dividend BP

The president must give a formal speech to the nation Tuesday night, broadcast live from the Oval Office. Such a device intervention is rare. It reflects not only the seriousness of the situation but also the new turn of the screw that the U.S. government wants to give his handling of the disaster.

Thus, the Obama administration requires that the oil put under receivership on payment of its dividend. The goal is to create a fund to pay the damages claimed by the victims of the disaster.Barack Obama said he hoped an agreement with BP on this fund will be concluded by Wednesday. "We have begun preliminary discussions to develop a device that claims to be justified not only presented tomorrow or next week, but over the coming months, to be treated justly, fairly and quickly," said Barack Obama. On Sunday, the adviser to the White House, David Axelrod said "BP has the resources to cover the damage and we will make sure they will do well."

Discussions in BP

The oil group did not show opposition to the creation of such a fund. According to the British press, the English major is preparing to announce a postponement of payment of dividend payable for the second quarter.In addition, BP could lose control of its oil and natural gas in the U.S. and be allowed to have business with the federal government as a penalty. But that does not stop there. BP could also pay a fine of up to $ 8.6 billion under Oil Pollution Act.

This greater commitment of the Obama administration to want to pay BP is poorly perceived by investors. At the London Stock Exchange, the title of the oil finished down 9.30% to 355.45 pence. It is the largest decline in the FTSE, which terminates the session to share up 0.74%. In New York, BP shares are no better. They finished down 9.71% to 31.67 dollars on a market down by 0.2. After sessions particularly volatile oil of the title had already sold nearly 10% last week.Since the beginning of the accident, the market value of BP was reduced by almost 44%.

In the battle to win the open market for U.S. tanker, the Airbus European Aeronautic Defence & Space (EADS) has granted a period of 60 days to decide whether to submit a bid against Boeing.

The Pentagon spokesman, Geoff Morrell, reports and an extension of time less than 30 days that the EU had asked to be ready. EADS had clearly indicated that it took at least 90 days to prepare a bid for this contract represents $ 40 billion. Washington finally gave up and decided on July 8 to accept new files payday advance.The contract will be awarded in the fall.

The EU was primarily associated with the American Northrop Grumman, which finally withdrew its bid in early March, arguing that a device already left Boeing favorite, given the terms of the tender market.

On another aviation market, the Brazilian airline Tam expects an increase in traffic of 18% over its territory in 2010, against 14% last year.

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The meeting had yet begun in a friendly atmosphere, around a few cakes of kings. Tuesday morning, the eighth floor of the MEDEF, after an hour of quiet trade on the carbon tax and social negotiations, the clash occurred without anyone waiting on the highly technical issue tenders Association fund management integration of persons with disabilities. Clash between the two numbers 2 "tie" of the organization, Jean-Charles Simon and Helen Molinari, whose disagreement was notorious. For some, Jean-Charles Simon had treated Helen Molinari of "idiot" and "incompetent" before slamming the door. The person himself, swears that he kept his composure. "I said what she said was false then I left the meeting," he promises, that confirms a witness.

What does not yet know the participants is that they will never again see Jean-Charles Simon.For him, this incident is the straw that broke a vase too full for several weeks. The evidence was that Laurence Parisot, despite assurances that he swears that he obtained in December, no desire to change the allocation of tasks with Helen Molinari. Back down in his office, he sends his resignation by email to the president of MEDEF, asking not to his notice three months, and leaves the building. Definitely. This email, Laurence Parisot discovered in the early afternoon and will act without a call to his ex-delegate-general to understand the decision or seek to hold him.

Things might have stayed there and the MEDEF, after the resignation proved by Le Figaro, could minimize the event. But Wednesday morning, the machine goes.In a statement to AFP, Jean-Charles Simon recalls failures "in decision-making and organizational roles, ranging up to criticize" the professionalism of the leadership "of MEDEF. The employers' organization responds by accusing him, in a statement at your unusually steep "having conducted his own end after a spectacular incident," and provides "support to internal teams Medef that have been proven these unusual methods. " The break was complete.

Denis Kessler Photo credits: Le Figaro