Photographers, cameramen, and around 70 MPs, including several tenors Socialists (Francois Hollande, Jean-Marc Ayrault) belonging to other committees, however … The Social Affairs Committee of the Assembly, Eric Woerth who auditioned Tuesday, just after presenting his plan to reform pensions in Cabinet, had on Tuesday an unusually busy. She was visibly much at the media-political context and the importance of the bill to the agenda. The audience was also gradually scattered throughout the session … And if the Left has repeatedly expressed its disapproval loudly – a ruckus usually reserved for the Chamber – is inside the text she attacked.

The fate of the Pension Reserve Fund has attracted the most virulent attacks.Introduced by Lionel Jospin and supposed to help pass the peak of demographic imbalance between contributors and pensioners, beginning in 2020, the FRR will finally be used to offset deficits in coming years, pending the promised balance by the government in 2018. "Your reform is shortsighted, accused DSK.The holdup on the Pension Reserve Fund is to penalize future generations. "

PS She also found that the device "hardship" (starting at age 60 with full rate, subject to a disability of 20%) returned to "say people who are disabled or sick are entitled to be recognized invalid or sick. "

"A good balance"

Labour Minister regretted the "distortions" and recalled that this device, combined with the long careers (early departure for those who started working before age 18) should cover 100,000 people per year in 2015, a new retiree on about six.Earlier, Eric Woerth was held, in an interview Capital.fr that the threshold of 20% was a "good balance", seemingly closing the door to a significant change – and potentially costly – on this point.

Not a word left, however, to challenge the alignment of the contribution pensions of officials on that of private sector employees.

The majority, she has power, supporting a reform considered "essential," "urgent," "fair" and "effective". Jean-Luc Préel however, raised a question: "I have some doubts about the economic forecasts that seem optimistic," said the member of the New Center.

Meanwhile, unions have reaffirmed their opposition to the reform, gathered before the Ministry of Labour hundreds of activists, including Bernard Thibault (CGT), François Chérèque (CFDT), Alain Olive (UNSA) and Bernadette Groison (FSU).

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Saffron is still on track, despite the rejection by the supervisory board of Zodiac's merger offer sent July 6. "We stand by our proposal. It is the shareholders to decide Zodiac. We were very surprised that the leaders of Zodiac reject our proposal without seeking to fathom, "says Jean-Pierre Cojan, Deputy Director General of Safran, head of strategy and development.

The group led by Jean-Paul Herteman no plans to launch a takeover bid (OPA) hostile Zodiac. "I'm not sure that the interests of our shareholders would be served by something other than what we propose, namely to gather around the table. We have no idea at this stage other than to repeat the proposal that was made there about ten days, "says Ross McInness, Chief Financial Officer of Safran.In the letter received by Didier Domange, chairman of the supervisory board of Zodiac, Jean-Paul Herteman, CEO of Safran, simply wrote that he proposed an exchange of securities and cash to the shareholders of the Zodiac. But he has not made any proposal encrypted. Saffron has a market capitalization of about 9 billion euros. The Zodiac is 2.4 billion.

For the moment, everybody sticks to his guns. The leaders disagree on everything. Zarrouati Olivier, CEO of Zodiac, ensures that the merger would have only "limited synergies" from the industrial and it would not "create value for shareholders of Zodiac.

The state voted for

Saffron, which produces both engines as landing systems, but rather emphasizes the importance of synergies."This merger, which we have thought for some time, makes sense for several reasons, technological and industrial pay day loan lenders. The major clients such as Airbus and Boeing want to work with a limited number of suppliers. The consolidations that have occurred recently demonstrated. There are also synergies in terms of after-sales services. Bringing after-sales services of both companies would share their infrastructure, "says Jean-Pierre Cojan.

Olivier Zarrouati observes that marriage between a heritage whose key shareholders are families Domange Marechal and Gerondeau and the ISP (about 5%), and Saffron which the state holds 30%, is doomed to failure."Safran has not demonstrated in the past its ability to integrate different corporate cultures," he says in an interview with Voices. "Saffron, which is a company that makes money, has demonstrated in the past how much he knew of successful mergers and acquisitions," argues Jean-Pierre Cojan. Saffron has certainly been significant difficulties for the successful merger decided in May 2005 between the public group Snecma and Sagem private enterprise. But he has found new life since the appointment of Jean-Paul Hertelman in September 2007 at the helm. And in a sector as sensitive as aeronautics, its acquisition strategy is approved by the State. When the supervisory board has agreed unanimously to a merger with Zodiac, the representatives of the state voted for.And while interest in the Zodiac, the group remains on the lookout for other acquisitions.

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The decision does not surprise employees. According to union sources on Saturday, Total has initiated proceedings before the Tribunal de Grande Instance of Nanterre to challenge the decision of the Court of Appeal of Douai forcing it to reopen its Dunkirk refinery. The oil group has assigned Friday the employee representative bodies in order to ask the court not to restart the activity on the site.

Total wants a declaration that the information and consultation procedure has been "completed". And even if the court believes that the procedure was "initiated with delay", Total highlights the fact that "the employee representative bodies have been able to exercise all powers vested in them" and they have suffered "no harm".

"Their last cartridges"

For Philippe Wullens, Delegate South (majority site), this reaction was expected faxless cash advances. Management would have announced in June that it would form a further appeal against the decision of the Court of Appeal. According to Steward, the leaders of Total fired "one of their last cartridge." Roger Koskas, counsel employees, estimates that total attempts to circumvent the decision by the Court of Appeal of Douai. Beside him, his brother, Patrick Tillie declares itself "not too pessimistic."

The hearing will be held September 17. According to two lawyers, Total has so far done nothing to comply with the decision of the Court of Appeal, despite a daily fine of 100,000 euros. For the moment, neither the group nor his lawyers could not be reached.

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Secretary of State for Housing returns including the removal of stacking individual housing for students and the half-tax share for dependent children.

LE FIGARO. – Do you react when prices of the older building are divided on the rise?

Benoist appeared. – These price increases are not good. What can be done to curb them? First, hire a real estate policy. Today, there is not enough land available. And that contributes to higher prices. We are moving ahead on the transparency of real estate prices. Currently, there are so many statistics that no one is confused. To provide clarity, we label the most reliable statistics. Finally, we are working on increasing housing supply in areas strained.Because if prices rise faster in Paris (15% in one year) than in France (+8.5%) (as Century 21, Ed), is that supply is insufficient. For example, in the next aid reform homeownership, people who buy new in the tension zone will be helped more than those who buy into the old to the same place. This will encourage developers to produce more housing.

The removal of stacking individual housing for students and the half-tax share for dependent children is debatable. Why did you make that decision?

It's a fairness issue. Families choose the device which is more favorable. The PLA is the only student for personal housing without means testing. Today, 535,000 homes add to the LPA half share in the income tax.Obviously, this does not affect the poorest households, who pay no income tax. And the higher the income, the higher the benefit of the half-tax share is important. We wanted to put an end to this combination. Now he must choose between the PLA or the half-tax share. According to our estimates, 70% of households will retain the PLA, the more financially attractive. This measure will come into effect in September 2011. And allow the state to save $ 200 million.

The contribution of EUR 340 million requested for social landlords has also brought controversy. How do you explain that?

This measure allows the equalization of implementing a major goal: to build more where the needs are! Of the 800 social landlords, 10% to 15% build and invest very little. In the middle, we call them "plump dormant.Especially we ask for them in 2011 an effort of solidarity to implement this equalization of 340 million euros. These amounts will be redistributed to many social landlords who build in areas where land is expensive and where the needs are increasingly important. For this contribution does not result in an excessive increase in rents, I hope the IRL (benchmark rents) is now a target growth that social landlords will not exceed.

How do you respond to social landlords who say it will lead them to build 20,000 homes in less than in 2011?

In late 2008, donors had social capital of 6.5 billion euros. That still leaves them real freedom of maneuver. Furthermore, the terms of participation and redistribution of these 340 million will be discussed with the world HLM.But we will maintain our high level of funding for social housing with government intervention 10 billion.

In 2011, Action Housing (formerly 1% Housing) Will there still subsidized to the tune of 1.25 billion euros the National Housing Agency and the national agency for urban renewal?

Yes and it's not a surprise. This contribution of 1.25 billion was provided for three years from 2009 to 2011. This will keep the government's commitments in the fight against fuel poverty, urban renewal, renovation of old neighborhoods and degraded fight against substandard housing. Already, we are discussing with Action Housing to determine its future contributions. And we have no plans to increase it.

After a break of three days (Monday holiday), the U.S. stock markets have regained the height that ended Tuesday up 0.61% to 9744 points for the Dow Jones and 0.5% for the S & P to 1028 points. A progression that relfète pa really a return to confidence because, after open sharp increase, the U.S. indexes saw their grain can crumble after opening and have spent the waterline to 20 hours.

The ISM index of activity in the services sector in the United States has remained above 50, 53.8, against 55 expected. This means an expansion of activity, but less than expected.

On Friday, the New York Stock Exchange had fallen heavily, cooled by the monthly figures of employment in the United States, although less well than expected. Last week, the Dow Jones dropped 4.51% to 9686.48 points, ending Friday at its lowest level since October 5.The Nasdaq fell 5.92% to 2091.79 points and the Standard & Poor's 500 index 5.03% to 1022.58 points.

On the foreign exchange market, the euro continues to rise on Tuesday. At 22 hours, the euro gained 0.61% to 1.2621 dollar.

After the disappointment of Friday on the employment figures, investors should be particularly careful this week to weekly figures for unemployment benefits that are to be published Thursday.

The employment report in June showed Friday that the U.S. economy had reduced jobs for the first time since the beginning of the year. Even the decline in the unemployment rate to 9.5% was not enough to reassure investors, this situation reflects the despair of a portion of the workforce, which seeks more jobs.On Wall Street as on most other major world places, operators should play the card of caution this week before the opening of the interim results season.

On the face values

Within the Dow, the ball begins, as always, with results from Alcoa July 12 (next Monday) Free 3-in-1 credit report.

Meanwhile, the discount retailer Family Dollar Stores (+2.1% to 39.43 dollars) to publish its half-yearly results on Wednesday. This will be the only company in the S & P 500 to publish its results this week.

The BP Plc, also listed on Wall Street leads the session with an increase of 48.72% to 31.91 dollars.After the group has denied being the search for new shareholders, Shokri Ghanem, Chairman of National Oil Co, a Libyan oil, said that Libya should return to the capital of the British oil company.

The share of investment bank Goldman Sachs benefits of raising recommendation of JPMorgan, which rose to overweight on the title: 0.83% to 132.17 dollars.

Ford Motors has seen its price target return of 16-14 dollars by Goldman Sachs, the bank has lowered its estimate of overall vehicle sales in 2010. However, retain a recommendation "attractive" on the automotive sector. Finally, shares fell 1.17% to 10.16 dollars.

News Corp., the media group founded by Rupert Murdoch, The Wall Street Journal, in discussion with Google, Microsoft and Yahoo! for the sale of advertising space on MySpace, so that the current contract with Google ends.The securities have gained 2.79% to 12.15 dollars.

The group of agrochemicals and seeds Monsanto (-3.05% to 45.12 dollars) Monday withdrew its complaint against European importers of industrial soybean meal from Argentina. Monsanto previously estimated that they infringed its European patent on its Roundup Ready soybeans. But the group has settled its dispute with the Dutch importer and dealer Cefetra raw Alfred C. Toepfer International just before decide the European Court of Justice on the case Tuesday.

The Paris Bourse tries on Monday to continue its momentum from Friday and thus began the session in the green. The CAC 40 gained 0.43% at the opening at 3362.72 points. At the end of last week, the CAC 40 finished on a small increase of 0.25% after a volatile trading. All investors anxiously awaiting the monthly figures for U.S. employment, which were more troubling than expected 125,000 jobs lost in June but 83,000 in private creations against 33,000 in May, and unemployment fell to 9.5%. The U.S. markets have fallen back slightly after the announcement, but their European counterparts have remained on the upside.

The CAC 40 lost 5%, however the last five days and will therefore try to regain lost ground this week. Investors can not follow Wall Street Monday as the U.S. stock market is closed after the national holiday.On the side indicators in France, the PMI services will be published. For the euro zone composite PMI index, and the sales details will also be announced.

Elsewhere in Europe, also dominates the green. The London Stock Exchange opened up 0.45% to 4859.98 points, while the German Dax climbed 0.34% to 5853.75 points.

The banking supervision

Dexia (0.61% to 2.81 euros) received the assumptions of Stress tests requested by the European Union on the eve of the weekend and is currently being examined, according to chief executive of French bank Belgian-Pierre Mariani.

BNP Paribas (0.70% to 44.51 euros) has sold its subsidiary of consumer credit BNP Paribas Personal Finance Belgium funds Apax Partners SA and Altamir Amboise.The sale is part of BNP Paribas commitments towards the European Commission following the acquisition of Fortis in Belgium in 2009 free credit score.

Zodiac Aerospace (+0.48% at 37.67 euros) has agreed to buy German Sell. It is the third acquisition transaction in two months for the group led by Olivier Zarrouati.

Carrefour (1.23% to 32.53 euros) will close unprofitable stores sixteen in Belgium at the end of the month as part of the restructuring of its assets in the country, while strengthening its partnership with Mestdagh. The group expects these closures savings of about 25 million euros per year.

Air France KLM (0.64% at 9.66 euros) will face a new competitor on the field connections to Africa. The Airline Oxygen Africa should get the green light for launch in the coming weeks.

France Telecom (0.28% to 14.24 euros) must submit to the press, about 11 o'clock this morning, its strategic plan for the next five years. He wants to have more than 300 million customers worldwide by 2015 against about 200 million today, "said Stéphane Richard, CEO of telecoms group, in an interview published in Le Parisien on Monday.

Total (0.01% to 36.19 euros) does not study the acquisition of BP, but would be willing to consider the acquisition of certain assets if they were on sale, said Friday the CEO Christophe de Margerie.

PSA Peugeot Citroen (0.84% to 21.05 euros) announced it acquired for an amount of 244,925,000 euros, part of the bond issued in 2001 and maturing in September 2011.The takeover was launched June 21, 2010 simultaneously launching the bond issue of 500 million euros due five years.

From simple to double. In 2009, the price of a comparable basket of food and soft drinks were twice as high in the Member State of the European Union the most expensive in the cheapest, according to a survey published by Eurostat, the statistical office of the EU, which compared the prices of nearly 500 products in 37 countries across Europe.

Among the 27 countries of the European Union, Denmark takes the top spot, with rates higher than 39% the EU average. The Nordic country is followed by Ireland (29%) and Finland (20%). A laggard, Poland is the EU country where food prices are the lowest, 36% lower than average.Romania (34%) and Bulgaria (32%) are just ahead of Poland at the end of this ranking.

According to Eurostat, France was the eighth most expensive country in the EU for food in 2009, behind Germany (7th) and Belgium (6th), where food prices were respectively 11% and 15% higher than average.

In France, food prices (including soft drinks) were 10% more expensive than the EU average in 2009, reports Eurostat. In detail, the bread and cereals were costing 13% more in France, the 22% more meat and milk, cheese and eggs 4% more. Excluding food, prices of alcoholic beverages in France were 5% below the European average.Tobacco, however, was 33% more expensive.

"Taxation, particularly on alcohol and tobacco, varies enormously from one country to another, and this has an obvious impact on prices of products sold to consumers," says Mathieu Plane, an economist at the French Observatory Economic Conditions (OFCE). So tobacco is even more expensive in Ireland (117% above the EU average) and the United Kingdom (66%).

Discrepancies of wealth even more important

Other parameters explain the wide disparity within the EU. "The final prices are higher in the importing countries," says Mathieu Plane. Costs such as transportation of products are indeed passed on the labels on the shelves."As for producing countries, wages and other production costs are also reflected in consumer prices." Prices that are reported above the standard of living of each country.

Again, the European Institute of Statistics has found very large differences in wealth within the EU, in relation to gross domestic product (GDP) of all 27 members to its population. According to figures recently released by Eurostat, the EU's 13 states have a standard of living than the European average. France is in 11th place with 7% above average. At the other end of the table, Bulgaria ranks dead last with a per capita wealth less than 59% above the average of the 27 states. And seven times lower than the first classification, Luxembourg!

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"This is our operation this year." Michel Bouvard, MP (UMP) who chairs the supervisory board of Caisse des Depots et Consignations (CDC), sets the tone: the entry of public institution with a capital of La Poste is in itself that the Fund invests typically one year. The frame is fixed by law: The Post will benefit from a capital increase of 2.7 billion euros, 1.2 billion provided by the state, and 1.5 billion from the Fund. Must still agree on the value of the Post Office to determine what will be the level of participation of the CDC in its capital.

Twice a week since the beginning of the month, teams from the Fund – backed by Lazard and Morgan Stanley, helping Gimar Finance Supervisory Commission – and those of the Agency for State Holdings (advised by HSBC), compare analysis.Condemned, by law, to agree, the two pockets of the state does not want to go to war. No way to dwell on a range of recovery – a "fork" as an actor in the negotiations – which, however, reveals a gap of one to five.

The Post valued at 1.8 billion euros

Reportedly, in fact, the "buyer" – CDC – valued at this stage, the post office to 1.8 billion euros, including debt, when the "seller", the State, shows 9.5 billion. The discussion, in fact, is to converge to a value of The Post to be that of its own funds (4.1 billion euros at end 2009).The work involved with the management of La Poste – CEO Jean-Paul Bailly plate before the Investment Committee of the Board of Trustees of the Fund on June 23 – and the EPA have already been able to fill a (small) part of gap.

Concordant sources, Bercy proposes to extend the revenue projections and results of the public company beyond 2015, the end of the current strategic plan, focusing on the extension of subsidies for the distribution of the press, Accessibility bank or land use. This involves taking a very long-term bet, even though projections for five years been based on optimistic assumptions, as stated by the Court of Auditors paydayloans.

For example, the public company anticipates a replacement for four retirements, two times less than in 2009.It sits on a decrease of 30% "only" the volume of business mail by 2015, when erosion caused by traditional Internet this activity has accelerated with the crisis.

"Prudent investor"

The financial trajectory, finally, projects a growth of 5 to 6% of revenues the Postal Bank in the period, based on a scenario of "macro" rather rosy, particularly in terms of changes in interest rates. She bet – she is not alone – a tightening of prudential regulations on international (Basel 3) which would cost only 500 million of equity to its subsidiary … These are all the more crucial that La Banque Postale represents alone worth more than 8 billion euros.On it depends on price which its parent.

To justify the target value, the arguments must be strong: the CDC should behave "prudent investor, in strict compliance with its property interests." Especially, the recapitalization not be considered state aid by Brussels. During the presentation of the report of the supervisory committee, Michel Bouvard reiterated the goal: the investment must provide a perspective of profitability similar to the average of the other assets of CDC. "We want to secure our investment in case of degraded scenario," he says.

The Fund negotiates as a shareholder pact that would endorse the joint control with the State on the public company, it takes 25 or 35% of the capital. "The state is more favorable to have the CDC in a strong position as shareholder," says one close to the matter.The Fund would have four directors, an involvement in appointing the CEO, and a veto not only on large investments, but also the most common big decisions, like budget.