It's official: the economy in the euro zone will be better than expected. The European Central Bank has acknowledged Thursday by raising its growth forecast for 2010 and 2011. According to new figures, the business would grow in 2010 in a range between 1.4 and 1.8% from 0.7% to 1.3% estimated earlier. By 2011, growth would be between 0.5% and 2.3%, against +0.2% +2.2% previously.

"The range of real GDP growth this year has been revised upward due to stronger than expected rebound in economic growth in the second quarter and better than expected trends observed during the months of summer," explained the ECB president, Jean-Claude Trichet."For 2011, the band has also been revised up to reflect mainly the lingering effects of the stronger growth expected in late 2010."

Uncertainty

Despite these upward revisions, "uncertainty continues to prevail," said Jean-Claude Trichet nuanced. On the other hand, "the resumption of activity should be constrained by the process of balance sheet adjustments in various sectors and the prospects of the labor market."

Especially, the growth differentials are widening between the different countries of the eurozone, economists noted. When Germany led the run with 2.2% growth in the second quarter, Greece sinking into recession with a decline of 1.5% of GDP. Same trend for national unemployment rates. In these circumstances, the ECB's strategy looks complicated.

This is not a problem, "replied Jean-Claude Trichet: the Fed, the U.S., is in the same position for decades with 50 states. "Over the past decade, the lowest growth of a U.S. state was 0.9% (Ohio) and the highest 4.7% (Arizona). We observed the same discrepancy in the euro area over the same period, "argued the president of the ECB. Same thing for the unemployment rates have spread from 3.5% to 14% depending on the states. Again, we found the same range in the Eurozone. "

Every day, worldwide, 1.7 billion people read a daily fee. Either one quarter of the adult population worldwide. With non-daily newspapers, 37% are adults, from Beijing to New York from Cape Town to Hamburg, from Calcutta to Moscow, blackened fingers over 12,477 titles, or 1.7% more than in 2008. The global distribution of newspapers has reached 517 million units sold in 2009, down 0.8% from 2008 but up 5.7% over five years.

These statistics, released Wednesday by the World Association of Newspapers and publisher of the news media (WAN-IFRA) in its annual report on global trends in the media are reasons to be "optimistic", says President WAN-IFRA, Christoph Riess.

In detail, the global market of the press especially took advantage of Asia's appetite for newspapers. The region is home to 67 of the 100 largest newspapers published worldwide.There is also the major newspaper markets – with, in mind, India (110 million copies sold daily), China (109 million copies a day) and Japan (50 million copies) . It also published in the archipelago that is the largest daily in the world published: Yomiuri Shimbun runs every morning at more than 10 million copies.

Very hungry for news, Asia recorded in 2009, an increase of 1% in the distribution of its daily revenue. Over the past five years, it has increased by 13%. The region is thus one of the most dynamic, after Africa, where the diffusion has increased by 30% since 2004. The distribution of non-daily newspapers in Asia, she rose 3.1% in 2009, ahead of Australia and Oceania (+1.8%) and Europe (+1.5%).Over five years, this category grew 17.3%.

Going digital

Conversely, markets with a mature media environment see sales of their papers back. The distribution of paid dailies has declined by 3.4% in North America and 5.6% in Europe in 2009. Over five years, these two regions have lost 10.6% and 7.9% in the distribution of daily press charges. "While traditional newspapers in many markets mature losing readership, media companies on these markets are at the forefront of the digital revolution, is consoled Christoph Riess.Many newspapers in mature markets have turned to digital platforms and new forms of printed publications, expanding their product portfolio, their audience and revenue. "

However, for WAN-IFRA, "the advertising revenue related to digital activities will not compensate the losses of printed products. However, newspapers have a real card to play on mobile phones: "Mobile services can reach 100% of the population and the payment for such services has been well established in the customs," the report says.

The retirements have melted like snow in the sun in 2009. According to the National Insurance pensions (CNAV) 734.0000 some employees have asserted their right to retire last year, against 785,000 in 2008. It has been 10% less than in 2007, when nearly 820,000 active generation of baby boomers are retiring.

The main reason for this huge difference is the collapse of early retirement for long careers. In force since 2004, starting a long career can retire between 56 and 60 for those who started work before their 17 years. The conditions for benefiting from this device, however, were restricted by the government in 2008.

Early departures will be undermined

In 2009, 24,300 people were affected by these departures anticipated, against 122,120 in 2008 and 115,120 in 2007, according CNAV.This decline has led, despite the crisis, to increase the participation rate of older workers aged 50-64 years, has pointed the direction of animation research, studies and statistics (DARES) of the Department Employment in a report on employment, unemployment and labor force in 2009 released this week.

According CNAV, many assets have anticipated the tightening of regulations on long careers and have preferred to assert their rights to retirement in 2008. In September 2007, Prime Minister François Fillon had estimated the cost of this measure is important because it explains half of the deficit of the general pension scheme established in 2007.

Have also been restrictions on the potential acquisition of quarters, and longer duration required assessed under the successive reforms of 1993, 2003 and 2007, according CNAV.

The effects of a 1959 Act

In addition to the tightening of access device initially anticipated a long career, Dares says that downsizing is partly due to "lagged effects of the law Berthoin to 16 years with school age obligoire" for children born after 1953. An ordinance dating from 1959!

If the hour is restraint, reform of pensions in payment should not spell the end of the device of long careers. The government expects its bill for consideration by Parliament in September, to "extend and expand" the insured "who started their business at the age of 17 years." They may retire before the age of 62 years provided for the general scheme. A condition to justify a contribution period of two years longer than the duration required, or 43 years.

(With AFP)

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The expectation of employees is very high, but the room for maneuver because it does not turn a ship as France Telecom as a racing boat. Stéphane Richard will therefore have to show all his talent to convince and mobilize, after months of crisis, France Telecom on its new project.

After requesting a "right of inventory" since taking office in March, the new strong man of the group presented on Tuesday his union business plan for France Telecom.

The economic, strategic and commercial details will be this Wednesday from 10:00 am to 16 30 to Saint-Denis (Seine-Saint-Denis) with a thousand top managers of the group, and journalists on Monday.

France Telecom insists that it is a collective project "coconstruit" with managers, employees, social partners, which have many meetings and other working groups in recent months.But the fact remains that everyone expects to see "leg" of the new boss, his strategy for France Telecom and its vision of the role of the operator, particularly in the content.

Highly anticipated the level of recruitment and the amount of investment, two key points, Stéphane Richard was evasive. He could announce additional recruitment Monday over 3500 planned for this year. "But the question of investment will remain raised until they fail to break the grip of dividend imposed the state shareholder. France Telecom has paid $ 3.5 billion dividend, "Sebastian responded Crozier. "The unions are a bit disappointed because we expected the dream of enthusiasm.But the good thing is that it makes every effort to revive the son of social dialogue, "he says.

"The people at the center"

"This project is out if only because it places people at the center because it reflects poorly on the ski-being in the company, the need to regain autonomy in work, "said Dominique Glemas, delegate SOUTH. "Budget allocations will be reallocated to the working conditions, simplification of information system. We are truly in a break with the era of Didier Lombard, very centralized. The priority now is to customers and employees, "said Lawrence Rich, CFDT delegate.

Beyond the social question, the new group project should also include an industrial component, including investments in the network, particularly in the fiber network allowing access to Internet broadband."Stephane Richard told us that the network should resume its former glory," said Lawrence Rich. A major project which has the advantage of restoring momentum to the technical teams throughout. "But the leeway to invest are reduced. From a financial point of view, money is not there. It would invest 10 billion over several years, yet we hear of two billion euros. From a regulatory standpoint, the group is forced and does not build the network to its competitors, "observes Patrick Ackermann, delegate SOUTH.

Internationally, the group does not seem likely to engage in large mergers and acquisitions. But he will pursue an active policy of development in emerging countries, primarily in Africa.

"It was a very important interview. Nicolas Sarkozy to thank you for coming. On Monday in Berlin, German Chancellor Angela Merkel wanted to put an end to persistent rumors of discord between France and Germany in the fight against financial crisis in Europe. During his joint press conference with French President in Berlin, Merkel stressed the need for both countries to give "impetus" to the European Union to "act operationally" and "the consequences of the crisis financial recovery '.

Determined to "speak with one voice", the two Heads of States announced it would set at G20 Toronto, the idea of a tax on financial transactions and a tax credit, " to be applied in the same way in France and Germany, "said Nicolas Sarkozy.

With Angela Mergel, the French president reiterated the need to strengthen the Pact of Stability and Growth. For the countries most lax sovereign debt, the two countries propose a penalty which would result in the suspension of their voting rights at the European Council. This proposal, which will be submitted to the European Council President Herman Van Rompuy, could lead to changes in the treaty which will be "in the near future," according to Angela Merkel.

A European economic government

Finally, Germany and France have discussed their desire to establish "an economic government of the 27" that would meet soon "on an operational and pragmatic" No fax pay day loan. The two heads of states also want power, "in case of necessity, meet only the heads of only 16 states in the euro area."There will be no country of first and second class. The idea is just to work quickly to problems concerning the euro area, "Angela Merkel stressed.

"Europe is not the most dynamic continent in contrast to the ambitions of the Lisbon Treaty. Do not create new institutions but to be more operational, has welcomed the Chancellor. Nicolas Sarkozy has reiterated his desire to "get out of ideological debates to make things happen quickly."

When asked about their respective visions rigors announced plans in both countries, Angela Merkel and Nicolas Sarkozy have remained elusive. The German Chancellor said that "Germany had done the right thing and not that France too." For its part, the French president spoke of "a matter of shared responsibility, trust and proximity.

Before the G20, Germany and France will defend their joint initiatives at the European Council meeting on Thursday.

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The sixteen capitals of the euro will, on Monday at the Eurogroup, the finishing touches to 'ease' of 750 billion euros, which must guarantee the eventual bailout of states at the edge of bankruptcy, according to sources placed at heart of the discussion. Germany finally helped a lot by going beyond the limits imposed it seemed, an EU official confirmed Friday: "Everything will be operational within a few weeks."

The actual launch of the European Facility for Financial Stability (FESF) could bolster the euro and calm the markets, hitherto little comfort from the start of construction decided in an emergency on May 10 last. The issues of risk sharing and security ultimately raised by the Merkel government, have long hindered the development. But it was Berlin came the answer.The debate could end Monday with the appointment of the Chairman of the facility, on the occasion of the Eurogroup in Luxembourg.

The FESF, intergovernmental organization and incorporated in Luxembourg, will have a board with decision unanimously. This leaves a veto in Berlin and other capital of the euro. In theory, the decision to help a country asphyxiated as well as the amount of the guarantee and / or loan will be made once and for all, as desired by France.

Loans conditioned

In practice, using the FESF will be conditioned to multi-year plans for fiscal consolidation. They require, as for Greece, a regular monitoring of progress, terms of appointment, or even a questioning of the programmed disbursements. Germany promises to be challenging at every turn.

The European facility can guarantee or provide up to 440 billion euros of bonds or loans, equivalent to 4% of GDP in the euro area. The IMF and the European Commission will provide the additional 60 billion euros for the Commission and up to 250 billion euros for the IMF.

Its creators plan to combine two modes of action: either a common security for borrowings granted by the State in difficulty or of loans granted to the State FESF in trouble after borrowing common in international markets.

Triple A

In both cases, the sixteen are issued by the prestigious AAA rating agencies and the interest rate is more favorable. The first method is the simplest and fastest. The second, which resembles a European issue, reinforces the coloration Community commitment."This looks like a Euro-issue, even if it remains politically difficult to use the term," says the European official, in an allusion to the reluctance of Berlin.

In addition, the guarantee given by each signatory is not integral, unlike a conventional transmission. It is limited to 120% of the initial commitment of each capital. These 20 points are margin solidarity efforts made by the Merkel government. They also mean that Germany would not pay off the entire bill, even in the unlikely scenario where all partners would collapse one after the other.

"The government is out of the woods", as Le Parisien, Aujourd'hui en France on Saturday. According to the newspaper, Eric Woerth, Minister of Labour, is about to finalize the report of government policy on pension reform. A "document of step" with a score of pages should be sent to unions and employers late Sunday afternoon, within the time allowed by Nicolas Sarkozy.

The president had asked last Monday, his Minister of Labour announcing the broad principles of pension reform "early next week." A complete overhaul of the system seems already excluded. "If many doors remain open, one or two tracks will be closed by some claimed," confirmed the Ministry of Labour today in Paris, France.

Employment of older people will be at the heart of the reform, the newspaper said.The Government would consider special measures "in human resources and working conditions" to ensure increased employment rate of older workers. Longer working hours and thus, delaying the age of retirement seem to have largely favored the government.

Especially in its latest report released Tuesday, the Board of Retirement Guidance (NRC) has evaluated several scenarios to fill the "hole" of pension funds, which should reach 30 billion euros in 2010. All sought to delay the moment of retirement.

Operate the lever tax

Another sensitive issue for the unions, the contribution period required for a full pension should be extended. In return, Eric Woerth has recently influenced his opposition to tax the lever to secure "additional revenue".Raising the CSG on capital income and savings, increased levy on high income … Several ideas are in the process of arbitration, as the Journal du Dimanche.

Eric Woerth will begin next Tuesday a new series of meetings with leaders of trade union confederations and employers' organizations. Last April, they unveiled a ambitious reform agenda: first tracks in May, major decisions in June, Council of Ministers in July, and passage in Parliament in September.

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After the additional $ 10 billion claimed by Freddie Mac in Washington, his sister Fannie Mae has requested $ 8.4 billion to the state by the end of June to offset its deficit. "Our first quarter results are due primarily to costs associated with credit, which remain high due to weaknesses in the economy and housing market, Fannie Mae said in a statement.

This is in addition to an extension of the $ 15.3 billion released by the Treasury on March 31 last. "Due to current trends in housing and financial markets, we continue to expect net deficits in the future, and therefore we will obtain additional financing to the Treasury, the company said.

This request comes as Fannie Mae has released today a loss of 11.5 billion dollars in the first quarter.A loss to which we must add the payment of a dividend of 1.5 billion dollars to the federal government. On Thursday, Freddie Mac announced a loss of 8 billion dollars by way of the first quarter.

Senators resist

Victims of the credit crisis, the two institutions, which guarantee more than 40% of outstanding mortgages granted in the United States have been saved from bankruptcy by the U.S. government.

The Senate voted Wednesday an amendment canceling a fund of 50 billion dollars (39 billion euros) in charge of the liquidation of banks and other financial institutions of importance.

In late 2009, the Obama administration is committed to cover an unlimited losses "Freddie Mac and Fannie Mae" until 2012.

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Meeting in Brussels, the Heads of States of the euro area have finally approved the activation of the financial assistance plan 110 billion euros to Greece three years. Moreover, on a French initiative, they announced the establishment of "a Community mechanism to intervene" to help their country would face financial difficulties and this, in order to preserve financial stability in Europe. More specifically, it would be a fund to help countries threatened to defend the euro.

According to government sources, the European Commission could contribute in the form of loans to the tune of 70 billion euros. The European Central Bank (ECB) will also participate. "All institutions are determined to act," said Nicolas Sarkozy simply at the press conference that followed the discussions."We will not let destabilize the euro zone for behind, there is the growth of European jobs," he said.

The Heads of State and Government decided to convene a meeting Sunday of finance ministers across the European Union to finalize the operation and financing of this novel device, which forevermore assembly developed for Greece . "On Monday, the mechanism will be operational," said Nicolas Sarkozy, sending a signal to markets still very upset.

"We will do whatever it takes to defend the euro," piped up the European Commission President Jose Manuel Barroso.

Pressure on ECB

The other track would be mentioned that the ECB buys bonds issued by states of the euro area, to provide them in exchange for cash.According to the same diplomatic sources, the European Commission would now pressure on the ECB to make sense in a concrete proposal to support the euro area. In their draft agreement, the leaders of the Eurogroup, however, have said they support "full action of the ECB to ensure the stability of the euro area.

Monday, lcette last announced it would accept the Greek debt as collateral for its loans, regardless of their credit ratings. Extending this unprecedented step for all countries in the euro area "would be a strong signal to markets" would have said the president of the European Commission Jose Manuel Barroso. But on Thursday, the ECB said it had not considered.

At the meeting this Friday, the president of the European Central Bank, Jean-Claude Trichet, have estimated that the eurozone faced a "systemic crisis".

Tighten fiscal discipline

The euro zone leaders agree at least on the need to tighten fiscal discipline. A commitment to ensure that "Greece is not only to reduce its deficits, but that we work so that all the Stability and Growth speedy again respected," said German Chancellor Angela Merkel in Brussels. "The leaders will do whatever it takes to meet budgetary targets," says the text of the draft agreement. A penalty system "more efficient" will be established.The European Council President, Herman Van Rompuy, reported that an agreement between heads of state had been reached for "a strengthening of economic surveillance and policy coordination."

Finally the sixteen Heads of State and Government reiterated their determination to "move quickly on the regulation and supervision of financial markets. They also insist on the creation of "a European rating agency.

Barack Obama supports the EU

Moreover, since the White House is that Barack Obama supported the European heads of state on Friday. "I made it clear that the United States supports these efforts and will continue to cooperate with EU authorities and the IMF during this critical period," he said, after talks with Angela Merkel.

American concerns grew at the same time as the market stress. Wednesday, Charles Plosser, a leader of the U.S. central bank (Fed) has assured that "the economic recovery of the U.S. could be delayed by a further turmoil in financial markets. Recent events in Greece are one of the factors likely to influence the evolution of the U.S. economy. "

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The U.S. stock market should resume a little high on Monday. The index futures are predicting a slightly higher opening of U.S. markets. The index futures Standard & Poor's 500 and Nasdaq 100 advance respectively from 0.20% to 1 185.80 points and 0.25% to 2003.80 points. Friday, Wall Street finished the week sharply down. The Dow Jones and Nasdaq had lost 1.42%, respectively and 2.02%.

Friday, financial stocks have been penalized by the judicial proceedings against Goldman Sachs. The action of the merchant bank has plunged nearly 10% Friday it swept away its main competitors.For his part, the technology sector has suffered from disappointing results of the McAfee antivirus editor (- 12.1%) and manufacturer of components for computer chips MEMC Electronic Materials (- 18.6%).

From the values listed today, Continental Airlines and United Airlines have announced their merger by exchange of shares. The two brands will be retained but the company will be the first on American soil with 21% against 20% of lines for Delta.

Most companies (62%) of the Standard & Poor's 500 have now published their results. And the ads businesses emerge well above expectations. Over 80% of companies have announced earnings per share higher than the consensus and 73% of sales above expectations.

This week and major publications are rare.Note, however, Pfizer will announce its quarterly accounts tomorrow, CBS and Time Warner on Wednesday, Kraft Foods and Sara Lee on Thursday and Friday FC Industry.

The eyes of investors will focus on the macroeconomic indicators. The ISM surveys today and Wednesday and those on the job Friday will be the leading indicators of the week. Today on Wall Street, investors will also monitor expenditures and household incomes in April construction spending in March and sales of automotive sector in April in the afternoon.

On the foreign exchange market, the euro lost some ground against the greenback, but morning but remained above the threshold of $ 1.32, despite concerns expressed by operators on the obstacles that may still arise before the bailout 110 billion euro budget of Greece.