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 Paris Bourse ended the session on Monday in the green: +0.8% to 3635.86 points after having doubted almost the entire session. The CAC 40 was indeed long hesitation on the way forward following the release Friday of "stress tests" conducted on 91 European banks and published Friday after the stock market. Only seven institutions have failed, which means a respectable success rate of 92%. However, 17 banks post notes just averages. What a cool little enthusiasm.

Finally, Paris has chosen the rise. Like Wall Street, Friday, which had been optimistic, although Asian markets were more hesitant.

No macroeconomic indicator was expected in Europe.But the United States, sales of new houses in the U.S. rebounded more than expected in June, from 23.6% in May after hitting their lowest level since 1963 at least, but still extremely low, according to official figures released Monday in Washington. The news bolstered Wall Street upwards.

As for currencies, the euro climbed slightly against the dollar: + 0.53% to 1.2980 dollar.

Featured Banks

Who says interpretation of "stress tests", said reaction of the banking sector. At the Paris Bourse, the French banks took off and pulled the score up: +7.75% Dexia, 5.24% for Societe Generale, 3.12% for Credit Agricole, 2.37% for BNP Paribas and 1.91% for Axa.For the Minister of Economy Christine Lagarde, have no fear: French banks have succeeded in "this difficult test with flying colors, with honors.

The car values have also boosted the index: 1.65% for Peugeot, 1.58% and 1.28% for Michelin for Renault.

In red lantern ACC, a troucve STMicroelectronics: 2.34% to 6.34 euros.

Sanofi-Aventis lowered its earnings forecast for 2010

Sanofi Aventis (+0.16% to € 45.58) announced Friday that the first generic version of the anticoagulant Lovenox has been approved by the Food and Drug Administration (FDA). The supply of the generic, marketed by Sandoz in association with the American company Momenta began in the wake of the approval by the FDA.The news had tumbled 4.25% securities at the close Friday because the Lovenox was the second top-selling drug from Sanofi last year. In a statement, Sanofi-Aventis recalls his "reservations" about the approval by the FDA in regard to "patient safety".

The pharmaceutical group revises accordingly its earnings forecast downward, with "an evolution of the EPS of activities for 2010 of between 0% and -4% compared to 2009 at constant exchange rates. A turnaround from last April when Sanofi evoked a growth in earnings per share from between 2% and 5%.In addition, Sanofi would have views of the U.S. biotech Genzyme after the Wall Street Journal.

Fimalac (0.95% to 31.29 euros) on Friday issued after the market closes up its turnover by 6.9% to 443.2 million euros in the first nine months of its 2009-2010 ended September 30.

April Group (1.73%) and Faiveley (-0.29%) publish their turnover in the first half after the stock market. Icade (1.84%) and Klépierre (+0.6%) at the same time unveil their interim results.

Pernod Ricard has raised its annual forecast for Thursday operating profit due to improved economic conditions. The group of wines and spirits brands owner Ricard, Absolut, Havana Club, said in a statement that its sales showed a growth of 2% at constant exchange during the year ended June 30

Pernod Ricard said however that "given a negative foreign exchange impact of approximately -1% (turned positive in the second half) and a perimeter effect of -3%, primarily related to sales of brand Wild Turkey and Tia Maria, 2009-2010 turnover was slightly down -2%.

He added: "The year was marked by an economic improvement over that of last year, especially during the second half. Pernod Ricard has continued to benefit from its broad portfolio of premium brands. "

Turnover increased by 9% at constant scope and exchange in the second half, with growth estimated at 3% in the fourth quarter alone. Pernod Ricard said that Asia and Latin America are "remained very dynamic." The improvement trend continued in Eastern Europe, the United States and Duty Free markets. The activity continued to decline overall in western Europe (particularly Spain and the United Kingdom, and more recently in Greece). "

For the full year, the company is now targeting organic growth in operating profit of between 3% and 4%, while it expects an increase of 3% previously.

The turnover and the final results of 2009-2010 will be published Sept. 2.

… No need to tape to deal with the default antenna of the iPhone 4. Apple has another solution. His boss, Steve Jobs, under fire from critics, spoke Friday night from Cupertino, California to restore the credibility of the company. To begin, he conceded that his group was "not perfect". He then unveiled the solution to solve the problem of signal loss when the hand covers the bottom left of the iPhone. The solution? A simple plastic case and rubber will be offered to owners of Apple's new smartphone. Better, this case, which costs $ 29 in trade, will be refunded to those that have already bought one. And if all this were not enough for dissatisfied customers, they could also make their free iPhone 4 in stores.

If customers are reassured, investors too. The Apple stock has returned to the green.For financiers feared that Apple chooses instead to conduct a recall of 3,000,000 iPhones already sold since the launch on June 24 It must be said that such an option would cost around 1.5 billion dollars to the firm at the apple instead of 45 million cases for the "magic".

Verdict reassuring

The American magazine Consumer Product tested the case in question this week in the laboratory and concluded that this solution was acceptable. The "bible" of consumers who had inflicted the fatal blow to Apple last Monday discouraging consumers to buy the iPhone 4, returned a verdict for Apple reassuring."When we gave the case and put our finger on the rubber part where it covers the gap (problem), resulting in a significant loss of reception, so small as to have no effect on the receipt, "says the magazine.

The New York Times suggests that it is not a simple problem of antenna and metal frame, but communication software. Citing an unnamed source familiar with the matter, the newspaper said that the iPhone has four public discovers a defect inherent in all of its predecessors."The problems occurred in the complex interplay between communications software and antenna," the source said, adding that it could be solved with a software update and that Steve Jobs was not aware of this problem before the launch of the device in late June.

Reputation tarnished

This failure has nothing to do with the error display signal reception originally put forward by Apple as the cause of the problem of the antenna and set this week.

Still, the reputation of Apple and its founder is seriously tarnished by this affair. Especially since Steve Jobs, who initially denied the failure of his latest "toy" had long been aware of the situation but have decided to ignore the recommendations of its engineers, as he liked the new design, according to Bloomberg . What the person denies.Sin of pride? Consumers expecting at least Friday a little humility on his part.

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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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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.

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.

Doing better than last May 27. That was the declared objective of the unions on Thursday morning, when an earlier day of action against the pension reform was mobilized between 395,000 and one million people (according to police and unions respectively) on the streets. Since then, times have changed. The government has announced plans for pension reform last week. A text that unions have unanimously considered "unfair."

In the afternoon, the figures for participation in parades and the strike rate was rather encouraging for the Inter-CGT, CFDT, UNSA, Solidaires, FSU and CFTC, the origin of this new day of action against government project.While some 200 rallies are planned across France on Thursday morning parades that took place from north to south have already attracted more people than May 27

It says that Bernard Thibault, secretary general of the CGT: