After the 2010 reform, pensions should not be a real issue this year in the budget of the social security system. In fact, the main novelty of this result to come Woerth reform: the legal age will increase to 60 years and 8 months for those born in 1952. The other change was as expected since it corresponds to Nicolas Sarkozy's commitment to increase the "small pensions" by 25% during his five-year term: this will be done on April 1, with a final increase of 4.7 % of the minimum pension for single people.

But Thursday, François Fillon has caused confusion. Referring to the economic convergence between France and Germany, he said that things were moving in the field of corporate tax.He added: "It will take time to go to a joint work towards a common retirement age, to a gradual convergence of economic and social organization of our two countries." But the retirement age with full pension, except for long careers, will be increased to 67 years across the Rhine by 2029.

"Target needed '

Trial balloon of "Fillon-the-discipline"? Clumsiness (this passage was the only improvised his speech)? Applies to defuse his entourage: "Convergence is a general purpose necessary to maintain the competitiveness of France. The recent pension reform is an element of social convergence, and the government does not intend to go beyond in the coming months, "says an adviser.And up, tongue-in-cheek, that the barrier of 67 years had not been mentioned, and that convergence might as well be on "our" 62 years cheap business cards…

In fact, it would be difficult for the Prime Minister to explain that further reform is needed, a year after he hammered the previous balance the books. But in the midst of primary socialist and the day of the budget of the social security, his statement could hardly go unnoticed. For François Hollande, Fillon "revealed the program of Nicolas Sarkozy" in 2012. Segolene Royal accused her of "not being honest", the systems are so different that any comparison between the 67-year German and French 62 years is risky.Exact to the point that Valerie Pécresse also used the argument to play the controversy, noting that the retirement age without financial penalty for people without all their quarters of contribution, would be increased from 2023 in France … in 67 years.

These subtleties have also pushed Martine Aubry to say that the Prime Minister does "not know the subject" and "has a problem with the actual figures." What afoul of Xavier Bertrand: "She would have done better to remain silent. If there is one subject on which the PS has done nothing, other reports and reports of decisions, it's pensions, "responded the Minister of Labour.

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Reduce the "gap" of 95.7 billion euros of state will take time. Further action on pensions would give the impression that the reform of 2010 was insufficient. And the government did not hand over the finances of local governments. To give a visible signal of declining deficits before the presidential election, the government has a priority: Medicare. The hole is "halved between 2010 and 2012," has already promised the Minister of Budget and Public Accounts, Valérie Pécresse. This should reduce it to less than 6 billion euros.

To do so, Medicare will benefit from additional revenue: it will recover much of the 10 billion of additional levies announced in late August, by François Fillon. But it will also make an effort on his expenses.The aim will be to contain their rising to 2.8% (against 2.9% this year), which means 2.2 billion savings from the spontaneous progression.

The distribution of these savings will be presented Thursday by the government, which unveiled the outline of the proposed 2012 budget of Social Security, along with the latest forecasts of deficit, which is less than 18 billion euros for 2011. It's the drug industry that should be first put to use.

Price reductions, which in recent years revolved around 500 million euros a year, this year will be closer to 650-700 million, according to notifications sent to laboratories already. The delisting will be added.

Whereas in the past it was often compromised, including inventing a "orange sticker" reimbursed by the social security 15%, the government should not hesitate this time to completely delisted drugs ineffective quick guaranteed personal loans.

The warning laboratories

Mediator since the affair, the French no longer have absolute faith in drugs, which should make it less difficult such a measure. Benefit Schedule: as price reductions, the exclusions from reimbursement are also savings in complementary, as they also leave the drugs in question from the list of products they support.Now the government wants reconciliation with the complementary, after having inflicted one billion euros in additional tax.

Leem, the association of laboratories and underlines that these measures in 2012 will coincide with the expiration of many patents, according to his representative estimates 1.2 billion in sales, against an average of 700 to 800 million the previous year.Add to this bill on the drug prepared by the Minister Xavier Bertrand after the scandal of the Mediator, Leem fear next year an unprecedented decline-of-sales of the pharmaceutical industry, which could reach a % or 2%.

In addition, samples should increase: for, an increase in the special tax on the turnover of laboratories (currently set at 1%, it could return to its former level, or 1.7%) and contribute indirectly to fund new training for doctors, via the state.

Leem warned against further reductions, particularly among sales representatives, and against a "climate of distrust" that would push the major international laboratories to prefer other countries to invest in research or production.

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Despite the decree issued this summer, which gives greater freedom to set rates to SNCF to fix its price list, the maximum rate "will always be capped." Asked in the daily Le Parisien, Aujourd'hui en France, Nathalie Kosciusko-Morizet wants to be reassuring and reaffirming that "the objective of the decree is to give more flexibility to the operator so that better meet its trains by increasing the discounted prices "with attractive offers last minute, she says. Minister refutes the idea of ​​a systematic increase in ticket prices during peak hours "if the trains would empty," she says.

Nathalie Kosciusko-Morizet now provides 80% of travelers already enjoy discounted tickets and the "cheap tickets Prem's up more than a TGV ticket sold in ten."In response to the survey of consumer association CLCV which revealed that 87% of the French TGV are too expensive, the minister said that "high speed train in France is 10% cheaper than in Spain and 33% cheaper than in Germany business cards. " It recognizes that there is still room for improvement particularly on the transparency of the fee schedule. To remedy this, she wants to hold in 2012 the operator to display on its website, and for each link, the price the cheapest and most expensive, excluding promotions. The station will also pledge that half of the passengers pay a price at or below the reference price set by the state traditionally. "This will be controlled with Thierry Mariani, the Minister for Transport.We will monitor closely "assures Nathalie Kosciusko-Morizet.

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Like the Asian stock markets, although directed this morning with the exception of the financial center of Shanghai, the Cac 40 rose sharply opens on Monday. After being awarded 1.73% at the opening, following the rebound in U.S. indices Friday, the benchmark index in Paris was still moving from 1.59% to 3136.59 points in mid-session. Enough to clear the heavy losses the last two sessions.

More hesitant, other European indices begin their week on their side so volatile. Germany's DAX climbed 1.28% in mid-session after falling slightly (-0.17%) in the morning. Even the Spanish Ibex is up 1.93% after plunging by almost as much this morning.Note that the London Stock Exchange will remain closed on Monday due to holiday.

Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole. The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4511 dollar per euro, 1.4490 against Friday night.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization."The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened. Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot.And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT.A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels low rates payday advance. Crude oil production will resume in mid-September on two deposits in the country. A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110.8 dollars.

Still on macroeconomic markets keep eyes turned to the other side of the Atlantic.They will learn on Monday of income and household consumption in the United States in July (1430) and promises of home sales for the same month (16.00).

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) in mid-session, one drop was to lament among the 40 largest-cap the Paris, that of Danone (-0.34% to 45.58 euros). In addition, about Christine Lagarde did not prevent banking stocks to rebound. A technical rebound is sustainable, while the sector was the most attacked in recent weeks. Societe Generale (2.02% to 21.76%) followed by Natixis (2.08% to 2.74 euros) and Credit Agricole (0.90% to 6.47 euros) and Axa (1.27% to 10.36 euros).Finally, BNP Paribas up the rear with a more moderate increase of 1.10% to 33.93 euros.

In addition, Ingenico (1.43% to 27.26 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR observe the re-opening until September 9 of the OPR launched by Eiffage (0.95% to 30.97 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (0.91% to 50.38 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Canal + (0.67% to 4.37 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom: + 1.06%, to 12.88 euros) would be in conflict with the American Cogent.The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

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Caution on Asian stock markets Friday. And for good reason, investors are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. The markets had a first look Thursday with the increase in weekly jobless claims in the United States. They are very careful before publication at 14:30 (French time) the second estimate of GDP for the second quarter could be revised down by 0.2 point to 1.1%.

Meanwhile, the Asian financial centers are clearly hesitant and have not adopted the same direction. Thus, while the Nikkei in Tokyo Stock Exchange gleans some points (0.13%) to 8783.99 points, retreating Chinese stock markets: the Hang Seng in Hong Kong was down 0.21% to 19,710.10 points and the Shanghai CSI 300 lost 0.89% to 2877.99 points.

Japanese Prime Minister resigns

Also in Japan, criticized for his hesitation and awkwardness to the disaster caused by the earthquake and tsunami of March 11, Prime Minister of Japan, Naoto Kan, has resigned as chairman of the Democratic Party of Japan, according to media Japanese instant payday loan lenders. And therefore of his duties as head of government.

On the macroeconomic front, the consumer prices in Japan rose 0.1% in July after a revised 0.2% decline in June.Analysts on average expected a further decline of 0.1%.

On the other Asian financial centers, the trend is mixed if the Taiwan TAIEX gains 0.40% at 7440.37 points, the Kospi in Seoul was up 0.47% to 1772.80 points, the BSE Sensex 30 advance 0 , 12% to 16,165.70 points, the S & P / ASX 200 was down 0.28% to 4200.90 points and the FTSE Straits Times lost 0.71% to 2746.10 points.

Oil not very active

Oil prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

The deposit Aldous Major South discovered early August in the North Sea is higher than expected. It could be one of the ten largest ever found in the waters of the Scandinavian country said on Tuesday the Norwegian oil company Statoil. August 8, the group had evaluated the capabilities of this new pool of 200 to 400 million barrels of oil equivalent (boe). Today, the giant of black gold confirms Aldous Major South "communicates" with the deposit Avaldsnes. Together they form a reservoir could contain between 500 million and 1.2 billion barrels of extractable oil equivalent. "Norway has not made a similar discovery of oil since the mid-1980s," says Tim Dodson, a senior official with Statoil.Further drilling will now be held to determine whether Aldous / Avaldsnes also communicates with the reservoir Aldous Major North.

This is great news for the Norwegian continental shelf. As a result of declining reserves and the absence of findings sufficient to replace the volumes extracted, the Scandinavian country's oil production has been declining since the peak in 2001 cash advance to savings account. It is now significantly lower than 2 million barrels per day (bpd), against 3 million a decade ago.

But the oil industry is the backbone of the Norwegian economy. The oil is a state monopoly, managed on a sustainable development perspective.

Boost production

In 2006, according to the Norwegian Ministry of Petroleum and Energy, the oil sector accounted for 26% of the value added of the country.The same year, Norway ranked fifth in the world ranking of Petroleum Exporting Countries and the tenth in that of oil-producing countries. This discovery is very good news for Norway, but also for farmers who had to manage the decrease in production.

The deposit Aldous Major South is owned 40% by Statoil, which shares ownership with the state-owned Norwegian Petoro (30%), another Norwegian Det norske oljeselskap (20%), and Swedish Lundin (10% ). The information was applauded by investors: Det norske oljeselskap action jumped from 21% to the opening of the Oslo Stock Exchange and that of Statoil 1.9%, while Lundin clinching 6.5 % in Stockholm.

The Paris Bourse has been optimism in holiday Monday of the Assumption. The CAC 40, which began on the exchange increased by 1.07% to 3248.14 points, ended on a higher, more moderate, from 0.78% to 3239.06 points. The index in Paris fell into the red in mid-day before recovering.

The movement is the same in the rest of Europe. After opening sharply higher, European stock markets have slowed their progress mid-day before returning to finish the colors in a small increase. At closing, the London Stock Exchange and Frankfurt gained 0.57% 0.41%%. After remaining in the red part of the day, Madrid ended with a gain of 0.71%.Exchanges of Milan, Lisbon and Athens are closed due to holiday.

No Eurobonds on the menu Tuesday's markets are very nervous before Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel. They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany has dampened hopes by mid-morning by announcing that the possible creation of common obligations to countries in the euro area "will play no role" at the meeting on Tuesday."The Euro-bonds are not an option," added the spokesman of the Ministry of Finance during a press conference. The Elysee in a few minutes later confirmed that the issue of Eurobonds was "not on the agenda."

Meanwhile, the British Finance Minister, George Osborne, today called the euro area to move towards a more integrated budget to bring the world economy on the path of trust. The euro area "must now demonstrate its commitment to greater integration of budget and governance arrangements that prevent moral hazard and reinforce fiscal responsibility," said he.

In addition, the European Commissioner for Economic Affairs Olli Rehn called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

The next publication, this Monday will be very light. On the agenda are the indices of activity of the New York Fed and the real estate market across the Atlantic.

The bank-shaped

On the corporate side, Societe Generale (2.92% to 25.01 euros) will be followed. The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week on Societe Generale, announced Friday its president Jean-Pierre Jouyet.

The banking sector is well oriented. Natixis is the largest increase of ACC (3.95% to 3.23 euros). Credit Agricole gained 3.54% to 6.75 euros, BNP Paribas rises from 3.22% to 38.42 euros, ahead of Axa 2.43% to 11.18 euros.

France Telecom (0.81% to 13.14 euros): the telephone operator Orange has unveiled some clues on the future model of the iPhone Appel keeps top secret.

GDF Suez (0.94% to 20.95 euros) has initiated "discussions" to sell its stake from 10.4% in the West Franklin field in the North Sea, the French energy group intends to transfer for 600 million euros.

Alstom (-0.55% to 32.44 euros): Goldman Sachs rose to "neutral" on the title with a price target reduced to 43 against 52 euros.

Danone (-0.55% to 46.08 euros): UniCredit has raised its rating to "buy" against "hold".

Friday night, two days after intervening in Parliament without presenting concrete and after two weeks of falling markets, Silvio Berlusconi announced a drastic revision of budget targets. He was accompanied by his Minister of Economy, Giulio Tremonti: both showed a facade of unity after publicly bickered on the eve of the ECB's role in the crisis, which had a bad effect.

The new roadmap is binding. Parliament will be asked to register immediately the "golden rule" which prohibits any deficit in the Constitution. The balance of public accounts will advance to 2013 instead of 2014, deadline too far in the eyes of the markets. This means emerge from 7-8000000000 new resources in the form of budget cuts and reductions in structural costs.In this context, the Minister of Administration, Renato Brunetta, estimates that the deficit target to 1.5% of GDP next year and 0.2% at end 2013 is achievable. The government is also considering a new Labour Code introduced more flexibility in wage bargaining, tax reform, growth-oriented and cuts in government spending. It remains to translate these intentions into decrees by the Cabinet, so that Parliament can approve the final quarter of 2011.

Historically high rates

The pressure has paid off. Brussels and the ECB have joined forces this weekend to make the government realize that the time for procrastination was over. Rates have exceeded 400 basis points with the German Bunds, a historically high level. Italy has urged the ECB to acquire Italian government securities on the secondary market.Frankfurt on Sunday night welcomed the efforts of the country. The German Government considers that it is first in Italy to prove the seriousness of his reforms.

A crucial week therefore expects the peninsula. The social partners will be informed of the contents of the measures of fiscal austerity plan Wednesday. On Thursday, the budget committees and Constitutional Affairs will shorten their vacation to hear Giulio Tremonti.

Bernard Tapie cases still contain some gray areas. According to a survey completed by Rue89 Charlie Hebdo, the businessman would have sought to avoid tax by transferring some of its assets in Belgium.

This operation was performed twice. In October 2010 first of all, Bernard Tapie in Belgium created a company called "GBT Holding" has, according to Rue89, a capital of only 20,000 euros. Evidenced by a deed recorded in the registry of Brussels and whose site has obtained a copy.

Two months later, the businessman makes a capital increase of the holding company by transferring 60,999 shares of Groupe Bernard Tapie (GBT) headquartered in France, worth over 215 million euros. A discreet way to transfer his assets abroad, in a country where taxation is more advantageous.Rue89 is also the same period, Bernard Tapie assured the Socialist deputy Jerome Cahuzac he only had that 100 to 120 million euros of assets …

Liquidation of debts

This is not the only mounted by the businessman to evade taxes. By the 1990s, Bernard Tapie would indeed be served in another company, called Superior Ventures Limited, to conceal large sums of money to the accountant in charge of liquidating its debts, revealed this week Chained Duck payday loans. Bernard Tapie's lawyer denies the very existence of this company. For its part, the satirical newspaper, without citing sources, provides an extract of transfer slip from Superior Ltd Venture.

Subsidiary of a company established in Malaysia and half owned by Bernard Tapie and half by Andre Guelfi, businessman otamment sentenced in connection with the Elf affair for misuse of corporate assets, Superior Ventures Limited cashed including revenues his musical performances – 120,000 euros copyright for singing "Beautiful Life" on an album of Doc Gyneco – and advertising – 250,000 euros for the campaign to stamp shops Log -.

With the Superior Ventures Limited, Bernard Tapie had also received 12,000 euros per month in wages between 1997 and 2000. According to the accountant questioned by the satirical newspaper, the company would never enter the perimeter of liquidation of debts of Bernard Tapie.

Find a solution to the debt crisis before the holidays. This is the roadmap of finance ministers of the euro zone next week. The European Council President, Herman van Rompuy, do not let them choose by calling Thursday for a summit. In the meantime, they must agree on the terms of a new plan of aid to Greece, the key to stability in the euro area.

"Our agenda will be the financial stability of the euro area as a whole and the future funding of the program (help) Greek," said Herman van Rompuy in a statement released Friday night. A summit should be held this week, but the disagreements were apparently still too large to meet the ministers of the euro area.

Friday, the German government still insisted on the need to reach a solution on this point before considering a meeting at the highest level."It's not a meeting in itself will help Greece, is a new program," said Berlin spokesman of German Chancellor Angela Merkel, Steffen Seibert. A meeting will take place only if "it makes sense and is necessary," he added.

"Practicalities"

The fact that the president of the EU sets a date for the meeting means that the countries of the region are close to an agreement to overcome their differences on the plan must shelter Greece until 2014. The difficulties relate to the private sector. While States have agreed on this principle, "the element that continues to be discussed is the scope and practical arrangements," said the Belgian Minister of Finance Didier Reynders.

This question, seemingly technical, is the more political aspects Payday Loan for Bad Credit.Specifically, Germany would like the creditor banks of Greece their hands to the portfolio. German Chancellor Angela Merkel does not want to antagonize the public, tired of paying for its European neighbors. The German solution has the potential to place Athens in de facto default. An option rejected by the European Central Bank (ECB), France and Madrid. "We made good progress" in discussions of the issues that upset "but there is still work to do," said a source close to the talks.

"Treat the Greek problem '

These dissensions troubled financial markets in the euro area. The crisis reached a new level this week, the contagion affecting Italy's third largest economy in the euro area. Rome, however, managed to extinguish the fire in the markets by adopting an emergency in the austerity plan of 48 billion euros.Publication of the results of stress tests of European banks on Friday could also help calm the fears of investors.

If the finance ministers do not want to disturb the relative calm, they will present next Thursday, practical solutions. "It should address the problem of Greece, as a starting point of an overall therapy," say economists at Credit Agricole. The recipe that will be applied to Greece as an example. "

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