The bosses have morale, but are somewhat less optimistic in February than in January. The business climate index fell two points on the month at 106 points, according to Insee. A level still above the long-term average (100). The business sentiment remains "somewhat favorable in the retail trade" (105 points), but "hesitant" in the building (99 points), according to the National Institute of Statistics.

"Only the services sector is this month a further improvement in its business climate," says the National Institute of Statistics. In one-point increase every month since December, rising to 104 points in February. Entrepreneurs in the services believe they have created more jobs in recent months and have revised upwards their employment prospects.

In industry, the bosses are somewhat less optimistic than the previous month, the index lost 2 points to 106.The balance of opinion remains "well above its long-term average," said INSEE. "The order books are down overall, while remaining at a proper level, it has been noted. However, manufacturers benefit from strong exports.

This is good news for public finances, although it may complicate the implementation of a reform of the taxation of wealth desired by the government.

The solidarity tax on wealth (ISF) has reported more than expected in 2010: 4.5 billion euros have gone into state coffers last year via the ISF, or 400 million more provided by the supplementary budget adopted at the end of the year, according to figures released Monday morning by Les Echos. It is even a billion euros more first envisioned by the initial budget act. The Budget Department, which for the moment, however, refuses to confirm this figure, announced that it will communicate about it in mid-February.

Revenue higher than pre-crisis

These additional revenue is good news for state finances.They mean that the economy is doing better than expected revenue of the ISF are even now slightly higher than before the crisis. In 2007, the solidarity tax on wealth was reported 4 payday loans direct lenders.42 billion euros, against only 3.59 billion in 2009.

However, the implementation of the reform of the taxation of wealth desired by the government will be more difficult to implement than the ISF is big. As part of this comprehensive reform whose content should be unveiled in late April, Nicolas Sarkozy has announced wanting to amend or eliminate the tax on capital. One of the main ideas is to relieve the upper middle class subject to the ISF due to a housing boom. The abolition of the tax shield, as prescribed by the Head of State, should in turn report that 700 million euros.ISF is returning more money into state coffers over the coming reform could be costly to the taxpayer. Or merely result minor adjustment of the tax on capital.

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Airbus beat Boeing on the line in the battle orders for new planes in 2010, Airbus crossing the symbolic passing of the 10,000 sales with a five-billion dollars spent by the company of Richard Branson, Virgin.

An avalanche of orders received at the last minute allowed the 100% subsidiary of EADS exceed its eternal rival American at the very end of the year, maintaining its number one spot for the third consecutive year in net.

Airbus, which gives its trade performance to a strong market recovery in emerging markets and in the segment of low-cost airline, has reported 644 orders for the last year, totaling more than $ 84 billion ( 63.4 billion euros) at list prices, against 625 units for Boeing. In late November 2010, Airbus was still lagging behind Boeing in the matter.The single month of December was marked by 200 orders for the European manufacturer.

"These figures show that the economic situation is improving. We avoided the specter of a new dive into recession. The civil aviation market has regained growth through Asia, with low cost carriers and emerging markets, "said John Leahy told reporters, commercial director of Airbus. He added: "Oil prices are the only negative point on the horizon."

The figure for 2010 reflects a firm order for 60 A320s at Virgin America, including Richard Branson owns a minority, low-cost airline based in California becoming the first confirmed client version A320NEO supposed to generate fuel savings 15%.

The transaction was finalized at the end of last month and is recorded in the 2010 data.But Airbus and Virgin have preferred to wait for the annual conference of the manufacturer to announce, both symbolically to mark the thousandth order and to put the company on the front of the stage.

Record number of deliveries

Airbus announced last week an order of magnitude potentially historic placed by the Indian airline IndiGo, including on A320neo 150, but the contract has not yet been finalized.

Adjusted for cancellations, total new orders for Airbus aircraft to 574 spring, weighing a total of $ 74 billion (again based on list prices) against 530 for Boeing, which gives the manufacturer a European market share 52% make quick cash.

The two world leaders in civil aviation is currently surfing on a strong wave of orders initiated by the global economic recovery and amplified by the high oil prices, which encourages companies to develop faster than expected new aircraft consume less fuel .

For the eighth consecutive year, Airbus delivered more planes than Boeing in 2010, also crossed the milestone of 500 units for the first time in its history.

Airbus delivered 510 aircraft last year, against 498 last year, nearly 50 aircraft of more than 462 units delivered by Boeing, a figure down 4% compared to 481 by 2009.

Airbus chief Tom Enders said that the total number of deliveries would be increased to 520-530 aircraft this year, adding that total orders for 2011 should be higher than supply, without giving more objective accurate."The year 2010 was above our expectations. We will have a more optimistic assessment of 2011, "he said. Airbus recorded a turnover of "some 30 billion" last year, against 28.067 billion in 2009, sued Tom Enders.

Up to 3,000 hires in 2011

Aircraft manufacturers receive most of the prices of their equipment at the time of delivery, which generally occurs 18 months after taking command, or even later.

The president also said Airbus consider raising the production target to 10 A330/A340 aircraft a month. The demand for the A330 has been boosted by the delay in the Boeing 787 Dreamliner, whose first delivery should be delayed again after an electrical fire occurred on board an aircraft during a flight from test.

The European manufacturer Airbus could hire up to 3,000 people in 2011 in Europe, half in France, to meet increased production rates and ensure the development of new programs, said Monday its leaders . "Given the attrition, which represent about 1,500 people a year, we could achieve a workforce of 54,000 employees at the end of the year," said Thierry Baril, Human Resources Director (HRD) Airbus, in conjunction with the annual conference of trade balance of Airbus in Toulouse.

Soon a European International Monetary Fund? Germany would work to draft new European institution which is much like a regional version of the firefighter world public finances, according to the German daily Sueddeutsche Zeitung. Berlin would like to propose to its partners in the euro area to create a "European Fund for stability, growth and investment," according to a paper cited by the newspaper.

Berlin has denied that this project reflects the government's position. This document was "not subject to ministry officials, nor endorsed by them, and the ideas it contains do not reflect in any way the position of the Ministry of Finance or the federal government," insisted the door Ministry spokesman.Still, the German Minister of Economy, Rainer Bruederle said Thursday in a statement that "the fallback mechanism will exist in the direction of a European Monetary Fund. (…) There must be question of independence, individual responsibility, transparency and foremost the possibility of sanctions for poor performers of the euro. "

Informal meeting

On Thursday, Finance Minister Christine Lagarde will meet informally in the early afternoon near Strasbourg with his German counterpart Woflgang Schäuble, who is on vacation. "The EU should not only look at the budgets, but also monitor how economies grow," said Christine Lagarde at the Sueddeutsche Zeitung, and reiterated its preference for a European economic government."We're at a stage (of European negotiations, Ed), where each country sets its vision on the table," says one at Bercy, "and there's currently nothing specific."

According to the draft released by the Sueddeutsche Zeitung, the struggling states could use the funds to refinance their debt in case of emergency. "No limit" amount. Counterparties would be severe: the beleaguered government should provide guarantees in exchange as reserves in gold or shares in public companies. This institution would take its place alongside the European Central Bank. Like the latter, it would be politically independent. This project serves as an alternative to European bonds in particular championed by Luxembourg and Italy, but which Germany and France opposed.

"The German interest for stability"

He is "in the national interest" of Germany that the euro area to be consolidated "with all its Member States, it is explained in the paper cited by the Sueddeutsche Zeitung. Monetary union is clearly oriented towards the "German interest for stability," is said. This is the "consideration" for Germany to play its role of "anchor stabilizer" within the zone.

Rainer Bruederle is skeptical about him. "Such a European economic government is not the right project. Whoever currently looking for a European economic government is working on a bad site, "he said bluntly. Finance ministers from the euro zone must meet in January. The markets were disappointed by the meager results at the last meeting of the Eurogroup, in mid-December.

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The Hospital Federation of France (FHF) is sounding the alarm. In an internal memo published by the Journal du Dimanche on Saturday, the FHF warns against the privatization of the retirement homes in France. "Since 2002, the public has lost 5% market share in favor of private business. Between 2003 and 2007, 61% of places for addicts were created by private developers, "says she.

A development which, according to the federation, more expensive trips to the dependents or family. For the day in a private school is on average 40% more expensive than public ones. "These creations of seats facing the problem of affordability for seniors," said the federation.A pitfall in size, at a time when the issue of financing dependence, declared government priority, invited in the public debate. The challenge posed by an aging population is not small scale at the individual level: according to a report by the General Inspectorate of Social Affairs (IGAS), placement in nursing home costs an average of 2200 euros per month to the elderly care bad credit payday advance… when the average level of pensions of retirees amounted to only 1,200 euros monthly.

FHF, meanwhile, also complained of seeing some public institutions losing resources needed for their operation, on behalf of a "convergence rate" desired by the government.For if the original purpose of this convergence is to rebalance resources between financial institutions richest and poorest, the FHF emphasizes that even the best equipped centers no longer have sufficient resources today to address the Patients increasingly dependent. "Convergence, if continued, would result in the elimination of 5,000 jobs in Ehpad (Establishment of accommodation for frail elderly) and 7000 units in long-term care," said the FHF in the report published by the JDD.

The consultation on the financing of the dependency must start in early January. The first steps, they are expected in summer 2011.

Back in Exchange for General Motors succeeded! Three weeks after AIA and its more than 20.51 billion dollars raised in Hong Kong, General Motors announced that its IPO will be the largest in history. And even the world if the over-allotment option is exercised. At the close of trading in New York, the share grew from 3.6% to 34.19 dollars after surging more than 7.7% in early trade.

The U.S. manufacturer has offered for sale 478 million shares (against 365 million previously proposed at a price between 26 and 29 dollars), at a price of 33 dollars cash advance no faxing.Total supply will be $ 20.1 billion or 23.1 billion dollars if the over-allotment option, that is to say, any emissions of additional shares in the event of high demand, are fully exercised.

That General Motors will do better than Visa in 2008, had raised $ 19.7 billion, including over-allotment option. "Raising prices is a sign of a vote of confidence in the company and the action they propose," said Michelle Krebs, an analyst Edmunds.Com.

The year 2010 will be better than expected. Prime Minister Francois Fillon has slightly raised the forecast of growth of Gross Domestic Product (GDP) for 2010, "at least 1.5%, against 1.4% previously guaranteed high risk personal loans. "We should have a growth of at least 1.5% on …

Despite the rebound in Asian stock markets Wednesday morning and the revival of U.S. consumer confidence on Tuesday, the Paris financial markets remain febrile for the first day of September. At mid-session, the index in Paris rose 2.03% to 3561.75 points. The CAC 40 closed Tuesday August on a small increase of 0.11% to 3490.79 points. Throughout the month, the index in Paris lost more than 7%.

The Footsie-100 from the London Stock Exchange ahead of 0.38% to 5244.92 points. In contrast, the German DAX 30, after opening up slightly, declining from 0.41% to 5900.95 points, following the unexpected decline of 0.3% of retail sales in July.

The Paris Bourse and benefits of U.S. statistics less bad than expected, especially the rebound in consumer confidence in August. The increase in manufacturing activity in China is also contributing to accelerating gains in the CAC 40."The upward movement was initiated at the close on Wall Street Tuesday night, says it in the rooms. We do not press too heavily on the markets, which explains that the movement is noticeable now, and not opening.

Vivendi stock rewarded

The set of interim results continued. Vivendi raised its forecast for this year, after posting a 6.1% increase in sales to 13.9 billion euros and 6.6% of its net profit to 1.26 billion euros. The shares rose 5.05% to 19.34 euros, the largest increase in the CAC 40, before Lafarge (4.77% to 38.09 euros). The group also benefits from the increase in the analysts' recommendations Credit Agricole Cheuvreux to "outperform" cons "underperformance."They also raised their price target to 48 euros 46 euros cons.

The investment company Wendel (4.31% to 42.15 euros) in the first half net profit of 124.5 million euros against a loss of 959 million for the same period of 2009.

Tuesday after-hours trade, Bouygues (-1.31% at 31.62 euros) issued a revenue down 1% in the first half and slightly raised its full-year sales (30.4 billion cons EUR 30.1 billion previously planned). The value is the largest drop in the CAC 40, about 9:25.

Vinci (2.86% to 35.62 euros) reported interim results exceeded expectations Guaranteed payday loan.Its net profit was up 1.9% to 703 million euros and sales rose 2.3% to 15.5 billion euros, thanks to improved traffic conditions and benefits the acquisition of Cegelec.

Finally, Eiffage (-1.36% to 35.50 euros) confirmed its forecast of sales for 2010 thanks to the growth of its backlog and achieved a 40% jump in net profit share Half of the group 70 million euros. The operating profit has however declined by 2.6% to 412 million, within the scope of the downturn in work due to a climate of increased competition.

In the tug of opposing Sanofi-Aventis (2.11% to 46.23 euros) to Genzyme, the CEO of biotech company judge, in an interview with Reuters, the high probability of finding an agreement on Sanofi bid on American group.However, he reiterated that Genzyme will not accept the proposed price of 69 dollars per share. According to sources close to the U.S. group will not negotiate at least $ 75.

Manufacturing: up in France, down in the euro area

On the macroeconomic front, the growth of manufacturing in the euro area shows in August to its lowest level since February, according to figures released Wednesday by the monthly survey Markit. The PMI purchasing managers fell to 55.1 against 56.7 in July. In France, it reached 55.1 points in August, against 53.9 the previous month in Britain, it fell to 54.3 in August, after a final figure revised down to 56.9 in July.

The same index will be unveiled in the U.S. in 16 hours. Also overseas, the ADP employment figures in the private sector will be published to 14.15.They give a first overview of the situation on the labor market in the U.S. before the official figures on Friday.

Another indicator of importance: New car registrations in France fell 9.8% in August on a year to reach 102,912 units with the breathless pursuit of the effect "scrappage" announced Wednesday the Committee of French Automobile (CCFA). In July, new car registrations fell by 12.9% compared to last year, and 15.4% for the only French brands.

Good news on the employment front. The Labor Department announced Wednesday morning in the Echoes of figures on backup plans for employment (PSE) fell sharply from the end of 2009. In the first half of 2010, 668 PES have been reported to the administration against 934 in the second half of 2009, a decrease of 28.5% over this period. Moreover, the month of June 2010 recorded 87 such redundancy schemes, a level at its lowest since August 2008. The Ministry of Labour, however, did not release the total number of jobs destroyed by these schemes.

This news comes in support of other labor market indicators published recently. Two weeks ago, INSEE reported on the creation of 60,000 salaried positions in six months, one year after 2009 generally very destructive.The use of frames also rebounded since last January found the Association for the executive employment (APEC). In July, the job offers published by the association executives and 53% progressed, mainly in IT and business functions.

2009 catastrophic

However, the decrease in the number of PES remains in place relative to the extent that the figures for 2009 had been devastating: 2,245 plans had been identified during this year particularly affected by the crisis, nearly 2.5 times than in 2007. With already 668 PES 2010 is also unlikely that the number PSE set up in 2010 found its level before the crisis (957 PES 2007).

The explosion, finally, the number of broken treaty in June might suggest that some companies use them in lieu of some PES, although this practice is prohibited by law. In order not to attract the attention of governments and not having to pay compensation in the amount tends to grow under pressure, companies could use this mechanism put in place two years ago, or even layoffs in smaller numbers.

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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