The tone has hardened in the conflict between marine companies between Corsica and the mainland. The strike called by the CGT Wednesday to demand the application of the same social laws to all shipping companies, including foreign competition, making these runs was repeated on Sunday. This movement was caused Saturday "anger" of the direction of SNCM (Société Nationale Corse Méditerranée), 66% subsidiary of Veolia Transdev. The South (ex-CMN) is also affected by the strike. The movement "is followed at 28% to SNCM, a little more to the CMN, but enough to prevent smuggling," said the leadership of SNCM.

The nine SNCM ships and the South (ex-CMN) assigned to services between Marseille, Nice and Corsica are therefore remained docked for the fifth consecutive day, some 13,000 passengers were affected since the conflict began. Many of them have changed their return by traveling on ships of the private company Corsica Ferries, Italian flag, which normally circulate. SNCM has expressed "outrage" because "this movement supposed to fight our competitors strengthens the contrary, beyond their expectations." Moreover, the director of the company for Corsica, Pierre-André Giovannini, expressed his "regret for the inconvenience to our customers, passengers and cargo carriers, and this new blow to the island economy." He said over the weekend of May 8 Bridge is "one of the most important pre-season tourist" for Corsica.

Political parties challenged

The striker will meet again on Monday to decide on the following movement. "So is the future of thousands of jobs in our profession," says the union in a statement savings account payday advance. The strike comes as the ferries market suffered the turmoil of the crisis in recent years. Thus, since its passage in the private sector in 2006, SNCM has almost always been in the red. She was accused of operating losses of 15 million euros last year. Especially, the CGT sailors had already scored a major coup a year ago by stopping work for 47 days, never seen to SNCM. If it were to get bogged down, however this new strike is unlikely to change the trajectory of the group. The direction of the SNCM instead reiterated its "determination to rapidly modernize and evolve the company, in all areas." Last March, the chief executive, Marc Dufour, warned that SNCM would have to separate at least two car ferries and 800 employees in 1617.

The case quickly took a political turn. Friday, a trade union delegation was received in Paris by representatives of different parties, including the national secretary of the PCF, Peter Lawrence. His party has tabled in the Senate on March 22 a bill to require all companies operating in France the first entry in register of ships, making them subject to French social laws. Sailors CGT also met the spokesman of the Socialist Party, Benoît Hamon, who is, according to the union, "clearly in favor of the adoption of this law," and a consultant Francois Hollande. In Marseille, finally, a delegation was received by the federation UMP.

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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

 

It is an exercise that required this year, just days before the presidential election, takes a turn for controversy. The government on Wednesday presented to the finance committees of the Parliament of the stability program years 2012 to 2016. Designed in Brussels, this document describes how France has reduced to zero by 2016 the cumulative deficit of the state of the social security and local authorities. Consolidation that will reduce gradually the weight of public debt to national wealth in 2014.

To balance its accounts, France must find 115 billion. The government has chosen, policy, to focus the effort on spending two thirds (74 billion) and third on revenue (41 billion). This is the roadmap that Nicolas Sarkozy has taken in its election manifesto. "Just focus on revenue, tax advocate hype as some ignoring the impact it would have on growth, is clearly not a political alternative," says Valérie Pécresse, Minister for the Budget, in an allusion to thinly veiled Francois Hollande.

Indeed, the government does not reduce expenses but limit the increase to 0.4% plus inflation, from 2012 to 2016. The 74 billion is savings compared to the natural drift. "The rise in government spending was 0.3% in 2010 and 0% in 2011, the never-seen since 1960. This shows that our target of 0.4% is credible, "says Valérie Pécresse personal loan for poor credit. To reach it, the government will pursue the course of recent years (knowing also that the reforms already enacted will generate even 39 billion savings in 2016): non-replacement of one out of two official journal of programs for lower government spending, freeze state transfers to local, rising Medicare spending limited to 2.5%.

Optimistic growth forecasts

On the revenue side, Bercy believes that tax increases enacted since late 2010 (on the plane niches, rising 7% VAT …) will generate 33 billion in revenues in 2016. It would be only 8 billion to find. Much less optimistic about the performance measures already adopted, the PS 22 billion talks to find and Nicolas Sarkozy accused of hiding tax increases to voters. Both candidates are fishing perhaps assuming a too strong economic growth (1.75% in 2013 for both, 2% from 2014 in the stability program taken up by Nicolas Sarkozy, Francois Hollande to 2.25%) . But less growth means less revenue and more social spending.

However, Nicolas Sarkozy, unlike Francois Hollande, said the return to balance a priority, regardless of the growth. Francois Hollande and provides a zero deficit in 2017 alone. "We go out of adjustment in 2016, we take a serious risk, if not more," warned Baroin before the Members of the Finance Committee.

 

This is a bad sign for the fledgling market for electric cars. The General Motors has decided to suspend production of its Volt plug-in hybrid for five weeks, the time to "align production with demand." This is an embarrassing decision for the manufacturer, which launched in late 2010 this car with a small engine used to recharge the battery of about 200 kg.

While rising fuel prices at the pump becomes a concern for motorists, the Volt should instead be of great interest. The high price of the vehicle with respect to its performance remains a problem. The sedan costs $ 41,000, not including a tax credit of $ 7500 awarded by the federal government, which wants to promote this technology in the name of reducing pollution. But GM has sold only 7,671 Volt last year in the United States, against 10,000 planned. Since the beginning of the year, just over 1,600 were purchased. The first deliveries of the European version, the Opel Ampera, should start soon.

Purchase long to return

The first American automaker plans to launch a national advertising campaign to boost sales of a vehicle denounced by some as an illustration of a public subsidy "politically correct", without consideration of market reality. GM, which the federal government is still the largest shareholder, was saved from bankruptcy in 2009 by an injection of public funds of $ 50 billion. Despite regular promotions elected by the Democratic Party, sales of electric and hybrid vehicles in the U.S. represent less than 3% of the market.

The main rival of the Volt is paradoxically the Cruze, another vehicle of the Chevrolet brand and look identical. With a conventional gasoline engine but more economical than previous generations of vehicles in this category, the Cruze costs almost twice as cheap. Consumer Reports, an independent private authority, believes it takes six years to the owner of the Volt to recover the sacrifice he had to agree in preferring the new technology rather than the Cruze. This period is far too long to allow the Volt to generate significant interest in the U.S. market.

The Volt was also hurt by a controversy. Protection of its large battery had to be reinforced after the discovery of spontaneous fires in cars immobilized for several days after a violent collision. Besides the surge in gasoline prices and the upcoming advertising campaign, two other factors are expected to boost sales of Volt in 2012: first orders of General Electric, which manufactures loading terminals for its fleet of company vehicles, and secondly the new California regulation: on motorways, expressways reserved for cars carrying more than one person at peak times will also be open to electric cars, even if they are occupied by only one person …

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It is a repudiation for the Competition Authority. The institution, which had inflicted 385 million euro fine in September 2010 with the main banks operating in France on their pricing of check processing, has seen its decision questioned by the Court of Appeal of Paris. In a ruling Thursday, the latter took the view that in this case, "the grievances of Understanding (…) can not be accepted" and that the banks concerned "should therefore be exonerated ".

The case dates back to the early 2000s, when banks have embarked on the computerization of processing checks. They are then granted to establish interchange fees, naturally passed on to end customers.

Fines must be repaid to banks

Banks have justified the introduction of these fees, which were abolished in 2007, the cost that they accounted for the modernization effort of check processing. One argument considered to be unfounded by corporate treasurers, who saw the impact fees.

In September 2010, the Competition Authority found in favor of the latter, and denounced an agreement on final prices. A vision not shared by the Court of Appeal of Paris, sought by banks complained, BPCE, Post Bank, BNP-Paribas, the National Confederation of Credit Mutuel, Crédit Agricole, Crédit du Nord, CIC, LCL HSBC France, Societe Generale.

In its reasoning, it considers that the commissions were "directly related to the new system paperless exchange of checks, public interest project neutral in terms of competition law …". It also believes that the Bank Agreement does not constitute "an agreement on final prices."

The Competition Authority may lodge an appeal. When asked, a spokesman said the institution consider what action would give the matter. Fines paid to the Treasury must be repaid to the banks.  

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SNCF will release on February 16 as "good" annual results, in the words of its leadership. Yet they will undergo a severe movement of the plane. On 14 February, the president of SNCF, Guillaume Pepy, unveiled to participants of a seminar on "business model TGV" that his group would carry out an impairment of € 700 million on its TGV . "The value of TGV, now in the books of the SNCF, amounts to nearly 4.5 billion euros," he said, according LaTribune.fr who reports his remarks. We will depreciate the 700 million euros because we have too many trains and they are mostly old. "

The fleet has 457 SNCF trains whose average age is 17 years. This decision comes as the SNCF profitability of the branch TGV group – very profitable long – has deteriorated in recent years. An evolution largely attributed by the public company to the concomitant increase in tolls which it must pay with Réseau Ferré de France (RFF), owner of the tract. Since late last week, SNCF and RFF have agreed on changes in rates of tolls until 2018. Guillaume Pepy was this medium-term visibility a prerequisite for engaging in orders for new trains. He said Tuesday that such investments would only be possible when the operating margin of the travel industry would reach 20%. Or it tops out at 14% today.

Until 2015, the fleet will continue to welcome new trains: 15 "Euro Duplex" will be delivered by Alstom in 2012, 11 in 2013, 11 in 2014 and seven in 2015. According to its chief financial officer, David Azema, who intervenaitle February 15 parliamentary days when the rail is in fact particularly after 2025 that the station should replace trains end of life.

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The Paris Bourse continues its forward march on Monday, after finishing last week jumped 1.23%. The CAC 40 in advance of 3.01% to 10.00 to 2943.10 points.

Investor sentiment is supported by the information including the Italian newspaper La Stampa over the weekend that the IMF could provide assistance to Italy up to 600 billion if the debt crisis of the countries would increase. This would allow Italy to have a window of 12 to 18 months to implement budget cuts and reforms to strengthen economic growth. The information, which was denied by the United States, is again the IMF itself, which says this morning that no discussions with the Italian authorities have in that place.The worsening financial crisis in the eurozone weighed on the outlook for sovereign debt rating of all European countries, the rating agency warned Monday payday loans lenders.

The oil rises

In this context, the euro is progressing slowly against the greenback. In morning trading, the European currency is worth 1.3310 dollars. Oil is well oriented: a barrel of "light sweet crude" (WTI) for delivery in January of $ 1.63 is assessed at 98.40 dollars on the New York Mercantile Exchange and Brent crude from the sea North for the same maturity is 1.20 dollar to 107.60 dollars on the Intercontinental Exchange in London.

Side of the agenda, the economic outlook of the OECD are expected in the morning. Sales of new homes in the United States will be known in the afternoon.

For the first time since the outbreak of the sovereign debt crisis in Greece, in November 2009, the EU will apply directly to other states and their sovereign wealth funds. Norges Bank Investment Management (NBIM), which manages the Norwegian fund (397.5 billion euros), has already applied for, according to Reuters.

Technically complex and politically inglorious to the extent that members of the euro area rely on foreign savings failing to show solidarity with each other, the project outlined this weekend in Brussels would be a real barrier fire.The strike force "would be the height of Spain and Italy," said Gilles Moec, an economist at Deutsche Bank in London.

The proposed scheme is to leverage both the capabilities of the European Financial Stability Fund (EFSF) and to mobilize capital from financial surplus. First and foremost, China and emerging countries but also in advanced economies such as Norway and Japan. These contribute in trusts, administered primarily by the IMF, which will not put himself in the pot, says we are.

The highlight of his EFSF 440 billion euros, which have been entrusted by the countries of the euro area – the envelope will remain unchanged – no longer be content to make its guarantee to the issuance of securities, as it has already done for Ireland and Portugal.It will also play the role of "credit enhancer," according to a model used in the United States, for better or for worse, for local authorities and housing loans. This type of intervention will return to ensure a certain percentage of potential losses to purchasers of government securities guaranteed payday loan. A new role for the EFSF: "He was supposed to guarantee loans, it would ensure ex post losses," said Bruno Cavalier, economist at Oddo Securities.

Assembly at several levels

Klaus Regling, the director of EFSF, was responsible for establishing an assembly at several levels in order to create a maximum leverage. According to the recipe holdings cascade in private groups.

On one level will be set up special funds supplied in part by the EFSF, which would bring its security, and other states.On a second level, you will find a special fund involving purely European private capital, always with the guarantee of EFSF. A third channel is considered, on the same principle, but this time shareholders will be provided by non-European states, in a "trust" administered by the IMF – what others call a "special investment vehicle". Note that the IMF has experience of this device, through the Poverty Reduction and Growth Trust, which raised $ 13 billion for the poorest countries.

No one seems yet able to determine the exact allocation of funds that could be offered. Knowing that it is 250 billion euros of capital available, according to a diplomat, the EFSF would likely raise at least five times that amount on the basis of an insurance rate of 20%. Many technical issues remain.In particular the involvement of such a system on the debt of the guarantor countries, including France and its "triple A".

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The fans thought they were lights beverage spared the tax on soft drinks made by the Government in late August. Did not count on a UMP Amendment / New Centre approved in committee Wednesday as part of the review of the draft budget 2012. While the amount of tax on sugary soft drinks is on track to be doubled, MPs are now looking to expand the scope of this tax on soda beverages containing sweeteners.

The government, which did not include this option in the first place, now says not to exclude the idea. "It is the wishes of the parliament, we will discuss," said the spokesman of the government, Valérie Pécresse, on the set of Canal + on Thursday.

The stakes are high for the government because the sugar-free drinks, but with sweeteners that give a sweet taste, is increasingly consumed.Today, they account for 17% of the soft drinks market with strong brands like Diet Coke or Coke Zero.

No figures have yet been provided about the extra tax revenue that would generate this new amendment, if adopted in plenary session. The previous amendment adopted by the Finance Committee of the National Assembly, to double the amount of tax, also remains to be validated by all the members. By itself, it could generate a windfall estimated at 250 million euros a year, instead of 120 million euros initially planned. The rate of contribution on the sodas would be increased to 6.22 euros per hectolitre in 2012.Then he would be raised from the beginning of 2013, to January 1 of each year, at a rate equal to inflation (excluding tobacco) in the penultimate year.

Support the agricultural sector

As announced in the Figaro, the objective of this expansion drinks with sweeteners is to finance the lower cost of agricultural labor "to allow our farmers to sell their products at the same price as Germany and Spain" explains Valérie Pécresse. The government has in fact reduced in 2012 from 210 million payroll taxes on permanent farms. The tax will be reviewed and corrected to about half.

The industrial problems digesting the news. "We said from the beginning that it was normal to participate, provided that everyone involved in the fight against deficits.Simply, we do not want to be the adjustment variable of all the deficits that pass and on which we have not much to see, "said Jean-Rene Buisson, president of the National Association of Food Industries (Ania ). The doubling of the tax sodas would, he said, an estimated increase "between 0.2 and 0.3 cents" per can.

No problem for Michel Diefenbacher UMP (UMP): "These drinks, which are not basic necessities, benefit from the reduced VAT rate.They must be able to withstand the additional load generated by this new contribution, "says he in a sub-amendment.

But for now, nothing is yet definitively confirmed nor on the doubling of the tax, nor about its extension to drink with sweeteners.

End of aspartame in system U

The distribution group Système U has chosen to abandon the use of aspartame in soft drinks sold under any brand, starting in January. For the first time a manufacturer makes such a decision. This choice responds to the concerns of the European Food Safety Authority (EFSA) on the effects of this artificial sweetener.

Système U has already banned the use of parabens in cosmetics and Teflon in cookware. Its chairman Serge Papin, expresses his desire to "become a leader in healthy products."

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Having fallen heavily on Wednesday, the Dow -1.52% to close at 11,010.90 points, Wall Street has ended without a clear direction a very volatile session on Thursday. The Dow Jones gained 1.30% to 11,153.98 points and the S & P 500 has been 0.81% to 1160.40 points. In contrast, the Nasdaq lost 0.76% to 2480.76 points.

U.S. investors have not received so favorably that the approval on Thursday afternoon of the German parliament to extend the relief fund of the euro area (EFSF).

U.S.: GDP growth rate revised upwards

On the macroeconomic front, the growth rate of GDP of the United States has been officially revised up Thursday, slightly more than analysts thought.Second-quarter U.S. gross domestic product grew 1.3% annualized compared to the previous three months, said the Commerce Department, revising and up 0.3 point its growth estimate released in late August .

On a seasonally adjusted, new jobless claims in the U.S. totaled 391,000 in the week of 18 to 24 September, against 428,000 the previous week.

Real estate side, the promise of sale of existing homes fell in August from 1.2% to 88.6, its lowest level since April. Economists polled by Reuters were expecting a sharper decline at -1.8%.

On the foreign exchange market, the euro rose to 1.3593 displayed dollar (0.50%).A barrel of "light sweet crude" for delivery in November gained 93 cents to 82.14 dollars on the New York Mercantile Exchange where he had opened up more than two dollars.

Values ​​follow:

• LyondellBasell (-4.03% to 26.65 dollars)

French employees of the American specialist petrochemical voted on Thursday extended for 24 hours of their strike and blockade on all Group units in Berre (Bouches-du-Rhône), due to the closure of the refinery . Meeting in mid-day general meeting, they voted the renewal of the movement by a large majority.

• Advanced Micro Devices (-13.66% to 5.31 dollars)

The U.S. manufacturer of microprocessors said Wednesday it lowered its forecast for revenue and gross margin for the third quarter, partly because of production problems at a plant in Germany unsecured personal loans.The group now expects its revenue for the quarter ended October 1, increase by 4 to 6% over the second quarter against a previous forecast of 8 to 12%.

• Amazon (-3.16% to 222.44 dollars)

Internet group Amazon introduced its first multimedia tablet Wednesday, the Fire Kindle, sold half as much as the market leader, Apple's iPad, which promises to be a credible competitor. Sold $ 199 (against at least 499 dollars for an iPad) as of November 15, exclusively in the United States as a first step, the Kindle Fire is part of the range of reading lights Amazon Kindle has been declining for four years.

• Hewlett-Packard (2.54% to 23.78 dollars)

The U.S. computer group used the services of investment bank Goldman Sachs to help it defend itself against a possible hostile bid, said Wednesday the Wall Street Journal.Weakened by the collapse of its share price and the recent upheaval at the helm, the group was concerned that one or more shareholders trying to take control, the newspaper business, citing people familiar with the matter.

• Nokia (3.96 to 5.77 dollars)

The world of mobile phones said Thursday it plans to eliminate 3,500 jobs in Romania, Germany and the United States by the end of next year."Nokia plans to close its operations in Cluj, Romania, by the end of 2011 (…) and plans to close (its offices and commercial activities) in Bonn, Germany and Malvern, United States," by the end of next year, the company said in a statement.

• Ford (0.70% to $ 10)

The automaker plans to hire 7,000 people within two years the United States, ruling that the U.S. economy do not wipe recession.

• General Motors (1.71% to 20.76 dollars)

The group said Thursday that the new contract four-year agreement with the United Auto Workers (UAW) would have a financial impact "minimal".