Jean-Francois Cope. – It's the only possible attitude. The aim of this reform is the future of the entire pension system of our country. If we do nothing, the deficit will be 20 billion euros in 2010, 45 in 2020 and probably 70 in 2030. All reports conclude that the impasse, and all other European countries have faced this challenge by raising the legal age of retirement at 65 or 67 years, as in Germany, Scandinavia and Spain. I do not see what political leader worthy of the name could evade that reality.I understand that this may cause concern and annoyance, but there are facts that can not be ignored.

What will a government project can be improved?

The arduous, long careers and polypensionnés are three areas where progress is possible. We have highlighted the problem of harsh labor and the elderly at a forum Generation France on the theme "Working more to earn more together". The hardship is not a question that deals with the day of retirement, but throughout life. If it pushes the age of retirement at age 62, is a new report by the French company to work he must create.The public and private employers will have to devise a new career stage and not an early retirement.

The left and the unions say that Eric Woerth is not able to defend this reform. What do you say?

I am absolutely appalled by the attacks Eric Woerth victim. I never spared him my support. He is the man of the file. We need it. I deeply regret that the unions have felt that Eric Woerth was not available to conduct necessary reform. I do not understand this position is inconsistent with the trade union tradition in France. For our part, we are very mobilized. I met this morning UMP deputies to show our full commitment.The central question I ask throughout the debates, is simple: assuming that the left would come to power in 2012, she would, as said Martine Aubry, the legal age to 60?

Jean-Marc Ayrault, head of the PS deputies, said he wants to discuss "proposed project cons …"

I do not think so. I heard only one proposal in the PS, that of raising taxes and taxes of 40 billion euros to finance pensions.

Claude Gueant sees an act of "allegiance" in the forum that you published Saturday in Le Figaro Baroin, Bruno Le Maire and Christian Jacob. Do you agree?

This is not the word I would choose. I prefer to talk about commitment.We want to make the maximum contribution to the re-election of Nicolas Sarkozy in 2012, working for and with him on policy messages that will have to send the French.

In this text, you still advocating a change in governance …

This is not a criticism. It seems interesting to consider a method that would allow us to get out of this climate in which any change was experienced front, divisive and aggressive. We will also devote a forum Generation France in this theme in November. One track is to foster a participatory approach, using new communication tools like the Internet. We must also rethink the relays that are political parties. Currently, they are far too centralized.

You wished that the UMP is "revitalized."This is a nomination as Secretary General?

It offers a service that I have made Nicolas Sarkozy, pointing out that, whatever the functions that I exercise or I will, I commit myself totally to him for his reelection. With many of our friends members, we want to do more and better for him, especially within the party, which operates somewhat separate. But it only makes sense if the president wants.

You criticized the distance taken by François Fillon with new measures against crime. You said you're with him?

Do not overdo it.But this is not a trivial prime minister says he would not have chosen the same words, so that during the summer, what are the words that have polemical.

On security, others in the majority expressed reluctance …

I have no problem with those who express their differences. All 316 UMP deputies have their experience, their vision. I always made sure that everyone can express themselves within the group, but on one condition is that on the essentials, everyone is together. However, more surprisingly and increasingly complicated when the ministers express their differences.

And when it was Alain Juppe?

He said he could have signed our forum and I was extremely sensitive to its statement. We have many similarities, although the security we are not quite on the same line.Our law has long provided the opportunity to deprive of French nationality who commit serious crimes. The left had limited this possibility to those acts of terrorism. I am not opposed to that measure to be extended to those who are seriously undermining the trustees of public authority that include the police and the police. As for the policy vis-à-vis the Roma, I recall that the exclusions are the result of court decisions to people who illegally occupy land illegally. What gives these individuals be treated differently from other illegal immigrants? It is time to end the hypocrisy festival this summer!

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Experts estimate that 50 billion would be earned in three years due to reduced spending, and another 25 billion euros through a reduction of tax and social niches where the Government seeks a saving of 10 billion.

In addition to reforming the tax loopholes, the committee recommends the establishment of exceptional measures, to achieve 10 billion in savings.The experts say, including the freezing of the index point for staff and expanding the principle of non-replacement of staff on two retiring to local and social security. Furthermore, control of expenditure in public service should enable savings to 40 billion.

Consolidation of the tax system in order

In addition, the committee "does not advocate new taxes or raising rates, but a broader base of social and tax," said one member to Les Echos. Renowned economists aimed at reducing tax loopholes and particularly those adverse to the environment or dependent status.

Half-word, the committee recommended the end of the tax shield: the collective effort that is taking shape, "the Committee would like the contribution of the most favored is not diminished by the tax shield," Les Echos said, citing a Participants at the meeting.

And if growth is less than 2% on average, economists have advocated the introduction of targeted tax increases. An overhaul of the tax system together with a lower labor cost is considered in the medium term.

Good performance on the Paris Bourse

For Natixis, these results are no surprise. Same thing for CM-CIC said in his note published Tuesday that operating profit is consistent with the guidance provided in mid-July. Finally, analysts of U.S. bank Citigroup raised their recommendation on the title of French retail group Carrefour to "buy" cons "hold" before.So, Carrefour shares, which are the only ACC 40 to move in the green, gaining 1.07% to 36.49 euros in a market down 1.14%.

Operating income before non-recurring items amounted to 1.096 billion euros, up 7.6%, SPECIFYas release, is better than the expectations of analysts who had forecast a rise of 4% at 1, 05 billion euros.

Carrefour has confirmed its objectives for 2010, aiming an operating profit before non-recurring items of around 3.1 billion euros.Crossroads show in a still difficult solid growth in sales and operating profit before non-recurring items and we are on track to achieve the objectives set as part of our transformation plan, "said Chief Financial Officer Group Pierre Bouchut, during a conference call.

Continuing trend in emerging

We're quite pleased with the sales in July, a little disappointed by sales cons of August, "said Pierre Bouchut yet."The trend in emerging markets remains strong." In the second quarter, Carrefour has benefited from the dynamism of emerging economies to reach a turnover exceeding expectations, nearly 25 billion euros, up 6.3% offsetting a contraction in sales in Europe, mainly France, Belgium, Spain and Italy, as well as in other countries of southern Europe such as Greece and Romania.

The group, which seeks to save 4.5 billion euros over three years to improve its margins, said he also cut costs by 236 million euros in the first half of the year, a target of 500 million for all 2010.

Asked about the Asian assets of the group, Pierre Bouchut has refused to comment on reports about a possible sale of assets Malaysian, Thai and Singaporean group."We do not comment on such rumors," has said the CFO. "Our goal is to build on certain markets and over time, without doubt, take the decision to abandon certain other markets."

According to several sources, Carrefour tries to sell its assets in Malaysia, Thailand and Singapore to focus its efforts on China and India. This could generate some 800 million euros in the French distributor. PTT, Thailand first group in the energy sector, has already expressed interest in taking over the assets in Thailand.

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A new title tailored, while the state wants to take over the industrial policy of the companies in which it holds shares now on, the boss of the EPA no longer depend on the Treasury, but will report directly to the Minister of Economy. "We consider that the state must play a role that heritage," says one in the entourage of Christine Lagarde.By appointing one person with a strong political status – the commissioner – "there is also a desire to reorganize things, establish a system that discourages employers from rushing to the Elysee to discuss their small business," says near the record.

The appointment of Jean-Dominique Comolli also fits into "a major change in the role" of state ownership and the EPA, said the report of the Council of Ministers.

As the President announced when the States-General of Industry in March, this development will lead the state "to be at the forefront of driving the vision of its shareholdings and so assert, for undertakings concerned, a strategy of industrial development and economic clear long term. "

Air France, EDF, France Telecom and other Safran now know they only have to behave! Already, Nicolas Sarkozy announced that a director would be appointed representing the state "consistently" next to the Director for the Department of Economics, but now for each company in which the State is a shareholder, a formal meeting between the relevant ministers and leaders will be held each semester – in addition to those that take place informally – "to make a strategic point. More question of discovering projects at the last minute.We remember last January, the invitation to the Elysee the boss of Renault, Carlos Ghosn, who had just unveiled its intention to produce some of the Clio in Turkey IV.

Set to music complicated

The state will also require "regular reviews" on the policy of personnel management, employment, subcontracting, procurement, investment, etc..

Jean-Dominique Comolli will have to partition complex music: establishing a more readable management companies, but does not give the impression of greater interference.The EPA had she not been established in 2004 to remove the political power of corporate management, after a report by Rene Barbier de la Serre, a former banker and is the financial center, had pointed to "the presence Excessive state in the daily management of the company?

Jean-Dominique Comolli "has the perfect profile, make sure there in the ranks of government. The future commissioner, 62, near the famous head of state despite a long career in the offices of the left, knows both the workings of government and enterprise. ENA civil administrator in the Directorate of Budget from 1977 to 1981, he became after election of François Mitterrand to the presidency of the Republic adviser to Laurent Fabius.

In 1986 he was appointed Deputy Director in the Budget, before becoming in 1988 Chief of Staff Michel Charasse Budget.In September 1989 he was appointed head of Customs, before becoming president of Seita, while public group in 1993. He co-chair Altadis after its merger with Tabacalera.

Since 2005, he chaired the Board of Directors of Altadis, since bought by Britain's Imperial Tobacco – which he became vice-chairman of the board of directors in 2008. He held up his new duties on September 15.

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Yesterday, the Paris Bourse has been drawn up by the bank after the better than expected quarterly BNP Paribas. The Paris market should not stop there, according to technical analysis, which brings the index to the assault of 3770 points.

The Paris Bourse is expected to remain broadly in an uptrend on the sessions to come, even if the index corrects a bit on Tuesday.

The program of the Tuesday meeting, noted that prices for industrial production for June in the eurozone will be published at 11:00.American side, the expected numbers today should facilitate the session, including spending at 14.30 and household income, and 16 hours, industrial orders in July and promises of housing sales in June

Meanwhile, the euro remains at its highest in three months against the dollar.The euro rose as optimism in Europe and at the same time, the dollar is falling while stock markets also rose overseas and the appetite for risk grows.

The eyes of Sanofi-Aventis Genzyme

Sanofi-Aventis (-0.56% to 45.15 euros) sent a letter referring to Genzyme's interest in the company, a source close to the deal, adding that the two companies were discussing the offer.

The chemicals group Arkema (4.77% to 36.65 euros, the biggest increase in score) on Tuesday said quarterly earnings improved sharply, saying it made "its best historical performance" since its IPO in 2006 . Quarterly profit was 119 million euros, against a loss of 114 million euros in the second quarter of 2009.Revenues soared 38% to 1.6 billion euros and gross operating profit (EBITDA) reached 241 million, against only 70 million a year earlier.

CNP Assurances (-1.3% to 15.9 euros) announced Monday that it bought back 65% stake in MFPPrévoyance, a subsidiary of MFP Services, a group of specialized mutual insurance officials. This stake will cost 86.5 million euros to the French insurer.

Vallourec (-1.84% to 75.78 euros, the largest decline CAC 40). Credit Suisse cut its rating to "neutral" to "underperform."

Arcelor Mittal has launched $ 2.5 billion of debt in three parts, according to IFR, a subsidiary of Thomson Reuters.

Yellow Pages (-1.4% to 8.48 euros). HSBC cut its rating to "overweight" to "neutral."

General Health (1.18% to 11.62 euros).The former manager of French private clinics and hospitals on Monday published a half-year revenue declined 4.7% to 1 billion euros, which also reported an increase of 8.8% in profit operating income, to 80.4 million.

In an interview with Le Figaro, Benoît Potier, Chairman and CEO of Air Liquide (-0.51% to 88.87 euros), says that the big industries have restructured and fully benefit from the recovery.

On the foreign exchange market, the euro was maintained in the morning to its best levels since two months around $ 1.30.

At the macroeconomic level, the U.S. central bank must now publish its Beige Book on economic conditions. It will be very guarded while the president of the institution, Bernanke said there is just one week before the Congress, the slow recovery, with no announcement of new funding in the economy.But it was the day Friday with the first estimate of gross domestic product (GDP) that will attract the attention of investors.

On the side of values, the telecom equipment maker Broadcom announced yesterday after the close of Wall Street quarterly profit of $ 278 million, against $ 13.4 million last year electronic check payday advance. Turnover was up 54% (+10% sequentially) to $ 1.6 billion.

Note also the biotechnology group Cephalon issued a quarterly profit of $ 89.1 million, well above expectations.

Always on the side of values, the Wall Street Journal, internet group Google is in talks with several video game publishers, in order to enlist their support for setting up a social networking service that would compete with Facebook .Some game publishers approached by Google Playdom be included, a publisher whose Disney announced the acquisition Tuesday, Playfish, bought last year by Electronic Arts, and Zynga, in which Google has already invested, it said.

For its part, the Microsoft IT group has criticized the partnership between Yahoo! Japan and Google, saying it would end the competition in the internet search in Japan and has questioned its "legality".

Also note, the oil company BP will have to "change the culture" after the oil spill in the Gulf of Mexico, said its new CEO, American Bob Dudley, in an interview on ABC.

For the moment, there are four candidates. According to our information, this investment fund Carlyle, Bridgepoint, LBO France and PAI Partners. Starwood Capital could be added to this list at the last minute. Eurazeo, which had taken control of B & B in 2005 to approximately 380 million euros, expects the deals financed at the top of the range between 450 and 500 million euros.

With 227 hotels (187 in France, 35 Germany, 4 in Italy and one in Poland), B & B is a turnover of 200 million euros this year.

The first reason advanced by the agency for "the provision of 400 million euros related to the recently announced construction of the Olkiluoto 3 reactor in Finland. The further delay of the Finnish EPR, one of four currently under construction by Areva (Flamanville with the Channel and two in China), forcing the group to a new provision that would cause a negative operating result for the first semester 2010. In total, the group has been provisioned 2.7 billion euros for this site should be completed in late 2012 with four years late.

S & P added that the profitability of Areva would also be affected by a "conflict" is contrasted with EDF about the Georges Besse enrichment plant, in the Drome. Both groups fail to reach an agreement to renew the contract which ensures the Areva uranium enrichment EDF.

The rating agency does have a stable outlook on the debt rating of Areva, the group believes that "should be able to implement successfully the remainder of the plan sales and its plan to increase capital , strengthening its balance sheet.

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"It is clear that Mr. Kerviel will not pay" such sum, said in his address one of three lawyers from the bank, Jean Veil.Mais amount is requested for the sake of "simplicity" and "understanding ", he said, adding that this sum represented only" a part "of the injury."You could charge interest, they could claim compensation for moral damage" also suffered, "he added.

The bank alleges that Jerome Kerviel, who faces further five years in prison and 375,000 euros in damages for having taken without his knowledge for tens of billions of dollars of speculative positions in financial markets, which resulted in January 2008 by a historic loss of 4.9 billion euros.

Jerome Kerviel, 33, disputes this analysis and refuses to take responsibility for this perte.Il says his superiors knew of his operations – what they denied in their testimony – and thinks he could have ultimately "chasing" if he had been given time paperless payday loans.

Under the old trader, the "unwinding" (liquidation) of the positions he had taken was done wrong at the wrong time, what still strongly disputed Mr. Veil. The bank was threatened, she had no choice, provided the lawyer.

Before Mr. Veil, François Martineau, another lawyer for the bank, explained that the "thesis of Jerome Kerviel" that Societe Generale "knew" what he was doing was "totally unbelievable. First, "why hide what is known? There is a major contradiction. Then, continued the lawyer, "he said, 'They let me win, and when I started losing I was arrested'."But, he said, "it began to lose in April 2007!" Redress the situation before the end of the year end 2007, then lost again in January 2008.

Martineau also recalled the "images" that have been raised since the beginning of this case: the "earthen pot against the iron pot," or "David against Goliath." But there are many, he said A victim who is the bank, and a "defendant" charged with three offenses of embezzlement, forgery and using false and fraudulent introduction of data into a computer system.

That trust, however, is conditioned "to efforts must be made" by Spain, according to the IMF."What I see today is that these efforts are underway, however, found the director of the institution, referring to measures to reduce public deficits and structural reforms announced by the Spanish government.

Focus on employment

Dominique Strauss-Kahn in particular called "crucial" reform of the labor market. According to him, it is "incredible" that the unemployment rate is rising so fast in Spain each economic crisis compared to other European countries. Today, the Spanish unemployment rate reached 20% of the labor force, double the average for the euro area.

The parton IMF was satisfied that the reform of the Spanish government will lay "the foundations of the Spanish growth for the next two decades.""If done correctly, I am very confident," he repeated, adding that "the steps taken by Spain in recent days were crucial.

Maintaining growth

For its part, the Spanish Prime Minister has reaffirmed, after his meeting with the Director of the IMF austerity measures that his government had put in place should not affect the growth of his country."Fiscal consolidation, reduced public spending, if we conclude the reforms, if reforms are strong as we think and produce enough confidence, should not affect the economic recovery and maintain growth in prices since the first quarter "said Jose Luis Rodriguez Zapatero.

Always with a view to reassure the markets, the Spanish Prime Minister reiterated the importance of resistance testing (stress test) should be conducted on European banks. These must be published before the end of July, after Nicolas Sarkozy. "The sooner the better," said Jose Luis Rodriguez Zapatero, who considers the initiative "absolutely critical" to "recover market confidence.He said the results will be noted that "most banks are in a good situation."

Spain, described by speculation, is now back to the wall. The country has a deficit that exceeds 11% of GDP in 2009. But Jose Luis Rodriguez Zapatero is confident: "I would not be surprised if market sentiment changes towards Spain in the weeks or months to come," he warned.

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