Archive for the 'resources' Category
At 14:30, all financial markets will have their eyes riveted on the United States. It was at that time that the unemployment figures across the Atlantic for the month of August will be published. Given the caution with which the New York markets were closed Thursday and Europe, uncertainty should persist until Friday the publication of these figures. In the middle of meeting, the CAC 40 rose 0.76% to 3659 points. At the London Stock Exchange, the FTSE-100 advance from 0.52% to 5399.14 points, and the German DAX 30, the Frankfurt Stock Exchange, rose 0.44% to 6110.88 points.
"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If figures are bad, I think markets will fall heavily and not only Friday, but next week. '
Services: slowdown in France, rising in Germany
Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.
Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .
For the euro area, growth in services in France recorded a slight decline. Whereas 59.9, the PMI stood at 60.4 against 61.1 in July. In contrast, in Germany, he cons 57.2 56.5 in July. Although below expectations (58.5), it evolves to its highest level since August 2007.
Retail sales in the sixteen countries that have adopted the single currency rose 0.1% from June and 1.1% over one year. Economists polled by Reuters had forecast an average increase of 0.2% a month to month and 0.6% a year.
The meeting was much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.
GDF Suez Stock doped by a partnership
The Director General of the operator, France Telecom, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of strings Orange Cinema Series TV and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".France Telecom gained 0.25% on the stock market to 16.18 euros.
GDF Suez (2.09% to 26.75 euros) has signed a partnership with the Brazilian Eletrobras to develop transportation projects and energy production in Central and South America, and Africa.The two groups do not preclude joint ventures.
Air France-KLM (+0.27% to 10.96 euros) plans to create a structure "low cost" for medium-haul routes, especially from Orly to the province to counter the offensive of the British company at bottom EasyJet costs.
The Slovak government has decided to retire to a consortium led by Bouygues (-0.28% to 32.32 euros) a road construction project of $ 3.3 billion through a public-private partnership announced Thursday Slovak Minister of Transport, Jan Figel.
Venezuela will pay approximately $ 600 million (468 million euros) Casino (+0.20% at 66.20 euros) and other shareholders of the supermarket chain Exito nationalized in January said Thursday President Hugo Chavez.
Vinci (+1.05% at 37.14 euros) Thursday announced the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros ), allowing it to become number four in the sector in the United Kingdom.
LVMH (0.81% to 97.25 euros) a court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.
Pernod-Ricard still in the red
On the side of the steepest declines, we find Sanofi-Aventis, still in talks to buy the company Genzyme bio technologies. The value is 0.54% to 46.63 euros, after losing 0.53% on Thursday. Pernod-Ricard continues in the red after the publication Thursday of disappointing results.After having yielded 2.37% on Thursday, back down 1.68% to 60.22 euros on Friday.
Ipsen (+0.26% at 27.27 euros) has signed an agreement with the Swiss pharmaceutical company Santhera Pharmaceuticals. The laboratory has received a license to market the fipamezole, a drug that helps relieve the symptoms of this disease in the world, except Japan and North America.
There are so many add-on features to every insurance policy that add up to more expense for the consumer that every person who signs up for affordable car insurance needs to read thoroughly through the policy before agreeing to paying higher premiums.Everything is improving at L'Oreal. The activity is accelerating in its four divisions – professional products, consumer, luxury, and active cosmetics – and in all regions of the world. Operating income rose twice as fast as the turnover and can find a record level of margin, and net profit falls sharply increase.
In detail, while turnover rose 6.3% to 9.67 billion euros in the first half of 2010 – a 13% growth in the Asia-Pacific – the Operating profit climbed 21.4% over the first six months of 2009, to 1.67 billion euros. The operating margin amounted to 17.3% as well. This is well beyond what the consensus expected, with a margin of 15.4% referred. And allowing it to regain its peak level reached in the first half of 2008.In the public sector, the margin rises to 20.4% while in the luxury, it is 28%.
In this context, the net profit of L'Oreal rises 21.2% to 1.316 billion euros. Per share, net income amounted to 2.39 euros, an increase of 15.3%.
Note also that the net debt stood at 1.67 billion euros at June 30, 2010, and is thus reduced from 300 million euros compared to late 2009.The debt ratio amounted to 11.7% of equity.
DG confident
Commenting on these figures, Jean-Paul Agon, CEO of L'Oreal, welcomes the group's strategic choice: "focus on innovations with high value added and affordable price, expansion into new product categories, accelerating the international expansion and investment in proactive ways advertising and promotion and research. "
"These findings fall within the virtuous spiral of growth of the group and confirm the vitality of the business model L'Oreal," he added.
A stock market as attractive
The L'Oréal closed Wednesday at 75.77 euros on the Paris Stock Exchange, posting a decline of 2.9% since the beginning of the year, while the index diversified European consumer goods ahead of 10 5% over the period.At this price level, the Group's market capitalization stood at 45.2 billion euros.
The value of trades on valuation multiples of about 17.5 times its earnings estimates by analysts for 2011, well below the average for the last five years (24.5 times) but considerably higher than the 14.7 overall average in the sector. The chifrfes indicating that L'Oreal shares are not expensive in terms of its performance. Natixis Securities aims, for example 97 euros for a potential increase in value by 28%.
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The Agency for State Holdings is undergoing a revolution. The scheduled departure in September of its CEO, Bruno Bezard, economic mission to Beijing, is an opportunity for the state to reassert its role as shareholder. The government Tuesday appointed by the Council of Ministers Jean-Dominique Comolli, former boss of Seita, Commissioner of State Holdings. He will then head the Agency state ownership.
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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The CAC 40, which surpassed Monday night at the close of 3750 the bar points (3%), takes a breath of fresh air on Tuesday. At the opening, the index coward timidly 0.08% 3744.52 points. In London, the Footsie yields 0.47% to 5371.92 points.
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.
Jul
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"The week will be very nervous," Franklin predicted Tuesday Pichard, director of Barclays stock. On the one hand, the low trading volumes (less than 3 billion at the close Tuesday) and other stress tests published Friday in 16 hours confirm this thesis. Since the beginning of the week, the CAC 40 index opened sharply higher supported by positive results from U.S. companies before gradually slowed down, as the sitting. The trend should be the same on Wednesday.
Asian stock markets closed on Wednesday in a disorganized, Tokyo lost 0.45% to 9258 points, while Shanghai was slightly higher than 0.06%, within minutes of closing.
Meeting between Lagarde and Schäuble
On the macroeconomic front, the appointment of the day is undoubtedly the meeting between Christine Lagarde, Minister of Economy and its German counterpart, Wolfgang Schäuble, at 12:45 pm.The two ministers would discuss the release of such stress tests, for which Christine Lagarde said he was "totally confident". These relate to BNP Paribas, Societe Generale, Credit Agricole and Dexia.
Other values to follow, Airbus, at a time when the fair takes place Fairnborough (south London) until July 25. The European aircraft manufacturer will easily exceed its target of orders in 2010 and could set up 400 orders against 300 originally planned, said Tuesday John Leahy, marketing director of manufacturer, Reuters Insider.
The European Union has also announced Wednesday it would appeal the conviction of the World Trade Organization (WTO) on subsidies provided to Airbus.
The airlines, including Air France will also follow, while five air traffic controllers' unions have called a strike for Wednesday.
World production of crude steel increased by almost 28% over the first six months of the year, but the pace of growth continued to slow in June: 18% from June 2009. Analysts believe the slowdown will become even more acute in the months to come. Investors follow the impact that this announcement will have on companies such as ArcelorMittal.
APRR said vehicle traffic had benefited in the second quarter of disturbances air and rail, and the improved economic No fax pay day loan.The group has published a quarterly revenue, excluding construction rose 5.8% to 491.5 million euros, with vehicle traffic rose 4.5% in the second quarter, in kilometers traveled.
Several publications for
The ball of results announcements or turnover continues: after-hours trade, Unibail-Rodamco will present its second quarter results. NRJ Group, Mersen (ex Carbone Lorraine), Cegid Sperian reveal them their turnovers in the second quarter.
Accor announced a growth of 5.1% of its turnover in the hotel industry in the first half on a comparable basis. The group earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices in France, Germany and the United Kingdom.
The manager of nursing homes and clinics, Orpea, achieved a turnover of 470 million euros, representing organic growth of 9.3% and confirmed its full-year 2012.
Manitou, manufacturer and distributor of material handling, reported Tuesday a sharp rise in quarterly sales, but said the second half anticipate a slowdown in orders and a possible impact of delivery on its sales business.
Hi-Media, publisher of consumer websites, has warned that its net profit in 2010 would be affected by restructuring. The group now expects an operating profit comparable to that of 2009 (16.5 million euros).
Vetoquinol, the veterinary pharmaceutical company, has published a turnover of 138 million euros, up 15% in the first half.The group expects to raise over 200 million euros to pursue its external growth.
Sword Group reported sales of 47.2 million euros in the second quarter, up 7.8% as organic. The services company confirmed its objectives for 2010.
The recovery of steel distributor by IMS Jacquet Metals by a swap of shares is now effective, IMS announced Tuesday a few days after getting the green light from EU authorities. The current CEO of Jacquet Metals, Eric Jacquet, has been appointed to head the new entity.
The Elysee is the only institution in the Republic to see his accounts peeled annually by an independent body, in this case the Court of Auditors. And Nicolas Sarkozy himself who requested the monitoring. Obviously, this regular audit is bearing fruit. The Court of Auditors, who presented this morning's report on fiscal year 2009, noted that the recommendations made last year have been acted upon. Thus, the cost of studies and surveys that had hit the headlines, has been reduced by 45% in 2009. Similarly, the bill for the garden party fell 30% last year.This year, the problem is solved since this event did not happen! The ECA is also pleased that an inventory of furniture and objects from the Elysee has been launched and the residences of Rambouillet, Marly-le-Roi and Souzy La Biche, not used by the president, have been transferred Authorities competent to cheap credit report.
Rest areas for improvement. The magistrates of the Rue Cambon point especially travel. Delegations are too many, especially in travel preparations. Media coverage of these trips is more expensive: 465,000 euros in 2008, 1.06 million euros in 2009. The development of a special press room for the president at the G20 Pittsburg and cost a whopping 25,000 euros! The bill for the meal trays in an aircraft is surprising: 120-160 euros per person.Moreover, the Court of Auditors estimated that the restoration at the Elysee is too expensive. On both issues, the Elysee is committed to making improvements, including reducing by 10% in three years enrollment in the restoration.
The declaration of Didier Migaud, president of the Court of Auditors, to reduce expenses in the operation of the Elysee:
"Splinter Cell Conviction," "Just Dance", "Assassin's Creed 2," "Avatar". These video games, real commercial success, Ubisoft has realized the first quarter of 2010-2011 above its own expectations. The video game publisher has announced on Monday, a turnover of 160 million euros against 145 million euros announced last May 18 at the annual results presentation. An increase of 93%.
In exchange, the news is very appreciated. The group titles are at the forefront of the SBF 120 since the opening of markets with an increase to the closing of 15.42% to 7.35 euros.
Forecast confirmed
Markets are also satisfied with the maintenance of annual targets credit report."The turnover of the second quarter of 2010-11 would be about 83 million euros, in line with the second quarter of 2009-10. The group confirms its previous comments regarding the 2010-11 biennium is the return to profitable growth and cash flow positive from operations, "said Ubisoft in a statement.
Side launch, the group put on another commercial success to come: the game "Driver". Previously scheduled for the third fiscal quarter, it should now come out in the fourth quarter.
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Caution has characterized the session Monday on U.S. markets. As we enter the ball of the first quarterly results, including Alcoa's after-hours trade, the U.S. markets have closed up slightly. The Dow Jones gained 0.18% to 10,216 points, the Nasdaq ahead by 0.09% to 2198 points and the S & P 500 rose 0.07% to 1079 points. Friday, Wall Street closed higher in very small volumes before the opening of the quarterly earnings season.
The euro under $ 1.26
On the foreign exchange market, the euro has further retreated from Monday to below $ 1.26, on a foreign exchange market characterized by a weaker yen due to the electoral defeat of the ruling party in Japan and Pending results of the first companies in the United States.In the eurozone, the key event of the week will be put on the market for Treasury bills Greek tomorrow, the first since the announcement of the bailout of the European Union and the IMF in May
The week will be rich in promises of economic indicators in North America. In addition to the cascade of results expected in the coming days, markets will look especially to the publication of the minutes of the last meeting of the Monetary Policy Committee of the Federal Reserve on Wednesday.They will look particularly at whether the Fed fears that the crisis of sovereign debt in Europe weigh on U.S. growth.
The ball starts quarterly results
In the absence of major macroeconomic publications on Monday, the market should focus on the first quarterly results announcements in the United States.
As always, the kick the ball in quarterly results, was given by the aluminum giant Alcoa (-0.64% to 10.87 dollars) on Monday after closing. Follow in the week the Google technology groups (2.35% to 478.48 dollars), AMD (2.89% to 7.55 dollars) or Intel (1.31% to 20.51 dollars), and JPMorganChase Bank (0.41% to 39.01 dollars) and Bank of America (-0.07% to 15.10 dollars).The figures will be scrutinized with JPMorgan special attention because many investors believe that it is the financial will signal a rebound in real markets.
BP blazes in London and New York
In addition, shares of BP, listed on the NYSE move up sharply to 4:20 p.m. amid speculation about possible asset sales of oil still struggling against the tide nore in the Gulf of Mexico. Like primary listing in London, where the title to earn 8.90% 397.25 pence, the action of BP climbed 5.64% to 35.97 dollars in the U.S. market increased from 0, 06%.
European markets should pause on Thursday after two sessions of sharp decline, which followed nine sessions of consecutive increase.
The CAC 40, which closed Wednesday were down 1.71% at 3641 points, due to start sitting up on Thursday, the CAC 40 index futures predicting a rise of 0.74%.
On Thursday morning, the euro is up 0.17% to 1.2333 dollars around 7:30 rating. The European currency resist despite lingering fears about the state of the economy of the Old Continent.
In an interview with Italian newspaper La Repubblica, Jean-Claude Trichet, ECB president, said it was unlikely that the risks of deflation to materialize in the euro area.
Employment on the radar screen
In France, INSEE unveil at 8:45 expenditure Household consumption of manufactured goods in MayAnd job center will provide 18 hours tonight the numbers of jobseekers registered.
In the euro area, new industrial orders in April will be known 11 hours.
In the U.S., at 14.30, the figures on durable goods orders in May are highly regarded, as usual. As the traditional weekly claims for unemployment benefits (same time).
Areva accrues $ 400 million more
The Group accrues 400 million euros more because of the further delay of the EPR. These delays have already cost the group 2.3 billion euros nuclear. And this new supply will cause the accounts into the red in the first half.
The Da Vinci company has signed an agreement for a proposed road tunnel in Vietnam, worth an estimated 600 million dollars.
Publicis Interpublic does not need to merge with Publicis, according to its CEO, Michael Roth.The fourth group in terms of global advertising revenues has been speculation about a possible merger with French group.
L'Oreal L'Oreal held yesterday, a presentation on New Markets, about their potential for growth, based on affordable innovations, development of new product categories and the acceleration of globalization. Natixis Securities appreciated and raised price target on the value of 92-97 euros.
The bank Societe Generale 4.9 billion calls to Jerome Kerviel. This sum is claimed as damages, the commitments of the former alleged fraudulent trader.
Vivendi, however, that without the word "relax" is heard, the prosecution did not request any penalty against former executives of Vivendi Universal.From the first day of the hearing, Jean-Marie Messier, former CEO, has expressed a mea culpa about its "excessive contact".
Casino New episode in the war of Nespresso. Nestle has obtained the high court in Paris to send bailiffs in Folliet and Vegeplast, the two suppliers to the manufacturer Casino pods compatible with Nespresso machines.
Air France-KLM 4,390 people have left the company without having been dismissed, by March 2013, according to an internal document quoted by La Tribune, on its website.
Compagnie des Alpes Compagnie des Alpes announced Thursday the launch of an increase in capital of approximately EUR 100 million with maintenance of preferential subscription rights.
The leisure group has also announced a refinancing of its debt in advance through long-term, secure the liquidity of the group for five years.He said in a position to make acquisitions.
Banks The president of the European Central Bank, Jean-Claude Trichet said in an interview published Thursday that the financial regulatory reforms are on track and that a number of important decisions are taken in November at the G20 summit.
TF1 elimination from the first round of the France squad will deprive TF1 more than ten million euros in revenue.
Oil drop
Crude prices have continued to drop Thursday (76.2 dollars) in electronic trading in Asia, driven by anxiety about U.S. demand, world's largest consumer.
The latest indicators of the U.S. Department of Energy showing an increase of two million barrels in crude stocks in the week concluded on June 18 have caused concern to investors, which projected a decline of one million barrels.The increase in crude inventories reported in effect a weakening demand.
The "hole" becomes a chasm. The deficit in the general scheme of Social Security will reach 26.8 billion euros in 2010, having surpassed the 20 billion euros in 2009, according to a report by the Accounts Commission for Social Security (CCSS) is remit to the government on Wednesday said a source familiar with the matter told AFP. A figure to relate to a level of spending over 317 billion euros, all branches of the general scheme (health insurance, pensions, families, work accidents).
The prévisionde Commission, which will be corrected in September, is less than projected under the bill funding Social Security in September 2009. The official estimate then exceed the cap Pharaonic 30 billion deficit. An increase of over 7 billion euros to 30.6 billion.The figure of the CCSS is nevertheless an absolute record, while the social security deficit had doubled between 2008 (10.2 billion euros) and 2009 (20.3 billion).
In its report, the ACSH also believes the deficit of Old Age Solidarity Fund (FSV), whose mission includes the funding of the minimum age at 4.3 billion euros in 2010. Added to that the social security system, the total deficit of the general scheme could reach 31.1 billion euros this year, said the source familiar with the matter.
The weight of the crisis
In retail, insurance concentrates the largest share of the social security deficit and what, for the second consecutive year, with an estimated deficit of 13.1 billion euros.Then follow the branches pension deficits (9.3 billion), family (3.8 billion) and accidents (0.6 billion), according to the report of the CCSS.
In its battle against public deficits, President Nicolas Sarkozy recently announced a battery of measures to reduce the deficit to 6% of GDP in 2011, after 8% in 2010. Among these measures, the government has influenced its growth target of health insurance costs, which is now fixed at 2.9% in 2011 and 2.8% in 2012. "All measures necessary savings will be in place to comply strictly with the national healthcare expenditure (national goal of health insurance spending, ed), had then said the departments of Health and Budget in a joint statement.
Despite these initiatives, the economy weighed. The social security system is still shaken by the crisis.In 2009, the recession had hit hard the two main plates that fund the scheme: labor income (at half mast due to a decline in payroll) and income from capital (notably affected by the fall in transactions estate). And no hint of the HCMC upturn. In her report, she believes that 2010 will be continued in 2009. The "hole" of Social Security will continue to grow so brutal.
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