"The goal at the end of 2013 is to reduce the number of 3950, which represents half of 8400 anticipated retirements over the period, plus a bonus of 250, responded to AFP chairman Michel Régereau (CFDT) this Thursday. But later in the day, the chairman of the board of directors of the National Health Insurance has refused to sign the project.
"There was a debate within the board and it appeared that the majority (of the 35 directors, ie) was negative (the text) but there was no vote" per se, explained to the AFP Carolina Ferrera, Director CGT.
It must be said that the pill is especially bitter for the staff unions of sickness, such as primary agents of funds or regional health insurance (CPAM, CRAM), have declined steadily for several years.
From 85,000 in 2003, they returned to 75,243 in 2009, according to the draft agreement on objectives and management (COG) which AFP has obtained a copy. Like all governments, the CNAM is subject to the rule of non-replacement of a staff of two. But already, Michel Régereau announced he would vote against.This could lead, if followed by his counsel on a "blocking" quite rare in the annals of Secur. "So far, the presidents of unions secu supported the compromise reached with the government and sought to obtain a majority," he said.
"Here, we can not"
According to Michel Régereau, the Fund had estimated it had saved 850 jobs, bringing the losses in 3350. But with nearly 4,000 positions eliminated, "then we can not.""Our network of primary funds is to be a challenge (…), it will be very hard for regional banks, they will retreat to their heart business, and our strategy to improve the efficiency of the health system will be lost, "he added.
For example, the Fund wishes to develop information to health professionals, improve the conditions of discharge from hospital for patients, and developing diabetes prevention, "he listed. "To develop these programs, we need means," he said.
Dilemma for unions
"It will be a catastrophe for both the personal to the insured, warned Caroline Ferreira, director CGT, considering the demands of the government" unacceptable. ""We are dealing with a government that is deaf" and "blindly applying the rule of RGPP," the General Review of public policy, "she accused.
Remains to be seen what the outcome of the vote of the board of directors, composed of 35 members (unions, employers, mutuality, qualified individuals, patients' associations, family associations and professions). If he had voted against the COG 2010-2013, "is the state that (would) hand to the application," said Carolyn Ferrera, and could possibly refer the matter to Parliament, according to Michel Régereau.
Dilemma for voting against unions because they would lose part of their role.
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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.
After the European Council, the International Monetary Fund (IMF). On Friday, it was the turn of Dominique Strauss-Kahn, IMF managing director, said to be "very confident in the prospects for the Spanish economy in the medium and long term." The latter was speaking after a meeting in Madrid with Spanish Prime Minister Jose Louis Zapatero Rodrgiuez. The day before, Thursday, Nicolas Sarkozy, speaking on behalf of the European heads of state, also explained that there was no need to worry about the financial health of Spain.
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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To forget the failure of the huge nuclear power plant contract in Abu Dhabi. It's a little obsessed with the French energy sector and particularly of GDF Suez, which relies heavily on the Middle East.
Tuesday, the group headed by Gerard Mestrallet did not hide his satisfaction at the announcement of the signing of a contract to build a gas power plant with a capacity of 1730 megawatts (MW) in Saudi Arabia. The operation is substantial. The future plant, which will be commissioned in late 2012, an output slightly above the EPR (1600 MW), for a price much lower: 2.1 billion dollars.
In reality, the bill for GDF Suez is approximately 400 million dollars. The group owns only 20% of the consortium.The balance is in the hands of Saudi Crown Corporation (SEC), at 50%, and two partners, the Saudi Aljomaih Holding Co and Japan's Sojitz Corporation, which share the remaining 30%. The operation for twenty years, however, is entrusted to the French energy company.
Competition relatively limited
With this operation draws a little more face GDF Suez on the world supply. Unlike EDF, which concentrates its production in Europe and especially in France where it holds a capacity of 96,000 MW, the group is growing strongly outside Europe.
In the Middle East, it will have in 2013 a volume of 17,000 MW, equal to its combined capacity in Belgium and France. The other major area of activity is in South America, and particularly in Brazil where he is expected to produce 11,000 MW within three years.In total, GDF Suez expects a capacity of 100,000 MW by 2013 against 72,000 MW currently.
Growth in these areas is even faster than the electricity needs are growing. Demand is growing 8% per annum in Saudi Arabia. Brazil must build the equivalent of two or three EPR annually to meet the needs of the population and industry. The bulk of the investments made in hydropower, which represents three quarters of the country's capabilities.
Another advantage, competition is relatively limited. None of the major European energy companies not participating in tenders in the Middle East. The real competitor is Western International Power, the English electrician that coveted GDF Suez earlier this year.It has 9000 MW of which 2,000 under construction in the Middle East.
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After a few sessions of doubt, the Paris Bourse has picked up substantially. Encouraged by good news from the United States, the CAC 40 was indeed awarded 1.59% to close at 3557.34 points to finish in a volume of transactions expanded by about 4.5 billion euros.
Other major European markets have also hoisted the green flag.In Frankfurt, the Dax gained 1.23%, and London was awarded the Footsie 1.16%.
The markets were boosted by a salvo of indicators better than expected in Europe and the United States.
The Paris Bourse, which opened up substantially has continued to evolve in green, buoyed by an encouraging indicator for growth in the private sector in the euro area.
In the United States, on the eve of the announcement of monthly statistics of unemployment, investors focused their attention on "indicators from the employment market.
Positive signs
The firm ADP, which always reveals its figures a step ahead of the official statistics, said that the private sector in May had aligned his fourth consecutive month of net job creation (55 000).More good news, the number of jobs created in April was revised up significantly with 65,000 jobs, nearly double the previous estimate of ADP.
And, for analysts, the number of jobs created Department of Labor to be released Friday should be even higher because it also includes jobs in the public sector has massively hired for the decennial census. In recent days, signs of U.S. economic recovery are multiplying. The day before, real estate, which is closely watched by analysts had sent further signs of recovery.
In Paris, the mood swing advantage in priority areas identified as cyclical resource stocks and cars that were driving the increase, the image of Peugeot and Vallourec.
Apr
26
Lloyd Blankfein, Goldman Sachs boss, and six of its past or present employees may spend unpleasant moments earlier at the Capitol. They are summoned to explain, under oath, the practices of the largest bank on Wall Street before the Permanent Subcommittee on Investigations of the Senate.
Its chairman, Sen. Carl Levin, wants, before the cameras, pushing Goldman Sachs into a corner. He is convinced that, like other banks, it has contributed to the financial crisis through 2008 by selling to investors who may be unaware of the financial derivatives of mortgages she knew highly risky, while also trying to enjoy the likely devaluation of its securities.
These hearings are the culmination of ten months of investigation. Goldman Sachs comes very prepared with the best lawyers instead.Including some who once worked for the commission itself.
The event comes at a doubly crucial. Carl Levin and his team of experienced lawyers did not know that Goldman Sachs would otherwise be charged in civil fraud and conflict of interest by the Securities & Exchange Commission (SEC) last April 16. Now that the U.S. financial markets authority claimed that the institution of New York covers exactly the concerns of the Committee. So, Fabrice Tourre, French employee who is 31 years at Goldman Sachs, namely accused by the SEC, is also among those summoned to explain Tuesday.He was accused of having concealed the bank's customers that it was developing derivatives were designed to lose value and enrich those who sell futures.
Ground
Another "coincidence" at the same time engaging the decisive battle in the Senate to reform the U.S. banking system. The Democrats, pushed by President Obama, trying to rally some Republicans in a text that would strengthen the control of risks taken by banks like Goldman Sachs. The procedure initiated by the SEC and the Committee hearings Levin maintain a political climate conducive to the adoption of legislation that is deemed a priority by the White House to prevent future financial crises.
Goldman Sachs denies having violated the law and denies having benefited unduly from the collapse of securities backed by junk mortgages it sold elsewhere.In 2008, the bank appears to have suffered net losses in this niche. But in 2007, it seems to have benefited greatly in its own account transactions, the collapse of a market it also fed. Internal e-mails from Goldman Sachs, seized by the committee and already published show that Tourre Fabrice and his superiors had understood in 2007 that the U.S. housing market to plummet and the market for derivative products that were "completely death.
Meanwhile, others in Goldman Sachs were pleased with the millions that brought down their speculation on these products. The Committee has already shown Levin in 2008. Its hearings have forced UBS to disrupt its activities and stop the recruitment of U.S. customers wishing to evade taxes.
Today the aim is not to demonstrate that Goldman Sachs had violated the law.It is mainly to prove that American laws should be changed to prevent the banks get richer without the knowledge of their customers.
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A "golden boy" among many other French
The files stolen by Herve Falciani the Swiss subsidiary of HSBC bank, and who found themselves in the hands of justice and the French tax authorities have been decrypted. A total of 172,000 accounts have been identified, held by 79,000 people, including 8,231 French. The prosecutor of Nice, Eric de Montgolfier, announced Tuesday night.
It is well beyond what had been said, on March 11 last, the CEO of HSBC Private Bank, Alexander Zeller. The theft "committed by an employee of the department about three years ago, could affect some 15,000 customers," he declared at a news conference.Regarding the French, it is also far escaped the 3000 tax raised by Eric Woerth, budget minister last summer.
Return a long history
The French court before January 20, 2009 at the home of French Herve Falciani encrypted computer files containing a list of accounts held by customers of HSBC. The search was conducted as part of a request by Swiss judicial authorities, suspecting the employee of misappropriation of confidential data between 2006 and 2007.
But before passing to the Swiss – after a standoff of several months – French investigators have analyzed the content of these seizures, which have proved of great interest for justice and the French tax authorities.Prosecutors in Nice opened an investigation for money laundering and tax administration has used the data to identify suspected fraudsters Fast Cash Without a hassle.
The Battle of France
Shareholders who were illegally will pay for it keeps those who do not. Of the 6 billion euros of capital identified in the accounts in Switzerland, 700 million penalty in 2010 will be released. And 700 million euros will be refunded to taxpayers whose tax exceeds 50% of revenues.
In Italy, the method was different. Silvio Berlusconi has been voted an amnesty which showed 95 billion euros of capital and reported $ 6 billion in the Italian Treasury.
But the amnesty is not on the agenda in France. "Because the amnesty called fraud until the next amnesty," said Eric Woerth.
Italy on the alert
"Prosecutors in Turin we sent a request for mutual legal enforcement. He asked to get copies of the data we have captured, "said Eric de Montgolfier. According to the prosecutor, the Italian justice has opened an investigation for tax evasion.
The decoding of stolen files has revealed the names of 7,094 Italians.
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Dec
23
It must be with Air France, it will be finally on Tuesday with Trenitalia. Reportedly, the group Veolia is about to conclude an agreement with Trenitalia, the division of passenger transport operator of Italian public Ferrovie dello Stato, to ride the TGV in France in early 2012.
Neither partner can share in the unknown. The French group had initially started this project in 2008 with Air France before the airline waives last October. Veolia provides fruit and a year of joint discussions with Air France on the subject and plan of attack ready. For its part, Trenitalia is the first foreign operator to take advantage of the opening of international passenger traffic last December 13 to seek paths in France.The group is preparing to roll its TGV spring between Rome, Milan and Paris.
The liberalization of international trade makes it possible for an operator to run its trains in France if they have a path between two states. It is possible to make the Milan-Paris via Lyon and compete with SNCF on the Paris-Lyon section.
To ride the TGV early 2012, both partners are ready to draw: it takes at least six months to conduct the tender for rolling stock and nearly two years the builder to honor his order. Veolia should take over the project developed with Air France. It revolved around three TGV lines. An axis Brussels-Paris-Lyon which allows both to compete with the Thalys between Brussels and Paris and SNCF from Paris and Lyon. A Paris-London Eurostar rival but also competing with SNCF Paris-Lille.And finally, a Paris-Strasbourg line with after the Alsatian capital, a branch to Frankfurt serving lines Mannheim and Karlsruhe, and a branch to Basel with a stop in Mulhouse.
Ambassador of the French high-speed
With operating costs 30% lower than the station simply because of the social system of railway, Trenitalia Veolia and could become the low-cost airline of the TGV. Initial projections of rates which were estimated with Air France aimed at a Paris-Lyon to 30 Euros in second class cons 41 to 63.10 euros for the station (ticket Leisure in normal times), a Paris-Nantes to 22 euros second class cons from 36.50 to 56.80 euros for the SNCF and the Paris-Lille 19 euros against 25 to 38.90 euros for the station.
For Air France, this project means that the ally of yesterday will become a new competitor for its domestic flights.For the station, this is the end of a monopoly and the beginning of a battle that will necessarily lead the public company to lose market share.
For Veolia, the project is a first step since the group aims eventually to answer calls for tenders TGV abroad. The French would be very good in the role of ambassador of the French high speed in the world alongside the manufacturer Alstom. "To export the TGV, Alstom suffers from not being associated with an operator, said a close case. SNCF does not because she is not willing to take risks and cost of revenue abroad. "
It's going to Cr?dit Agricole evil SA! After conceding 4.59% Thursday as the bank lost 4.73% shortly after mid-session at 12.295 euros, or one of its lowest levels since three months, and signs for the second consecutive time the highest CAC 40 down and even the entire industry in Europe.
Like BNP Paribas (0.44%) and Societe Generale (0.57%), the entire banking sector is undergoing suffering. But the fall is more brutal for Cr?dit Agricole. "The strengthening of prudential bank by the Basel Committee" penalizes "greater mutual banks," said Vincent Ganne, strategist IG Markets. He added: "The capital of these banks (mutual) is composed of common shares and ITC (cooperative investment certificates).As stated Vincent Ganne, the Basel Committee intends to require banks that shares are the dominant form of their own funds. However, Credit Agricole has over ICC BNP Paribas or Societe Generale. According to the strategist, Cr?dit Agricole is expected to retreat further in the short term. In addition, Bank of America-Merrill Lynch recently lowered his rating from "buy" to "neutral."
Basel, Greece, recommendation: Cr?dit Agricole depression
Lastly, Cr?dit Agricole suffers for several weeks on fears its exposure to the debt of Greece, including Standard & Poor's, after Fitch downgraded the long-term notes. The rating agency also notes the gradient of two major Greek banks, Eurobank and Alphabank. However, the mutual insurance group is present in Greece, through its subsidiary Emproki. "A greater share of profits should be set aside to build social capital.Outside, Credit Agricole has lagged behind other banks, mainly because of Emporiki should not return to profitability by the end of 2011 "concluded Vincent Ganne.
Over a month, Credit Agricole fell 17%, when the CAC 40 gained 0.6% and the DJ Stoxx European banks down 7%.
Carrefour could engage in home delivery in France in order to cope with declining attendance in its hypermarkets. According to The Independent, the French giant is in talks with UK online retailer OCADO to create a joint venture based on technology automated OCADO. It would be especially interested in their software on order entry and online organizing deliveries. OCADO who wishes to enter the stock market next year, book products supermarket High-end British Waitrose.
Deliveries should start first in Paris before spreading to the rest of French territory. The newspaper also reported that neither OCADO Carrefour did not want comment. Carrefour in the third quarter, down 8% of its turnover number of store.