After three potential scenarios developed by the working group of Bertrand Fragonard, president of the High Council for Family Affairs, it was the turn of the Economic Social and Environmental Committee (EESC) to make known its proposals to finance the old age dependency. The two rapporteurs of the text have sent the first draft to all members of the EESC. The final opinion must be considered and voted that the 14 and 15 June before being sent to the government that sought to prepare its reform this summer.
In his text, the Committee stresses the challenge "societal" dependency. Solutions "is to implement new (…) of solidarity, sustainable for families as the public finances over time," says the notice emphasizes that the financing of the loss of autonomy must be on a casting vote by the national solidarity.According to figures cited by the EESC, expenses associated with the dependence reached last year, 33 billion euros, 24 billion to the burden of the community. Population projections are also reported an increase of 25% of people aged over 75 by 2025.
1% on inheritances and donations
To ensure the extra spending, the Committee advocates the establishment of a 1% tax on inheritances and donations out of business transfers and professional tool. "This tax would apply to all products that are not taxed today," said Monique Weber (CFE-CGC), co-rapporteur of the draft opinion.Successions between married or civil unions would then be concerned, like those on certain real property (located mainly in Corsica and benefit from exemptions), works of art, or gifts and legacies made for the benefit of associations .
The Notice also contemplates "the alignment of the full rate of the CSG on pensions (6.6%) on the assets (7.5%). This option, proposed in particular by the MEDEF, Fragonard and the commission did not favor the government but in the EESC could bring 1.7 billion euro. The opinion, however, leaves open the debate and suggests that this increase in the CSG could be applied "beyond a certain threshold of income."Other lines of inquiry such as the introduction of a second day of solidarity, an increase of half a point in the premium pension scheme, a levy on the assets of the highest or the introduction of VAT name, have however been excluded.
The text also stresses that to the increasing share taken by private insurance contracts, several precautions must be met to avoid the rising cost of loss of autonomy in the home, including the poorest.The EESC therefore envisages the creation of "a label given to public contracts respecting the specifications, and introduce government subsidies to help households subscribe to these guarantees.
Finally, beyond the financial recommendations, the project would include a large number of practical recommendations for home support for older people or support for caregivers (family members caring for dependent persons), according Monique Weber. Trails explored by the commission as Bertrand Fragonard.
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The shock wave continues to sweep Fukushima Europe's energy. While Switzerland has announced its nuclear phase-out, Germany specifies how the final cessation of its 17 reactors, her 7 oldest already being put off since the reversal of Angela Merkel.
On 6 June that the ruling coalition in Berlin to present its draft law on the date of the release of nuclear energy. The Ethics Commission was commissioned by the Chancellor gave his opinion: Germany should abandon nuclear power within ten years.A position to resume its behalf by the head of the Bavarian Christian Democrats, allies of the CDU Angela Merkel, during long and tough negotiations this weekend, amid new anti-nuclear demonstration.
Threat of blackout
Is that the pro-nuclear industry in mind, threatening the country with a blackout or an exorbitant cost in case of renunciation too fast for nuclear power plants. Energy-intensive factories will be in trouble, warns the Association of Industrial Energy. According to Bild, the government expects an output cost of an atom of 16 billion euros by 2015, while the overall figure of 40 billion euro circulates in the CDU documents cited by the Süddeutsche Zeitung .
In Italy, Silvio Berlusconi's government, which provided early in the year to revive the nuclear arrested in 1987, has also backtracked.He earned the confidence last Tuesday in Parliament on a gel for a year or two atomic projects.
In France, where nuclear has provided in 2010 about 74% of electricity, its place in the energy mix should be widely debated during the presidential campaign. In this context, the Government has entrusted to the Court of Auditors an audit on the cost of nuclear power, future decommissioning, waste management and additional costs of security including post-Fukushima.The Prime Minister asked to "gather the relevant questions of economists as associations of environmental protection, but they denounce expertise not pluralistic.
Completely new, reflecting the effect Fukushima in the country's most nuclear-armed world, the Directorate General for Energy and Climate (DGEC) asked its experts to calculate the impact on the electricity bill and releases CO2 down 5% from nuclear. Response in September.
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Memory market on Friday, 13 has little impact on markets, even if Friday, October 13, 1989 took place a minikrach. In real estate, however some have difficulty leaving their superstition on the shelf.
The "Paraskevidékatriaphobia (phobia 13) deprives many American buildings 13th floor, and many palaces room or table 13. In the UK, according to a British website, Zoopla, an apartment of less than 300,000 euros, at number 13 of a street, would sell for an average of 4000 pounds (4593 euros) less than 12 or 14 .
The 13 does not however run the streets: 28% of UK streets do not. It has often been cleared between 11 and 15, or disguised in 11a. In Paris, there are not 13, rue du Faubourg Saint-Honore, since the Empress Eugenie decided. But when they exist, the numbers 13 are not cheaper than 15 or 11.
In Orpi or Féau is remembered buyers have waived a house not quite "feng shui", but not because of 13. Citing statistics, the Notaries of Paris confirms: "For the No. 13 tracks, there is no special discount. Parisians do not seem superstitious! "Neither the address nor the floor … in the Montparnasse tower does have a 13th.
The unions had already brandished the threat late March. They have implemented, calling all employees hypermarket distribution group to strike on Saturday to protest against including salary increases for 2011, considered insufficient. The appeal, launched by the FGTA-FP, the majority union at Carrefour (with 40% representation), is supported by the CGT, CFDT and CGC.
In total, the 65,000 employees of the French distribution group are known not to work and show around the shops this Saturday, the day the traditional busy in hypermarkets. Early estimates labor, the movement is widely followed in more than 200 superstores supermarket group. Over thirty sites are completely blocked, workers blocking access to supermarkets.Even when they are not blocked, the strike rate range from 30% to 85% as estimated by Dejan Terglav, general secretary of the FO-FGTA reported in the AFP. When contacted, the management of Carrefour has not confirmed those numbers, always carrying an inventory of mobilization, and ensuring that all supermarkets were open.
From yesterday, union officials expected a high rate of mobilization of employees in a group unaccustomed to large-scale social movements. An impression confirmed Saturday morning. "It's a movement that looks quite memorable. It is widely followed, "said Franck Gaulin, Steward central CGT. Jean-Claude Mailly, secretary general of the Workers' Force (FOR), came to support the movement this morning on the website of Le Mans, on strike for 80%. "People want a redistribution within companies.When companies are unwilling to do that, there is a strike, "said union leader, also claims that" a device to make compulsory the transport allowance in all enterprises. "
Insufficient wage increase
While management offers its employees a 1% increase in wages to March 1 and another 1% increase on 1 October, union officials estimate that these increases do not cover inflation announced by 2%. "It does in fact represents only 1% over the year," says a leaflet distributed by the FGTA-FO.Even the promise of recovery to 10% (against 7% previously) discounts on purchases of stores, and the announcement of the reopening of negotiations next Wednesday, will not suffice to bring back the union leaders on their decision.
Moreover, the malaise is becoming stronger on the side of employees on the deteriorating conditions of employment and new working methods since the arrival at the head of the group of Swedish Lars Olofsson, in January 2009.
Opposition to the plans of division
While President Nicolas Sarkozy on Thursday expressed its willingness to link salaries to dividends, the unions could ask for more support for their speeches.For beyond wage increases claimed, employees believe that the demerger proposal by listing the subsidiary Dia hard discount and the 25% of Carrefour Property land would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital (14% stake and 20% of voting rights between them).
In the words of Dejan Terglav, secretary general of the FGTA-FO, reported in Les Echos this Friday, the organization also wants the Mutual Fund Business (CIPF) 'vote against the division (during the next meeting June 21 di ed.) CIPF owns approximately 1.33% of the shares but the double voting rights "said the union leader. Bringing to nearly 4% the number of shareholders opposed the project, with the fund Knight Vinke (more than 1% of capital).But for now insufficient to meet a third of votes needed to derail the project.
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Large concessions to the unions, except the premium increase. That is the impression that emerges from a reading of the draft agreement presented this morning by the management on supplementary pensions in the private sector (Arrco for all employees and Agirc for executives) at the entrance of what is be the last trading session.
As it was leaked yesterday, the text no longer contains any measures to reduce the level of survivor benefits or the pro rata according to the duration of marriage. Only cure: it pushes to 60 the minimum age to receive a survivor Arrco. And yet, the barrier will she be kept at 55 years provided to accept a discount, which will not apply to people with low incomes.
The unions feared, in return, planing of bonuses awarded to the parents of three children or more.The text this morning, like last week, remains on the idea of an increase of 10% to Arrco like to Agirc. The only limit this increase would be capped at an amount to be negotiated.
Finally the draft act to stabilize yields from 2013 to 2015, but opened the door to extend this measure "if the economic reality is at least consistent with" the economic assumptions. These seem optimistic enough yet (unemployment to 7% annual productivity gains of 1.5%).
At first glance, these measures seem to be much less likely to improve the finances of Agirc-Arrco (deficit but have reservations) that the previous version of the text. The employers will no doubt its estimates during the day.
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Feb
16
D-day for the Deutsche Börse. The operator of the Frankfurt Stock Exchange has managed the feat of concluding a merger with Euronext, which controls the streets of New York, Paris, Amsterdam, Brussels and Lisbon. The two market operators unveiled on Tuesday afternoon, the outline of their agreement that gives birth to the first exchange group of the world.
The new group will be under Dutch law, with headquarters in New York and another in Frankfurt. It will have a board of 17 members, 15 directors plus the CEO Duncan Niederauer, NYSE Euronext's current boss, and the chairman Reto Fancioni, who chairs the Executive Board of Deutsche Börse.Of the 15 directors, 9 will be nominated by Deutsche Boerse and NYSE Euronext 6.
As expected, the group will be controlled 60% by the shareholders of Deutsche Börse and 40% by those of NYSE Euronext on a fully diluée.Chaque NYSE Euronext shares will be exchanged for 0.47 share of cons entitée created and each Deutsche Börse action against the new entity.
The cost synergies are estimated at 300 million euros for the creation of this new group whose combined turnover is 4.1 billion euros based on 2010.
But many questions remain unanswered, including the location and name of the new operator.In addition, a new unknown was added to the equation: the Chicago Mercantile Exchange (CME), the world trade in raw materials and derivatives, have issued a cons-offer to buy Euronext, according television channel Fox Business Newtwork. The CME could even join forces with the group Nasdaq, which operates the New York Stock Exchange in technology stocks, according to the website flyonthewall.com.
At the Paris Bourse, these rumors have reacted investors: the title NYSE Euronext flew: at noon, the title earned 6.35% to 29.65 euros. The trading was suspended earlier this afternoon.
Chi-X, second European operator
The redemption of NYSE Euronext is part of many projects of union between stock traders who were announced this month.LSE (London Stock Exchange) in London and the TMX Group in Toronto were the first to announce their intention to marry. Approved by the boards of both companies, the transaction values TMX 3.2 billion dollars (2.34 billion euros) and would create the fourth largest operator in global equities. On the other side of the planet, the Singapore Exchange and the Sydney SGXL, ASX, continue their discussion in order to obtain clearance from the authorities for their merger announced last October. The transaction is 7.9 billion.
Why such a wave of merger? The stock exchange operators 'traditional' world are really seeking to consolidate and diversify their activities in a context of greater competition in the European Directive MiFID transposed into national law from 2007 bad credit unsecured personal loans. Alternative platforms (MTFs in English) have since mounted power.The first of them Chi-X, based in London, was dethroned in 2010 NYSE Euronext's leading position in Europe in terms of share transactions. United States, the platform Bats, founded in 2005, now boasts 10% market share on the trading of shares.
While these new players gradually eat market share, traditional stock exchanges are concerned. To make matters worse their fate, Chi-X and Bats announced they were conducting exclusive negotiations for the purchase of the former by the latter. The new entity would fly 22% of European trade.
Refusing to be marginalized, global stock markets therefore sharpen their weapons and turn announced their intentions to create new alliances.In the wake of the first announcement, Edem Pinto, head of the Brazilian BM & FBOVESPA operator, has indicated in an interview with Reuters, he was interested in consolidation opportunities in China and India.
Political Considerations
However, these operations, which affect the institutions that symbolize the power of a country, are not always seen in a positive light by the national authorities. By merging NYSE Euronext and Deutsche Bank, the Germans are afraid of losing hand to the Americans. "Like the transaction with Euronext, it will be a matter of time before the Americans took control. We should be wary of that. It will be impossible to reverse once the agreement it signed, "said Johannes Witt, staff representative of Deutsche Börse.
The same concern led the Australian Stock Exchange and the Singapore to reconsider their agreement to facilitate the approval of regulatory authorities in Australia. In the initial offering, the representatives of Singapore had twice as many seats as the Australians on the board of directors. The number of directors was finally increased to assign the same number of positions for both sides and three new seats in the directors 'international'.
Finally, Canadians are worried, too, of being sidelined in a new group owned 55% by the London Stock Exchange. Moreover, according to Canadian media, the emir of Dubai, Mohammed bin Rashid Al Maktoum will become the largest shareholder of the future entity, with 11.3% stake, which could generate opposition from regulatory authorities in Canada.The Borse Dubai could consider reducing its stake in the LSE, currently at 20% equity stake. Supporters of the merger between Toronto and London recall, however, that Canada alone could weigh anyway even less weight in the global financial exchanges.
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Hard times for motorists. Prices at the pump are now permanently installed at the top, becoming closer to record summer 2008, when the $ 150 barrel familiarly. According to the latest statistics from the Ministry of Economy and Finance, the super unleaded 95 (SP95) sells for an average of 1.44 euro per liter, with a record of 1.49 euro, reached in July 2008, online of sight. As for diesel, it currently reaches 1.26 euros, against 1.44 euros in 2008. On the Network Total (Total over Elf, including stations on the motorway), the SP 95 amounts to 1.49 euros against 1.445 in mid-December. Advanced diesel to 1.32 euro against 1.264 a month ago. For now, this acceleration has not resulted in lower fuel purchases.
"While it is always difficult to make forecasts, prices of petroleum products should continue to climb.Global demand for crude, which hit a record high in 2010, will continue to grow around 1.5% in 2011 to nearly 89 million barrels per day (bpd), "said Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip). The weakening of the euro against the dollar is largely responsible for inflation in the stations: "If the current price of oil in dollars is far from that of 2008 against $ 145 -92 – the gap is tightened considerably in euros per barrel currently costs 72 euros, against 90 two years ago and a half, "says Jean-Louis Schilansky.
TIPP regionalized
The president of the Ufip also highlights other factors that weigh at the pump: "Since 1 January 2011, the domestic tax on petroleum products (TIPP) regionalized increased in 17 regions. Meanwhile, biofuel prices have appreciated.Finally, there is the impact of energy efficiency certificates. Taken together, these factors represent an average of three cents extra per liter. "In the case of these certificates, fuel distributors, since 1 January 2011, have an obligation for energy savings resulting an additional cost.
Government, even if not yet publicly encourage operators to exercise restraint, follow very closely the situation. Their speech is well established: in particular to encourage distributors to pass slower increase in oil prices that their withdrawal. Generally, it takes about ten days before the changes are not a translation barrel at the pump.
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After an opening in the red, the CAC 40 was trying to go up to reflect a balance in the middle of the day, but the announcement of U.S. employment figures worse than expected, the index has stumbled. To 15 hours, it folds and from 0.68% to 3877.71 points.
The U.S. economy has created many jobs well below expectations in December, but the unemployment rate has dropped to its lowest level in over a year and a half to 9.4%. Last month, 103,000 non-farm jobs were created, according to the U.S. Department of Labor. Economists and analysts polled by Reuters had forecast on average 175,000 new jobs.
Elsewhere in Europe, the effect is less strong.At the London Stock Exchange, the FTSE-100 fell by 0.46% to 5,991.53 points and Frankfurt Stock Exchange, the Dax not loose more than 0.15% to 6970.78 points.
On Thursday, the CAC 40 has canceled its gain of over 1% at mid-session, after the weekly claims for unemployment benefits rose in the United States.
U.S. employment and unemployment, European unemployment and GDP
On the macroeconomic front, after a miserly start of the week in news, the meeting will be hosted by a number of indicators.
In France, the trade deficit rose in November to 3.869 billion euros against 3.712 billion the previous month. Are also expected economic forecast by INSEE for France in the first quarter 2011 (at 16 hours).
In the euro area, economic growth slowed more than expected in the third quarter of 2010 to 0.3% (against 0.4% previously announced).The unemployment rate, meanwhile, remained stable at 10.1% in November.
United States, the consumer credit will be announced in 20 hours.
On the currency markets, the euro remains below $ 1.30. To 15 hours in Paris, the euro bought 1.2985 dollars against 1.3006 dollars on the previous evening.
Record deliveries for Airbus
Against this backdrop of feverish, bank stocks are in decline: Societe Generale lost 1.26% to 41.61 euros, BNP Paribas 1.44% cowardly to EUR 49.12, Credit Agricole dropped 1.14% to 9.787 Natixis Euro yields 1.04% to 3.63 euros.
Renault: + 1.22% to 47.39 euros
In the case of industrial espionage affects Renault, the automaker suspect a Chinese actor, according to information from Figaro economy.For his part, Peugeot advance of 1% to 31.30 euros.
GDF Suez: -1.14% to 27.20 euros
A spokesman for GDF Suez confirmed to AFP Thursday an information website of the magazine Challenges, that the group will abandon stock options.The device should be replaced by performance-related bonus shares in the group.
Hermes: + 4.42% to 161.90 euros, LVMH: -1.41% to 120.28 euros
In the case of Hermes / LVMH, the AMF authorizes the Hermes family not to launch takeover bid for the entire group.
EADS: + 0.42% to 19.16 euros
Airbus (EADS) achieved record shipments in 2010: more than 500 aircraft delivered to airlines Boeing 462 to cons.
Sanofi-Aventis: -0.69% to 49.93 euros
Sanofi-Aventis has announced the appointment, effective February 1, new leaders in emerging markets where the pharmaceutical company wants to strengthen.Patrick Aghanian will be responsible for the Eurasia region, Thomas Kelly of Asia, Heraldo Marchezini of Latin America and Jeremy Moulding of Japan and Pacific area.
Casino-Guichard: -0.16% to 72.77 euros
Casino Guichard now holds 99.6% shareholding in its subsidiary e-commerce Cdiscount.
Schneider Electric: + 0.04% to 114.35 euros
Schneider Electric has signed an agreement to acquire majority shares of APW Président Systems Limited, an Indian manufacturer of enclosures for the telecom and information technology.
Saint-Gobain: + 0.37% to 38.33 euros
The Dutch competition authority said it had fined 17.7 million dollars to several companies, accused of having formed a cartel in the glass, among which is the local subsidiary of Saint-Gobain.
Bourbon: -0.18% to 35.45 euros
Bourbon announced Thursday its decision to separate the roles of Chairman of the Board and Director General from 1 January 2011.Jacques de Chateauvieux therefore yield the reins of the operation to Christian Lefevre.
Axa: -0.48% to 13.44 euros
Axa Private Equity, the private equity subsidiary of Axa, is in exclusive talks with Bain Capital to acquire the French chemicals group Novacap according Agefi.
Dexia: -0.78% to 2.68 euros
Dexia has initiated the process of selling Deniz Emeklilik, its life insurance subsidiary in Turkey, according to Les Echos.
Arcelor Mittal: -1.61% to 27.11 euros
ArcelorMittal called Thursday evening to shareholders of Canadian Baffinland Iron Mines to accept its offer of 550 million Canadian dollars, considering it superior to that of Iron Ore Nunavut.
Thales: + 0.30% to 26.66 euros
Canada has expressed a "strong interest" for the purchase of two vessels Mistral class manufacturer of DCNS, Thales which holds 25%, according to La Tribune.
Remy Cointreau: + 4.14% to 55.30 euros
Goldman Sachs added Remy Cointreau to its list of preferred values and raised its recommendation from "buy," cons "neutral" before.
To reporters, the tone is conciliatory. Bush and his Chinese counterpart Hu Jintao on Thursday held a press conference before the start of the G20 talks in Seoul. At the end of their seventh head to head this year, the two heads of state have come to similar conclusions: "The Sino-American relationship has become stronger in recent years as we discussed a wide range of subjects, not only bilateral but global, "said Barack Obama.
Hu Jintao went further: "The Chinese side stands ready to cooperate with the U.S. side to intensify dialogue, exchanges and cooperation to advance the relationship in a positive, cooperative and comprehensive".
According to the American president, the two countries "are making progress" in their strategic dialogue on economic issues difficult, because "as the dominant economic power, we have an obligation to ensure a balance strong and sustainable growth" he said.
Keep the yuan "in a balanced way"
If the currencies that have been raised by the watermark two heads of state, the U.S. Treasury Secretary Timothy Geithner, was itself responsible for putting his foot in it during an interview with the chain CNBC television.According to him, China can not continue to resist the upward pressure on the yuan market: "If we resist these market forces, in fact, merely express confidence to a strong growth in China and to strong productivity growth in China, if it resists, it will not disappear into their pressure, "he said guaranteed payday loans."This will result in final by more than inflation, by assets more expensive, and for China it will not be good."
China has again expressed through the voice of Hong Lei, spokesman for the Foreign Ministry, his desire to increase flexibility in a graduated manner of the exchange rate of the yuan, "We will improve the mechanism of exchange rate controlled, let the market play a bigger role and increase flexibility of RMB exchange rate to keep it in a balanced way. "
Weaken the dollar? "The U.S. would never again"
Timothy Geithner also responded to criticism from many European and Asian countries following the American recovery plan that translates into $ 600 billion into the economy: "The U.S. would never do that.We never seek to weaken our currency as a means to gain competitive advantage or to support the growth of the economy. This is not an effective strategy for a country and it is not for the United States, "he said.
Barack Obama also clarified that its policy was only to "stimulate growth" United States "but also abroad."
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In 2007, the European Commission launched an investigation into several airlines, including Air France-KLM, British Airways, Singapore Airlines, Japan Airlines or Qantas, and accuses them of not playing the game of competition by colluding on Prices in the air cargo freight. Such an interest group of some companies called a cartel.
Three years later, the Competition Commissioner Joaquin Almunia is expected to announce on Tuesday, the total amount of fines at a news conference in Brussels to 17 hours.
Of the 27 airlines related to this case, thirteen of them should be condemned by the European Commission to pay a total fine of approximately EUR 800 million, reports Reuters citing a source familiar with the matter.And "six of them are not European," the source said.
EUR 200 million for Air France
In theory, even if such a sentence is rare, Brussels may impose on a company a fine of up to 10% of its turnover for breaches of European regulations.
Lufthansa should be spared a fine because it has alerted the European Commission on the cartel. In contrast, British Airways could have to pay a fine of 120 million euros, according to the source, while another source familiar with the matter said last month that Brussels was considering penalizing the British group between 60 and 80 million euros.
Air France should in turn be imposed a larger fine of 200 million euros.This could be explained by the fact that the French would never comment on this issue and has not helped the European Commission in its investigation.
Singapore Airlines, Japan Airlines, Cathay Pacific and Qantas are among the airlines should also be condemned, the source said. Korean Air, Cargolux, Aliltalia, All Nippon Airways, SAS and Singapore Airlines are also part of the companies on which the EU executive was investigated.
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