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France: the debt exceeds 75% of GDP - December 31, 2009

The gross public debt (government, social security and local authorities) continues to rise. At the end of the third quarter, gross debt under the Maastricht amounted to 1457.4 billion, up from 29.4 billion the previous quarter, according to figures published by INSEE on Tuesday. "Expressed as a percentage of GDP, it is approximately 75.8%, up 1.9 points," says the National Institute of Statistics. In the second quarter, the debt had reached 73.9% of GDP.

The increase over the period, less than that observed in the second quarter (61.1 billion euros), was driven in particular by the increase in debt of the state. To finance the budget deficit, the state has cut its debt of 23.4 billion euros.The debt has also funded a stake in the Company making state participation in a French bank, Cr?dit Agricole 3 billion, INSEE said.

The social security funds have also contributed to the increase in gross public debt to the tune of 5.9 billion euros, "particularly as a result of increased indebtedness of the ACOSS (3, 9 billion euros), "details the INSEE.

The government has included in his bill to finance the debt was still progress to 77.9% of GDP at the end of the year. In 2010, it expects debt to 84% of GDP, without taking into account the large loan.

Moreover, net public debt, which includes cash and short-term is highest increase over the period, the gross debt.It was heavy with 57.1 billion euros over the second quarter, rising late September to 1331.5 billion. In case a "sharp decrease in cash of the State (-28.3 billion), returning to a level close to that of a year ago," said INSEE.

Hotels French left behind their new star - December 27, 2009

The reform of the hotel classification has been put back on track Sunday with the publication of a decree in the Official Journal: the stars, who had lost their luster, have been groomed and award criteria updated to make them more readable for the client. The most spectacular innovation: the creation of a class "five stars" to align France on the international competition. Sixty prestigious establishments as the Ritz in Paris or the Negresco in Nice, did not have to wait for the order, was benefiting from a transitional measure.

Beyond these exceptional hotels, reform for 18,000 establishments (600,000 rooms), a quarter are deemed older, classified according to criteria in 1986. Some will have to undertake major renovations to keep their stars. A renovation effort is estimated at 8 or 10 billion euros by professionals.Especially that can be added work involved with accessibility standards applicable in 2015, and fire standards by 2011.

"The benchmark was exceeded," says Christine Pujol, hotel and President as UMIH, the main union, a position that it disputes its predecessor Andre Daguin. "Faced with a" two star "customers do not know what to expect," adds Jennifer Balh, president of hotels at Synhorcat, another union. An institution classified in 1986 may very well never have been renovated and can still have its stars, lack of control, says she.

The disappearance of "0 star"

Now, the ranking will be valid for five years, and the law also provides for regular review criteria. The number of points required to fill up at least 95% varies between 141 and 298, by category.To categorize the hotel is voluntary and is paid. The surveys are no longer the purview of the DGCCRF but audit firms accredited. The final decision will come back to the prefect. By 1 July 2012, the old and the new standard will coexist.

The inglorious category "0 star" disappears, merging with the "one star". "Consumers know that even a star ensures hygiene, safety and good equipment," explains Michele Le Poutre, who negotiated this classification on behalf of Synhorcat. This classification is "harmonized" with what is happening elsewhere in Europe, say the professionals. Now, the client "knows what to expect," says Lawrence Duke, president of the National Federation hotel. "For an independent classify his hotel, is to give more visibility to consumers."

But beware, he warns, "a ranking is not a label.The first door on objective criteria, the second takes account of subjective factors. "Consumers were not asked about this new classification," laments Mark Watkins, chairman of the Committee for the Modernization of French hospitality. "The repository is already old-fashioned" and very short of foreign competition, says he. According to him, this classification helps hotel groups at the expense of independents. Between 3000 and 4000 hotels could disappear in the next three years, says he.

READ ALSO "60 French hotels have earned the 5th star

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The Paris Bourse on its highest annual - December 23, 2009

Around 12:30, the CAC 40 rose 0.68% to 3924.80 points, after already accumulated a gain of 2.70% since Monday. The index crossed above its previous year which stood at 3918 points. On Tuesday, the CAC 40 ended on annual record for 3898 points, up 0.68%. The rally bullish year end is continuing on the European and U.S. indices. Yesterday, the publication of a further rise in housing resales (+7.4% in November) in the United States has reassured investors on the takeover of the U.S. real estate. The Dow Jones gained 0.49% at 10,465 points, not far from its peak of 14 months to the end (10,501), reached last December 14. The Nasdaq, have banked 0.68% to 2253 points.

On the macroeconomic front, the market will monitor publications in the United States.Will be announced expenditure and income of households in November at 14h30, the index of consumer confidence in Michigan in December and new home sales in November to 16 hours and the weekly oil inventories at 16:30.

On the values front, Sanofi-Aventis to top

Among the largest increase in the CAC 40, Sanofi-Aventis is 1.91%. The pharmaceutical company would consider acquiring a stake in the Danish biotech company Zealand Pharma.

Maurel & Prom gained 3.94% after the announcement of successful tests on the exploration well OMGW-1 (Gwedidi-1), located in Gabon, on the exploration permit Omoueyi.

According to the newspaper Le Figaro, Veolia (+1.26%) ally himself with the Italian railway company Trenitalia to launch TGV from France in 2012 to compete with the station.

EDF (+0.71%) could open the French market for electricity in Russia's Gazprom by Voices. "Gazprom will supply gas and electricity recovery in Europe," according to an anonymous source.

As for cuts, Suez Environnement recorded the weakest performance (-1.54%).On Tuesday, the group announced a contract for 34 million euros for the construction of a factory responsible for the treatment of wastewater PetroChina refinery, located in Chengdu, the capital of Sichuan province, China.

As before, Thomson continues its movement yoyo, alternating between rising and falling to less than 1 euro.

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Ryanair terminates talks with Boeing - December 19, 2009

The group Ryanair has confirmed Friday it has terminated negotiations were underway with the aircraft manufacturer Boeing for the acquisition of 200 Boeing 737-800 aircraft for delivery between 2013 and 2016. Not having managed to "satisfactorily concluded" discussions with the American "ended without success.

Friday, CEO of the company, Michael O'Leary has accused Boeing of "not wanting to incorporate (in the contract, editor's note) some terms and conditions now existing" between the two companies. An investment in such conditions "is not a wise or sensible use of shareholders' money," he said.

A first dividend

The surplus money from the end of the negotiations should be partially paid back to shareholders.The decision by Ryanair will cause "a big reduction in capital expenditures in 2011 and 2012, generating significant surpluses to be distributed between 2012 and 2015," said Michael O'Leary. Until now, Ryanair has never distributed a dividend.

The company insisted that the breakdown in negotiations would not affect the delivery of 112 B737-800 scheduled for the next three years, "thereby supporting the robust traffic growth in the medium term." "Perhaps in future there will be more opportunities for Ryanair and Boeing to work together in our common interest from 2013," concluded the Director General.

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Essilor: major acquisition in the U.S. - December 16, 2009

The French group Essilor, world leader in ophthalmic lenses, announced Wednesday the signing of an agreement to sell with the American FGX International for $ 565 million dollars (390 million euros). The transaction price includes the repayment of debt FGX for about 100 million dollars (69 million euros), the statement said. This transaction will be financed by available cash and existing credit lines Essilor.

Based in Smithfield, in the province of Rhode Island, FGX International with 2008 revenues of $ 256 million, mainly on the U.S. market and has approximately 375 employees.It will continue to be managed by its current management in a new division within Essilor.

Diversified business portfolio

This operation comes within the framework of the French group's strategy to diversify its business portfolio in the vision market. "The eyewear market is preassembled in a growing market, complements the activity of prescription glasses and enjoys favorable demographic trends. FGX benefit of our international distribution network, we capitalize on FGX brands and know-how to deploy this new offering in the world, "said Hubert Sagni?res, the Chief Operating Officer of Essilor.

"This proposed merger is of major importance to FGX International.The strike force worldwide Essilor will be a strategic asset to market our products worldwide and greatly improve our competitive position, for his part said Alec Taylor, President of the American group.

The Essilor International is the world leader in ophthalmic optics, and achieved a turnover of 3.074 billion euros in 2008. It employs 35,000 people present in a hundred countries.

The hotline influenza A is a premium rate number - December 12, 2009

Get information on influenza A has a cost. The association of consumer UFC-Que Choisir has revealed that the site made available by the government to answer questions on influenza A was paying. Flu Info Call (0825 302 302) is charged 15 cents per minute from a landline. And the call is even more expensive for a laptop, or a box, numbers starting with 0 825 is not included in the packages.

For the association, more shocking still, however, that the budget minister Eric Woerth had decided to ban premium rate numbers. In 2007, he stated that all jurisdictions would be reachable at local rates (1.4 cents per minute off-peak), is ten times cheaper. "The ideal would be to choose a number by 09 which provides the same tariff to all the world," explains Cyril Brosset, journalist for the UFC-Que Choisir.

Arrested, the government is justified to the association. In his defense, he said the number chosen for the hotline is in fact a takeover, since it is set up for avian flu in 2006. The idea was a priori to be operational as soon as possible. The ministerial letter also states that the State does not withdraw any enrichment of this service. Only the operator France Telecom has collected money in exchange for the free availability of the line. A bonus which the operator would have happened by the association.

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"Greece is a challenge to Europe" - December 9, 2009

"I do not believe that Greece can go bankrupt," assured Christine Lagarde, on Wednesday morning on radio station RMC. The Economy Minister has however stressed the need for Greece to take measures to consolidate its public finances.

The country's financial difficulties can be summarized in two figures: a deficit estimated at 12.7% of Gross Domestic Product (GDP) and public debt at 113% of GDP by the end of the year and probably 120% 2010. What encourage rating agencies Standard & Poor's and Fitch lowered their ratings on the debt Greek, which discourages the more investors to participate in the refinance market.

Cyril LACHEVRE, Le Figaro Economie, believes that the risk of bankruptcy in Greece is minor, but its financial situation poses a challenge to the European Union. Explanations:

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The parastatal structures to the diet - December 5, 2009

They are 643 employ 370 626 people in 2010 with a budget of 43 billion euros: "operators" – the parastatal structures as diverse as employment center, the CNRS, M?t?o France and museums – have considerable weight.

For years, they served to hide the dirt under the carpet. Example, in 2007, the year the state has lost 11 244 jobs while the operators earned 13 989. "From 2007 to late 2010, the number of the 70 largest operators will be increased by 6%, while the ministries will lose 100 000 jobs.Their operating costs, they have increased 10% since 2007 "said on Thursday, Eric Woerth, the Budget Minister, before the owners of these structures.

Leaders that the Minister had specially sent to Bercy to remind them that in the context of the general revision of public policies (RGPP), their bodies are now subject to the same management rules as the State. Translation concrete in 2011, operators will not replace a retiring two. That prospect has triggered a strike in museums. However, it is more accelerated pace. 1 108 jobs have already been deleted from the operators in 2009 and 898 will follow this year (excluding employment center).

Variable pay

Another project on which Bercy wants to go to the next level: real estate. Heritage operators has finally been identified this year."We must now review the real estate strategy to meet the ratio of the state of 12 square feet per officer, while today varies from 15 to 60 square meters, Eric Woerth insisted. This will require both assignments. More broadly, based on audits conducted in certain structures, Bercy estimated that 10 billion of operating expenditure operators may decline by 10% in three years. To motivate the troops, Eric Woerth hopes that the management teams of the 70 largest agencies have always a variable in their remuneration. The State commits him to provide a single contact in each department and, especially, to formalize their contract goals.

Restoration: the employers' proposals rejected - December 1, 2009

New failure in negotiations on wages in hotels and restaurants. While the Government had set Monday as the deadline to reach a wage agreement in return for reduced VAT, three unions, the CGT, FOR, and CFTC announced on the night of Monday to Tuesday they rejected the employers' proposals, after lengthy negotiations.

They were deadlocked on Monday, the management offer of an annual bonus capped at 200 euros including having crystallized the opposition. The amount of this bonus was deemed insufficient for the three non-signatory unions, which wanted the premium paid is equivalent to a thirteenth month.The employers also proposed granting a bonus to its employees, in addition to an average salary adjustment of 6%, the addition of two holidays, promoting mentoring and vocational qualification certificates, and the establishment of a mutual health.

The agreement, signed by CFDT and CFE-CGC, is once again a minority, like the agreement reached in July. As for the latter, the CGT, FOR and CFE-CGC could exercise their right to object, and thus render obsolete. In turn, the five organizations (UMIH, Synhorcat, CNG CPIH, Fagiht) signed their text.

Crisis intestine

The upgrading of the salary of the branch was one of the commitments made by employers in return for reduced VAT of 5.5% obtained since 1 July.While its effects on prices were disappointing unless a conservator has three independent passed down depending Bercy – and that job creation is below expectations, wage negotiations in the industry will be of importance crucial.

However, they occur when the UMIH, a key sector unions, intestine undergoes a crisis of great magnitude, Andre Daguin, an ardent defender of VAT at 5.5%, having been elected interim president at the expense of the president elected for four years Christine Pujol, highly criticized for her handling of VAT. This coup has notably led to a double representation of the UMIH to the negotiating table. "If someone has to sign it myself," has dealt Christine Pujol, while Andre Daguin admitted he would not sign if it can "calm the atmosphere.