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Employees of a site based in the Continental Midi-Pyrenees will today participate in a consultation decisive for their future. As employees of General Motors in Strasbourg in July, or even those of Continental Clairoix site in 2007, they will approve or disapprove a plan of management to reduce labor costs in exchange for guarantees on jobs. It will be for them to decide today whether to accept a reduction of 8% of their cost, against a retention period of five years. Describing the situation of the site as "alarming", the management of Continental Automotive France argued that "only such a reduction in labor costs would garner new orders" in 2012-2013.

Specifically, employees would lose a certain number of days off, bonuses, their profit, and also agree to wage moderation, detailing the CGT and the CFDT. In total, all of the measures would save "5000 euros per employee in the Directorate still considers the CFDT. In exchange for these sacrifices, Continental promises to turn "a series of firm commitments from local management and headquarters based in Germany" in employment. A promise that does not believe the CGT, which criticizes a "bogus prediction. The example site Clairoix Continental, in particular, does not encourage optimism low interest rate personal loans unions.Despite a weekly volume of work increased to 40 hours in 2007 in exchange for maintaining the site until 2012, the site Clairoix had indeed been closed in 2009.

"Blackmail to use"

The idea of employee consultation is also rejected by some unions. The CGT and CFDT, which represent 60% of employees have called this weekend for a boycott of the vote, unlike FOR, CFE-CGC and the CFTC. "The vote on this employment blackmail has no legal value and is only meant to circumvent the opposition of unions, and J. Sami Hamida, central CFDT delegate. A union mobilization is already scheduled on Monday, employees of Foix, Boussens and a delegation of employees Clairoix to travel to Toulouse on Monday morning.

The agreement of the unions, however, will anyway be needed for today approved the agreement submitted to a vote of employees.The CFDT has already indicated that it would not sign the management proposal and that it would oppose a possible signature of minority organizations. For an enterprise agreement is adopted, unions representing at least 30% of employees must vote to ratify it. The result of the consultation on Monday expected to weigh on the attitude of trade unions called for the question.

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This is a new slap for Danone. Seven months after having tested the group renounces launch in France, Densia, yogurt supposed to strengthen bones. Why? "The tests performed have highlighted that the French are major consumers of dairy products spawning, do not feel the need to consume more calcium," says a spokeswoman for Danone.

The pleasure rather than health

Pre-launch tests of Densia were conducted in Brive-la-Gaillarde (Corrèze) since December and were expected to last between three and six months. No launch date was planned in France for this product is distributed in Spain and Italy.Primarily for women arrived at the age of menopause, Densia was part of Danone products that play the card as healthy as Actimel and Activia is supposed to cover 50% of recommended daily calcium and vitamin D in these two areas.

This is another failure for Danone, after those of Activia and Actimel where the group had been unable to put forward to the claimed benefits the health of these two products. And after that of Essensis other hand, this yogurt packaging fluorescent pink supposed to give a beautiful skin. Launched in 2007, it had been withdrawn from sale two years later.

Danone has probably realized that the future is now in the pleasure and less in health. The group continues to grow stronger effect in the field. He just bought Immedia, the manufacturer of smoothies and launching Fantasia, for young adults.Although Franck Riboud, Danone's CEO, continues to believe that health is still called for, as he confided to Le Figaro, last July.

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Sanofi-Aventis will report there on Genzyme's offer? The rumor was picked up again after the U.S. publication DealReporter said Wednesday that the case was seriously considered. According DealReporter, affiliated to the Financial Times, the French pharmaceutical giant would have mentioned a new bid at $ 71 per share.

A spokesman for Sanofi-Aventis joined Thursday morning would not comment on the rumor. But the group stressed that it intends to continue its discussions with Genzyme, he said, recalling that the laboratory has released a takeover offer for the U.S. company specialized in rare diseases Genzyme August 29 to 69 dollars per share. The offer, valuing biotech to $ 18.5 billion (14.5 billion euros), was denied by Genzyme which considers inadequate.

The DealReporter says that raising the price to 71 dollars per share "was circulated during telephone conversations between the two companies last week. In exchange, Sanofi-Aventis would make a "partial due diligence" that would enable him to obtain additional information on the accounts of Genzyme.

Citing sources familiar with the matter, the DealReporter said such a rise is not sufficient to ensure that Sanofi-Aventis access to accounts from Genzyme.

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The question of the value of the yuan, undervalued considered by many experts and business partners in China, including the United States and Europe, remains. On Tuesday, China has once again rejected any foreign pressure on the exchange rate of its currency. "We resolutely oppose the politicization of economic and social topics. The rate of yuan reform can not proceed under the influence of external pressure, "warned the spokesperson of the Ministry of Foreign Affairs Jiang Yu

"The direction in which we are working to change the mechanism of RMB exchange rate will remain unchanged," she continued. However, Beijing pledged in mid-June to let the yuan move more freely against the dollar.But since that announcement, the Chinese currency has remained almost stable against the greenback, while some U.S. lawmakers believe the yuan should be revalued by 40% Payday advance. The major trading partners accuse China of keeping its currency artificially low to encourage exports unduly, thus increasing their deficits.

Conversely, the dollar fell Tuesday to its lowest level in more than fifteen years against the yen (to 83.52 yen). In recent weeks, the yen benefited in particular from its status as a refuge from the uncertainties of the global economy. On Tuesday, the absence of new measures the Central Bank of Japan to stem the yen's surge once again accelerated the trend.

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The cost of the banking relationship varies greatly from country to country in Europe, but there are reasons for this. That is the conclusion of the study in seven European countries by Bain & Company at the request of the French Banking Federation. Customers French banks not to complain: France is just below the European average in terms of pricing, with an index 95. While other countries are better off. This is the case of Germany (91), Belgium (80) and especially the Netherlands (70). But France is still cheaper than Italy (149), that Spain (107) or the United Kingdom (107).

Packages in the crosshairs

"In France, loans are not expensive. But the price of the bank on a daily basis is higher than the European average, "notes Nicolas Liolakis, partner at Bain.Overdraft fees, prices of the means of payment and other fees related to account maintenance proved higher in France and the Netherlands, Belgium and even in the UK. What grist to the mill consumer groups who denounce service pricing too expensive. The debate was launched this summer with the publication of the report Pauget-Constans. Emphasis was placed initially on the need to reduce the bill payment incidents for the frail. Already, Christine Lagarde, Minister of Economics who had commissioned the report, has asked banks to make efforts to improve transparency.

In the line of sight, the "packages", these packages collected monthly, considered more opaque and sometimes more expensive than the card billing.It was thanks to these packages, launched in 1990, that Credit Agricole, Societe Generale and BNP Paribas other muscles had reached the profitability of their retail banking, also undermined by fierce competition that 'they are engaged on credit. By comparison, British banks take, they, the bulk of their income on credit margins, very expensive in the UK. But the study emphasizes, as with any business service, attention to value for money: the French have, in particular, a mesh of branches among the densest in Europe combined with a high accessibility of the bank distance.

Elsewhere, it is rather one or the other. In the Netherlands, for example, the network, sparse, is complemented by a high rate of customers using Internet banking or telephone.In Spain, the opposite is true: customers enjoy the largest number of bank branches compared to the number of inhabitants and very little use of remote services.

Note also that France ranks well ahead in terms of financial counselors, both in their number and their training. In France, there are 176 client advisors for 100,000 customers, against 114 in the Netherlands and 99 in the United Kingdom. When 60% of advisors dedicated to French individuals claiming a degree, they are less than 20% in Spain.

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The battle really begins Tuesday pensions. Face-to-face? Eric Woerth, Minister of Labour in charge of the case, weakened, will defend his bill to the House in the face of opposition members reassembled. The same day, the unions united to call the French an opportunity to mobilize against the reform.

The stakes are high. The unions are convinced that the number of protesters – they drew between 800,000 and 1.9 million people on June 24 – will the government's response. "There will be many people because it is an important reform," confirmed Eric Woerth. But unlikely that the response along the lines of what the unions want. Claude Gueant, the secretary general of the Elysee, was very clear on this point yesterday on Europe 1.

"The background of the reform can not change," he hammered on the pretext that "this reform is necessary."And the right arm of the Head of State noted that "the government will certainly put forward during the debate" on the issues of "arduous, long career and polypensionnés. In short, the subjects left open to discussion after the presentation of the June 16 bill and whose unions should know the methods "in the course of the week." They should have an overview Tuesday evening as Eric Woerth is the guest log TF1. The objective is clear: give them a little time to think before their meeting scheduled on Wednesday afternoon to determine the appropriate action to mobilize.

Four active for a retiree

No question, therefore, to revisit the key measure of the bill: the passage of 60-62 years of age of retirement. All Western countries have reached the age slider to balance their pension plans.The diagnosis is the same everywhere: the combined effect of demographic changes and the lengthening of life expectancy is jeopardizing the future of our pensions. In 1950, there were seven active for a retiree in the OECD countries, against four to one today and two in 2050 for a payday loans. The crisis and the soaring deficits have made more acute the need for reform.

Solutions adopted everywhere? The increase in the number of years to reach a full pension and the decline of the legal age of retirement, is exactly the path followed by France, but in even greater proportions. Under pressure from the IMF, Greece has increased the number of installments for five years and passed by 2015 the retirement age to 63 years.Even shock therapy in Spain and Germany, where the retirement age will gradually wedge to 67 years.

Another trend is to align the system of women than men. This is the case in Portugal, Italy and Britain, where the difference between women (60 years) and men (65 years) will be removed and the age increased to 68 years in 2045!

Other foreign education reforms: the relative political consensus in which they were conducted. The German reform of 2007 has been adopted by a large coalition including conservatives and Social Democrats. "The advantage of the German system is that it is very empowering," says economist Jacques Bichot. Everyone chooses their dates of departure and receive a pension based. "

Same in Sweden, where the age limit has simply vanished.In the Scandinavian system, each has a "virtual account that accumulates points throughout the career. Each year, the Swedes are an orange envelope that indicates the amount of their pension calculated on the basis of life expectancy, economic growth and respect for the system's financial balance.

Needless to say that France is an exception with its 60 years of age and 58.7 years of actual age, the lowest in the OECD. Better, it is also in France that we spend as much time in retirement: 24.5 years in 2007, against 19.8 on average in the European Union and 14 in Japan, the lowest.

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After the euphoria of Wednesday, the U.S. markets have continued their momentum but at a slower pace frantic Thursday. At the close, the Dow Jones ended up 0.49% to 10,320.10 points, the Nasdaq is 1.06% at 2200.01 points while the S & P gained 0.91% to 1090.10 points.

No big movements, the indices have stagnated at these levels throughout the session. Investors have also learned a pleasant surprise on the side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department. Economists had expected jobless claims averaged 475,000.

Other good news: the promise of real estate sales have rebounded in July.The index of sales agreements rose 5.2% compared to June, when the 79.4 economists had expected a decline of 1%. The decline in the month of June was revised down slightly, to -2.8% against a 2.6% previously announced.

Statistics mixed

But at the same time, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to show its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.

Moreover, the increase in orders received by U.S. factories in July was weaker than expected.These have increased – after two consecutive months of decline – from 0.1% to 409.5 billion dollars while economists were expecting an increase of 0.3%.

"It has a low volume of trade, economic indicators rather positive, so it is easy to push the market upwards," said Scott Marcouiller, Wells Fargo Advisors. "It does not happen much on the market," said Lindsey Piegza, FTN Financial, noting the hesitation of the indices during the session. The caution is called for before the publication of the very important report on employment and unemployment in August, tomorrow Friday.

Note that on the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety.

Burger King flies

On the side of values, the automotive sector should stand today.The month of August has actually been the worst for U.S. auto industry since 1983. Sales declined 21% to 11.47 million vehicles. Ford Motor (0.86% to 11.71 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.

Always on the side of values, the U.S. computer giant Apple (0.74% to 252.17 U.S. dollars) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.

Burger King (25.08% to 23.59 dollars) has formalized its takeover by 3G Capital at a price of $ 24 per share.The total transaction is valued at four billion dollars (3.12 billion euros).

Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.38% to 81.22 dollars) for the 19.9% stake it does not already own in Wesco Financial (unchanged at $ 363 ).

General Electric (0.80% to 15.13 dollars) and Westinghouse Electric might spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India, Financial Express reported Thursday.Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.

HP (1.20% to 39.68 dollars) announced Thursday it had raised its takeover offer for 3PAR (2.43% to 32.86 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars. In the process, Dell (1.98% to 12.36 dollars) refuses to bid and withdraw from the race.

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The crisis has not spared Burger King, the second fast-food chain in the United States. The steamroller of burgers, present in all U.S. states and 75 countries, with over 12,000 restaurants, would consider themselves to sell. The Wall Street Journal, citing people familiar with the matter, Burger King has begun discussions with several investment companies in recent weeks.

The British firm 3i Group would be in the running, sources said. The content of the talks is still uncertain, however, and it is not certain to lead to a sale of the fast food chain.

This is not the first time, however, that Burger King changed hands. In 2002, a team led by TPG Capital LLC, Bain Capital and Goldman Sachs Capital Partners bought the company for $ 1.5 billion to Diageo, the British beverage giant.They still own 32% of the chain and have a representation of weight on the board of directors, said the Wall Street Journal.

Listed on the Stock Exchange since 2006, Burger King has a market capitalization of about $ 2.26 billion. The information has not been commented on by the American channel, or by 3i Group, said the newspaper said.

Sales at half

Still, that Burger King has trouble getting out of the financial crisis. The fast-food chain has published its 2009/2010 annual results last week. Verdict: The group's worldwide sales have shrunk by 2.3% in 2009/2010, after a slight increase of 1.2% the previous year. The sales that have slumped particularly in North America (U.S. and Canada), where they lost 3.9%. The annual turnover of the group stood at $ 2.5 billion, down 1% from last year.

"During fiscal 2010, we faced the maintenance of high unemployment and a fragile world economy, a combination that has made this year one of the worst in recent history, in environmental terms economy, "commented Group CEO John Chidsey, the reported results.

McDonald's in great shape

An environment that does not seem to affect the group's main rival, the leader McDonald's. The latter announced early August that its global sales had flown by 7% a year in July. Its sales jumped 5.7% in the U.S., 5.3% in Europe and 10.1% in the Asia-Pacific, Middle East and Africa.

In France, QUALIUM Investment Management Company (formerly CDC CI), a subsidiary of Caisse des Depots, have finally decided to keep its stake in the fast food chain Quick, after considering its sale last spring, reported The Tribune last week. Despite the crisis, the brand continued to grow in 2009. Its sales rose 3.7% in volume, for a value of 925.7 million euros.

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