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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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A history of gold? The fund Bridgepoint entered into Friday night to Saturday two agreements to buy the first two channels simultaneously French jeweler midrange, Histoire d'Or and Marc Orian.

If successful, a priori, in October, the transaction remains subject to the advice of two councils and the approval of competition authorities, would bring the delicious result of two brands created by successive Sylvain Krief in the 1980s, and whose networks are geographically complementary.

Histoire d'Or, owned since 2006 to fund Silverfleet Capital, has 200 stores, almost all located in shopping malls on the outskirts of cities. The company is dynamic. Its turnover amounted to 220 million euros in 2009, up 1.1%. In France, its network of stores has almost doubled in size in four years.Elsewhere in Europe, the brand has established in Belgium and Italy. History Gold was also launched in 2007 teaches J'M (six stores), on the same niche, but more likely.

Good mid-range resistance

Located also in the malls, Marc Orian Group operates its side a network of more than 250 stores under the Marc Orian and Treasury, and annual sales of around 130 million euros. The company is owned since 2006 by QUALIUM (formerly CDC Capital Investissement) who bought from Crédit Agricole Private Equity.

The combination of these signs would create a network of over 450 shops for a turnover of around 450 million euros. It has been several years that the funds eyeing the jewelry chains midrange.The sector has grown steadily against the current of a market down 2% last year, mainly at the expense of traditional jewelry stores downtown.

Bridgepoint could benefit from his position of arch-leader to refine the positioning of its various networks, optimize purchasing and address the heart of market towns by launching a new concept.

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A Virgin store in the heart of a Carrefour hypermarket? As of August 25, the sign of cultural goods will fetch the radius culture Crossroads Venissieux, a suburb of Lyon. "It installs a true Virgin of 300 square meters, which is the format of our stores in train stations and airports, says the Figaro Jean-Noel Reinhardt, CEO of Virgin Stores. The furniture is furniture Virgin, SEO will be managed by our own sales force. "

Virgin does not just manage the music department, as revealed in early July challenges.fr. The competitor Fnac will turn all the knobs. Carrefour will be delegated as 100% concession for the management of the entire radius culture (books, music and video) off the video games. Virgin and Carrefour have talked for eight months before signing the partnership. "We give a year, said Jean-Noel Reinhardt.If it works, we can decide with Carrefour to deploy the concept in other supermarkets. "

The approach, which aims to "re-enchant" the hypermarket, will allow Carrefour to boost its sales in non-food, fell 5% last year. Such a partnership will allow Carrefour to unload a radius deemed difficult by assigning responsibility to a specialist.

Discussion with SFR

"It's a win-win solution for Virgin and Carrefour, said Jean-Noel Reinhardt. We bring the legitimacy of our brand that appeals to young people. Carrefour, meanwhile, makes us very important benefit of the flow of its customers. "

Along the same lines, other "stores in the store" could be introduced in Carrefour hypermarkets.According to our information, Carrefour declined to comment, and discussions are well advanced with SFR, which could establish phone shops. Other partnerships could be concluded in the arts of the table, with the leader Arc International, or in video games, with Micromania.

The formula of the concession, in which Carrefour Virgin donate a percentage of its revenues, will allow Carrefour to reduce its costs and thus improve its performance. Incidentally, it will also give him the opportunity to redeploy staff to other departments or even reduce the staffing of the culture, both in stores and at headquarters of the distributor, where hundreds of people working on the offer non-food.For its part, Virgin is a way to revitalize its network (30 megastores and six stores in train stations and airports) by increasing sales at lower cost. "The company has developed a range of creative hobbies more interesting than the Fnac, is Thoumine Lawrence, a consultant at Kurt Salmon. But the initiative of Carrefour is presented more as a response to cultural spaces Leclerc, growing steadily for 10 years and the concept works pretty well, an attack against the Fnac. "

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The retraining is an obstacle course. It essentially said that a study by the Agency for the Use of Frames (APEC) published on Wednesday. If managers are increasingly likely to want to retrain mid-career, the process does not become easier for all. Indeed, beyond the speeches that are encouraging businesses, often plebiscite adaptability and motivation of atypical careers, recruitment always leave the spotlight on "cloning profiles," said the APEC.

"Today it is virtually impossible for a framework to achieve what professionals call the diagonal support: change both business and enterprise," said the APEC. Businesses, especially in times of crisis, most want is to secure their recruitment, and thus become more timid, more reluctant to hire people without experience on the job.Consequence: it is now much easier to convert internally, rather than changing at the same time employer. The mobility is viewed positively as a tool for employee retention, and a way to reduce uncertainty in hiring a person unknown.

A passion for the trades "ethical"

Some trades, however, are more open than others to atypical careers. This is especially true for businesses that engage in general skills, such as managers, consultants, sales representatives or heads of human resources (HR). "For people who do that are more and framed by" the shift is easier because it does not require highly technical skills, says a recruiter. However, positions that require some experience.

However, the desire for conversion especially managers aged 35 to 45 years, more inclined to question their journey. "The desire to change jobs is often associated with a need to reduce the dissonance between everyday work and personal taste," says Apec. "I wanted to take my dismissal to give meaning to my life," reflects his side a frame. As a result, trades are often considered ethical on a roll with these candidates for change.

The content of these trades, however, tends to change. While teaching, journalism and social work were acclaimed a few years ago, today it trades on Sustainable Development and Trade Fair that get the prize for ethics in the eyes of managers.Takers.

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On Monday, the opening of stock markets in Europe, banking stocks will be the center of attention. While Friday night, 18 o'clock – evening after the close of stock markets in Europe – results of stress tests reported only seven failures out of 91. That is to say that 92% of the banks examined have managed to maintain a solvency ratio of at least 6% by simulating economic conditions deteriorated.

But among them, banks posted September 10 called Tier One ratios between 6% and 7%. It's like having a BA of 10-11 overall average. Deutsche Postbank, Piraeus Bank, Allied Irish Banks, Monte dei Paschi di Siena, Banca UBI, Bankinter and eight small Spanish settlements are on the list, which will be closely monitored by investors.The four French banks surveyed, BNP Paribas, Societe Generale, Credit Agricole and BPCE have all scored honorable.

On Monday, central bank governors and heads of Supervisors will meet in Switzerland to discuss the reform proposals on the strengthening of bank capital.

But after their success in tests of strength, European banks may find it difficult to argue that they can not apply a stricter financial regulation.

"Banks are ready to begin implementing the new rules are needed to strengthen the capital reserves and liquidity management of banks," also provided Vitor Constancio, Vice-President of the ECB. Basel III could thus move at a good pace.

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Anne-Marie Couderc, the current deputy director with the CEO of Lagardere Active, will be the candidate for the succession of Remy Plflimlin to head Presstalis (ex NMPP). After several days of hesitation and consideration, Anne-Marie Couderc will be the candidate of "consensus" by the Lagardere Group, operator of the largest distributor of media with 49% of its capital, to vote on the board of managers under 28 July. Its mandate should however not be limited to one year despite the change, expected by next June, the governance of Presstalis with the withdrawal of Lagardère.

His appointment is hardly surprising payday advance. Broken to the press, Anne-Marie Couderc has the ideal profile.A lawyer by training, she is vice-president of the Supreme Council Courier Press and knows exactly how it works Presstalis.

A time mentioned, the appointment of former senior official Bruno Mettling, rapporteur of the draft revision of the distributor that is the basis of work today, raised a legal issue. Immediately raised by the addition of competitor Presstalis, the Courier Lyons Press (MLP), which threatened a lawsuit in the event its name to Lagardère.

Anne Marie Couderc, asked the Buzz Media Orange-Le Figaro.

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The wealth tax (ISF), unconstitutional in the state? The Sages, seized last July 9 of this issue by the Taxpayers Association Associates, will decide by September or October. And the stakes are high. For if the Constitutional Council was to declare certain provisions of the ISF unconstitutional, we would have the wealth tax as we know it. MPs would then be obligated to substantially alter the content in a specified time. "The legislature would have no choice but to significantly modify the rules for calculating the ISF, or delete part of a general revision of property tax," says Ms. Subra.

The firm Delsol, depositary of the question of constitutionality to the association, is based on several arguments challenging the constitutionality of the tax on capital.One of them echoed the often-repeated complaints by some subject to the ISF, including the famous land owners in the Isle de Re. Insofar as the base of the ISF include all household goods tax, even those who do not produce income, wealth tax does not respect the principle that everyone participates to tax under its ability to pay. To take the example of the fishermen of the Ile-de-Re, one can own a heritage of great value, without benefit of an income therefore savings account payday loans. And then be in a difficult position to pay the ISF.

Reform symbolically embarrassing

If the Constitutional Council was to justify the Taxpayers Association Associates, it would be a first.And a decision that should give grist to the parliamentarians who are already campaigning for the abolition of this tax. The chairman of the Senate Finance Committee, Jean Arthuis, including calls in exchange for the abolition of wealth tax for an increase to 45% (currently 40%) rate the highest tax bracket on the income, an elimination of tax shield and an increase in taxation of capital gains and real estate. But if this reform has the support of tax, although it may be symbolically very embarrassing for the government and parliamentarians.Difficult to explain, when the time is budgetary contractions, which can revoke or amend a tax that taxes "the rich" …

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Apple wants to improve his reputation. While its flagship product, the iPhone 4 has problems receiving the signal, the group of the Apple brand has announced its decision to hold a press conference Friday on the subject. A first for the group trying to minimize the present case. It must be said that the criticism of Apple's latest increase, since the U.S. consumer magazine Consumer Reports has recommended the purchase of the smartphone, so he had hitherto always been to bare devices from Apple.

The group gave no further guidance on the ads that must be made during this impromptu conference. But analysts formulate hypotheses. Some believe that the group could recall its latest model. The cost of the operation is estimated at 1.5 billion dollars by the Los Angeles Times.Just about the only first three days following the release of the phone, nearly 1.7 million units were sold.

Expected solution

While experts find it unlikely that the group undertake a comprehensive reminder of the smartphone, according to them, "the image and potentially Apple iPhone sales could be penalized by a lack of explanation and proposed solutions by the group. "

One of the approaches discussed by the specialists was that the group provides free cases, the use of which seems to solve the problem. The cost of this operation is estimated at 45 million dollars. An amount more than thirty times lower than that of a possible massive recall.

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"This is not my five-year reform, but reform is essential," says President of the Republic, during a television interview aired on France 2 Monday night. He has shown determination to stand firm on its positions to the point he claimed that the events planned in September "will not affect pension reform."

An overview of various issues discussed with the President of the Republic.

• Pensions: "Our system is a system breakdown. By definition, all the French are concerned, "said Nicolas Sarkozy in the introduction to his remarks on France 2 and retreats on the eve of the presentation of the bill put together by Eric Woerth in the Council of Ministers.

"I tell the 15 million retirees that will not affect their pension," he said beforehand.The Head of State said that 'those who started work before age 18 will retire at 60 "and defends its reform:" I try to be someone just is not easy " .

Nicolas Sarkozy also states that "any person who has a disability working at least 20% will leave at 60. And he concluded: "The 62 years we would not disturb the alignment of pension contributions public / private either. Of the rest, we will listen.

"L'Oreal does not move to another country"

• Tax Shield: Nicolas Sarkozy has again defended the tax shield system, which allows a taxpayer to pay not more than 50% of his earnings in taxes. "The tax shield is not an idea that I was like that when I woke up one morning. Our main competitor, customer and neighbor is Germany. I admire the German economic model.The shield has existed for over twenty years in Germany. I will do the same thing in France. "

He has claimed that Liliane Bettencourt "do not start in another country." According to the website Mediapart, the tax has paid 30 million euros to the billionaire Liliane Bettencourt in March 2008 under the tax shield.

Nicolas Sarkozy has also repeated that he would not abolish the wealth tax (ISF). "I believe that when you have money, it's okay to pay taxes," he said, recalling that "every country in the world, France is the most taxing the wealthy " free credit report and score.

Sarkozy refuses rigor and prefers "to be tough"

• Economic Policy: "We must restore the competitiveness of France.For this, we must work harder and catch up on investment, "said President of the Republic.

Asked about the rigorous measures taken by France to reduce the deficit, the President of the Republic has yet shown ambiguous. "The word is strictly neutral. That means lower wages and higher taxes. I will not do. However, I prefer to be tough for France to return to equilibrium.

• Deficit: The government has set targets to reduce the budget deficit in 2011 to 6% and 3% in 2013. "We'll get there," says Nicolas Sarkozy. "We have eliminated 100,000 employees in three years and remove additional 34,000 in 2011. I urge the community to do likewise. I call them to accountability.It is not normal that while the state made efforts in this area, they increase the number of their 34,000 employees.

While some economists believe that to achieve these objectives, a tax increase is necessary, the President of the Republic confirmed and signed. "I refuse to raise taxes because that would mean less investment by companies and less consumption by individuals," says the president.

• G20: The town of Evian (Haute-Savoie) will receive the next G20 Finance to be held in February 2011. "I have three goals. First, establish a new international monetary order. Businesses must compete on equal terms. Secondly, regulate the commodities market and especially in agriculture. And thirdly, change in global governance.Africa and Latin America should have a permanent seat on the Security Council of the UN. "

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