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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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The efforts already made by the employees of General Motors in Strasbourg will be sufficient? Apparently not. Because if the employees agreed Monday to a 70% reduction in their production cost in exchange for the resumption of their site, the management of General Motors Company (a company from the ashes of the former General Motors bankruptcy), now requires more.

Monday, employees had accepted a referendum to give up one third of their RTT, the incentive pay (an amount of 500 € per year), and any wage increases for two years. This is to be closer at the request of management, the costs of the Mexican plant that General Motors Company may entrust the production of its transmissions, instead of the factory in Strasbourg.Between the two plants, General Motors Company is expected to choose the next month, and then seal the future of employees Alsace.

But on Wednesday, after the plebiscite of employees for the purchase of the plant, General Motors Company extension with the unions and the list of "if". The first American manufacturer to add those conditions for resuming the annualization of working time and the normalization of weekends. In plain language this means that employees may be forced to work sometimes less, sometimes more, depending on orders from GM, without compensation to pay for overtime.

An uphill battle

Two requirements that unions say they have discovered Tuesday at a special council of business, and two days of the planned signing Thursday of the takeover agreement."They take us for idiots," growls the CFDT delegate, which supports the agreement Tuesday to recovery. "The conditions of management are becoming increasingly stringent, and one wonders if she really wants to keep the site active, concerned about its side delegate Thierry Stachel CFTC.

However, the management denied today that it amended its terms of recovery, and ensures that the unions were previously aware of every step. "The annualization was well known to the staff representatives and employees as it was under discussion for several weeks. This is one of the measures which have negotiated to give to others who could generate less revenue, "says management.

A further meeting will take place on Wednesday, during which the unions insist that management is satisfied with the measures adopted by referendum.A battle even more difficult than General Motors seems to be the only buyer in contention, and that the deadline for agreement is Friday.

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In a market worried about the evolution of global growth after poor figures from Asia, European exchanges were falling sharply this morning and Wall Street follows the same path. In the first exchanges, the Dow Jones, who started the session on a drop of 0.75%, accelerates quickly to its fall -1.31% to 10,006 points. The Nasdaq also lost 1.70% to 2183 points and the S & P was down 1.49% to 1059 points.

On Monday, the Dow Jones plunged into the red light moments before the closing. It has receded by 0.05%.

As evidenced by the very low volumes of trade these days, the caution among investors, who are eagerly awaiting the release of employment figures on Friday. Trading volumes remain low.In addition to "the decline of the euro against the dollar, under $ 1.23 in mid-session, weighed on the direction of Wall Street, analysts said Aurel Bgc. A large number of awards, including Spain (Thursday) take place this week and the markets may remain nervous before the termination of the operation of 442 billion euros from the ECB on Thursday. "

Consumer confidence is expected to increase

Meanwhile, on the side of macroeconomic indicators, after consumer spending, announced Monday an increase of 0.2% annualized, against 0.1% expected, consumer confidence is to be unveiled Tuesday. And it is expected to clear up.

Moreover, housing prices in the United States rallied in April, after declining in March, according to the monthly Standard and Poor's / Case-Shiller.They rose 0.4% from the previous month (seasonally adjusted) after falling 0.2% in March.

On the face of currency, the euro continued its fall against the dollar, penalized by fears about the strength of economic recovery and China on debt in the euro area. Around 1530, the euro stood at 1.2181 dollars (-0.86%).

As for values, the 3M group (-1.23% to 78.01 dollars) should respond well after the stock market announcements made on Monday after closing. The industry has raised its guidances for the second quarter with a turnover of between 6.6 and 6.75 billion dollars against 6.52 billion dollars expected.The organic sales growth would be between 16 and 18%.

The book distributor Barnes & Noble (-11.70% 14.49 dollars) might instead fall after announcing a loss of 85 cents to $ 1.15 per share against 45 cents a share. The turnover will be between 1.32 and 1.11 billion dollars against 1.28 billion initially expected.

Google (-1.92% to $ 463) also made the headlines, the U.S. computer giant has sold a deal in Beijing.Given the refusal of China to see the California company to redirect its users to search the HK Group U.S., Google has decided to terminate the transfer, in order not to be censored by Beijing.

Californian Tesla goes public

Tesla electric car manufacturer in California, which comes on Tuesday on the Nasdaq stock exchange, announced Monday it had raised over 200 million dollars with this, beyond his expectations. According to final results of the offering, 13.3 million shares were placed on the market at a price of $ 17, while the group expected more than $ 16. This represents a total of $ 226.1 million, including about 202 million directly back to him. In trading, the shares lost 0.52% to 3.52 dollars.

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From our special correspondent in Toronto

Pace Canada, champion of fiscal restraint, G20 Toronto has not been that of austerity. Neither the form – the summit will cost a record $ 900 million – or on the bottom. Hostile to a widespread tightening, he accepted a rigor to the map, depending on the country, and spread over time.

The Toronto Declaration welcomes the commitment of rich countries to "reduce by at least half deficits of 2013 and to stabilize or reduce the costs of public debt to GDP by 2016, but she is careful not to set binding targets to states. "The G20 has not set targets for reducing the deficit or debt at the global scale," Nicolas Sarkozy has insisted. "He took note of the commitments already made by developed countries is different," he added.

The G20 is not forcing his hand to any of its members.France has already pledged to reduce its deficit to 8% today to 3% in 2013. Barack Obama has pledged to reduce the U.S. budget deficit by half in 2013 to return to 3% deficit in 2015. The G20 has shown more understanding toward Japan, a debt of 200% of GDP, due to deflation.

The virtues of fiscal restraint are recognized

Pessimistic about the recovery, deemed "fragile and uneven," worried about "the unemployment rate to levels unacceptable in some countries, the G20 warns against excessive rigor Guaranteed payday loans. "Adjustments in simultaneous largest countries may jeopardize the recovery," said the G20 … "Fiscal adjustment needs to be carefully calibrated to support private demand," it added.

For the first time, however, the virtues of fiscal restraint is recognized at the highest level. "Sound public finances are essential to sustain the recovery," said the final communique. "It is possible that the lack of sanitation where they are needed undermines confidence and slowing growth," it added.

Barack Obama has struggled to retain the word "recovery" in the final communique. But he managed to impose discipline in camp, led by Germany and Great Britain, while fiscal policy is increasingly challenged in the United States in the United States. "We agreed to pursue recovery measures, to provide building plans favorable to growth," says the well G2O.

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Spain is she about to ask for help from the EU? Despite repeated denials, the new back strongly in the German press. Monday, Frankfurter Allgemeine Zeitung asserted that the issue should be discussed in Brussels this week, without even waiting for the summit of Heads of State and Government scheduled for Thursday. The newspaper said the European Commission President Jose Manuel Barroso and Trichet Jean-Claude Trichet would have voted in favor of aid to Madrid. Friday already, the Financial Times Deutschland said that Brussels was expected to receive a Spanish demand in the months to come.

Claims denied on all sides. "Spain does not need additional funding from any international institution whatsoever.The rumor is false, said Monday the Treasury Secretary Carlos Ocana in Spanish, while recognizing that the Spanish banks struggled to refinance themselves abroad.

German game condemned

In Brussels, the Commission does not hide his irritation deal with rumors. "There is no preparation, there are no plans to provide financial assistance to a member country," said a spokesman. Although in theory "everything is in place" to run the financial stabilization mechanism of 750 billion euros finalized recently.

Spain adopted in late May an austerity plan of 50 billion euros by 2013. But the plan was narrowly passed by Parliament, and it is pale in comparison to 80 billion euros in savings in turn announced by Berlin pay day loans."Somebody in Germany has clearly beneficial to put more pressure on Spain, it's pretty twisted," says a source close to the Commission. In early June already, the Ecofin had requested additional efforts in Madrid.

Figure rumors

In Berlin, the Ministry of Finance wanted to calm things down by saying that Spain did not qualify to seek assistance from the Fiscal Stabilization Fund. Spain has played "no role" in a teleconference Monday for the finance ministers of G7 countries, devoted to preparations for the G20 summit in Toronto, has ensured a spokesman.

Still, the risk premium on bonds was tense Spanish Monday. "Again, there is a pattern of rumors as it was to know about Greece, it has been criticized diplomatic sources in holding that" we must beware of self-fulfilling expectations.Spain worried because it represents nearly 12% of European GDP: the euro area can not afford to drop it. But given the poor state of Spanish banks, some believe that the money from the stabilization fund would actually fly to the rescue of financial institutions.

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The news has given a new heart from U.S. markets, battered by the crisis of European sovereign debt. The Fed decided to keep its key rate in the range of 0 to 0.25% during a "prolonged period". After two days of meetings of its Monetary Policy Committee (FOMC), in Washington, the decision was made Wednesday by nine votes against one. As at the previous meeting, Thomas Hoenig, president of broadcasting at the Fed in Kansas City, voted against this provision, hoping that the Fed abandons this language.

The Fed noted that, as at its previous meeting in mid-March that "employers remain reluctant to increase their payroll, and a number of barriers impede growth.Considering that the recovery should always be at a pace "moderate" for some time, the FOMC believes that the absence of threats of inflation, the conditions are in place to guarantee a rate "unusually low" long.

Despite this announcement, your wants more optimistic: "The economy has continued to strengthen" and "labor market begins to improve," the Fed wrote in its final communique. However, no information suggests the date of a rate hike to come.

For Thomas Hoenig, the language of the Fed is likely to "aggravate the financial imbalances."Like other FOMC members who themselves do not have a right to vote, he fears that the Fed can no longer control any increase in futures prices if it is slow to signal his intention to increase its rates.

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Fifteen days of a general meeting which could be problematic, Lagard?re will sell its 20% stake in Canal + France. It has announced that Vivendi, owner of the encrypted channel. The planned sale of 20% of Lagard?re in Canal + had already been circulating on the markets Wednesday.In a roadshow held by the bank Credit Suisse, Dominique D'Hinnin, the group finance director had in fact suggested that Lagardere would yield.

Vivendi and Canal + Group have been informed of the intention to exercise its right Lagard?re liquidity on its 20% stake in Canal + France under the procedure provided for this purpose in the shareholders' agreement on January 4 2007, "Vivendi said in a statement, without elaborating payday loans online.

In fact, according to the agreements between Vivendi and Lagardere in 2006, Lagardere has a launch window from March 15 to April 15 each year until 2015 to make that decision. Either he decides to put its stake on the stock exchange, or it sells by Vivendi. Lagardere has no option and Vivendi has no option.Between the two groups, there is no floor price as provided to the M6 and TF1. These two groups have recently sold their respective stakes of 5.1% and 9.9% on the basis of a $ 7.5 billion for Canal + France. At this level, 20% of Lagard?re worth 1.4 billion euros. But other analysts say the price could be lower: between 1.2 and 1.3 billion euros.

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The U.S. stock markets have recently experienced six consecutive weeks of increase continues its momentum. The Dow Jones certainly opened down 0.07% and the Nasdaq 100 0.11%, but the disappointment of Alcoa's results did not last.

At closing, the indices respectively closed up 0.12% at 11,019 points – allowing it to bind a new top-most since September 2008 – and 0.33% at 2466 points. The S & P 500 just to cross the 1,200 points, and insicrit an increase of 0.07% to 1197 points.

On Monday, the Dow Jones gleaned 0.08% to increase the threshold highly symbolic 11 000 points for the first time since September 2008.

The eyes are now riveted on the release of Intel's after-hours trade, which will sign a series of results from technology stocks.

The euro steadied against the dollar Tuesday, the foreign exchange market remaining cautious vis-?-vis the funding prospects of Greece, despite strong demand for Treasury bill issuance Greek, and after jumping through the day the announcement of details of rescue plan for Greece.

Oil continued to fall

Side oil, black gold connects its fifth session of declines, traders are concerned about the continuing rise in oil stocks in the United States.

On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery finished at 84.05 dollars, down 29 cents from the previous day.The courses, which had exceeded $ 87 last Tuesday in New York for the first time in a year and a half, have lost about three dollars in five sessions.

The U.S. Department of Energy shall broadcast Wednesday's weekly statistics on trends in U.S. oil reserves, and analysts expect the announcement of an eleventh consecutive week of increase in crude inventories.

Palm loses ground after a flight

The week will also be crucial for the U.S. markets with the opening ball of the quarterly results. As usual, the aluminum giant Alcoa (-1.58% to 14.34 dollars) which gave the start of the season publications, Monday after the market closes. The U.S. producer of aluminum remained in the red in the first quarter, however, divided more than double its loss a year.Alcoa recorded a net loss after minority interests of 201 million over the first three months of the year, against a deficit of $ 497 million a year earlier.

Today, the computer chip manufacturer Intel (0.98% to 22.76 dollars) will follow. The next week will be hosted by Google's quarterly results (2.45% to 586.77 dollars), General Electric (1.33% to 18.96 dollars) or JPMorgan Chase & Co (-0, 61% to 45.86 dollars).

Always on the side of values, yesterday, the U.S. oil group ConocoPhillips (-0.52% to 55.67 U.S. dollars) has announced the sale of its Chinese Sinopec stake in Canadian oil sands project Syncrude for $ 4.65 billion dollars (3.42 billion euros).This is one of the largest investments ever made by China in North America.

The manufacturer of PDAs and mobile phones Palm (-14.67% to 5.16 dollars), would seek a buyer. Bloomberg said the investment bank Goldman Sachs and Qatalyst Partners were commissioned to find a buyer to the manufacturer of smartphones in serious financial trouble. Action Palm and jumped over 17% Monday to the New York Stock Exchange.

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The heating is completed, the observation round begins Sunday at 8:30. Labour Minister, Eric Woerth, officially begins the pension reform. Accompanied by his Secretary of State for Public Administration, Georges Tron, he receives throughout the day, rue de Grenelle, leaders of trade union confederations and employers.

These appointments were, in principle, a specific purpose: to expose government stakeholders and especially the method of the calendar months. In the method, it is clear that it will be a consultation and not negotiation. The Executive will not seek to sign an agreement with unions he knows already lost the bet and try to get, at best, the benevolent neutrality of both restrained anger of others …

On the calendar, some guests Eric Woerth has already been informed of the broad potential.Except reversal, the government is a parliamentary debate early in the fastest possible in September. To avoid giving the impression to "trap" the French text, revealing a heart of summer, this would require legislation by the Cabinet in late June and early July.

In this context, the Minister of Labour should offer to unions and employers to review in early May to scan all possible to rectify the accounts, then dig in some more detail in a few weeks later. This agenda will not prevent small employer and union representatives today to remind the Minister priorities. Starting with the maintenance of the legal age of retirement at age 60 for all unions except the CFE-CGC."It is vital that young people regain confidence in our pension system, said the representative of the union executives, Daniele Karniewicz. If the government is prepared to guarantee to every French pension representing a minimum percentage of their final salary, that percentage could be higher for minimum wage earners than for executives, then we are prepared to look hard. "

"Taking the specific

If the file pension remains explosive, the Elysee seems to send some recent signs of goodwill towards the unions. Nicolas Sarkozy has discussed the idea of relaxing, it was minimal, the tax shield, which would allow the "efforts" necessary to save the pension to be borne by all.

Aides to Bush also raised the possibility of a levy on certain specific categories "of people.Tracks that can only talk to the CGT or CFDT, who constantly demand the abolition of the shield, or TF requires additional resources for retirement.

Another element could help to relax the atmosphere a little: the unions know that the documents be published on Tuesday Guidance Council pensions-that is the second highlight of the week will go less far than expected. The NRC will assess, as expected, "the extent of damage." In recalling an annual shortfall of 100 billion euros to balance plans in 2050 in late January in Le Figaro, Francois Fillon has already set an order of magnitude.

However, encryption of 7 scenarios for postponement of retirement age or longer duration of assessment is delayed two weeks at least. And it will be published as part of an "Attachment", supposed to have less power than a traditional formal report.There are a few more days, Jean-Christophe Le Duigou (SGC) raged against "these extravagant hypotheses tested without scientific rigor." But this time might amount only to fall to jump better.

A deep left-right

According to a Harris Interactive poll for RTL (online survey 8 and April 9 to 1 073 people quota method), the French consider it necessary to pension reform (80%) … but to show opposed to preferred by the tracks government. 56% say they are not "personally willing to contribute for longer" and 60% rejected the idea of lower legal age of retirement.

These two cases show a deep political divide. The left-wing supporters refuse to 78% as the legal age of retirement is down beyond 60 years. The supporters are right whereas 62% consider this track.Oddly enough, a story appears, however, collect some consensus: 87% say "right" but 77% of respondents 'left' are in favor of "a pension plan for employees in the same public and private . That would still be, from a strictly technical point of view, one of the most complex to implement!

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Shortage of 06 in sight. With a growing number of mobile customers, operators are back to the wall: they have but of 06 enough in stock to meet demand opening line. Of the 100 million initially available, this number had already more than 10 million in early 2009. Given that 3 million of them are reserved for new entrant Free, it is urgent.

Anticipating the facts, the Regulatory Authority for electronic communications (Arcep) decided last year to open a new slice numbering. It will come into force from 3 May. On that date, any new client Bouygues and Orange will have a mobile number starting with 07. SFR wait for mid-July.

The 06 will survive much longer

This change in the mobile world will not cause much loss to total 06 in the years close.Indeed, when a customer will change mobile number, his old number 06 will be retained by around 6 months by the operator who can then reassign it to a new customer. In addition, all customers will retain their current number 06.

The 10 million of 06 remaining stocks will be allocated to new customers but also customers to 3G keys and all those that have computers connected on line pay day loans.

Avoid misunderstandings

At two months of launch, operators have only one concern: to prevent consumers associate the 07 to a premium number. Their experience with 087 assigned to their ADSL customers left a bitter taste. In December 2005, Arcep had in fact authorized operators to assign a number starting with 087 for their customers Voice over DSL box.The failure was total, involving all the users 08 to premium-rate numbers. Four years later, 087 were replaced by 09.

To ensure that history does not happen with mobile phones, operators are now launching a comprehensive plan of communication with customers and media. But they believe the risk of confusion should be less because the 07 is a continuation of 06. The market has in any way other choice but to find an alternative to the traditional prefix. A study of Bouygues Telecom, the mobile number needs to be 72 million by 2020.

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