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Some statutes have a real impact on everyday life of businesses. The law of modernization of the economy passed August 4, 2008 falls into this category. One of his goals was to reduce payment delays by requiring companies to pay their bills more than 60 days after issuance. This measure was intended to restore oxygen-financial corporations.

The subject is sensitive. France had the time of payment among the longest in Europe with an average of 67 days against 57 days. Many blamed the major professional groups to use the time for payment to undermine their SME suppliers.

The law has achieved its goal.The eighth barometer Atradius Payment Practices conducted among more than 3,900 companies located in 22 countries including France, "it produced a reduction in the time of payment in constant decline since its establishment, whose average approximates now the average payment periods, ie the date set by contract between buyer and seller. "The payment period stipulated by French companies was reduced to 32 days for French customers and 34 days for foreign customers. These figures allow France to be in the middle of the 22 countries surveyed.

The Germans are the best customers

But the crisis and the Basel II banking standards have undermined the reform."It has sometimes countered the positive effects of the law to modernize the economy by forcing companies to extend their payment periods not to meet cash flow problems," say the experts Altradius. 50% of French companies have had to accept a postponement of the date of their bills over the last six months. 44% have ensured that customers had changed the deadline for payment without talking to them.

About 13% of invoices were paid slightly late, ie "in the week following the due date." 11% with a delay ranging "from one week to one month." And 8% very late, ie "more than one month." The companies have not suffered the consequences of payments difficulties because the amounts of unpaid bills were low.

Questioned the quality of their foreign customers, most companies hexagonal ensure that the Germans are their best customers. They pay relatively quickly. And deadbeat German are below 10%.

The queues at the counters of shipment from the International Airport of Rio de Janeiro, confirms what economists predicted: the Brazilians have never traveled much abroad. Fever due to rising incomes, but also by a favorable exchange rate: one dollar for 1.7 real (per euro, it is 2.3 reais). Since the beginning of the year, Brazilian tourists spent $ 9.9 billion overseas by the central bank.

More than the travel deficit is the deterioration of trade balance of concern to the government. This year, it should show a surplus of just $ 25.3 billion, 10 billion less than in 2009. Exports picked up many colors (+25%) this year, but they fail to monitor imports (+45%).It is partly the result of the gap between Brazil, where the gross domestic product (GDP) should grow 7.5% in 2010, and the rest of the world, depressed by the almost zero growth in Europe and the United States .

Industrial activity at the lowest

The companies emphasize that the real problem, however, again, is the valuation of the Real, which reached their competitiveness, particularly against Asian competitors, whose currencies are less efficient. If the trade surplus continues, it is thanks to China's appetite for raw materials, which derives sales of soybeans, sugar, meat, and iron ore. Industrial scale, on the contrary, the lowest since 1997.

"We are at the center of a monetary war", has recently acknowledged the Brazilian Economy Minister Guido Mantega.He alluded to recent central bank intervention in Japan, South Korea and Taiwan to lower their rates, like China, which refuses to let the renminbi value themselves, despite pressure from the United States . In Latin America, Argentina did the same.

Guido Mantega recognized that this strategy has a dangerous impact for Brazil since the beginning of last year, the real was revalued by 25% against the dollar, and the central bank intervenes to virtually reverse . She certainly has repurchased more than one billion dollars per day over the past two weeks, but the goal was to absorb the huge flow caused by the capital increase of Petrobras, the largest in the history of markets.Fears of deindustrialization of the economy are beginning to emerge, although for the moment, the dynamism of the market partly compensates for the lost market share abroad.

LE FIGARO. – You sign a partnership agreement today with nine operators to increase public utilities in rural areas. Why?

Michel Mercier. – This is the first time the presidents of nine major French public operators will gather together to sign an agreement with the State Partnership utilities. The goal is simple: after years of decline, the population begins to grow in rural areas. The State must show the French living in those territories that have not been forgotten and accompanies this revival. This is the logical continuation of Focus on the rural areas and the speech of President of the Republic to Morea.We will give our fellow citizens living outside the cities the maximum utility by pooling the resources of major operators, while relying on the development of new technologies such as high speed broadband.

Specifically, what will change?

Public services will develop in the territories where they did not exist, or sometimes more. Take the example of Chauffailles, a small town of Saône-et-Loire where the train station was closed for several years. This station has reopened and three employees were hired: they sell tickets on behalf of TER SNCF, helping people to connect to a terminal comprising the multi-fund Social Security and provide payment services for utility bill. The old station was thus transformed into a multiservice center groups, financed to the tune of 6,000 euros per year by all public operators.Nationally, we are launching, initially, an experiment that lasted 18 months in 22 metropolitan areas and regions overseas: we will create at least 60 new centers of its kind in 23 departments, one per region, and strengthen service in 300 existing sites payday loan lenders. Locally, the prefects of the departments of experimentation will determine, with operators and local volunteers, actions and places to improve public services. All this will appear in a local contract.

What other reception points are affected by this experience?

The Post is committed to ensuring that one hundred relay station dealers offer their customers the possibility to buy train tickets TER. A high-speed Internet access will also be offered in 50 post offices early 2011, as all the new services under the agreement.Moreover, it will be possible to pay bills EDF and GDF in any post office in France. Finally, fifty tourist offices will sell postal products and train tickets TER.

What will you do at the end of this experiment?

The goal is obviously to increase the openings of sites containing all utilities. But we chose to be pragmatic, and that's why we want to generalize the experience before, studying with the operators what works and what can be improved. We must see what is the attendance of these sites, the uses most desired by our citizens to better match supply to progressively extend the experiments.This is crucial because public operators will invest in this project, including funding the infrastructure and paying the training of employees working in these centers. The state, meanwhile, will release 15 million euros over three years.

Jimi Heselden. Photo credits: Associated Press

On Thursday morning, many expected economic figures could affect the orientation of the Paris Stock Exchange at the opening. INSEE 8:45 reveals to a battery of figures in publishing the monthly business survey in industry, retail trade, wholesale trade, commerce and automotive repair and services in September.At 9 o'clock, the flash PMI index will be released.

The remaining maturities of trading hours will arrive this afternoon, when the U.S. will wake up: the traditional weekly claims for unemployment benefits will be announced at 14:30, the composite indicator of economic activity and home resales in August to 16 hours.

Wednesday night, the CAC 40 ended sharply decline by 1.3% and has moved away from 3800 points, however, exceeded in session Tuesday, and Wall Street took a break.

On the foreign exchange market, the euro is close to $ 1.34. A highest in five months.

The banks: BNP Paribas, Credit Agricole, Societe Generale and BPCE

The bank tax will yield 504 million euros to the French state in 2011 and 555 million in 2012 and 810 million in 2013, says Economy Minister Christine Lagarde in an interview published Thursday in the Echoes.This tax, which will apply from next year to a score of banks, credit institutions and investment firms, aims to prevent excessive risk-taking that could cause a new crisis.

Side car, Renault and Nissan to jointly develop a platform for the manufacture of a dozen models, by Japanese newspaper Nikkei.

PSA Peugeot Citroen plans to relocate production to China in the successor to the Citroën C6, the Tribune reported Thursday.

GDF Suez to abandon the project Penly EPR, according to Les Echos. Moreover, the energy group Wednesday issued 700 million pounds (about 817 million) of bonds to 50 years, a week after a show at 40 years of electricity group EDF, told AFP HSBC, a leader of the operation.

EADS.German airline Lufthansa has announced that the day its supervisory board had approved a new order for 48 aircraft for about 3.5 billion euros, including Airbus. The manufacturer, a subsidiary of EADS, said later that the order included 40 of its aircraft for $ 4.3 billion (3.2 billion euros).

Air France-KLM: The leaders of the Central Works Council of Air France believe that despite abysmal loss of 11.6 million euros recorded in 2009, the CEC should "get out of the rut" this year.

Cegedim CRM software specialist, announces its second quarter results after the close.

France Telecom holds his hand in Morocco. The group announced Tuesday the acquisition of 40% of Meditel, number two in the mobile market, amounting to 640 million euros. Acquisition will return to France Telecom in key markets of North Africa that has eluded him.

Near Telecom Morocco because of historical ties, similar structures and a shared culture, France Telecom in 2001 was the candidate "natural" to enter the capital of the great Moroccan incumbent on the occasion of its partial privatization. But then almost bankrupt because of its record debt, France Telecom had to give.A good bargain for Vivendi, which had immediately seized the Moroccan nugget: the group now owns 53% of Morocco Telecom, which is one of its most successful subsidiaries (839 million euros in net profit in 2009 for a turnover of 2.7 billion euros).

With Meditel, France Telecom thus found a place in the United Shereefian. Type SFR Moroccan Meditel, born in 1999 to compete with Morocco Telecom, became the first few years private telecom operator in Morocco. With 1,000 employees, having recently broke the 10 million customers, representing 37% of the local market, a turnover of 465 million euros and an operating margin of 40% (against 35% for France Telecom Group). Better, "Meditel can still grow strongly backed the Orange brand," said Stéphane Richard, last week, in an interview with Le Figaro bad credit personal loan lenders.France Telecom intends to expand offerings include high-end mobile data, in a market dominated by prepaid offers.

Growth Policy

This acquisition is fully in the group's growth strategy in emerging markets to offset sluggish demand and fierce competition in Europe. "Meditel is the first manifestation of our new policy for growth outside Europe and contributes to our stated goal of doubling our turnover within five years in the Africa and Middle East," said Stéphane Richard Tuesday Rabat, where he was received by the Moroccan Prime Minister and Minister of Industry.

"The idea is participation in a first step but important minority, with a schedule that allows us to run, and after an IPO, to consolidate this operation," also said Stéphane Richard.France Telecom will rise to 45% of the capital by 2011, when the IPO Meditel, then to 49% by 2015.

As always at its facilities abroad, France Telecom is to rely on local partners. Meditel no exception to the rule, with its two shareholders located in the local industry: CDG group, the Deposits Moroccan and diverse group FinanceCom. CDG and FinanceCom had bought Meditel Telefonica and Portugal Telecom in 2009.

This ex-ample of such a tax measure uncontrolled can destroy the efforts made elsewhere to reduce the deficit. The culprit? The bonus-malus automobile. With this device, introduced in 2008, a motorist who buys a low-emission car receives a premium. Conversely, one who acquires a vehicle emitting much CO2 pays a penalty.

Originally, the government thought that the penalty would be revenue as high as the costs incurred by the bonus. In short, the system would be neutral for the state coffers. It did not happen. The bonus-malus has cost 214 million euros in fiscal 2008 and 525 million in 2009 and again 500 million this year. Explanation: The bonus-malus prompted the French to change their behavior and buy non-polluting cars.Thus, according to a decree ahead examined Monday finance committee in the Assembly, the State will pay in 2010 to 710 million bonus, instead of the 340 million originally planned. As revenues will reach 200 million penalty, although the gap will be 500 million.

End of the scrappage

500 million euros, is more than what must report the movement of the plane 10% on tax loopholes ($ 440 million). With a plane that has taken hours of meetings for which the government has risked upsetting investors or users Scellier niches overseas … "This raises the question of real control of our public finances" says Jerome Cahuzac, the socialist president of the Finance Committee of the Assembly. "The government has been overwhelmed by the arrangements put in place" says the centrist MP Charles de Courson.

While the executive has planned to strengthen the system year after year. The process began in 2010. And in 2011, the thresholds for claiming the bonus will be lowered to 5 grams. Just as those triggering the penalty. "But car manufacturers will adapt. Result, the bonus-malus remain in deficit for the state. And with no guarantee that small non-polluting cars, but only by French brands are produced in France! "Gilles Carrez storm, the UMP rapporteur of the Finance Committee of the Assembly. MP supports a much more drastic tightening of the system. But this is not the agenda of the government.

In contrast, the scrappage, replacing the French offered their cars more than ten years by a non-polluting vehicle, will disappear at year end.But the cost of the premium has also slipped (514 million in 2009 instead of the 220 million forecast, 367 million in 2010 instead of 240 million planned).

At the Department of Ecology, it refutes this accounting analysis. "More activity for the French manufacturers, it is more VAT and corporation tax. And as the cars are cleaner, our oil imports have been relaxed. Do take into account the cost of the bonus-malus face is absurd, "says one in the entourage of Jean-Louis Borloo.

The builders are on the same line, since both devices have supported the French market in 2009 and the first part of 2010. The bonus has also fundamentally changed the nature of the fleet of the country, the least polluter in the world according to the Department of Ecology.Between 2008 and 2009, the C0 2 emissions from new cars sold are thus increased from 140 grams to 133 grams of CO2 per kilometer. In the first six months of the year, sales in France of cars emitting less than 125 grams of C0 2 – eligible for bonuses – amounted to 55.1% of the total, against 42.6% over the same period in 2008. At the same time, the share of cars hit the minus (more than 156 grams of CO 2) fell to 7.4%, against 14.1% in the first half of 2008. Large 4 × 4 legacy have been particularly affected.

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Last Sunday, the Basel Committee, the international body responsible for developing the operating rules of the banking industry, announced the requirements that apply to the future. The standards, including the implementation will run through 2018 have been considerably strengthened, with the explicit aim of avoiding another financial crisis. President of the French Banking Federation (FBF) from 1 September, the boss of BPCE François Perol reacts to this event on behalf of the profession.

LE FIGARO. – What the French banks feared-that is to say an excessive strengthening of the requirements of their regulators, has it occurred last Sunday during the meeting of the Basel Committee?

Francis PEROLS. – The strengthening of capital adequacy of banks is necessary. The rest was an instruction to regulators by the Heads of State and Government of the G20.What was decided on Sunday is the translation of this commitment, in a version very demanding. Judge for yourself: in practice, the minimum capital that a bank must be multiplied by more than 5 by the new regulations. Indeed, not only the minimum ratio of capital raised from 2% to 7% risk, but also the definition of capital that can be taken into account in calculating this ratio is made more restrictive. In total, this will greatly increase the amount of capital that banks must be equipped.

How, in the case of French banks?

The French banks did not wait for new regulations to strengthen their capital. Since the crisis, they have increased their capital over 30% on average to be placed well above the minimum required by current regulations.This is why the French banks are already solid banks, as demonstrated resistance tests that Europe has made in July. And their model is robust enough that the capital requirement set by Basel 3 may be filled by setting aside a portion of their results. Regulators have indeed had the wisdom to give us enough time for that …

So where is the problem?

All things being equal, have more capital for the same activities, it means more pressure on the risks we take, therefore, on credit, and the profitability of these risks and therefore on interest rates . The risk is therefore a credit less dynamic and more expensive. I would add that the work of regulators are not completed.It remains to further clarify the definition of capital, as well as rules on banks' liquidity … Especially, the issue of systemic risk is on the table. Treating it with a new overhead capital which would apply to larger institutions would be a grave error when they enter an area unreasonable, in which those banks could no longer fulfill their mission of financing the economy. In my view, the systemic risk is an approach which should focus particularly on the organization, transparency and market surveillance. On all these subjects, the French banks remain extremely vigilant and mobilized. With a strong message with regard to capital: that will do!

Last Monday, bank shares have risen sharply in stock. The markets seemed relieved.Are not you exaggerating the impact of Basel 3?

Let us not focus too much on daily changes fast cash loans. More fundamentally, the markets had anticipated a large part of the new rules. In any event, we can not say that imposing 7% minimum capital ratio for banks, this is nothing! We were right to call the attention of authorities and public opinion affect the growth of this reform. The companies also say the same thing as us. Never forget that in France, banks provide three quarters of the financing of the economy.

Do you fear a tax credit?

A tax credit included in the draft state budget for 2011. Other European countries like Germany or the United Kingdom, have indicated they would create their own tax. I would like to mention three things of common sense. First, remember that tax the banks is tax credit, therefore the economy.Next, note that the bank support plan has not cost the French state, on the contrary, this is not the case in other countries where a tax credit is created. Finally, ensure that the tax, if there is tax does not disadvantage the French banks compared to foreign competitors, since all countries have no tax.

Georges Pauget and Emmanuel Constans have been handed a report on the pricing practices which is the basis for further negotiations between banks, government and consumers. Your profession has more work to do …

This report has the merit of presenting a global approach. He recalled that the question of rates can not be separated from the overall relationship model, and near the French credit institutions maintain with their customers.He also noted that the bank charges in France compare quite favorably to the practices of other major European countries. However, we can still make progress in terms of tariff transparency, clarity of information given to the client, avoiding incidents that bank must be able to anticipate. And if there are abuses in pricing, we must correct them. We have made concrete proposals. For example, we propose that each bank publishes the tariffs of the ten most common banking services, the list is the same for everyone. We would also, along with a detailed description of the package the most common.Other proposals are now on the table of the Minister, for example to limit the price of payment incidents for the most vulnerable customers.

If you had set a goal for your year as president of the FBF, what would it be?

Convinced that French banks are in the service economy. The crisis has been able to raise doubts, because it revealed here and there risk taking reckless, very far from their funding mission. In some countries, banks have put their economies to its knees.In France, no bank has fallen, much better, French banks have continued to do their job during the crisis: France is one of the few European countries where, in 2009 in the heart of the crisis, stocks loans have increased while the economy was in recession.

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Good career prospects in aviation! The hiring will explode in the years to come. This emerges from a study conducted by Boeing on the future needs of airlines between 2010 and 2029. The figures cited by Roei Ganzarski, head of training U.S. aircraft manufacturer, are staggering: you will need to recruit 466,650 pilots and 596,500 technicians and engineers between 2010 and 2029, more than a million people to train in the world .

This expected boom due to two phenomena: the growth of the world fleet will double in size to 36,300 units by that time and the replacement of personnel who will be retiring. Currently, airlines employ 233,000 pilots in the world."When you consider all these numbers, you quickly realize the challenges facing our industry," reacts Roei Ganzarski. "Our task is to train the next generation of people who will fly and maintain the aircraft we deliver by 2029," he adds.

The needs of China will explode

All regions are affected. According to calculations by Boeing, the needs are estimated at 97,350 pilots and 137,000 technicians in North America at 94,800 and 122,000 technicians in Europe. But the prize goes to Asia and especially China, whose needs will explode with the hiring of 180,600 new pilots and 220,000 technicians. In Asia, the battle began training in the wake of the trade war between the great names in aviation.In 2010, local companies should get out of the red and achieve a result of some 2.2 billion (against a loss of $ 2.7 billion in 2009).

Buoyed by the strength of the recovery in traffic, according to Boeing is expected to grow by 6.8% per year in Asia, they equip themselves with new aircraft and deploy their fleets. Cathay Pacific, the largest airline in Hong Kong has confirmed an order for 30 Airbus A 350 with an estimated value of 7.82 billion (at list price) bad credit unsecured personal loans. And Airbus is negotiating to bring a giant contract for 150 aircraft including 120 medium-haul A320 family, worth 16 billion dollars.If this contract is a reality that some believe could be formalized in November during the visit of Chinese President in Paris would be the largest contract signed by Chinese companies from those signed in 2005 and 2007 for 150 A320s and 160 A320s and A330 respectively.

Partnership with Chinese industry

China will become the first in twenty years the world aviation market to the U.S., the fight is tough. Airbus claims to 43% market share with 623 aircraft in service. The Airbus is 50% of the total. To achieve its objectives, it has developed over the years a partnership with Chinese industry. Chinese suppliers are integrated into the global network of suppliers of Airbus. They made 5% of the value of future long-haul 350.

It is in China where Airbus will more than double its purchases by 2015 to 500 million euros that the manufacturer has set up its first assembly plant outside its natural boundaries. This year the site has already assembled Tianji 29 aircraft for the local market. It will deliver 100 planes to Chinese airlines this year. Airbus will hold "the largest backlog with 290 units on a total backlog of 3400 aircraft," said Rainer Ohler, director of communications for the aircraft manufacturer. The weight of China in the Airbus business is expected to grow strongly. "China represents 20% of our deliveries, but 10% of our backlog," said Airbus expects to sell more super-jumbo A380 in China. For now, only China Southern has ordered the giant aircraft, five copies.

Total sees far. While the oil company must submit its ambitions in production until 2014, during a conference to be held in London this afternoon, management has already revealed the outline of the prospects in a document available on their website. The oil giant believes that its production of oil and gas will remain stable in 2011 although it still intends to grow by 2% per year by 2014, thanks to the contribution of new projects.

In the shorter term, the third European oil company by market capitalization, behind Royal Dutch Shell and BP also ensured that his production is projected up to a year in the second half.

During the first six months of 2010, total production was up 6.3%. Total explained that production should be stable next year and that its level will depend mainly on the evolution of prices of oil, policy of the Organization of Petroleum Exporting Countries (OPEC) and the recovery of production in Nigeria.

The group further estimates that global demand for oil is projected to grow by more than 1% per year on average, a structural component supports the higher prices.

Total states also target a net debt to equity (gearing) of 25% to 30% at end 2010. It was 23% at end June

In early trade, as the oil group is down slightly while the Paris market is changing, her sluggish.