"No engagement will not solve the demographic problem," still insisted the prime minister, noting that previous pension reforms of 1993 and 2003 had been "challenged" and "are now accepted by everyone."
The U.S. stock markets resumed their minds on Thursday. The Dow Jones climbed 2.76% and the Nasdaq gained 2.79%, to clôtire the NYSE. Wednesday, after long hesitation which direction to take, Wall Street slipped into the red at the very end of the session. At the finish, the Dow Jones lost 0.41% and the Nasdaq 0.57%.
The chairman of the Fed, Ben Bernanke was upbeat about the economy of his country Wednesday, despite the difficulties of Europe and the latest figures, disappointing employment in the United States. Ben Bernanke said before the Budget Committee of the House of Representatives that the economy should grow at a rapid pace in 2010 and accelerate slightly in 2011.Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.
On the foreign exchange market, the euro shows a renewed nete against the dollar, worth U.S. $ 1.2098 (0.92%), around 15h40, due to a lull in all markets, on the eve the monthly meeting of the European Central Bank. The European Central Bank (ECB) is today holding its monthly monetary policy meeting.
After the disappointment of last Friday on the employment figures, investors should pay particular attention to weekly figures for unemployment benefits that are to be published today.
Meanwhile operators should welcome the trade surplus of China.China recorded a trade surplus of 19.53 billion in May, against 1.68 billion in April, with exports up 48.5% year on year last month and imports rose 48.3 %, according to official statistics published today.
From the values listed, shares of BP, listed in New York should remain under pressure. The day before, they have continued to drift, plunging more than 15% to their lowest level in 14 years, in the wake of the London listing.
The Internet giant Google has criticized the new rules governing advertising on the multifunctional phone from Apple, the iPhone, saying they could prevent him from receiving income on this unit.
The Paris Bourse is scheduled to begin last week's meeting in decline, in the wake of U.S. markets worried about the difficulties in Europe – Wall Street closed down over 1% – and the Nikkei in Tokyo down the same order Friday morning.
Since the beginning of the week, the CAC 40, which replaced the European aid plan of 750 billion euros announced in the night from Sunday to Monday. Last week, the CAC 40 index had fallen more than 11%.
Thursday evening, the benchmark index of Paris has stood still while the rest of Europe has evolved disparate: Spanish IBEX fell 1.11% to 9,977 points, when the BEL 20 has folded 0.22%, to 2534 points. While the Dax frankfurt took some 1.1% to 6251 points and the FTSE in London, 0.93%, to 5433 points.
The IMF: a report on public finances G20
Today, Europe is free of major statistical.In contrast, the United States, the indices continue to rain. Are scheduled for this afternoon publication of retail sales in April, very controlled, industrial production for the same month – also highly regarded – the index of confidence from the University of Michigan for the month of May – for a forecast of economic health – and stocks and sales companies in March.
Other important events this Friday, the IMF will publish its report at 5:01 p.m. on the budget deficit and public debt G20 Fast Cash Without a hassle.
EADS net profit down 39%
The giant European aerospace firm EADS said Friday a 39% drop in net profit to 103 million euros. The A380 still weighs heavily on the performance of EADS. The group has however confirmed its objectives for the year.
For this Friday, it is the only publication of results and no presentation of turnover is expected.
However, investors will follow the evolution of Cr?dit Agricole, showered yesterday: Securities fell 3.56% Thursday evening at the closing (the largest drop in the CAC 40). The bank posted earnings of 470 million euros in the first quarter when its rivals Societe Generale and BNP Paribas are respectively reached profits of more than 1 billion euros and 2.3 billion in the first quarter of 2010.
Furthermore, the Attorney General of New York has opened an investigation into eight banks, including Credit Agricole, to determine if they had provided misleading information about their mortgages before the subprime crisis, "according to The New York Times.
EDF side, the series on electricity prices is not over.Priced at 42 euros per MWh, the price increases would be 11.4% in 2011 and 3.5% per year between 2011 and 2025, according to the Commission for Energy Regulation (CER). Figures disputed by EDF. The government – which sets prices for electricity – and EDF belie such increase.
History! No fewer than three giants of French capitalism take their bow this spring. The vintage 2010 general meetings, which are in full swing in recent days, promises to be dominated by the departure of Presidents of Sanofi-Aventis, Total and Saint-Gobain. Jean-Francois Dehecq, Thierry Desmarest and Jean-Louis Beffa, former CEO during the course of their groups, have already sold one after the other the reins of the general direction of their dolphin. By one month, they also give up the presidency, he had kept time to pass the baton smoothly.
For a year, one quarter of the CAC 40 have experienced at their head movements, visible these days as AG. This is often an opportunity for groups to reconstruct the position of CEO, dear to the French tradition. Christophe de Margerie, and Pierre-Andre de Chalendar thus inherit full power Discount Total and Saint-Gobain.France Telecom, meanwhile, saw a rapid transition after the scandal of suicide. St?phane Richard, who took over on March 1, Didier Lombard Branch knows that it will not last: it is proposed as an administrator at the meeting of June 9, to get the Grail as CEO in spring 2011 .
Ultimately, if we exclude the Cr?dit Agricole – true to his rule called "four eyes" – and who will succeed Jean-Marie Sander Rene Carron as head of the group, the Germano-Canadian Christopher Viehbacher (Sanofi-Aventis ) is the only general managers to remain under supervision despite the departure of its president. Serge Weinberg takes effect in the torch left by Jean-Francois Dehecq, the founder of the pharmaceutical company.A matter of nationality? Last year, the board of Societe Generale had waived, under political pressure, to entrust the presidency to Britain's Tony Wyand after the resignation of Daniel Bouton. Rather than having a candidate imposed by the Elysee, the bank was then promoted its managing director Frederic Oud?a the rank of CEO and Tony Wyand placed at his side as vice president.
Vice President referent
If he returns to court, the model of the French boss is omnipotent and more often mitigated by the presence of a guardian "Jiminy Cricket" by his side. At Veolia, already, after the departure of Henri Proglio, his successor Anthony fawn followed closely since last fall by his vice-president, Louis Schweitzer. Axa similar pattern. Henri de Castries, chairman of the board so far, has certainly been converted CEO last week.But at the same time, Norbert Dentressangle, the owner of eponymous transport group, has been appointed as vice-chair, "referring independent director.
Jacques de Chateauvieux, who had succeeded to the presidency of the Executive to Claude Bebear, Axa's founder, had found himself as the structure to the Executive and Supervisory Board was not justified.
As at Societe Generale, had to adjust the statutes to give substance to this vice presidency, that does not exist in French law. Thursday, shareholders of Vinci will last for Yves-Thibault de Silguy at the podium as President. The great servant of the State, which had been called to the rescue in 2006 following the hectic departure of Antoine Zacharias, sits down on the vice-presidency. Xavier Huillard, the group general manager of concessions, makes him the scepter of CEO.A development designed to end the tensions that prevailed in Vinci.
Not easy, indeed, to live day to day relationship between a "chairman" and "CEO" in a foreign country that tradition. "France and the United States are the only countries where these functions remain separate," recalls Loic Dessaint, in Proxinvest, a consulting firm in corporate governance. In light of these latest twists, it appears increasingly that the wave of the separation of powers, meeting in the mid-2000s, showed more concern for some employers to ensure a smooth transition with a real cultural revolution. We had already seen, in 2009, Carlos Ghosn CEO of Renault erected at the term of office of Louis Schweitzer. The method remains valid.Essilor, Xavier Fontanet was withdrawn and the presidency since January 1, transmitting the general direction Hubert Sagnieres. Even the intended movement of 1 July for the specialist Veritas Geophysical GSC.
Finally, it may be tempting to take the highway in reverse, it can be expensive. Jean-Francois Roverato, CEO of Eiffage, who had time left for the operational reins back then paid dearly for this year. Its board of directors granted a renewal of his mandate for one year …
The De Beers diamond bet on a shortage of diamonds in the long term. To prolong the life of its mines, therefore he wants to reduce its production. Such a decision could have an immediate impact on prices, with an increase of 5% according to some analysts, De Beers alone representing 40% of sales of rough diamonds throughout the world.
The world provides a stabilization of its production to 40 million carats in the next two years, against 48 million carats in 2008.The predicted shortage should be accelerated by new demand from Asian countries, including China, where these stones are very popular online cash advance.
In twenty years, no site has been discovered that can compete with the mines operated by De Beers in South Africa or that of Alrosa in Russia.
After a difficult 2009 which resulted in losses, the diamond table on profits this year, and until 2014. Some analysts see the move as a preamble to a re-IPO of the group.
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Wall Street starts the week with stability: the Dow Jones is quasi-equilibrium (+0.03%) in the first exchanges, the Nasdaq also (+0.06%). few minutes after the bell, the indices are moving a bit better: to 15.45, the Dox Jones up 0.17% at 11,016 points and the Nasdaq is 0.21%, to 2459 points. The S & P 500 wins he, 0.28%, to 1198 points.
The Nikkei closed up 0.42% to 11251.90 Monday lmatin points, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.
The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points. Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.
On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.The European currency was trading at just below $ 1.37.
Indicators to monitor
On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.
The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.
Alcoa will open the show publications
The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major listed companies.As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street. Analysts expected a return to profit, its first since a year.
Meanwhile, Alcoa shares are 1.53%, to 14.62 dollars.
The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.
On the side of values, the oil industry runs the meeting. Friday Chevron (0.74%, to 80.1 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.
According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.
LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?
Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where anyone outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.
Will you accept this patronage?
Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.
Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?
Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …
As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.
What do you mean?
I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy, it was the time of Enrico Cuccia, the issue has always been to return to power at Generali No teletrack payday loan. What has never been neither in the interests of the company and its customers or the interests of Italy.
The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?
My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.
Compare yourself today the circumstances of your departure to the 1999?
When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!
And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.
This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?
Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.
At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …
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The Paris Bourse takes a deep breath. After recording, the day before, a new annual record over 4050 points, the CAC lost 0.67% to 4026.97 points. Everywhere in Europe, investors took advantage of the strong performance of recent days to garner a share of their profits. London and Frankfurt lost 0.22% and 0.48%.
Wall Street, which also navigates the unknown peaks over 18 months, was also a break. The Dow dropped 0.24% in session and the Nasdaq is 0.20%.
The minutes of the Fed meeting on 16 March confirmed that the U.S. central bank remained committed to maintaining its policy rates "unusually low", "for a period of time."But at the same time the debate on the need to adopt a real strategy for ending the crisis is more urgent and animated.
Concerns persist about Greece
Indeed, the United States but also in Europe, signs of economic recovery are daily becoming more numerous and tangible. Yesterday, activity in the private sector in the euro area recorded in March, its strongest growth in two and a half years.
Other good news, orders to German industry, the mainstay of the economy in Germany, continue to recover. However, the foreign exchange market, the euro retreated further against the greenback falling dollar sitting in 1.335 penalized by persistent concerns about the ability of Greece to refinance its debt and the fear of contagion from the crisis to other countries in the euro zone as Portugal, Spain or Italy.In Paris, profit-taking focused on areas that have risen more in exchange for a year and particularly on banking stocks, as well as automotive and technology.
Deliveries of goods for export jumped 45.3% in February in Japan, their biggest increase in nearly three decades. Exports rose towards all continents for the first time since 2007, according to figures released today by the Ministry of Finance nippon.
Despite the concerns of the Japanese government vis-?-vis the deflation threat, the dramatic rebound in exports could indicate the consolidation of the recovery so far seen as fragile and dispel any doubts about a possible recession.
The sharp increase reflects a recovery of global trade but also by a calculation that gives in February 2009 as the reference period. Japanese exports were then plunged 49.4%. Imports were up 29.5% last month.
The mobilization of Tuesday has been much lower than last year. 800,000 demonstrators responded to the appeal of unions on Tuesday by the CGT for a national day of action aimed at influencing government policy on political and social. If this mobilization came shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions.
Tuesday afternoon, thousands of demonstrators began to march throughout France. If 60,000 participants were recorded in Paris by the CGT, 10,000 people marched in Nantes, the source said, police still had no figures available. They were 7000 in Le Mans, police said. In Rennes, the mobilization seemed weaker.Lyon accounted as 10,000 demonstrators by police, and Marseille, between 12,000 and 50,000. Bernard Thibault, the CGT leader, welcomed Tuesday a "mobilization rather good, given the lack of communication media on the day of action, because of elections."
The strike of civil servants was also relatively followed in mid-day. The department estimated that 21% the proportion of striking teachers, estimated at 40% for the SNES-FSU, a rate higher than the previous mobilizations. 11.45% of the postal employees were also mobilized by the leadership. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT.At RATP, it would amount to 14% depending on the direction, the CGT-RATP not yet have figures to communicate.
Pension reform crystallized discontent
Two main points Tuesday crystallized the opposition of unions, following the government reshuffle.
• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for reform reduces inequality cash advance america ."Of course we must change our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics." Therefore, it could "be the sport at a social level," he warns. Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy. "If we follow this logic, women live longer should work longer," he argued. As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted.Probably heard a speech by the new Labor Minister, Eric Woerth, who insisted on Tuesday on the need to "protect" the current system "an equitable reform.
• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment. The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said.A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee. The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.
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