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Germany: senior citizens, a key factor for growth

Faced with an aging population, Germany is mobilizing its seniors. The shortage of labor grows more and more companies to recruit employees in the age group of 50-65 years. According to recent statistics, 7.7 million of them are in jobs covered by social benefits. Seniors are 452,000 more to work than a year ago, while the number of retired decreases proportionally, according to the Federal Employment Agency.

Germany, most countries aging of Europe, has over 20 million pensioners. Newspapers and specialized sites have a section dedicated to seniors. It offers more courses "convert after 50 years" or "mini-jobs": babysitting, babysitting, secretarial services, pet sitting

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Applications for employment offered to retirees target various sectors. Thus, the industrial bakery K + U offers training in two years, to turn in senior commercial. This original idea has emerged out of necessity. "This is our response to the shortage of labor, says Corinna-Krefft Ebner, head of vocational training in K + U. We have more and more difficult to hire over. We would have 150 apprentices per year. We find 100 painfully. "

OECD calls on countries to respond

The problem is particularly acute in small family businesses that do not have, in addition, the attractiveness of German industrial groups to attract the most motivated graduates. In its report on Germany, published Tuesday, the OECD calls the country to respond "to strengthen growth potential, particularly given the rapidly aging population." The OECD estimates that this has already cost 0.2 percentage point growth in Germany in 2011 and that the figure will rise to 0.9 points in 2025.

Large family SMEs have taken the lead. Two-thirds of them, the 55-65 years represent more than 5% of payroll. For 15% of these companies, this age represents 20% of the workforce. "But it would have to work longer worth the time. Pension contributions should be totally eliminated for those over the age limit for retirement, "says Lutz Goebel, president of the federation of family businesses. Under a law passed in 2007, the retirement age will rise gradually to 67 years by 2031. Currently, the vast majority of assets not working up to 65 years required: this is 63 ½ years on average than the Germans drop out. It is possible to retire from age 63, after having contributed for 35 years at a discount price.

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The Council of State suspended the execution of the decree of September 29 on the sale prices of natural gas, the institution announced on Monday. Gas prices are definitely a real headache for the government. Enact increases in the order of 4 or 5% per quarter is difficult to six months of a presidential election, particularly in times of crisis. So the government there decided by a ministerial decree of 29 September, to freeze the rates for individuals instant credit report. This price stability followed that decided on July 1.

"The Minister of Energy is preparing a new tariff order to be consistent with the decision of the State Council," responded late Monday afternoon, the firm Eric Besson said in a statement.For their part, competitors (Poweo, Direct Energy, Altergaz, Gaz de Paris) grouped in the association had also applied to the anode highest administrative court, in proceedings for interim relief.

The ongoing negotiations to prevent an outright collapse of the euro area will lead, if successful, the definition of a new European balance. It will then explain to the French. What lies there, in fact, behind the formulas often repeated by Nicolas Sarkozy of "convergence Franco-German" or "greater European integration"? First of all a European circles, the first being composed of 17 members of the euro area. Second, a more integrated Europe, where intergovernmental bargaining outweighs the Community method, the latter being relegated to the role of implementation and technical body.

Before the French, Nicolas Sarkozy will decide maybe not the word federalism, because it means a loss of sovereignty that they do not approve.Polls show they are committed to the euro – are 77% want to keep the single currency, according to the latest BVA poll for BFM / Challenges / Avanquest. But other surveys indicate that about two out of three French are not ready to "more integration". The ridge is close to the head of state for several months defending the prospect of a further step towards more integration.

"Bargaining"

It should engage in this exercise in front of the French education before or after the European Council of December 8 and 9, as a great speech that will trace the contours of France in the Europe of tomorrow. "Europe must rhyme with protection, not with globalization in the eyes of the French," says William Peltier, a member of the UMP, and patron of the Letter of opinion.

Fnac goes hand in telephony. In this sector, the specialist distributor has a market share below 1% with only 80,000 packages sold last year. Marketing offers from most mobile operators, Fnac had to manage a complex set of over 1200 different packages!

As a result, the company decided last June to associate with a single operator, SFR, for the management of its telecom corners. Last night, Alexandre Bompard, CEO of Fnac and Frank Esser, CEO of SFR, inaugurated the new sales concept to the Fnac in Paris CNIT La Défense. This is the first to rock and eventually all the rays of the 80 mobile Fnac become "SFR space." "We hope to sell 200,000 lines via Fnac stores a year," said Frank Esser.

Specifically, the client who wants to buy a mobile Internet subscription, a fixed line, access to fiber optics as well as terminals or incidental to the Fnac will head to the "corner" SFR located within the store. It will be supported by advisers SFR, distributing only offers from this operator. The sales force, merchandising, and information systems of these areas will be managed by SFR. The operator will share the revenue with the Fnac. In return, Fnac provides SFR with prime locations in city centers and suburbs.

SFR 500 vendors

After the first opening in November in the Fnac of Sainte-Geneviève-des-Bois, Portet-sur-Garonne, Herblay, Annemasse and Paris la Défense, five new spaces will be installed in Fnac by Christmas in Velizy II Créteil, Nantes, Bordeaux and Parly II.

The Paris market takes a few colors on Friday. In this holiday, where the activity is reduced, the CAC 40 was up. In mid-session, the index rose 0.65% to 3084.49 points after opening up 0.21%. Yesterday, he finished down slightly. In Frankfurt, the DAX index also advanced 0.96% to 5923.95 points while the FTSE-100 in London gained 0.49% to 5471.75 points.

Investor sentiment is supported by advanced this week in the eurozone. Management of public finances in Greece and Italy, two countries that focus on crisis fears of European debt, will change hands. In Greece, Lucas Papademos, former Vice President of the European Central Bank (ECB), has been appointed head of a government of national unity. In his first statement, he said that the euro is a "guarantee of monetary stability online payday loans."The United States and reported a reduction in trade deficit while new jobless claims fell to their lowest level since April. This morning, Asian stock markets were also in the green. In Tokyo, the Nikkei closed up slightly from 0.16% to 8514.47 points.

The AMF opened an investigation

The Financial Markets Authority (AMF) has announced the opening of an investigation after the blunder of Standard & Poor's last night, the rating agency has mistakenly sent a message indicating a degradation of the triple A French before denying the information two hours later.

On the currency markets, the euro has regained some ground. The European currency changes above $ 1.36, above the low of 1.3484 in one month.

Wall Street finished sharply lower on Wednesday. At the close, the Dow Jones yields 3.18% to 11,783.59 points, the Nasdaq 3.88% to 2621.65 loose points and the S & P 500 was down 3.67% to 1229.12 points.

The rates of Italian government bonds soar

Announced the resignation of Silvio Berlusconi has clearly not been enough to reassure long-term markets. In Europe, stock markets, which had initially welcomed the news quickly made an about face. The distrust of the Italian public debt continues to grow, in fact. The Italian 10-year rate rose to over 7%, a new record level and a completely untenable for the country, given the weight of its debt. For its part, Brussels ruled that the Italian situation was "very worrying". At the same time, the spread between government bonds and German to French reached a new peak at 1.47%.

In Greece, things also accelerating.Greek Prime Minister George Papandreou announced his resignation but did not mention the name of his successor will not be announced until Thursday. A further meeting of party leaders was convened by the President.

On the macroeconomic front, crude oil inventories fell 1.4 million barrels to 338.1 million barrels during the week ended Nov. 4. Analysts polled by Dow Jones Newswires had forecast a rise rather 700,000 barrels.

On the foreign exchange market, the euro fell sharply against the dollar on Wednesday. The euro was worth 1.3552 dollars against 1.3836 dollars late Tuesday. Oil prices ended down more than 1% in New York tonight. On the Nymex, the December contract on West Texas Intermediate (WTI) ended on a loss of $ 1.06, or 1.1%, to 95.74 dollars a barrel. Meanwhile, Brent yielded 2.23%, or 2.56 dollars to 112.48 dollars.

A woman at the head of IBM

Soft, IBM is changing. Virginia Rometty, called "Ginni" in the group where she began her career in 1981, will become the first woman CEO of the giant Armonk. Aged 54, she will take office January 1.

The transition with Sam Palmisano, the boss for ten years a number of U.S. computer services, will be phased. He will become chairman of the board of directors.

Continue the transformation of the group

In the soothing world of IBM, Virginia Rometty has climbed the ladder since being hired as a systems engineer. She has led the industry including insurance and financial services.His feat of arms was in 2002, the integration of the consultancy arm of PricewaterhouseCoopers to form a strike force of 100,000 consultants.

This successful integration has led her to take charge of IBM Global Services, the main activity of the giant who represented the third quarter of 2011, 57% of the turnover of the group.

Ginni Rometty intends to continue the transformation of the IT group that "has changed in a decade."

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The world is concerned about the European blocking

The gap is struggling to fill. France and Germany continue to tear publicly on the best "firewall" to oppose the euro crisis, watched dumbfounded from their European partners, but also the United States and China. On the first day of a series of ministerial appointments and European Summits crucial for the common currency, Paris has once again pushed the idea of ​​using the ECB "because it has the firepower necessary "to contain the contagion, they say the French side. Angela Merkel has hammered his refusal, when approaching a new crisis meeting with Nicolas Sarkozy in Brussels tonight. "The road is closed to appeal to the ECB to ease liquidity problems" in Europe, said the Chancellor before its elected coalition in Berlin.

The impasse before a double peak of the euro Wednesday and Sunday, beginning to worry the rest of the world."The impact is disastrous outside (…) We do not really an example of leadership that works," commented the head of the Eurogroup Jean-Claude Juncker, before presiding over a first camera finance ministers on Friday afternoon.

Chinese and American impatience

Washington and Beijing in particular sounding the alarm. The Chinese leadership did not like the cancellation of a summit Tuesday in Tianjin with European leaders, due to repeated conclaves in Brussels. Premier Wen Jiabao has called on the EU "fundamental reform" of its finances and fiscal policy, the agency official New China. "This requires political courage and determination unparalleled," he added, as if he doubted it.

The U.S. government, intervened with the Europeans at every turn of the crisis, also expressed his impatience check cash advance.Barack Obama spoke by video conference with Nicolas Sarkozy, Angela Merkel and British Prime Minister David Cameron on the night of Thursday to Friday. According to the White House, Bush insists that a European response to the crisis is effectively implemented before the next G20 summit in Cannes, November 3.

Franco-German dispute

Multiply the firepower of EFSF, the bailout fund for countries in difficulty, is the key weapon in the euro area to raise her two other challenges: reducing the burden of crushing debt on the shoulders of 11 million Greeks and persuade banks to beef up their capital in order to overcome the market turmoil. Nicolas Sarkozy and Angela Merkel agree on the diagnosis.But France, worried about its budget deficit and a valuable "triple AAA" prefer tap into the existing European funds, starting with the ECB.

Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe. Friday, Paris and Berlin were still camped "in very different positions," lamented one European official. The inflexibility of Angela Merkel, attested as early as Wednesday during a one-on-one with Nicolas Sarkozy in Frankfurt, had its effect. The European Commission and many of the countries of the euro is already a cross on a direct involvement of the ECB together with the EFSF. To work around the obstacle, the European experts worked Friday to a "new palette" of instruments, including greater use of IMF already applied at each stage of the crisis.

Slovak vote weighs on the Paris Stock Exchange

The Paris Bourse is down on Wednesday. The CAC 40 lost 0.90% in the early morning to 3125.97 points. As on Wall Street and in Asia this morning, traders react to the strengthening of the Slovak non-European Financial Stability Fund (EFSF). This decision increases the risk of paralysis in the euro zone, while the French and German leaders have promised a plan to end the crisis before November.

Slovakia is the only one of 17 countries in the euro area has not ratified the agreement of July 21 the European governments, which plans to give the EFSF new powers including increasing its lending capacity to 440 billion euros.Bratislava, however, raised the possibility of a second vote in Parliament, in which the opposition Social Democrats would support the strengthening of EFSF, but no date has been set for the eventual election.

Regarding the Greek case, the inspectors of the "troika" announced Tuesday it had completed their assessment of the austerity measures taken by Greece. These must still be endorsed by the euro area and the IMF, which should allow Athens to receive a new tranche of aid in early November. But nothing is less certain. The IMF is more pessimistic about the future of Greece. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," said he.

The results of Alcoa concern

Another source of pessimism: Alcoa, which sent a new signal concern on global growth.The largest U.S. aluminum, opening the ball across the Atlantic Publications, reported Tuesday a quarterly profit below expectations. Group CEO, Klaus Kleinfeld, anticipates slower growth until the end of the year.

Also in the commodities sector, the Organization of Petroleum Exporting Countries (OPEC) also gave evidence of a slowdown in the global economy by scaling back its forecast for global demand for crude in 2011 and 2012 for the third consecutive month. The barrel of "light sweet crude" for November delivery lost $ 1.04 in electronic trading this morning at 84.77 dollars. Barrel of Brent North Sea crude for November delivery gave 74 cents to 109.99 dollars.

As for currencies, the euro stabilized against the greenback despite the Slovak vote.The single currency is worth 1.3630 dollars this morning.

In France, INSEE has announced that consumer prices fell by 0.1% in September from the previous month and rose 2.2% year on year. Industrial production in the euro area will be known by late morning.

Values ​​to follow

Natixis (-2.81% to 2.35 euros), Dexia (0.14% to 0.81 euros)

Fitch affirmed the A + Group BCPE (People's Bank – Savings Bank) and its subsidiary Natixis. The agency also announced it has lowered the long-term rating of Dexia Bank Belgium from A + to A and affirmed the rating of Dexia to A +.

Credit Agricole (-1.60% to 5.35 euros), BNP Paribas (0.80% to 33.71 euros), Natixis (-3.47% to 2.34 euros)

The Societe Generale analyst lowered his recommendation to buy to keep on Credit Agricole with a target price of 5.5 euros and noted its board to keep BNP Paribas to purchase with a target price of 37 euros.The analyst went on sale on Natixis with a target price of 5.6 euros.

ArcelorMittal (-1.29% to 13.82 euros)

The group could be affected by the release of disappointing Alcoa.

Vilmorin (-0.55% to 72.80 euros)

The group is a slight decline in organic growth of the new fiscal year 2011-2012 due to uncertain economic conditions and the impact of weather in the summer of his crops of maize seed.

Transgene (-1.85% to 7.97 euros)

The group intends to continue the clinical development of its TG4040 against hepatitis C infection, the drug has met its primary efficacy endpoint in spite of severe side effects.

Plastic Omnium (-1.64% A17, 99 euros)

Plastic Omnium Auto Exterior, 100% subsidiary of Compagnie Plastic Omnium, has signed an agreement for the acquisition of 100% Plastal Poland."This agreement is subject to the approval of competition authorities of Poland," the group wrote in a statement.

Areva (-2.13% to 22.02 euros)

Luc Oursel, CEO of the group, will be heard at 10 am by the Economic Affairs Committee of the National Assembly. According to a parliamentary report stage, the nuclear expert may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Foncière Paris France (0.50% to 100.50 euros)

The Board of Directors of Foncière Paris France (FPF) on Wednesday rejected the takeover offer filed by October 7 Paris Vaugirard Hotels Roissy (PHRV).31.4% owned by Allianz, 31.4% and 31.1% Covéa Cofitem-COFIMUR, PHRV offer 100 euros per share, a premium of about 8% to the closing price the day before the offer .

Lagardère (-1.16% to 19.17 euros), EADS (-2.19% to 21.92 euros)

According to BFM on Wednesday, Arnaud Lagardère began to establish conditions to lead the board of the group.It gives Airbus souhiate real certainty about the development of the A350 program.

NextRadioTV radio (-1.8% to 10.85 euros)

HSBC raised its recommendation on Wednesday as underweight to overweight, preferring that value to NRJ.

Air France-KLM (-1.28% to 5.30 euros)

Transport Minister Thierry Mariani implicitly confirmed Wednesday the next appointment of Alexander Juniac, former chief of staff Christine Lagarde at the Ministry of Finance, the General Manager of the airline.

Ipsos (0.75% to 25.49 euros)

The French specialist market research has completed the acquisition of British rival Synovate, based on an enterprise value (including debt) of 525 million pounds (596 million), he announced Wednesday.

Casino has released its sales for the third quarter after-hours trading.

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Slight improvement in the morale of cadres

After an unprecedented drop in September (-30 points), who dropped to its lowest historical, the composite index of moral frameworks in October recorded a very slight improvement (4 points, -51) . This is reflected in the latest wave of eco-Baro Viavoice for HEC, Le Figaro and France Inter. "After a very bad score in September, but rather the beginnings of a correction than a real improvement in the bottom," said François Miquet-Marty, president of Viavoice.

At the macroeconomic level, white-collar workers remain pessimistic.Seven in ten think that the standard of living in France "degrade" in a year and almost eight out of ten (77%) and unemployment "increase" in the coming months.

Vicious circle

These concerns are largely fueled by doubts about "the ability of France to reduce its deficits" (47%) and the anticipation of the impact "of austerity on growth" (39%). "The magnitude of the deficits may impose stronger discipline, which could restrain growth and thereby compromising deficit reduction," the president of Viavoice analysis. For managers, this vicious circle, deficits, rigor, decay, now appears more menacing that "commodity prices" (28%), "the future of the euro" (22%) or "the changes in stock prices "(16%).

Amid this gloomy picture, however, some glimmers of hope.If the problems banks are now in the news, the difficulty for companies to find financing worries only 18% of managers. Then they are less likely to feel that their financial situation "will deteriorate" (44%, down 4 points) and almost as many think that it "will remain stationary" (43%, six points). Their employees are more motivated (36%, +4 points).

As for opportunities for a career, if they are deemed "weak" by an overwhelming majority of executives (79%), the percentage of those who disagree (17%) improved by 4 points. Finally, the question "do you think Greece should leave it to devalue the euro?", A framework of two answers "no" and nearly one in three "yes."