From our special correspondent in Tokyo
François Fillon has dropped the word naturally. He who rejects the word rigor in Paris, finally telling the truth in Tokyo. "Of all the state budgets, the only one who is not subject to discipline is that of Higher Education and Research, argues the prime minister, at the turn of a sentence imposed before an audience of five hundred Japanese businessmen and under the approving glance of Christine Lagarde.
True to his outspokenness, the Minister of Economy has not taken greater care to reassure the business community Nippon concerned about turmoil in Europe since the sinking of the Greek economy. "There is not in France, I can assure you of hidden deficits. We have a package of structural deficits, but our accounts are audited very seriously, "warned the owner of Bercy.What has been told to François Fillon not without humor: "Unfortunately, there is no hidden revenue either!"
The European austerity plans discussed at length
He came to Japan to reassure businessmen and Japanese bankers, Francois Fillon has long defended the austerity plans implemented in the euro area. The European currency crisis causes, in fact, Japan concern and uncertainty about the strength of the European Union. The major daily newspaper Nikkei has made his One, two days ago, the 30% decline in investment in the euro countries during the first half of 2010 faxless cash advance.
"I understand that, seen from Asia, our operations can sometimes be difficult to perceive and understand.But Japan's national interest is not to turn away from the euro, "Francois Fillon urged by recalling that Europe is" the great market of the developed world with 500 million consumers. Incidentally, he ditch tackle the Anglo-Saxon does not deliver, he says, a "balanced view of the success of the European Union" and invited his audience to read the German press and French.
Before leaving Tokyo, Francois Fillon met with his counterpart Naoto Kan. In addition to macroeconomic issues, the two men discussed several issues of the Franco-Japanese: nuclear, automotive and aerospace.Weakened by his recent defeat in the senatorial elections, the center-left prime minister of Japan can not implement as it sees the budget and tax reforms that could reduce Japan's debt, too colossal.
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Three years after its rival, Blackstone, and especially after three years of unsuccessful attempts, KKR was thus introduced for the first time at the New York Stock Exchange Thursday. Initially, the U.S. investment fund and private equity had planned to enter the market on Wall Street one month after Blackstone, but the crisis had decided otherwise. KKR, which was delisted from Euronext Amsterdam on Wednesday, offers no new action at this time, but plans to issue 500 million shares, according to market developments.
Valued at $ 7.1 billion in stock, as the closing price on Wednesday (up 2.9%), against 26 billion in the summer of 2006, KKR could see its market capitalization rise to $ 9.2 billion , according to analysts at Rabobank.They believe that after Blackstone's IPO in New York a second heavyweight private equity could galvanize investor interest and emulation.
Redeploy the firm
After the resignation of Jerome Kohlberg (the second "K" "KKR") in 1987, shares Henry Kravis (the first "K" "KKR") and his cousin George Roberts (the "R" of "KKR ") amounted to 13% for each of the company, which manages 55 billion in assets and employs 600 people. All employees of KKR a stake in the capital.
The two founders of U.S. private equity group hoping through the IPO to ensure that KKR will become less sensitive to cycles of uncertain LBO (leveraged buyout or takeover of a company through debt). This is why they are working on a redeployment of the firm towards the profession of investment banking.The question is whether investors will be convinced.
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J-1. That Tuesday morning Eric Woerth will present his Cabinet bill on pension reform. This text provides for the postponement by 2018 the legal age of retirement at age 62 (as against 60 now) and increase by 2020 the contribution period for a full pension at 41 5 installments. It also proposes to raise over 10 years to 10.55% of gross salary pension contribution rate of employees.Meanwhile, the government plans to introduce draft consideration – unprecedented – the strain at work to enable employees who have had a difficult career to continue to retire at age 60 but also extend the system "long careers "which allows people who started working early to liquidate their retirement before age 60.
"Unjust and unacceptable"
Trade unions, traditionally opposed the reforms they consider "unfair and unacceptable" because it would further inequalities have already planned to protest during the presentation of the Council of Ministers."The proposed reform does not respond to questions of employment, particularly youth and seniors, or the reversal of gender inequalities, or to the recognition of the hardship … It refers to the uncertainty of future generations sustainability of pension secured by the division, they were justified in a statement.They also criticized the closure of financial reform that puts "more than 85% of efforts" to employees only and require "a different distribution of wealth produced, particularly through higher taxes than expected capital income and senior income 100% free credit report.
Eric Woerth's proposal to improve the bill at the time of the examination to the National Assembly from September 7 on three aspects of the text (strain at work, and long careers polypensionnés) has yet not had the desired effect. Even the beginnings of a better consideration of the prevention of the hardship brought up by the entourage of the Minister of Labour at a meeting with labor, has left them unmoved. "We want a broader discussion, said Friday Eric Aubin, the negotiator of the CGT, after an interview Rue de Grenelle.The position of the government that it seeks to show a continued dialogue. But we ride seriously and it confirms our intention to build a strong mobilization on September 7. "
On this day, the unions have scheduled a new day of strikes and unit mobilization, hoping to do better than June 24 when 800 000 people (and by 1.9 million CGT) had beaten the streets across France to protest against the postponement of 60 years. And thus weigh more on debates in Parliament. They do not despair, no longer convinced by that number of MPs to amend by Social Affairs Committee – where the text will be examined from July 20 to 22 – the bill. The CFDT has also planned to "harass" the summer MPs in their constituency.Act II of the 2010 pension reform does so may just be beginning.
"SPECIAL – The challenges of pension reform
The Paris markets are taking a break on Wednesday after a strong upward meeting. At midterm, the CAC 40 was down 1.49% to 3372 points. Tuesday, in a very quiet market, the indexes have climbed throughout the day to reach a closing up 2.73% over 3400 points. A rebound reflecting the high volatility of recent weeks: Monday again, the CAC 40 was approaching its lowest level this year.
Elsewhere in Europe, even movement. The Frankfurt Stock Exchange evolves decline of 1.27% to 5865.20 points while the FTSE index down 1.26% to 4902.70 points.
On Wednesday, investors in Paris after their Asian counterparts who chose to take profits.For its reopening after a weekend of three days, Wall Street gave no signal, calling instead for caution with a fence unconvincing in the green.
In terms of indicators, the trade deficit of France has risen sharply to 5.5 billion euros in May from 4.258 the previous month due to a decline in exports, according to data released by Customs. Economists had expected on average a deficit of 4 billion euros.
Also note that according to a recent estimate of the European office of statistics Eurostat, euro zone economy grew 0.2% in the soft first quarter.
Moreover, the German industrial orders fell for the first time this year in May, 0.5% from the previous month, according to figures released Thursday by the Ministry of Economy.Economists interogés by Reuters on average expected a rise of 0.5%.
The car in the viewfinder
As for values, the auto sector should move on Wednesday. Peugeot has announced an increase in worldwide sales of 16.9% in the first half. The title of the group climbed 0.14% to 21.60 euros. Furthermore, Peugeot would invest 700 million euros to resume production project in India, reports the Wall Street Journal.
For his part, Renault (-0.34% to 31.02 euros) which must publish its results tomorrow, Thursday trading.
Sodexo (-0.80% to 47.22 euros) released before the market turnover with 11.54 million euros in the first nine months of the year.The group is an organic growth of its turnover for the full year 2009-2010 of about 2% and hope to achieve an operating profit of between 780 and 800 million euros excluding currency effects the exercise.
Meetic (-0.99% to 19.90 euros) announced Wednesday to build on an EBITDA margin of between 20 and 25% for 2010, unchanged from its 2009 goal. The leading European dating sites also said that synergies from the integration of Match.com, the first since last June, should reach 10 to 15 million euros in the first year.
Atos Origin (-1.34% to 32.33 euros) announced Tuesday the launch of new services known as "smart mobility".The services company led by Thierry Breton makes 850 million euros in turnover in the field of electronic transactions and placed on the strong growth in use on smartphones.
Funny idea that this loyalty program that focuses on infidelity … the customer! Yet it is betting that the Prufrock Coffee, a trendy café located in east London, has dared to face. Since late 2009, the hotel offers its clients a "Disloyalty Card", a map of "disloyalty" which invites them to take eight bars cafes in the neighborhood and make this famous stamp card. Once the "Disloyalty Card" filled the Prufrock Coffee offers coffee consumer "infidel" who for any coffee paid off again with a new card.
This concept has been designed by the owner of Prufrock Coffee, Gwilym Davies, also won the title "World Barista Champion (world champion of the coffee) in 2009. He imagined this card when friends decided to open their own cafes in the area."Initially, our clients have found this strange idea card advising them to go to our competitors," says Jeremy Challender, the manager of Coffee Prufrock at Figaro.fr. "But this concept amuses both consumers and the community café in the neighborhood."
In six months, the Prufrock Coffee has distributed some 6,000 cards "disloyalty". A success for Jeremy Challender, who intends to pursue the initiative. "Especially since I do not count the cards that are still in nature and will return once we met," laughs the cafe, which ensures that bars competitors play the game well and dab the card. "This is a healthy competition," he says."We're well aware that our customers will enjoy more cafes in other locations, which requires us to constantly innovate to improve the quality of our products."
Trade competition against the current
The Expert Group LaSer, a subsidiary of BNP Paribas and Galeries Lafayette that specializes in marketing and customer relations, identify in their monthly newsletter that the objective of this initiative is "to encourage customers to regularly attend teaches, but to give them the habit of going for a coffee, even in competing institutions. In sum, the common focus for everyone to "benefit from a greater overall abundance.
Within weeks, the idea of Gwilym Davies had already crossed the Atlantic. In Toronto, Canada, seven patrons of bars in April formed a sort of alliance called "Toronto Coffee Conspiracy.The principle of this partnership is somewhat different from how the map of "disloyalty" proposed by Coffee Prufrock. In fact, most customers choose this time the coffee, among the seven members of the "Toronto Coffee Conspiracy" in which they will return once their card filled. In Seattle, the United States, no fewer than 10 brands of cafes and bars, located in 13 different districts of the city have come together around a similar card program.
French cafes in lack of customers
This type of initiative has not yet made its way to France. French Café owners could do with finding parades down attendance which they suffer, especially since the smoking ban in public places. Many institutions have also put the key under the door in recent years.The second edition of the Observatory of independent trade wholesaler Metro Cash & Carry France, in partnership with BVA, it remains that 50,000 pubs in France in 2010, against 510,000 in 1914. This study shows that 82% of French people prefer these to traditional franchised cafes. However, only 2 out of 10 people go there regularly.
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The Regulatory Commission (CRE) had just agreed to the request of GDF Suez to raise gas prices as of July 1. They grow by 4.7%, bringing the increase to nearly 15% since the beginning of the year. Although this further increase was expected, the household energy bill begins to weigh.
However, Christine Lagarde, Minister of Economy, warned Friday that gas prices will not move until 1 January. Consumers will escape upwards so that additional sketched already by 1 October – the price revision is now making quarterly.
The "pause" as required by the Minister is made on behalf of a review of the formula currently allows GDF Suez to calculate its rates. In spring, the regulator had already begun an audit. It will therefore continue, before the drawing, probably new method of calculation.Knowing that GDF Suez is currently conducting a number of renegotiations with producer countries. "I hope that the CRE do an audit of this formula because I'm quite surprised at the speed of execution and I wish that as a result of this audit, we determine if the formula is good," said Christine Lagarde Friday on France Inter.
"The current tariff is not obsolete, but it can be optimized," says one expert dossier.In discussion, the long-term contracts underlying the supply of GDF Suez (with key suppliers such as Russia, Algeria and Norway), while the spot price of gas fall very weakly into account in calculating the formula.
The government takes the hand
"On a more general issue is whether to continue to index the price of oil on gas prices, even though overproduction of gas worldwide has resulted in a fall prices, "says one expert. However, increased consideration of market prices in the establishment of the formula may increase the volatility of rates. In all cases, the balance is difficult to find.
For the government, the record price of gas remains thorny.Early this year he thought he had found a solution by entrusting exclusively to the regulator, on the proposal of GDF SUEZ, the task of settling. But after two significant increases in quick succession, the government, well aware of the unpopular side of the increases among the public, are now forced to return to the game
Click on the thumbnail to enlarge the graphics.
On June 24 could mark a turning point in the sequence of events which follow union since the beginning of the year. The day of action against the pension reform held this Thursday at the invitation of the Inter should indeed attract more people than the previous three. Even Eric Woerth not contested. "The mobilization is certainly strong, we expect, we do not fear," said Minister of Labour.
198-point rallies in the sunlight, have been identified in the territory, and calls for strikes in the business (as in Saint-Gobain, Michelin, Total, Airbus, BNP Paribas, L'Oreal, France Telecom, La Poste …) have gone by since the beginning of the week."We also have many echoes of private sector employees who intend to engage in metallurgy, construction or commerce", says it does at the headquarters of the CGT. "There will be the world because people do their calculations and there is a strong sense of injustice grows," added Lawrence Berger, the CFDT. "We will exceed one million, has predicted Bernard Thibault, secretary general of the CGT. Either than May 27, last mobilization date between 395,000 (police said) and one million people (according to the CGT) took to the streets, while the government had not yet unveiled his plan.
Signs of Discontent? Mobilizing transport which should be more punitive than the previous ones, despite the delayed implementation of the reform (2017-2023) in the special regimes. 15% of flights from Orly and Roissy airports were canceled.Traffic will be disrupted in urban transit. At RATP, six out of ten metro will operate at peak times, two to three RER A, RER B on a five … In the provinces, buses, subways and trams 69 cities (Bordeaux, Lyon, Marseille, Nantes …) to turn slowed. At the station, traffic should be guaranteed for two TGV, TER two and a Corail train four.
Sarkozy "listening"
Another sign of discontent rises? The processions will host delegations FO and CFE-CGC, although their confederations do not be associated with mobilization. "We should join Inter at the start but we left the league that had called for demonstrations to go," says Carole Cloudy, Secretary General of the Central Executive.As the CFTC, who left the Inter-months ago, she called yesterday's activists to protest for women's retirement.
As a sign of openness, Nicolas Sarkozy promised on Tuesday to be "listening" and "very attentive" to the discussions this summer with the unions on "the situation of those who started work very early, the situation of those who have difficult jobs and difficult question of polypensionnés. But there is nevertheless unlikely that the mobilization, even important, pushing the head of State to change its text on one terminal (62 years minimum age for a pension, and 67 years of age full rate) key points of the reform.
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The Paris Bourse is expected to continue its momentum from last week. Although nothing is played, far from it. But in recent days, the indices seem more determined to resume the upward path. Trading volumes – including the Paris Stock Exchange – have been more included. On Monday, futures are traded in Paris more than 1.10% at 3582 points. If the increase is confirmed, it would mark the fourth straight session of gains, that we have not seen for a long time.
On Friday, the CAC 40 gained just over 1% to just over 3555 points. On Wall Street, the Nasdaq has also allowed U.S. markets finished the week on a positive note.
After the month of May especially murderer for the whole compartment, investors believe that European markets are undervalued and therefore, that good things are done.
On the foreign exchange market, the strengthening of the euro was confirmed this morning – it is trading at 1.2183 dollars against 1.2077 on Friday. The euro is closer to $ 1.22 in the wake of the stock market, and good resolutions are shown in deficits on both sides of the Rhine, pending the meeting between Merkel and Sarkozy, this evening after the meeting you missed last Monday .
Values follow
Club Med
The group has announced the official name of the Chinese investor who took 7.1% stake in the leisure group, the group Fosum.
Societe Generale
The bank puts his hand on the CMS for a peuplus 870 million euros.An operation that was in the pipes for several weeks and was formalized this morning before the opening of the Parisian market.
Axa
The insurer has confirmed the sale of part of its life insurance business in the United Kingdom. The buyer, the group Resolution, is prepared to pay 3.3 billion euros to get their hands on this activity. Axa will keep activities damage, life insurance and individual savings.
Renault
The automaker is expected to benefit from information delivered over the weekend by its Russian partner Avtovaz plans to return to the green this year after heavy losses in 2009. The first constructor Russian head out of the water, enjoying the scrappage.
The U.S. investment bank is once again slammed. After being accused of fraud by the SEC, the policeman of the American Stock Exchange, Goldman Sachs is now summoned by an American committee. The Commission of Inquiry on the financial crisis (FCIC) which, by its investigations, seeks to identify the roots of the financial crisis, accuses Goldman Sachs of failing to comply in a timely manner to requests for disclosure and interviews.
The institution would, according to the FCIC, responded voluntarily incomplete and unsatisfactory to queries. Members of the Commission indicated that, after having asked some very specific, it had received investment banking unreasonable volume of documents, nearly 2.5 billion Web pages without an index, which does not meet questions."Our view is that they were very unhelpful, they do not provide us the documents we requested," said its chairman Phil Angelides.
The leaders of Goldman Sachs categorically deny these accusations. A spokesman for Goldman Sachs said the bank "continues to provide the information requested FCIC.
This is an ad that should delight the financial markets Friday, although it was more or less expected, after Spain was rocked by austerity. A foretaste of what awaits the European stock exchanges on Friday, was felt on Wall Street who lost nearly 4% on Thursday night, just missing to descend below 10,000 points. Unheard of for a year!
Contagion Greek-Spanish portugo
The Spanish government has significantly lowered its estimate on Thursday night growth for 2010. The Gross Domestic Product (GDP) should grow as well as 1.3% this year, against a previous estimate of 1.8%.
"The fiscal consolidation process will result in a reduction of forecast growth," said Spanish Minister of Economy and Finance Elena Salgado.The new forecast reflects the austerity measures taken by other EU countries like Greece and Portugal "which can also affect" the Spanish growth, "she added.
Unemployment exceeds 20%
Shortly before the announcement, the Socialist government of Jose Luis Zapatero adopted a decree-law providing for the implementation of drastic cuts in public spending for 2010 and 2011, totaling 15 billion euros.These measures are intended to "expedite the process" of reducing public deficits, which rose to 11.2% of GDP last year.
These new measures will have a "clear social impact," acknowledged the head of government, facing an unemployment rate above 20% of the workforce.
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