A week after the breakthrough achieved on supervision, Europe barely move on the financial tax. If the principle of a levy on banks seems established, the idea of a levy on financial transactions – or Tobin tax – continues to raise doubts.

Proponents of the idea of taxing financial transactions, Germany and France have once again found Tuesday lack of consensus on the subject with their partners. "It's technically feasible, practically difficult, politically and financially desirable random," Christine Lagarde summarized the outcome of a meeting of finance ministers of the Twenty-Seven, in Brussels.Lagarde and her German counterpart Wolfgang Schauble, had written in July to the Belgian Presidency of the European Union to put the idea on the carpet, after the collapse of talks on the subject during the last G20 Toronto in June

Relocation outside Europe

Austria Tuesday reiterated his support for this initiative. Others were less enthusiastic. "We do not want new taxes on transactions," he assured the Swede Anders Borg. "This could be detrimental to revenue," he added, while expressing concern over a possible relocation of financial activities outside Europe.Sweden speaks knowingly to have been the unfortunate experience of a tax on financial transactions in the 1980s, established unilaterally and that caused a leak of the undertakings concerned payday loans.

In more measured terms, the Spanish Finance Minister, Elena Salgado, has also expressed its doubts on the subject, because of "great practical difficulties of implementation. The Commission itself has expressed reservations on the "feasibility" of this tax, in a preparatory document for Ecofin.

Coping is common but essential if France wants to bring this matter again when it takes the head of the G20, in November, and persuade the United States, Canada and China.In August, Nicolas Sarkozy had set ambitious goals for the presidency of the G20, by announcing three major projects (regulation of the commodity market, exchange market reform and global governance).

The tax credit is a subject more consensual, Europeans are agreed on the principle in the spring. But, again, differences remain on how and disposition of proceeds from this tax. France in particular refuses he is assigned to a resolution fund and requests that the proceeds go directly to the state budget.

The Commission, meanwhile, has made proposals on modalities, by requiring that the basis used is "the liabilities of the institution of deposits and capital, and that the fee be imposed by each Member State on institutions it supervises and its subsidiaries operating abroad.

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LE FIGARO. – How was the beginning of the year for Schneider?

JEAN-PASCAL TRICOIRE. – We returned to growth of our business in the first quarter and the trend has accelerated sharply in the second with an increase of over 10%. Our total revenues grew 6.4% in the first half. The acceleration is even stronger in terms of profitability. Our operating income represents 15.2% of sales is up 3.6 percentage points a year. Our net income has more than doubled.We note therefore significantly our growth objectives and margin for 2010.

What were the factors driving this growth?

This performance is clearly the implementation of our strategy and deployment of our program One Schneider. First, we are reaping the benefits of diversifying our end markets and the strong rebound of two growth markets on which we have been able to take strong positions. It is the automation of machines and processes, very strong recovery with growth of over 20%, and the computer. The building and electrical distribution later in the cycle, are now beginning their recovery.

Secondly, our growth is driven by our strong presence in emerging economies.Thirdly, our growth in the smart grid (electricity distribution networks intelligent, Ed) is a strong accelerator solutions in renewable energy, including solar, intelligent management of energy in buildings, factories, homes, power grids, which we will soon add support infrastructure for electric cars. We propose new technologies and new services to our clients to improve their energy efficiency.

What has really changed in Schneider?

In summary, I would say we've turned a group of several brands, structured products, a Schneider Electric, which provides complete solutions to its customers. This change is radical.The teams work together more closely and we respond to the expectations of our customers.

This recovery is also strong in all markets?

We are growing all over the world, but in emerging countries the trend is most pronounced. The growth of new economies is 12 points higher than those of countries "ripe". These countries now represent over 35% of our business.

The momentum will he continue in the second half of the year?

I am counting on a similar dynamic in the second half thanks to the continued deployment of our strategy.

So you dismiss the risk of a relapse of the economy?

I remain cautious of course, but we are calm. We learned and demonstrated during the crisis of 2009 that he had to be flexible and very demanding on the costs. Besides, we not relax our efforts to reduce costs.We are committed to reducing our costs by 1.6 billion euros in three years. Halfway through, we have already achieved more than half of the effort announced.

Will you increase your efforts to research and development?

We did not hit our investment in R & D during the crisis. They still represent about 5% of our turnover. Our business is growing, we will be able to invest even more.

Where are you from the integration of the distribution business of Areva T & D?

The transaction was formally completed last June 7. Nearly 11,000 people have joined us and the teams work together with great enthusiasm. This acquisition will bring about one billion euros in additional revenue in the second half, although with today's level of profitability below that of the group.Our challenge is to move up quickly.

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VAT in the catering dispute

The president of the centrist Senate Finance Committee, Jean Arthuis, for his part argues for the introduction of VAT "between 10 and 12%" to local shops, including restaurants instant payday loan no TeleCheck. The Budget Minister Francois Baroin, had also mentioned in June the possibility of raising the VAT paid in the restaurant, before retracting. A year after the VAT reduction from 19.6 to 5.5% in all the restaurants, the measure of criticism towels.

Plea for a wide shot of plane

And as the government seeks to save 100 billion euros by 2013, envisages various tracks. As such, Philippe Marini believes that "all preferential arrangements under the income tax, but VAT, pursuant to corporation tax, the solidarity tax on wealth, can be affected by the reduction of the tax expenditure.

The payout ratio (the amount of dividends compared to profits) has jumped to 90% (excluding Arcelor Mittal) in 2008 against 48% or 42% in 2007. Only four groups have decided not to pay: EADS, PSA, Renault and Alcatel Lucent.

The corporate largesse is all the more surprising they have not hesitated in the same time, to launch capital increase to finance themselves.More than a quarter of the CAC 40 companies have used the market last year to strengthen their capital, notes Ricol Lasteyrie. In total, shareholders might have paid 24 billion euros. "Companies that take on debt, make capital increases or selling assets … while maintaining their dividends, that has always existed. But for two years, it shows a little more often, "says Moudy El Khidr, portfolio manager at ING IM. In Europe, however, few companies have debts to pay their shareholders. They preferred the issue of new shares.

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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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.

Today, given the magnitude of deficits, the government changed its tune.In framing the letter he sent to all departments, Francois Fillon requires a 10% decline in value of intervention expenditure in the period 2011-2013. "To meet the target of freezing government spending-load of debt and pensions, we can not content ourselves to work on the only day operation of departments," said Baroin's entourage, the Minister Budget. In fact, operating expenses, such purchases, computers or real estate, representing less than 20 billion euros, while the operating expenses weigh 67 billion. The Prime Minister had already announced a cut of 10% within the past week payday loans. Measurement confirmed in the letter of framing.The extension of this plane to political intervention will save 6 billion more to the state by 2013.

Difficult choices

Remains now to determine exactly where the cuts will take place. Discussions between Bercy and the ministries that will lead to arbitrage mid-June, tight ahead, as the operating expenses are political. Social expenditures account for half wicket. For them, it will take "specific reforms," according to the letter of framing. Minister of Youth, Marc-Philippe Daubresse however assured Wednesday that the criteria for awarding the RIAA will not be changed. The other half of the expenditure is made up of sectoral aid.Transport (including rail network of France), agriculture, housing and culture are on the front line.

"More generally, all departments will freeze all spending," insists one at Bercy. Including, therefore, that of Defence, while the military budget law provided an increase in appropriations. But everything should be done to ensure that capital expenditure are chipped to a minimum.

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The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

Finally, the CAC 40 lost 0.12% first to 3972.8 points at the opening, then the index has returned to equilibrium in the early exchanges, to go back into the green to 9:20.

Investors seem to pay more attention to the good economic indicators fell again Thursday.

Rain clues to look closely

This session will be loaded in major economic indicators.In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics. The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Side euro area, 11 hours, will update the balance of payments for the fourth quarter of 2009, and the government deficit and debt for the past year

Finally across the Atlantic, at 14:30, monitor producer prices in March and the traditional weekly claims for unemployment benefits. At 16 hours, followed home resales for the month of March.

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures.The shares were down 1.91%, to 86.4 euros.

Vallourec (+0.13%, to 149.7 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in soufage pipes offshore.

The group Areva (0.52%, to 383 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Always on the CAC 40, L'Oreal (-0.65%, to 80.5 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose turnover business amounted to $ 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-0.15% to 17.14 euros), and Sunrise.The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 0.17%, to 31.84 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (5.65%, to 46.75 euros), Remy Cointreau (4.05%, to 45 euros) and Carbone Lorraine (3.59%, to 28 euros ), the three largest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% at constant scope, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas.Its shares rise 1.52%, to 33.7 euros.

Plastic Omnium (1.58%, to 34 euros) has announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -7%, to 60.4 euros. The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – fell by 3.9% to 1.04 euros. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

"This is a provocation for the leadership against workers' protests Xavier Mathieu, who still disputes the validity of redundancies delivered last year. For its part, the management who had already offered 240 jobs to the "Conti" Clairoix, denies having voluntarily submitted to its employees offers reclassifications shocking."We have a legal obligation to offer any position available internally to employees dismissed for economic reasons," replies one of the leaders of the group communication. In May 2009, the manufacturer of socks Olympia had indeed been ordered to pay 2.5 million euros in compensation to former employees for not having their proposed reclassification in Romania.

"We are caught between the hammer and the anvil," argues he said. "The company is liable to prosecution in court or at the outcry" no credit check payday loans. In February last, the management of Philips had also provoked outrage by suggesting positions in Hungary, "with practice of the Hungarian language required," according to the communique.

"There is a general principle, and good faith"

But if the Labor Code does provide an obligation for the company to propose a reclassification of its workers, under penalty of being condemned for termination "without cause real and serious", the legislation also establishes a hierarchy of offers to propose Me says Lopes dos Santos Ravisy cabinet. The company has an obligation to seek first an equivalent position within it – not in one of these subsidiaries as is the case for employees Clairoix – and in France. It is a last resort, if no vacancy can be found under these conditions, the company can offer a post abroad. "In this area, there is a general principle, and the good faith belief that the judge is also able to take into account," said Mr. Lopes dos Santos.

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