Today Hot News

New figures from the Council Guidance pensions are only confirm if the government goes to the end of his intentions – to save both the PAYG and straighten the public accounts – it is unclear how the French could avoid working longer. This does not mean that other levers should not be operated. A review of parameters.

Reduce the level of pensions

Nicolas Sarkozy was the first to dismiss the idea in January. Unions do not want anyway, to hear about it. The employers itself displays its reserves, even though Laurence Parisot asked to "boost capital" in addition to the PAYG.If pension levels, in absolute terms, increases over the years – especially for women whose careers are becoming more comprehensive and low wages that benefit from the introduction of minimum social benefits – the replacement rate (pension on final salary) back. This particular effect Balladur reform, which increased the load on the best 25 years instead of 10, and the slow erosion of returns supplemental Agirc-Arrco, which allowed them to avoid deficits until very recently.

All stakeholders agree that going further would risk provoking a crisis of confidence: the active young will eventually refuse to contribute if they are not guaranteed to receive in turn, once retired, are of decent.The CFE-CGC requires such registration in the law of a minimum pension, as a percentage of final salary.

Increase contributions

This is the easy way: one more point here and instantly additional 4 to 5 billion per year for CNAV (basic scheme of private). Companies do not want this additional burden, on behalf of their competitiveness. If it is the employees that support the increase, they lose purchasing power. Some unions are ready, subject to obtaining compensation and guarantees. But their primary focus new resources: FOR, for example, claims to find 20 billion by taxing more stock options, participation, incentives – the risk of killing these devices – or profits not reinvested enterprise.

CGPME and UPA are open to charges "bearing not only on labor income, as the CSG, which is already funding some of the pension. Labour Minister, Eric Woerth, closed the door Monday at any general increase in premiums or the CSG, while claiming to open "a few additional contributions here and there" should involve some capital income payday loan.

From later

It is the only lever capable of creating community wealth, "says Bercy. So far, the route chosen was to extend the contribution period required for a full rate of contribution: currently set at 40.5 years for those born after 1950 will reach age 41 in 2012 (those born after 1952 ). The effects are slow on the effective age of retirement.It has just begun to rise in 2009 (61.6 years for private sector employees). Explanation: because they started working young, or through "bonus" (two years of contributions per child for mothers), three quarters of people reaching age 60 have already contributed enough to achieve the full rate. 52% of private sector employees who have liquidated their retirement last year to 60 years had the same eight quarters longer than necessary to get a full rate. In other words, even lengthening the contribution period of two years, they would probably still 60 years left to "pile"!

That's why raising the legal age – a taboo Supreme unions, except CFE-CGC – relates more to the pension funds in the short and medium term, which was made the contribution period.Skip gradual retirement at age 60 to retire at 61.5 years would reduce from 4.4 billion euro deficit in the general scheme in 2020, had calculated the ROC in 2008. Push too far this track would be "extravagant," felt a week ago, Jean-Christophe Le Duigou (CGT), given the low employment of older workers. For the government and MEDEF, is precisely by delaying age that companies will take the habit of betting on older rather than dispose of it.

The relocation of another terminal is planned, which would probably be very effective but very difficult financially symbolically see the age at which an employee receives a full rate pension, regardless of length of contribution. It is currently 65 years.This is the age of 13% of new retirees last year, and 21% of new retirees (the women likely to have interrupted their careers to raise their children, often need to reach this terminal to take advantage of full rate).

ALSO READ

"SPECIAL CASE – Retirement: Issues of reform

"Pensions: 72 to 115 billion" hole "in 2050

The issue of credit to households debate. Several elected UMP party and elected socialists, among others, had submitted amendments to replace the National Register of incidents repayment of loans to individuals, thus creating a "positive file, listing all the credits for individuals. Finally, the Minister of Economy has decided and opted for the establishment "within 12 months" of an "instance of foreshadowing. "I'm for a tool that works," said Minister of Economy to the deputies when examining the draft law on consumer credit. We must create an instance of foreshadowing because it does not happen overnight a quantum leap of this nature to pass the file in incidents of payment to a general inventory of 9 million people, "argued Christine Lagarde .

"Coaster"

If UMP deputies, who withdrew their amendments for the creation of "positive file, were satisfied with this compromise, however, the SP, we speak of" coaster ". "Whenever you have a problem, you create a working group. The string is a little big. Your speech does not convince us, "said Socialist Jean Gaubert empire payday loans. The same goes towards his colleague, Francis Brott. "The majority is thus the choice of banks against consumer choice," he says. Today is a first class burial of "positive file, '" he said. The Socialist amendment was then rejected.

The government has introduced and passed a new amendment which stipulates that the creation of a "national registry of credits for individuals" is the subject of a report submitted to the Government and Parliament within twelve months, " developed by a committee to prefigure this development "and whose composition will be fixed by decree.

This debate on the "positive file" was held under the bill reforming the consumer credit which aims to reduce abuse by better protecting consumers and imposing new obligations on lenders.

Members will vote by formal vote Tuesday, April 27.

ALSO READ:

The French became suspicious of the "revolving"

"The debt overhang at a high level

"An appropriation should not be used to reimburse another»

After closing in the red Thursday, almost all the CAC 40 woke up green this Friday at 4022.66 points, excited by the great increase of Wall Street. And closed, its momentum, to 4050.54 points, up 1.81%, exceeding its peak.

The London Stock Exchange and Frankfurt have also recovered well in the wake of Wall Street, buoyed by an upturn in consumer spending … The London FTSE 100 closed up 1.02% to 5770.98 points. The German Dax closed up 1.26% to 6249.70 points.

Thursday evening, the CAC 40 lost 1.20%. After rising almost continuously since February. The index had been weakened by fears of renewed solvency of Greece.

The lifeline of the ECB

Fears eased by the reassuring words of Jean-Claude Trichet, called "lifeline" by the Greek press.The President of the European Central Bank, rejected any risk of contagion to other countries, like Italy. He also assured that a default of Greece was "beyond question". In fact, the President of the European Union, Herman Van Rompuy, promised Friday that the Europeans are "ready to intervene if the Greeks call" and implement a plan of assistance involving the IMF, which Greece seems to want to avoid. French President Nicolas Sarkozy confirmed: the European Union is ready to activate its plan "at any time.

These incentives have led to a rebound of the euro against the dollar above $ 1.34 this morning, then at 1.3385 dollars this afternoon. Volatility remains a must. After being stretched to 7.5%, the yield on loans to 10 year-old Greek, too, calmed a time, returning this morning to 7.2%.It said Thursday that Athens be able to reduce its deficit by 40% YoY in the first quarter.

The Greek situation remains fragile. The rating agency Fitch has lowered a few minutes from the end of Paris, noted the long-term debt of Greece, from BBB + to BBB-. This could well lead Greece to seek EU aid promised on March 25 …

According to strategists at BNP Paribas, investors await the issuance of treasury bills by Greece on Tuesday to assess the ability of countries to find core funding. Markets await the second season launch of results from U.S. companies, with Alcoa on Monday.

Side values, in Paris, the banks have been resilient, despite their exposure to Greece, to the tune of fifty billion euros.This does not raise "no particular concern, said Friday the governor of the Bank of France Christian Noyer, even if the French regulators monitor" closely "the situation.

The rising price of rubber has instead penalized cars, Michelin (-0.08%) signing the only declines the CAC 40.

The rumor is part of a report released on Tuesday, lending to Greek leaders intend to negotiate the terms of any financial assistance from the EU and the IMF. Despite an immediate denial from the authorities of countries, markets have overreacted to information. In the wrong direction. Yesterday, the debt rate in Greece has reached new heights. The rate of ten-year bond rose to 7.161% before closing at 6.995%. One to two years saw its rate jump to 6.48% before closing at 6.11%.

The differential between the Bund and the Greek loan ten years, the German borrowing considered the benchmark in the European bond market, reached 391 basis points, a highest since late January. A level also close to 396 points reached at the height of the crisis.In other words, Greece must now pay twice as much as Germany to borrow on the markets.

In this tense atmosphere, the euro sank to its lowest level since March 26, to $ 1.33 against $ 1.35 last week. The tension on the Greek rate has rubbed off on the rest of European rates. Thus, the obligation comparable Treasury (OAT) French grew at 3.472% against 3.391%. The rate of Gilt UK has also tended to 4.004% 3.917% Thursday cons. The 10-year German Bund rose to 3.145% 3.080% cons Thursday night.

"It was a very bad day for Greek bonds," said Greek Finance Minister George Papaconstantinou.The latter also wished to refute the rumors again: "There was never any action on our part to change the terms of the recent European agreement on the mechanism of support," he said cheap pay day loans .

A difficult month of May

This renewed tension on the market does not bode well for the country that has yet to find 20 billion euros by the end of May to repay debt is estimated at 300 billion euros, or 113% of GDP. Macroeconomic statistics are not reassuring either. According to the European Commission, the economy needs to contract by 2.5% against 2% initially estimated.The deficit also revised upward, to reach 13% of the GDP against 12.7% of the initial estimate used as the basis for projections of the annual budget.

Asian investors, including Chinese and Japanese funds, show little enthusiasm for the idea of buying Greek bonds. George Papaconstantinou, which announced its intention to borrow dollars, must travel to the United States after April 20 to find new potential buyers.

In this context, IMF teams have to land Wednesday at Athens, at the request of the Government, to advise the country. The IMF should include a focus on fiscal discipline and the fight against tax fraud.A visit also intended to reassure markets that are questioning the viability of the proposed plan by the Greek government.

ALSO READ:

The bargain debt Greek

"SPECIAL CASE – Greece, a challenge for Europe

It is a relief for the 70 people who spent 7 years of their life to the project. The Solar Impulse, the first aircraft powered entirely by solar energy, took off this Wednesday at about 10:28 (8:28 GMT) from the military base of Payerne, in western Switzerland. After about a hundred meters, the plane took off and landed without difficulty as easily, after half past one flight.

The plane, still in prototype stage, used the 12,000 photovoltaic cells covering its wings only source of energy. As expected, the four solar-powered electric motors of an output of 10 hp each. The panels can charge the lithium-polymer that is 400 kg device. The aircraft, which looks identical to a dragonfly, has surprised observers by its silence.

Liftoff …

… And landing

After the jump, the flight

The first flight was operated by the German rider Markus Scherdel. Long delayed by adverse weather conditions, it occurs after an initial "jump" of a few meters in December 2009. "Not one aircraft of this type has flown in the past, welcomed the Swiss explorer and creator of the prototype, Bertrand Piccard. The take off was "a huge question mark," he recalled. Andre Borschberg, co-founder of the project, added that "the first question was whether we had enough power to lift off and then if we could land this plane" online payday advance. According to Bertrand Piccard, the first success "gave us the confidence needed for the next flight and the next missions.

The Solar Impulse will come into effect as of the first successful step in a long series of tests. The team plans further tests to calibrate the machine and then build a second copy. "We will continue the test flights for improving the design of the second aircraft," said Andre Borschberg. The construction of the second unit to start next year.

Soon round the world

The designers of the Solar Impusle are aiming to launch their second aircraft in the adventure of the world tour. The journey will be in five phases by 2013, rather than 2012 as previously announced.

The ecological objective remains unchanged: "This project primarily to show what we can do in renewable energy," he assured Bertrand Piccard, who asserts that "our future depends on our ability to adapt quickly to these renewables.Solar Impulse is to demonstrate what we already can do today to use these energies.

Next step in the schedule of organizers: a journey of 36 hours non-stop before the summer from Payerne to test the device's ability to operate day and night.

ALSO READ:

"Solar Impulse few dates

"Solar Impulse: giant solar fly by night

"Around the world in a solar aircraft

The crisis is good for the atmosphere! Figures released Thursday by the European Commission confirmed. In 2009, 12 569 industrial facilities belonging to the EU subject to a quota system for carbon dioxide (CO2) emissions have seen their greenhouse gas emissions fall by 11%.

Main reason for this improved environmental performance: the recession. Manufacturers must report annually their copy in Brussels on March 31, that provide estimates of their emissions of CO2 duly verified. Crisis forces, thousands of factories have emitted less tons of CO2 that the annual ceiling that has been allocated for the period 2008-2012.In other words, "there is a huge surplus of allowances," says Emmanuel Fages, an analyst at market CO2 Orbeo, a subsidiary of Societe Generale.

When the allocation of quotas by country and by industry, by 2008, some sectors have been able to negotiate generous limits, said Emmanuel Fages. This lobbying coupled with the crisis allowed them to return today holders of "carbon credits" worth tens of millions of euros, they may at their discretion to sell on the market. Thus, preliminary analysis of 12 569 lines of picture released Thursday in Brussels, European steelmakers (including mining) are left with 93 million tonnes of CO2 "in his pocket." In the spot market price on the spot exchange BlueNext Paris (12.65 euros a tonne on Thursday), this represents 1.17 billion euros of Treasury.The cement for their part have 53 million surplus allowances (670 million) cash fast now. As electricians, they have instead passed their overall ceiling of 100 million tonnes of carbon they will buy on the market.

In France, among the 1 118 facilities (power plants, boilers) subject to quotas, ArcelorMittal, with its two plants Gandrange and Mediterranean, has a surplus of 2.9 million tonnes, 36.9 million treasure euros at market prices. Ten plants of Lafarge cement totaled 1.3 million tons, 16.9 million euros.

In the automotive sector, emissions of four plants Peugeot-Citroen reflect the depressed activity. PSA has a credit of 138 000 tonnes.Even Disneyland in Marne-la-Vallee, low emitter of greenhouse gases but nevertheless subject to quotas liberates carbon credit of 3 650 tonnes. The raw data do not explain the case of crisis or the effect of efforts to produce heat and electricity more green.

Should we expect massive sales of CO2 by companies tempted to rake in cash, and thus a decline in the price of carbon on the European market? Although official figures for CO2 emissions, one indicator of demand for this very special market, falling only once a year, and analysts expect the industry. "There is therefore no surprise," says Emmanuel Fages. "We do not wait more sales," says the analyst Orbeo.

ALSO READ:

Born in 2005, the CO2 market already attracts speculators

Ever. When China publishes a number, it rarely falls in the half-measure. The purchasing managers' index, which measures both new orders and industrial production, released Thursday, has gained 3 points in March according to official statistics (55.1). It is at its highest level since its inception six years ago.

China, which is expected to announce an increase of 12% of its GDP (gross domestic product) in the first quarter, beating all records, remains the leading exporter, ahead of Germany (1 202 billion last year), but , surprise, it also consumes.

It will, if one believes his prime minister, Wen Jiabao, a deficit in its trade balance of 5.9 billion euros in March, the first since April 2004. This dip is due to the explosion of imports. They had increased from 85.5% in January. They still grew by 44.7% in February.Oil, coal, but also high technology products and luxury goods. That is what the government calls "accelerating change our mode of economic development.

The recovery plan 4 000 billion yuan (432.7 billion euros), launched in late 2008, that does not fund major projects. It also subsidizes purchases of appliances, cars, farm equipment. Thanks to him, retail sales rose 15.5% last year.

China has become the biggest car market before the United States. It is also the second customer of Bordeaux wines, after the European Union. Its purchases of gold are expected to double in the next decade, according to the World Gold Council cash advance no faxing.

The scourge of inflation

"The Chinese consumer spending weighs only 35% of the country's GDP, over 50% against the rest of Asia and from 60 to 70% in most OECD countries (Organization for Economic Cooperation and Development economic), "notes a recent study by Nomura. But she sees four reasons to explode: the growing appetite for Chinese goods as durable and as their wages increase, the expansion of cities in central and western countries, the development zones rural and the need to increase the share of services "which represent only 40% of GDP against 60% to 80% in high-wage economies."

But Beijing must first curb the twin evils. He needs to control inflation at 2.7% in February was the highest for sixteen months.For the first two months of the year, consumer prices rose 2.3% while retail sales increased by 17.9%. In Shenzhen, near Hong Kong, the square meter of land is sold 2 000 euros! China should also reduce the social divide. Urban residents earn 3.3 times more money than the people of the country, against 1.8 times in 1983.

Only the introduction of a real system of social protection for all allow the government to persuade households to save less to pay their pensions, their routine care, education and children to consume more.

ALSO READ:

The Chinese prefer holidays in China

Nicolas Sarkozy has made to put things right in the Council of Ministers, just before receiving the UMP parliamentarians: "It does not affect the tax shield." A Council that was exceptionally held in late afternoon to cause of displacement of U.S. President. For deputies summoned to the Elysee, so there was more suspense before the start of the meeting.

"The tax shield is more than a campaign pledge is a real conviction on the part of the majority", pleaded Luc Chatel, a spokesman of the government, through: "If we want to attract investors, if we want to reconnect with family capitalism, it was necessary to end a confiscatory tax system. "Before concluding, unmoved:" I do not feel that the tax shield is starting to crack. "

Yet the controversy has continued to swell until the presidential will be known.Just when Luc Chatel made it public, Dominique de Villepin, who met with associations in a Parisian cafe, explained that the suspension of the tax shield is "common sense". "This is the wish of all the French, he claimed. That is what the majority wants today and I am glad, like what time to time it is worth persevering. "

A turning

Imprudent, especially as Baroin had paved the ground before Nicolas Sarkozy expressed. In an interview with Echo, the new budget minister had spoken to the "fiscal stability", explaining: "By nature, I always thought we did not leave enough time for a device to produce his tax effects.Let the system run on time and take stock. "But while describing the shield of" good principle of tax fairness, "he had served on his opponents he could hear their arguments, adding:" I have no doubt it will be one of the subjects, most notably, in the heart of the budget debate. "

In the meantime, the opposition continued its offensive, the voice of Francois Hollande. The former first secretary of the PS had rejoiced Monday that the "lock" is about to jump. On Wednesday, the Assembly, he questioned Francois Fillon, but Baroin who responded by strengthening even tone.He proclaimed his "pride" of having belonged to the government who set up the shield and, above all, he has refreshed his memory of leftist deputies by throwing them: "You're the first, with Michel Rocard, who have not invented the shield, but defined a certain idea of capping. "However, he was careful to recall that Alain Juppe was subsequently removed this cap.

The President did little to dampen the ardor sustainable fiscal policies of the majority? In any case, the offensive against the shield was a turning point in relations between Nicolas Sarkozy and the expected parliamentary support. Hours before the appointment of the Elysee, three deputies announced the filing of a bill to "suspend" the tax shield.Among them, Villepin as Marc Bernier, Anne-Marie and Michel Montchamp reason, but also a centrist close to Pierre Mehaignerie Rene Couanau an "unclassifiable", Michel Piron, and even a hard-Sarkozyist Pierre Cardo. "As a national effort is needed to reform pensions, reduce deficits, supporting people in precarious situations, it is essential that this effort is shared by all," they write as an explanatory memorandum.

Jean-Francois Cope, who always professed that "we must come together when the family is in trouble, did nothing to defend the tax shield, which he implemented as budget minister. Admitting he had "no religion" in the subject, he allowed members of the New Center to celebrate their voices "began to be heard."

ALSO READ:

"The UMP captured the debate on the tax shield