Live News

Danièle Karniewicz chairs the board of the National Old Age Insurance (CNAV) for ten years. The CFE-CGC union, known for his outspokenness, will transfer his seat Friday to a representative of TF.

LE FIGARO. – How do you with a year follow-up the last pension reform?

Danièle Karniewicz. – It was inevitable to act on levers and short-term increase in the age of departure was the parameter most effective in lowering the stress deficits by 2018 payday loan. And we are already seeing the impact on the accounts of the general scheme: CNAV should reduce its deficit in half by 2012 and the flow of retirements begin to slow this year to produce 8.7 billion euros in savings in 2020.

29.9 billion euros. This is the minimum cost per year, calculated by the Institute of the company, the sixteen main proposals of the socialist program and François Hollande for the presidency in 2012.

Measures François Hollande

The Institute has calculated the company eight measures developed by the Socialist candidate in the primary. First, the creation of 12,000 teaching positions per year, or 60,000 on the five-year term. This would cost 360 million euros per year, cumulative $ 1.8 billion in 2017. "These new posts create an implicit debt to the State, which undertakes to pay the pensions of these agents when they reach retirement age," says the Institute. The rating is saltier contracts for generation, exempting charges for three years as a young recruit companies while maintaining a senior job.This measure, the five-year cumulative, burden on public finances from 30.5 to 33 billion.

Another strong measure: the extension of the RSA under 25 years of activity without preconditions. The Enterprise Institute estimates that 120,000 to 200,000 young people could be affected, which would represent an annual cost of 528 to 876,000,000. With "a serious risk of imprisonment in a youth inactivity trap and a significant risk of fraud", the RSA representative "70% of the money diverted to family allowance." The Institute also estimated the cost of the massive development of renewable energy and reducing from 75 to 50% of the nuclear power generation by 2025. The bill? 10.9 billion a year.If this effort can reduce French imports of energy, it will be "on the other hand a negative effect on the purchasing power of households, through the rising cost of energy bills," warns the IDE.

The measures of the Socialist Party

Winner of the primary, Francois Hollande has not yet specified what action the program he intended to resume the PS no fax payday loans. The Institute has calculated the company in the main. The establishment of a public early childhood, a key measure of the project would cost between 4.5 and 5 billion per year. Half the budget of the justice! The bulk of the bill would come from the creation of 360,000 childcare places (3.8 billion per year … just by operating costs), welcoming children from 2 years to kindergarten cost him, by 720 million year.Much controversy as the assistant accused of favoring the creation of a study allowance for trainees is paradoxically less expensive. The Institute's $ 1.3 billion per year. The reason? This new allowance would replace other aid, and especially young people concerned only with limited resources. The bill would particularly high, however (9.6 billion per year), if the allowance was extended to all students, warns the Institute.

In a more traditional vein, the PS promotes the appreciation of the disabled adult allowance (AAH) and better care for older people, through the personal autonomy allowance (APA).According to the Institute, which takes the hypothesis of a revaluation of these allowances by 20% over five years, the AAH would cost $ 1.7 to $ 1.9 billion a year more, and the APA, 1, 5-2100000000.

Cell quantification of presidential projects, implemented by the Institute of the company, will now address the evaluation of the revenue side of the PS program. The question is whether Francois Hollande planned 30 billion of resources to balance its balance sheet. Last outstanding issue: the institute did not look back on the pension reform, suggested by the PS but never clearly put on the table by François Hollande. If this were the case, the encryption would rise much faster.

LVMH keen interest in crocodiles. The luxury group buys Heng Long, one of the five largest tanneries in the world of skin of these amphibians. LVMH guarantees its supply of crocodile leather quality that will serve to make its products more upscale, like her Louis Vuitton bags designed by Sofia Coppola or some accessories valued at Dior.

Tanning, led by Koh family since its inception in 1950, is listed on the Singapore Stock Exchange, it should be removed in the coming weeks.

This will be done via a holding company dedicated HLI Holding. It will acquire all shares of Heng Long to 160.8 million Singapore dollars, or about 92 million euros. LVMH will become majority shareholder of Heng Long, holding 51% stake. The Koh family is committed to reinvesting in the HLI holding up the remaining 49%.The Director General and Executive Director, members of the fourth generation Koh, will remain in place for at least the next five years.

The tannery produces between 200,000 and 300,000 skins per year, including crocodiles from Porosus high in Asia. Despite the change of ownership, it will continue to supply customers other than LVMH.

Heng Long is riding high. Its sales surged in the first half of this year to 36.3 million Singapore dollars (20.8 million), it was up over 50%. During the same period, the net result of the tannery was even more than doubled.

The case of the fraudulent trader at UBS will ultimately cost his position to the Director General of the Swiss bank. The institution announced in a statement Saturday that the departure of Oswald Grübel. "Today, the UBS Board of Directors has accepted the decision of Oswald Grübel, Group Chief Executive, to retire from office. The Board asked Sergio Ermotti to assume this interim position. This appointment is effective immediately, "said UBS.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

The extent of the fraud trader in London, Kweku Adoboli, has had because of this determination. "The Board regrets the decision of Oswald Grübel. The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. " This case was discovered on September 15, caused a stir in the world of finance. Rating agencies Standard & Poor's and Moody's immediately placed under review with negative implications the debt rating long-term 'A +' the Swiss bank.

Reputation under pressure

First estimated at $ 2 billion, losses due to fraudulent transactions conducted by Kweku Adoboli were revised upwards three days later business card.They eventually reach $ 2.3 billion (1.66 billion euros). An internal investigation was opened. UBS tracking the failures of its system of risk control. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses suffered by the bank. "The board is deeply disappointed by the loss from unauthorized transactions and fully support the independent investigation. Furthermore, it will ensure that support measures are in place to prevent such cases could occur again in the future, "promises UBS.

It must be said that the bank is under pressure, as he tried in recent years to restore its reputation tarnished by the crisis "subprime" in 2008.The Federal Housing Finance Agency, the U.S. federal agency to oversee the mortgage market, accuses him of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking to return $ 900 million. The Swiss bank is also under investigation in France on suspicion of using tax evasion. Anxious to maintain the confidence of its customers, it manages the fortunes, the bank sent them a letter last Saturday. "Your assets are safe with us," she assured.

For its part, Kweku Adoboli, the trader, 31, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

ALSO READ:

"Fraud: UBS under surveillance by the rating agencies

"UBS revises upwards the bill for the trader

Gold endless chain of historical records. On Wednesday, a day marked by a new slump in stock markets, gold futures have surpassed for the first time in history the threshold of 1800 dollars to 1801 dollars an ounce, up 3% on the New York Commodities Exchange (Comex). Spot prices have touched the session 1796.86 dollars an ounce. Expressed in euro, they also reached the historic high of 1,255.89 euros per ounce.

Since the rating is downgraded the sovereign debt of the United States by Standard and Poor's Friday, gold benefits from a surge in risk aversion. "Investors are panicking, they lost all their bearings," said Djillali Hacid, technical analyst at XTB France. As the equity markets, traders do not seem convinced by the various rescue plan intended to secure the sovereign debt, in Europe and the United States."For investors, there is no way for these debt problems. What is proposed is that tinkering is not reassuring and that does not seem able to avoid contagion, "says the analyst. Evidence of the distrust of the operators, the gold had increased its earnings even as the President of the European Central Bank (ECB), Jean-Claude Trichet, suggested that the bond buyback program could resume in support of the Spain and Italy, two countries under pressure from the markets paydayloan.

In addition to fears of contagion gloomy growth prospects in the world and especially in the United States where poor indicators are linked in recent days.

In this context trouble, investors consider gold as a safe haven that allows them to cope with economic uncertainty and turmoil in the bond markets.However, riskier assets suffer warning signs that multiply in the global economy, suggesting a slowdown in growth. Oil is one of those sensitive assets.

Soaring gold prices will last

For the coming months, so difficult to imagine a sudden drop of the metal king. The upward pressure is reinforced by the central bank buying. That of South Korea said Tuesday it had bought 25 tonnes of the precious metal on world markets between June and July, a first in thirteen years. In addition, "the attraction of gold is enhanced by the fact that no central bank has control of its course and can not intervene to limit its power," unlike the refuge currencies such as the Swiss franc and the Japanese yen, said Kathleen Brooks, an analyst at Forex.com.

"The growth potential of the gold is enormous.There is not for everyone and if anyone wanted to buy did, prices would rise even higher, "says one in XTB.

While European stock markets, starting with Paris, still closed on Friday decreases, Baroin called to remain calm. The Minister of Economy, which had cut short his vacation to "take stock with his teams," according to the Elysée, stressed the need to "keep a cool head and not make a tracing paper of the excitement that can be observed on a given market. "

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers online cash advance. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

ALSO READ:

"Political mobilization against the bear market in Europe

"The ECB tries in vain to be a firefighter in the euro area

"SPECIAL – Europe, States facing bankruptcy

EADS multiplies acquisitions. The parent company of Airbus announced Monday that its subsidiary Astrium took possession, for 673 million euros, Vizada, a specialist in satellite services. She took over the participation of the fund Apax Partners.

Vizada, which employs over 700 people and has a turnover of 458 million euros, was born from the merger of satellite communications Norwegian Telenor and France Telecom.It has 200,000 users worldwide, among them "ships of the merchant marine, emergency response agencies, government and military units, media companies, providers of telecommunications services and Internet, as well as 'business aviation, military and civilian, "said EADS.

Supplier of the U.S. government in the airline industry, Vizada has received this year a contract with the U.S. General Service Administration to "ensure access to services for mobile satellite communications to government customers and military payday loan." German and French armies are also among its customers.EADS achieves its fourth acquisition since the beginning of the year and its biggest operation since the acquisition, for 2.75 billion euros in September 2006, the 20% of Britain's BAE Systems in the capital of Airbus .

Reduce its dependence on sales of Airbus

In late June, Eurocopter has completed the acquisition of Vector Aerospace Canada for 450 million euros. Last week, Airbus has purchased the American Metron Aviation, a service provider for air traffic control, for an undisclosed sum. He launched a bid in the amount of 348 million euros in the Danish Satair, a specialist in the supply of aircraft spare parts. "These acquisitions reinforce Astrium, Eurocopter and Airbus in services and in the U.S. market," said Boris Zaïtra, corporate vice president and director of mergers and acquisitions at EADS.

Pessimism still dominates the Paris Stock Exchange on Monday. After a complicated weekend, marked by a loss of almost 5% for the CAC 40, investors do not find easily morale, as evidenced by the opening of a down, 12%% to 3684.79 pooints. The London Stock Exchange also opened down 0.76% to 5799.51 points and the DAX index of the Frankfurt Stock Exchange was down 0.79% to 7162.82 points.

The Asian market has not sent a clear signal this morning. Only U.S. markets manage to stay the course despite the many warnings about agency debt. In this regard, President Barack Obama issued an ultimatum to Congress on increasing the debt ceiling while Republicans are sticking to their positions.In Europe, the problems of sovereign debt will also be central to discussions of heads of state on Thursday at a special summit meant to calm markets.

Meanwhile, next currency, the euro fell slightly against the greenback at 1.4074 dollar. Gold, meanwhile, took advantage of the nervousness of investors to assert its status as a safe haven: an ounce on Monday has risen to 1598.60 dollars, linking 11 consecutive sessions of gains. The most since July 1980.

In terms of indicators, the day will be particularly quiet with only the index of the real estate market in the United States waited for the afternoon. The rest of the week will be richer with, among others, the German ZEW index (Tuesday), the U.S. existing home sales (Wednesday), the weekly jobless across the Atlantic (Thursday) and the confidence index Business in France (Friday).

Oil markets, oil prices were without direction in morning trading Monday. A barrel of "light sweet crude" for August delivery lost 9 cents to 97.15 dollars while that of Brent North Sea crude for September delivery took 22 cents to 117.48 dollars.

Bank stocks led the largest declines

By sector, the entire banking sector unscrewed, after publication of the study undigested JPMorgan Cazenove, which assessed the need for additional capital of European institutions on the basis of more stringent capital adequacy ratio payday advance. According to JPMorgan, BNP Paribas (-2.99% to 43.92 euros), Societe Generale (-3.44% to 33.50 euros) and Credit Agricole (-2.83% to 8.24 euros) should raise 20 billion euros, one quarter of the amount to raise in Europe.This study follows the results of stress tests of the European Union that French banks have yet passed. In turn, AXA (-3.30% to 13.17 euros) and Natixis (-3.06% to 3.03 euros) drop sharply.

For beyond this study, a European project to create a tax on banks to help Greece is under consideration, according to Die Welt. It concerns all European banks, whether or not active in the Greek market.

France Telecom: -0.29% to 13.73 euros

The operator plans to launch a bid for the fourth mobile operator in the Democratic Republic of Congo, Congo-China Telecom (CTC).The terms of any agreement, still being negotiated, would provide for the redemption of 51% of CTC held by the Chinese manufacturer ZTE telecom equipment, and 49% owned by the Congolese state.

ArcelorMittal: -0.33% to 22.58 euros

The group could respond to the study of the British consulting firm Meps specializes in the steel industry that China would underestimate production. Beijing would have produced 672 million tons of steel, half of the world, against 627 million tonnes officially announced. Meps suspects including small local mills continue to run ads despite the closure due to pollution problems and productivity.

Publicis: -1.22% to 36.82 Euris

The group has obtained a syndicated multi-currency $ 1.2 billion.

As for publications, Edenred deliver its sales in the first half after market. Guyenne et Gascogne announce its second quarter earnings as Audika.

"Possibly carcinogenic to humans' status is awarded yesterday evening to" Radiofrequency Electromagnetic Fields "- the waves emitted by mobile phones, awarded by a panel of expert agency of WHO The International Agency for Research on Cancer (IARC, IARC or English). The idea of ​​the harmfulness of the use of mobile phones on health is not new. Despite this, the three largest telecom operators (Orange, SFR and Bouygues) simply take note of the announcement made by the CIRC. No specific communication operators is given for adapting to this trend of each idea. What efforts in research and development? Prevention? The questions remain unanswered.

The French Federation of Telecoms (FFT) is responsible to communicate to all stakeholders.In uncommuniqué published today, remember that the mobile operators' apply for several years, a precautionary approach by including headsets with each set of mobile phone, and informing users about precautions " as recommended by the Ministry of Health. Jean-Marie Danjou, Chief Operating Officer at Mobile College of TFF said that nearly 30 million copies of the information leaflet "my mobile and my health" from the government, have been distributed (in stores, boxes with bills …). He assured that the opinions expressed by the IARC and adopted by WHO will be added to information available on the websites of operators.In addition, a representative of the FFT points out that the headsets are present in the enclosures since 2003 in France, and mandatory under the law since last year.

Globally, the International Agency for wireless technologies (CTIA) moderates a strong opinion of the IARC said in a statement published yesterday that the published classification is based on a "limited evidence" small personal loans. It specifies that products such as pickled vegetables and coffee are in the same class as the wave of mobile, thus attempting to mitigate the strong confidence in the agency's statement of WHO. "The IARC classification does not mean that mobile phones cause cancer." Reads black and white in the statement of the CTIA.The GSM Association, which represents the interests of telecom operators worldwide, for its notes that "risk is possible but unlikely" while acknowledging that "some users may be concerned" and that publication of the IARC invites Further research on the long term.

A level of RF varies from mobile

Nevertheless, consumers can make the choice of vigilance in learning about the Specific Absorption Rate (SAR) of mobile they use. This is an index that measures the maximum level of radio frequency emitted by the phone to the user, measured in watts per kilogram. The maximum SAR authorized in France is 2 watts per kilogram. To equipment sold in France ranges from 0.3 to 1.417 watt per kilogram according to manufacturers and aircraft configurations.For example, the Samsung S Galaxy displays the lowest in SAR 0.23 W / kg while the Sony Ericsson X10 Mini Pro displays the highest SAR 1.61 W / kg. The Apple Iphone 4 presents meanwhile a SAR of 0.59 W / kg. Mobile vendors are bound by an obligation to display the national regulatory DAS of each model when they are sold. The consumer is therefore able to select a phone emitting the least possible spectrum. It can also simply call as much as possible in conditions of good reception, sms and focus away from the handset sensitive areas of the body during a call using the speakerphone.

"ALSO READ: WHO: The mobile phone" possibly carcinogenic "

There will be new to a department store in Paris Samaritan. Six years after the closure, the emotion, the institution founded by the Cognac-Jay in 1870, the extensive rehabilitation plan for the site was unveiled Wednesday as part of a House Project installed on site, open to the public tomorrow, inaugurated by Bertrand Delanoe, Mayor of Paris, and Bernard Arnault, chairman of LVMH, owner of the premises. Contrary to what had been previously announced, a department store will be part of this versatile package, which covers an entire block in downtown Paris.It certainly will not find "any" as before, but the Samaritan, on a small area on three floors, will endeavor to be reborn as a business concept that has yet to be defined.

The application for a building permit must be filed at the end of the month after the vote Monday by the Council of Paris of a new phase of this long drama. A public inquiry should be launched in September and getting the green light, expected by mid-2012, would then start the work planned on just over two years. An opening is thus referred to the end of 2014 if all goes well.