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Lamarsh Baptist Church
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At the macroeconomic level, the activity in France has continued to grow in October, but its rate of expansion fell to the lowest for thirteen
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A "rain tax", according to the MEDEF Ile-de-France, will fall on taxpayers Ile! While the blur still exists on the route of the future great transportation network that will surround Paris – the public consultation between the projects promoted by the government supermtro or Arc Express defended by the region being scheduled until late January – the Society of Grand Paris "(GSP) sees its primary sources of funding become clearer.
The draft supplementary budget of 2010, introduced Wednesday in the Cabinet, proposes several new "tax provisions" for the fund. If companies in Ile-de-France are the most directly affected households will not be completely spared. They finally escape the tax, however, voted earlier this year on real estate gains that would be carried around the network.But it is replaced by a "special tax for specific equipment in Greater Paris", which will affect households or businesses owners. It will seek "the direct or indirect beneficiaries of the network implementation of the Greater Paris", that is to say, homeowners or offices near future stations. Its amount is not yet known but it should be relatively significant as this tax should bring in 117 million euros per year, according to management.

The other two tax provisions proposed for the GSP only apply them as businesses. The first is to "modernize the tax office, a tax that only affects businesses in the Paris originally created tax incentives for them to move east of Paris rather than west.According to Jerome Dubus, Executive MEDEF Ile-de-France, "the provisions envisaged in the supplementary budget amount to increase by an average of 40% the amount of that fee." Moreover, if the transport tax is ultimately not increased, there will still be amended so that companies benefiting from a network of transport links are taxed more than those who are distant. The precise criteria are not known, but the overall product will remain unchanged, the government promises. "We expect Bercy make public its estimates to have the heart net," warns Jrme Dubus.
According to him, so they are almost 500 million that could be levied on businesses in the region. It will take at least that much to fund future transportation system. The draft supermtro carried by the GSP is estimated conservatively at 23 billion euros.

The project architects for the Greater Paris
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Renaut is it about to make its numbers in the household? In any case believe that the unions, CGT head. According to the union Fabien Gache, speaking on France Info radio this Friday, the manufacturer would soon announce the establishment of an early retirement plan. "There is a willingness on the part of management to try to gain productivity gain for a rate of profitability, which Ghosn promised to shareholders in 2006," said the latter.
According to the CGT, the first translation of this strategic decision would be made redundant technique a number of employees in the Sandouville next year. A year gruyere expects these employees because, according to the timetable suggested by France Info, in the first half, the chains of space will be arrested for 44 days and those in Laguna for 35 days american cash advances.Then in the summer of 2011, two months of stops are planned. They will be followed by 26 days of additional layoffs between September and December.
Other sources suggest a total of 70 days of short on-line space and 61 on that of the Laguna. The site will ultimately produce 53,000 vehicles next year against 69,000 this year.
No social plan for management
This Friday morning, Renault refused to comment on the topics discussed internally at a meeting of the Works Council held Wednesday. But the group denies redundancy plan but confirmed the stoppage of its plant in Seine-Maritime for maintenance of channels for adaptation to the production of future utility, Traffic dCi, scheduled for 2012.
The CGT, unconvinced, wants to mobilize employees.Movements of strikes had disrupted production vehicle in February. The Sandouville is a victim of the failure of the Espace and Laguna which has already resulted in the elimination of 1,000 jobs in 2008. "It's a whammy," said Nicolas Guermonprez, CGT secretary. "We are talking about poor sales but it is still good because Renault has chosen to manufacture its high-end Latitude Korea rather than Sandouville," he said internet payday loan.

The question now for these employees is the payment of their salaries, said France Info. So far, employees laid off 100% of their earned income with the support of the state and the social contract from Renault. However this funding must stop at the end of the year.
Travel of employees are also enrolled.Management wishes to send 800 of them Sandouville to other sites, after having moved 266 this year.

Weaknesses: The banks are the main problem of the Celtic Tiger. Almost all of the deficit abyss of 2010, representing 32% of GDP, is due to the aid plan for banks.
The financial sector had grown beyond the reasonable riding the housing bubble of the 2000s. The crisis has killed the market for construction and real estate. Households find themselves in great difficulties: their debts are often secured on their house, atteingnent 150% of their gross disposable income. "The default rate could rise in coming months, which could weaken banks and indirectly increase the deficit of the state, which would come to their rescue," worries Adele Renaux, economist at Natixis.
Strengths: Ireland is a highly competitive country, unlike Spain and Portugal.The corporation tax to 12.5%, remains well below that of its European counterparts, between 20% and 30%. The workforce is highly trained.
Contrary also to countries of the Iberian Peninsula, Ireland specializes in industries carriers. Through pharmacy, chemistry or even the food, the island has a trade surplus. Exports should also be the principal-if not the only engine of growth in the medium term. In 2011, BNP Paribas expects an increase in activity of 1.5%.

Weaknesses: Its economy is specialized in industries with low added value, such as textiles. It is in direct competition with low cost countries such as the Asian tigers, Tunisia or Turkey. In addition, its main customer is none other than Spain, a country in deep trouble.
The economic outlook is bleak. The recent increase in VAT and a labor market should destroy any heavily damaged recovery in consumption. GDP expected to fall 0.2% in 2011, according to BNP Paribas.
Strengths: "Portugal has launched the 2000 reforms to improve its competitiveness," says Jesus Castillo, an economist at Natixis. "But the compression of wages has cut consumer spending."

Weaknesses: As in Ireland, the consequences of the explosion of the housing bubble were terrible freecreditscore. The regional banks are in big trouble. The real estate market and construction industry are affected. For a long time.
Strengths: The patient self-inflicted shock therapy and public debt should remain well below levels seen in other peripheral countries.On the other hand, "clean the economy continues as the show (…) the sharp increase in household savings and the shift in activity towards the industry," noted economists at BNP Paribas.
Still, activity has been driven, in recent years by the housing boom. Spain now has to find another engine. In the coming years, "the challenge for Spain is to find a new economic model by investing in training in particular, Analysis Jesus Castillo, an economist at Natixis. A metamorphosis that would take time. Meanwhile, the country counts on tourism.

Weaknesses: Historically, the Greek public finances have been badly managed, with a side boondoggle spending and tax revenues that did not fit. Blame it on a very strong culture of tax evasion.Result, public debt will peak at 150% of GDP in 2013. A record in the euro area.
The economy remains in recession. The GDP fell 1.1% in the third quarter. Tight budget, business investment and sluggish demand at half-mast should lead to a 3.1% decrease in activity in 2011, according to BNP Paribas.
Highlights: Greece is the first World owner. This asset should tell him when world trade recovers. Tourism remains a strong point.
His hourly productivity is higher than those of Spain and Portugal. Moreover, it is still catching up with the economic level of the rest of Europe, which ensures a reserve growth over time. Finally, it enjoys substantial EU subsidies (8.5 billion euros in 2008).

"SPECIAL – Europe, the state facing bankruptcy
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Without surprise, Jean-Paul Delevoye was Tuesday elected president of the Economic, Environmental and Social Committee (EESC), a position which he was sole candidate.
Hours before the official announcement of his election, he President of mutuality French, Jean-Pierre Davant, announced that he would not be a candidate. In a press very hard, he denounced the "political instrumentalization been" this institution supposed to represent the constituent bodies.
"For example, the appointment of qualified persons appointed by the Council of Ministers, was marked by its extreme bias," he writes."A former minister, parliamentarians, municipal officials, the defeated candidates in various elections, employees of national and local elected officials, including President of the Republic (ed Raymond Soubie): there are more choices supporters! Representation of civil society has lost ground to the reclassification of part of politicians. "
Jean-Pierre Davant, who enjoyed only the mutual support and the CFDT has decided to withdraw before the vote, leaving the place free to Jean-Paul Delevoye, the only other candidate to come forward. At a press conference Tuesday morning, the president of MEDEF Laurence Parisot has publicly supported it.

"Election stretched to head the Economic and Social Council
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EDF did better than expected. The electrician has published a turnover up 9.5% to 52.9 billion euros during the first nine months of 2010. The analysts were not as high as they expected a sales increase of 8% to 52 billion euros.
Sales of the electrician were mainly supported by the acquisitions made in 2009, including that of the Belgian electricity provider SPE and the redemption of the nuclear activities of Constellation Energy. "The first nine months of 2010 have been particularly marked by higher electricity sales volumes and prices overall declining trend internationally," says management.
Sales figures carried by the exchange
The activity is also progressing with a favorable currency impact, due to the depreciation of the euro in a year, the company said.In fact, at constant scope and exchange rates, growth in turnover of the group amounted to only 3.8% payday loans. During the first nine months 2010, EDF has made 51% of its turnover outside France.
With these figures on business, the group confirmed its earnings targets for the whole year. EDF seeks organic growth of its gross operating income of between 3% and 5%. As for the dividend, it expects stability. The electrician said that the target ratio of net debt / EBITDA ratio is now close to 2.5 and EDF welcomes this ratio comes out as "an enhanced level compared to the original target of between 2.5 and 3.
Management expects for 2010 now also on an availability rate of its nuclear plants in France – critical to its profitability – close to 78.5%.In late July, EDF said it was an availability rate of between 78.5% and 79.5% for the full year.
As with fast payday loans, this recently used to be the case, but competitive lenders and higher demand has taken this loan type to mainstay levels.

The CAC 40 does not know which way to turn this Thursday. The benchmark index in Paris first opened the session on a rise of 0.32%, gluing points to 3900, before dropping more than 0.50% half an hour after the start of the meeting. At midday, he returned to equilibrium with an increase of 0.08% to 3891 points.
Other European exchanges suffer the same volatility. After the openings on the increase, and Dax Footosie returned to equilibrium before selecting again rising: around 12.20 pm, they earn 0.34% respectively in 6742 and 0.25% points to 5831 points.
operators do not take risks. On holiday in Paris on Thursday, trading volume is barely one billion euros. In addition, the G20 countries will meet this Thursday in Seoul to discuss the "war of currencies".The subject, in the heart of market concerns, has already resulted in a volatile session on Wall Street Wednesday. It still weighs on trends on Thursday, especially since no macroeconomic statistics is expected, either in Europe or overseas. No signal is waiting for U.S. markets because this Thursday is also a holiday in the U.S. due to Veteran's Day.
On Tuesday, the ACC lost 1.45%, falling below the threshold of 3900 points, due to concerns about the financial health of European countries. Portugal and Ireland particularly affect investor sentiment.
On currency markets, the excitement is in order. The euro, which climbed against the dollar, now lost 0.25% to 1.3741 dollar.
The bank suffered
The Franco-Belgian bank Dexia announced Wednesday for the third quarter results exceeded expectations and confirmed that it would not need a capital increase to meet new prudential ratios Basel III. The title, signed at the opening the largest increase of ACC coward now 0.98% to 3.17 euros.
Credit Agricole on Wednesday released the results exceeded expectations in the third quarter, with net earnings increased more than two. The bank reiterated that it would not need a capital increase to meet the new prudential regulations Basel III. The title, which had opened up over 2%, was down 1.80% to 11.45 euros.
The rest of the banking sector evolves into the red in the image of Societe Generale (-0.59%) and BNP Paribas (-1.28%).
Natixis, which fell more than 12% Wednesday after stating that the impact of Basel III would be higher than expected, losing 0.28% to 3.92 euros.
Alcatel-Lucent (-2.25% to 2.21 euros) is the second largest drop in the CAC 40, after the disappointment caused by the forecast of sales announced Wednesday by the American Cisco.
The automaker Renault (-0.81% to 41.75 euros) said Wednesday in a statement it had won its case in court regarding the use of the mark for Zoe's future electric cars. A judge hearing the application did not comply with requests to ban the mark, saying there was no imminent harm or affect the privacy or dignity, the statement said.
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New outbreak of labels in civets. The packets of cigarettes are sold on average 30 cents more from this Monday, up about 6%. The ministerial order determining the increase, which comes almost one year to the day after the previous increase, was published Saturday in the Journal Officiel.
Baroin confirmed by the Minister of Budget, mid-September, this translates into higher prices for the state by 660 million euros in additional tax revenue per year. Thus, according to Bercy, the revenue of the State under the law of tobacco (excluding VAT) are expected for the first time in 2010 exceeded 10 billion euros.These funds are mainly allocated to the social security budget and will be distributed among various funds.
An increase in "moderate and reasonable"

On its website, right of nonsmokers (DNF) even asks the government and the president of preferring "an increase of 60 cents every two years" rather than "small increases of 30 cents per pack of cigarettes each year. "French Office for the Prevention of Smoking (OFT), "this increase requested by the tobacco industry is calculated to the penny so as not to reduce consumption."
Tobacconists fear yet the impact of this increase in tobacco prices instant payday loan. According to them, it's not just a "dance labels. With this increase, "it is a network that could pitch," said the Confederation of tobacconists. For the profession, rising rates could "restart the procurement of cigarettes outside the formal network. That is to say across borders (Spain, Belgium, Germany) where cigarettes are 20 to 30% cheaper in a hurry or on the Internet.

According to Pascal Montredon, the patron saint of tobacconists, "18-20%" of cigarettes smoked in France were not purchased in any of 28,000 tobacconists.He requested a formal study on this phenomenon. For their part, manufacturers evaluate different surveys between 12 and 22% off purchases of the official network.
On 9 November 2009, tobacco prices had already trelevs about 6% increase already criticized by anti-tobacco as too weak to be effective in terms of public health. This increase was also not significantly changed tobacconists qui sales fell by only 0.2% over the first eight months of 2010 compared to 2009. Data dubaromtre health 2010 show that tobacco consumption has increased by almost 2% between 2005 and 2010.
MPs recently rejected an amendment by Yves Bur proposing to overtax the profits of manufacturers. Next step, photos shock will be mandatory at the back of every packet in April. And the government continues to consider a generic package, without any logos or color.

"Tobacco advertising: tobacconists off-the-law
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Than by the qualities of resistance to stress or anticipation conveyed by the poker, the agency's rationale H by the desire to establish "a meeting place richer" than the usual maintenance. As explained in figaro.fr its CEO, Elisabeth Billiemaz, "we would absolutely have chosen another subject as that of poker. But this tournament is an opportunity to spend four or five hours with the students, against a maximum time for an interview. " The organizers and participants will join around the gaming tables to identify the best personality of potential recruits.
Attract the "digital natives"
But mostly, the agency H, a subsidiary of Havas hopes, by organizing and media coverage of such an event, make themselves known to the public and potential employees."The business of advertising attracts less young people, because this sector is associated with a consumer society they criticize sometimes justified Billiemaz Elizabeth. In addition to this, H is a young agency, rather unknown. This tournament poker is a way for us to attract young graduates of high schools, with emphasis on a playful approach to work. And why not, after these courses, convert the try with a full-time position of chief commercial or advertising junior?
More and more companies, eager to woo the famous Generation Y (born between the late 70s and mid 90s), rely on this type of recruitment strategies, straddling between human resources and marketing.On the same model, for example L'Oreal had launched last January a video game on the internet, Reveal, whose mission was to feed the talent pool of cosmetics group, targeting "digital natives", those individuals born with internet. His scouting director, Francois de Wazires, then explained that it was "not to enter a loser in the war for talent" to come.

In the wake of Wall Street Wednesday night and Thursday morning, Asian stock markets, the Paris Bourse rose sharply evolves. The CAC 40 pulverizes even the bar of the 3900 points. Midway through it moves from 1.78% to 3911.40 points.
Wednesday night, the Fed confirmed as expected that it relaxed its monetary policy and clarified to what extent: the Federal Reserve will inject $ 600 billion by June 2010. Good news for markets, reassured to see the U.S. leading economic power and financial world, supported.
On the foreign exchange market, the news immediately plunges the dollar. On Thursday, the euro rose above the threshold of $ 1.42 for the first time in nine months and a half.By late morning in Paris, the European currency was worth 1.4251 dollars because the dollar against 1.4130 on Wednesday.
Expected figures this Thursday
At the macroeconomic level, the activity in France has continued to grow in October, but its rate of expansion fell to the lowest for thirteen months, depending on the final index PMI released Thursday by the firm Markit. The composite PMI index, which reflects activity in both industry and services, fell to 54.9 points against 58.1 in September. And in the euro area, growth of private activity fell in October to its lowest in eight months, according to a new estimate of the purchasing managers' index (PMI). The index, which summarizes the activity in the industry and services, fell to 53.8 points from 54.1 points in September.Also note, prices for industrial production rose again in September in the euro zone of 0.3% compared to the previous month, according to data released Thursday by the EU statistics office Eurostat.
The ECB will make its decision on interest rates in the EU from 13.45.
In the U.S., traders await the traditional weekly claims for unemployment benefits at 13.30, and productivity in the third quarter (First estimate) at 14:30.
LVMH responds to Hermes
Ousted head of Accor (1.29% to 30.21 euros) he led since late 2005, Gilles Pelisson said he left the band "head high"."Sad," he said "proud" of the work accomplished in five years, during which the group has lived in both its two best years in 2007 and 2008, and an unprecedented crisis in 2009.
The CEO of LVMH (2.89% to 119.35 euros) in Le Figaro meets his counterparts from Hermes (-0.75% to 156.60 euros), who deplored the hostile nature of the massive capital the saddle (he owns 17.1%). Bernard Arnault raises a plea of inadmissibility at the request of Hermes to sell those holdings.
Reportedly, the Swiss group Nestle speaks with French Lactalis around a joint bid on Yoplait.Half the capital's world number two is to sell yogurt.
Total (2.29% to 40.48 euros) was up to the Paris Stock Exchange and contributed heavily to make the CAC 40 to rise as the dollar weakened after the announcements of the U.S. central bank (Fed) and the oil prices rise.
EDF (+0.75% at 32.32 euros) has signed an agreement with Delta cooperation to study the feasibility of a new nuclear plant in the Netherlands, in Borssele. No details on the project financial nor an element of timing were made.
While Chinese President Hu Jintao starts his visit to Paris on Thursday, a series of contracts to be signed, including Airbus, Areva and Total.

EADS fell 2.50% to 18.55 euros.Besides the rise of the euro, the incident occurred on an Airbus A380 of the Australian airline Qantas is cause for concern.
Very good quarterly results
After the publication of good results by Societe Generale (4.46%), BNP Paribas (4.50%, largest increase in CAC 40) has exceeded expectations in the third quarter: net profit falls rise sharply from 46% to 1.9 billion euros. The bank did not need a capital increase to comply with new standards and Basel III is confident for the fourth quarter, said its chief executive Baudouin Prot in an interview with Reuters Insider.In their wake, Credit Agricole and Axa rise of 2.49% and 3.37%.
The leading European IT services Capgemini (-4.05%) reported a turnover of 2.1 billion euros for the quarter, against 1.946 million during the corresponding period last year , an increase of 2.5% at constant exchange.
The penalty is severe for Alcatel-Lucent (-3.55% to 2.44 euros). The telecoms equipment maker announced Thursday it recorded a third quarter surge by 10.5% of its turnover to 4.074 billion euros, above analysts' expectations and marks a return to sales growth.But growth in operating margin is less than expected.
Outside the CAC 40, the chemicals group Rhodia (3.95%) raised on Thursday its goal of operating performance, to become a gross operating profit (EBITDA) of about 900 million euros in 2010, after recording third quarter net income quadrupled.
Imerys (5.19% to 45.72 euros) also raised its 2010 operating margin target after an improvement in profitability in the first nine months of renewed activity and the depreciation of the euro compared 2009.
Bureau Veritas (5.28% to 55.87 euros) confirmed its 2010 targets after a third quarter marked by an acceleration in organic growth of its business, and said look 2011 with confidence.
During the first half ended September 30, Alstom (-2.44% to 35.51 euro) recorded a net profit of 401 million euros (-29%), operating profit of 763 million (-8% ) and a turnover of 10.432 million (+8%).
The group Legrand electrical equipment (0.62% to 28.20 euros) has again raised on Thursday its profitability target for 2010, after a third quarter supported by emerging countries and new market segments.
The food group Bonduelle (+0.16% at 63.82 euros), specializing in vegetables, has published a quarterly revenue up sharply following the purchase from France with a mushroom and currency impact favorable. Turnover (1 July-30 September) was up by 15.7% to 419.8 million euros, according to a statement. At constant exchange rates and constant perimeter, the activity growth is 2.1%.
Eutelsat (0.58% to 27.52 euros), it confirmed its targets for the current year and for 2013, based on a market that remains well oriented and the upcoming launch of its Ka unit -Sat.
JCDecaux (-3.27% to 21.02 euros) expects organic growth of about 8.0% for 2010 after reporting a rise in sales in the third quarter slightly below expectations.
Vicat (+0.82% at 57.26 euros) expects margin improvement from one semester to another after a third quarter marked by a cement company for confirmation signs of recovery volumes.
Seloger.com (-0.20% to 35.53 euros), subject of a bid from German Axel Springer, has matured in its annual targets up Wednesday after a growth of 15.5% in the third quarter.
The world leader in call center Teleperformance (2.76% to 22.87 euros) conducted on quarter revenues of 487.2 million euros, up 14.5% on reported and organic growth of 0.2% (at constant currency and perimeter).

After a month spent in hospital, the German finance minister, Wolfgang Schuble, was in Paris on Tuesday to celebrate the twentieth anniversary of the reunification of Germany, before an audience of students, scholars and politicians gathered for the Used at the Sorbonne. Negotiator of the treaty of reunification in December 1990, a pillar of the Christian Democrats, German Finance Minister Angela Merkel has used his visit to Paris to discuss the highly topical, especially the debt crisis in the euro area.
Ardent advocate of financial orthodoxy, and strong supporter of strong medicine to cure the ills of Euroland, Wolfgang Schuble has detailed his vision of the mechanism for resolving crises, decided last week by the European Council.The bloc have agreed on principles, but have left two months to reveal its details, which does not fail to worry the markets.
Unsurprisingly, Wolfgang Schuble defended a vision of strict European rescue mechanism. In addition to financial penalties, it is favorable to the deprivation of voting rights in the European Council for countries that do not meet the fiscal discipline imposed by their peers. The term "orderly bankruptcy" when he was in favor recently, is more pronounced.But the minister openly calls for "a tool for sovereign debt restructuring involving the private sector."
If he recalls that "disorderly debt rescheduling should be avoided", he believes that "States that are experiencing financial difficulties can not be expected that the Community aid without conditions."
After 2013, the European rescue will no longer be synonymous with full insurance, as is currently the case with the Fiscal Stabilization Fund paperless payday loans. "The private sector must be a central element of the mechanism," he assures.Holders of bonds receive a risk premium, but in case of crisis, they actually have to bear this risk, the household at the same time the taxpayer. "Stop the speculators
Leaves to increase the volatility of markets, which fear capital losses for holders of government bonds on the occasion of future bailouts, Wolfgang Schuble emphasized: "Monetary union was never designed as a model enrichment for financial speculators. This is not a system of distribution from rich to poorer countries as part of a union transfers. "The German version of the next amendment to the treaty is put. It will be negotiated by the next European Council on 17 December.Attached to the clause "no bail out" (principle of non-bailout) that will go down in the Treaty, Berlin wants to add a mechanism for restructuring, which will not allow free private bond holders, including banks and insurance.
Wolfgang Schuble has also benefited from his presence in Paris to defend the excellence of German economic model, based on exports and competitiveness, but criticized in France because it neglects the wages and consumption. "Germany has imposed structural reforms that have contributed to the competitiveness of the European Union," he said. A polite way of saying that Germany, with its renewed growth will not abandon his model, the displeasure of his neighbors.

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