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A Bercy, they have billions. But difficult to understand what these are actually are. To get an idea, Figaro.fr offers a balance budget. Click and drag the weights that represent the most iconic items of the budget. And compare.

The red color should be the start of this day at the Paris Bourse. Having already dropped yesterday, the CAC 40 will follow in the footsteps of Asian stock markets which, on Tuesday, consolidate their positions. The fall of Wall Street Monday after net cashed up Friday, should encourage investors to Paris to follow this trend.

Unlike yesterday, however, the session should come alive with the publication of several macroeconomic statistics. In France, INSEE is to publish the figures for consumer spending in August. The consensus expects a slight decline of 0.3%. The consumption figures for Germans in September will also be published this morning, as the final reading of GDP for the second quarter of the United Kingdom.

The afternoon will be awaited with the S & P / Case-Shiller home prices in the United States.It will be followed by the index of investor confidence and U.S. consumers in September.

As for currencies, the euro regained vigor against the greenback. In morning trading, one euro is worth 1.3454 dollars (0.19%).

Technicolor sells a stake

Technicolor announced Monday the sale of the majority of its 50% stake in Screenvision U.S., specializing in advertising for the film, for $ 60 million (45 million euros).

Eurocopter (EADS) yesterday unveiled a new range of helicopter, the X3. Lutz Bertling, head of the group, took advantage of a press conference to clarify that Germany had yet maintained its order for 80 Tiger helicopters contrary to rumors in the German media.They had recently assured that Germany would lower the number of Tiger ordered 60 and the number of military helicopters and 80 NH90 ordered against 122 Online payday loans. Pessimistic, Lutz Bertling said last night also that "2011 will be the toughest year of Eurocopter. Cancellations of orders decreased but the stimulus of government too. " However, he stated that 2011 would not be a year of losses. "We believe that the first signs of recovery should be perceptible from the second quarter of 2011."

Aries automotive supplier specializing in the production of aluminum parts, announced back in shape with a green Monday in the first half net profit of 5.1 million euros against a loss of 2 million euros a year earlier."The group anticipates continued growth in its turnover by 2013 and envisages a return to an activity level comparable to that recorded in 2007, close to 47,000 tons of foundry.

The Board of Directors of Bollore decided Monday night to distribute an interim dividend of two euros per share given the good results of the group in the first half of 2010.

Sanofi-Aventis continues its policy of acquisitions by announcing an agreement on Monday to buy VaxDesign, a U.S. biotech that develops in vitro models of human immune system.

Gabon, come to the capital of the French group Eramet, reaffirmed the country's president to visit Africa in Paris.

Trigano believes that the sales growth recorded this year should continue in 2011 thanks to the success of its new models.

As for publications, Neopost Unveils Tuesday its first half results.

It's a small majority but a majority. In a poll by TNS-Sofres for i-TELE, Europe 1 and Le Monde, 54% of French people are in favor of the abolition of the tax shield. This symbolic measure of the budget – which Baroin present the 2011 version to the Cabinet Wednesday – is seriously challenged, both left and right. As admitted by Gilles Carrez, UMP rapporteur of the budget to the Assembly, "the shield has become emblematic of a certain form of tax injustice."

Opponents also point out that this measure the effectiveness of the shield is supposed to retain or to return to France the wealthy taxpayers who flee abroad considered confiscatory taxes, remains to be demonstrated. No figures attests a turnaround since its inception.

Despite these many challenges, the right does not hold down a measure that takes a lot Nicolas Sarkozy. Invited talk last Wednesday Orange-Le Figaro, the budget minister Baroin insisted on "the need for fiscal stability. The tax shield is an element that responds to a simple principle, namely that taxes should not be confiscatory or deterrence. "

Marginal adjustments

This does not prevent the Government to consider some adjustments at the margin. Including the possibility, as recalled earlier this month the Secretary General of the Elysee, Claude Gueant, the wealthiest taxpayers are asked to invest more in small and medium enterprises.Moreover, recipients of the shield will not escape the tax increases caused by the movement of the plane in certain niches, or the surcharge for the higher bands of income tax announced in the context of pension reform .

In 2009, 18,764 taxpayers have benefited from the tax shield, which has cost the state 679 million euros, figures sharply up from the previous year. This windfall is primarily intended for wealthier beneficiaries as 6% to 62% shared the loot with a check average of 362,126 euros each. According to figures published in the spring, the top ten recipients have even pocketed an average refund of 7.7 million. An amount that may be even higher since in 2008, Liliane Bettencourt, one of the first fortunes in France, had obtained 30 million under the shield.

For the third meeting against the proposed pension reform, the protesters were under the CFDT and CGT, more numerous in the streets of the country during the previous day of action on 7 September. The CFDT union reported at 5:45 p.m. of some 2.9 million people as he had advanced estimate of 2.5 million during the previous day. As for the CGT, it believes that the protests have collected 3 million people. At the last meeting, the CGT had comptablisé 2.735 million demonstrators. For the Department of the Interior, we are far from the figures released by the two union representatives. At 17.45, the department had comptablisé 997,000 demonstrators against 1.12 million on Sept. 7.

The only certainty for now, the first figures in large companies and government departments show a strike rate down from the day of action on 7 September, which was a success for the unions. These are for example 37% of strikers recognized by management at the station, against 42% in the previous appointment (respectively 49.85% and 51.8% according to the unions), 18.5% according to the Post direction against 24.7% September 7 (30% and 37% depending South) as the RATP (16% of strikers in the direction, against 22% 7), or 26.94% at France Telecom cons 34% previously. In the public, the department has 21.44% of strikers, against 26.76% last September 7. At the employment center, one of the largest utilities with 50,000 employees, the figures are the large gap between data management (12.3% of striking workers) and trade unions (18%).Side of National Education, 25.8% of strikers, down from 7 (29.4%), according to the ministry, which has accounted for 32.68% of strikers in the primary (33.6% on 7) and 19.86% in secondary (25.8% 7). The unions have announced their side for nearly 55% of strikers in the primary and 45% in secondary schools (against 62% and 55% 7).

Mobilization in large cities

Side events, the Interior Ministry recorded a little less than 410,000 demonstrators in France in mid-day, against 450,000 in the last movement. In Paris, where the parade started at 13:30, the police headquarters in Paris announced 65,000 people is "under 15,000" that ten days ago. CGT Ile de France records, meanwhile, about 300,000 people, 30,000 more than 7 September. And specify that the procession had split in two.In the provinces, 22,000 demonstrators were recorded by police in Marseille, 220,000 according to unions, and 37,000 and 120,000 respectively in Bordeaux. In Lille, the unions announced 30,000 participants, is exactly the same figure that two weeks ago. The police, however, revised downward its sales from 19,000 to 12,000 people. Same observation in Nice, unions identify 35,000 protesters marching through downtown and on the promenade des Anglais. Police said the participation is declining: 7,000 persons against 10,500 during the previous day of action. In Rouen, the event attracted 65,000 people according to organizers of a level equal to the mobilization of 7 September. Police said his side the figure of 15,000 against 21,500 two weeks ago.In Toulouse, the unions put the figure of 120,000 demonstrators against 110,000 two weeks ago but the police are talking about a recession, with 25,000 against 32,000 in the procession on September 7. In contrast to Lyon, participation was slightly higher that ten days ago. The event was attended by 18,000 people between the police and 36,000 according to unions. In Strasbourg, between 7700 people, police said, and 22,000, according to the CGT, had expressed.A figure up from the mobilization of 7 September had gathered between 7400 and 18,000 demonstrators.

A bailiff appointed Tarn

To validate the methods of accounting, the police enlisted the services of a bailiff for counting at the same time as the protesters marched Thursday in Albi cons of pension reform and to take the wrong those who accuse cheat on the figures, said a police source told AFP free business cards. Result of operation: 4380 demonstrators by the bailiff, 4,200 according to police, 20,000 according to unions."It will perhaps silence people who think we are not doing our job," said a correspondent of AFP Chief of the Departmental Directorate of Public Security of the Tarn (DDSP), Commissioner Paul Agostini .

Several officials had "fingered" the fact that the Tarn was among the districts where the differences between the counts of the police and union were the most important, he said.

The use of a Huisser justice aimed to validate the method by police. But "it is a way for us to see that we do not err in counting, and our system of counting is correct," said the director of the DDSP.

"I positioned myself in a parade of rather narrow and close to reliable accounts," said the bailiff, Lawrence Vialelle, rushed into the streets of Albi with a colleague."I was provided with a metering device to give an impetus to each head that was going on. I used my thumb! "He added. He admitted "a margin of error of 100 people because, at times, the human cluster was more compact. Commissioner Agostini declined to say who would be paid by the fees of the bailiff.

"Bet won"

In view of these elements, the Elysee was raised a "significant decline" in the number of strikers. She sees the sign that the French "may adhere more to the reform." The unions have accepted a different interpretation: the secretary general of the CGT Bernard Thibault welcomed a mobilization "in the same waters as September 7, while the leader of the CFDT, Francois Chereque, found the events "at least as important." "Bet won," he said.He added: What we expect is that the government decided to revise its reform and build another. " For its part, the leader of the Workers Force union (FOR), Jean-Claude Mailly, called for further action if the government does not suspend the project.

More info on video itélé.fr

This morning, the unions also showed optimism. On RTL, Francois Chereque, secretary general of the CFDT had predicted a movement "mass" of staff on Thursday 23 September. "There will still be very large demonstrations across France," he said. "Maybe not more than 7 September last, we'll see. But for the Ile-de-France, for example, there were more cars ordered in the departments to come to protest in Paris "that at the last day of action.

The mobilization of September 7 was a success for the unions, which had reached 1.1 million people gather under the Interior Ministry, 2.5 million, according to the CFDT, or numbers above the June 24

A day "decisive for the continuation of movement"

If private sector employees have probably been harder to come demonstrate for the second time this month, the success of this day of action was considered "crucial for any movement," said Francois Chereque. "The government is to doubt. There are already five or six issues on which the government anticipates changes [...] We will demonstrate now that people are mobilized. And I think the government looks very seriously the number of demonstrators. "For his part, assured the Elysee Palace on Wednesday that the new day will not affect union reform.

About the possible outcome of the movement, "we will decide on Friday morning," said Francois Chereque. Jean-Claude Mailly today called hopes for another appointment, "for the government to suspend its project on pension and reopen the discussions." But according to information from Figaro, unions have actually already scheduled two new mobilization days at the beginning of October. One would take place during the week and another during the weekend. The dates are not yet arrested.

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Tested in 30 countries on five continents, the NV1FGF, treatment of critical ischemia of lower limbs, a disease that can lead to gangrene and amputation, failed to convince its effectiveness at a Phase III clinical trials.

In a statement, the group explains that this study "was designed to show superiority over the twelve months of NV1FGF compared with placebo in the prevention of major amputations or mortality from all causes among patients with critical limb ischemia lower not eligible for revascularization procedure.

Dr. Marc Cluzel, Senior Vice President of Research & Development department of Sanofi-Aventis, has expressed his disappointment with the results of the study.He also said the group would "evaluate all options regarding future development of NV1FGF.

Little impact in the short-term

The product portfolio of Sanofi phase III clinical trials, the last phase before the registration of a product, contains 18 treatments including four vaccines. The NV1FGF was considered by the group as a niche product for a relatively small number of patients.

"Our sales forecasts to 2013 have been revised following the failure of this phase III study on the NV1FGF says Philippe Barquet, director of communications product group. If this study had been inconclusive, the NV1FGF would anyway have been circulated before 2013. "

Still, the stock market is still very sensitive to the successes or failures of advanced phases of clinical trials for pharmaceutical companies.September 20, the title was won 1.14% after testing positive treatment in phase III, today, the title loses 1.50% to about 10 hours, while the CAC 40 lost 1 , 20%.

In three days of the new mobilization against the pension reform impact, as the 2.5 million employees, the new risk of causing further tensions. The sickness absence of staff who were previously controlled by the state services are now by the health insurance which also deals with private sector employees.

According to the decree issued on Sunday in the Official Journal (OJ), it is a measure on a trial basis. Eight cities are concerned: Paris and seven provincial towns (Lyon, Nice, Rennes, Clermont-Ferrand, Strasbourg, Selestat and Hagueneau)

According to Le Parisien reports that information, health insurance will check the validity of sick leave when they exceed forty-five days, or when a public official will take more time off in three Over the last six months.The Lyon-based staff will increasingly see their presence at home monitored during visiting hours. Initially, only the judgments below six months will be scrutinized for Social Security.

Some 177,000 workers are in the spotlight

Will be involved staff working in the decentralized, the DDE example, and schools (including kindergarten and primary). In Paris, only agents of the central economic ministries and financial (Bercy) will be targeted. Originally built in the device, or agents of those hospitals or local communities will be affected eventually. In total, some 177,000 workers will be in the crosshairs.

Until this is the Parisian, sick staff, are very poorly studied.The latest figures available, dating from 2003, report thirteen days off on average in the sector against eleven days in the private sector in 2008. In local authorities, absenteeism is more important. According to data from the company Dexia Sofcap in 2009, sick leave increased by 9% pa over the previous year. And the average duration was also increased by 4% from 17 days in average in 2001 to 22 days today.

The purpose of this experiment is therefore a first step to collect more data. In a second step, the officers leave could prove to be unwarranted given notice to return to their jobs or see their salaries partly or wholly suspended. After evaluation, the device should be widespread in 2012.

The draft budget law for 2011 to be presented Sept. 29 by the Council of Ministers, include, as an annual update of the GFS. According to our information, the forecast deficit for 2010 will be reduced to 7.8% of gross domestic product (GDP).

In July, the fiscal policy debate in Parliament, the Government was counting on still a gap of 8% of GDP for the cumulative deficit of the State, Social Security and local authorities.

But last week, Baroin, the budget minister, announced that the deficit would be below 8% this year, citing figures from 7.9% to 7.8%.Finally, Bercy opted for the bottom of this range.

This good news on the deficit is the logical consequence of the upward revision, from 1.4% to 1.5% – growth for 2010, announced by Prime Minister François Fillon a few days ago.

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The CAC 40 on Friday trying to catch the 3800 points. At midday, he progressed from 1.34% to 3786.38 points. From the start, clinching the index 1.12% to 3,778.24 points and soon returned with 3780 points, while he was ironed Thursday night under the 3750 points. The Paris Bourse is a higher nearly five months.

This Friday is the day of the "four witches, known to amplify the movement, up or down.

This morning, Asian stock markets resumed beautiful colors. And yesterday, Wall Street has ended with small gains while the index future point already rising sharply. If the CAC 40 should follow the positive trend in the markets, both large maturities of the day will take place this afternoon, with the publication of inflation in August and consumer confidence index (Michigan) respectively to 14.30 and 3:55 p.m..Yesterday, the Atlantic, the mail group FedEx, considered a barometer of activity in the United States, issued disappointing forecasts, which could fill the atmosphere on Friday.

In France, no major announcement is expected and the euro area balance of payments should be known in 10 hours.

The euro is ironed beyond $ 1.30 and even score more than U.S. $ 1.3137 on Friday shortly before noon.

No decrease in the CAC 40

Carrefour outperforms the market, up from 5.74% to 40.44 euros. The group presented a plan to revive its hypermarkets which should cost about 1.5 billion euros. By early 2012, the number two global retailer plans to convert or renovate its 500 hypermarkets in five countries as France, Italy, Spain, Belgium and Greece pay day loans.The group is also considering the future of its deep discount.

Always on the CAC 40, the bank is well oriented including Credit Agricole rises of 2.23%, Societe Generale, 1.22% and BNP Paribas, 1.16%.

Renault (1.22% to 36.115 euros) was more optimistic on Thursday showed the evolution of the European market in 2010 than it was in July. He believes that the market decline will be closer to 7% to 9% in 2010.

GDF Suez (+0.42% to 25.995 euros) and the Italian ACEA said Thursday it had reached a preliminary agreement to settle their dispute over their association in Italy.

Out CAC 40 climbed 2.27% Auplata to 3.15 euros, while gold has registered a new record Friday morning at over 1280 dollars.

Traffic ADP (1.22% to 59,85 euros) increased by 1.4% in August compared to the same period in 2009.In the first eight months of the year, passenger traffic declined 0.8% compared to the same period last year.

Icade (1.64% to 80.70 euros) has announced the distribution of an interim dividend of EUR 4 per share dividend credited to 2010. The detachment of the interim dividend will be September 23, 2010. The land was announced in late July that it would distribute a deposit "of at least four euros."

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A sixth session up? At the opening, the CAC 40 index opened very prche balance, up from 0.05% to 3776.19 points.

While optimism reigns in Asia on stock exchanges (Tokyo gains 3% shortly before its closure) and the euro remains very close to 1.3 dollars on Wednesday morning, the CAC 40 may attempt an attack to 8000 points in plenary . From a technical standpoint the CAC 40 is approaching its highest in July to 3803 points. A new test and a break of this resistance would be bullish with strong implications in the crosshairs next resistance at 3,858 points.

The meeting promises to be lively on the front of macroeconomic indices. In France, the number of new businesses was up 3.5% in July. In the euro area, the second estimate of inflation will be released in 11 hours.And the United States, from 14:30, investors will take note of import prices in August and industrial activity in and around New York in September. At 15:15, it was the turn of industrial production and 16.30, the weekly oil inventories.

Wednesday in Brussels, Michel Barnier, European Commissioner for Financial Services, holds a conference to present new legislative proposals on derivatives contracts default swaps and short sales.

Exchange market moderated

In Europe, the euro enjoy the excitement of the markets on the continent and still grazes on Wednesday amtin the $ 1.30 mark. A course that has been crossed in the night around 2:30.

While the yen reached new highs each day, the Japanese government has decided to sell massive amounts of yen, a first in six years.Shortly after, the dollar has fallen over the symbolic 85 yen.

EADS on tanker flexible

EADS (-0.1% to 19.16 euros) is willing to adjust his bid for the tanker market in the U.S. Air Force if it asked for a final review of proposals, said Tuesday night Ralph Crosby, Chairman the North American subsidiary of European aerospace and defense.

EDF (+0.5% at 32.98 euros) announced Tuesday the issuance of bonds maturing in 2050 amounting to one billion pounds sterling. Moreover, the energy company could partner with other nuclear giants Areva and to support its bid to compete, according to Les Echos on Wednesday payday lenders.But for now, its Chinese partner CGNPC does not meet security requirements.

Total (+0.14% to 39.48 dollars) said Wednesday that its production of oil and gas would be stable in 2011 even though he still intends to grow by 2% per year by 2014, thanks to the contribution of new projects.

The Franco-Belgian bank Dexia (balance) is expected to announce Wednesday new job cuts at a works council meeting in Brussels.

The European Commission is examining how best to give the court decision invalidating the green light by Brussels in 2004 with the acquisition by Wendel (+0.12% at 46.05 euros) a part of the publishing assets redeemed Lagardère (+0.7% at 30.36 euros) to Vivendi (+0.3% to 19.9 euros).

Crit Group said Tuesday its net profit doubled in the first half and said it expected an improvement in profitability in 2010.

On television, TF1 France Televisions addresses (1.06% to 12.34 euros): the public broadcasting group is prepared to limit the sponsorship on its antennae.

Orpea group (1.39% to 31.79 euros) on Wednesday announced an increase in its interim results, thanks to the growth of its real estate, and confirmed its targets for annual sales up 2012.

The French group Mersen (ex-Carbone Lorraine, 1.08% to 29.1 euros) has revised its forecast up Wednesday event for the current fiscal year, which should see an organic growth rate "double-digit , while generating an operating margin above 9.9%.

The supervisory board of SeLoger.com (0.61% to 37.85 euros) decided that the offer of Axel Springer did not reflect the intrinsic value or growth prospects of the company, said on Wednesday the group of small ads on the Internet.

Casino (+0.06% to 69.32 euros) and Tesco are among the remaining candidates vying for the resumption of Carrefour stores (balance) in South-East, said on Wednesday sources close to the matter. Carrefour wants to sell its stores in Malaysia, Singapore and Thailand to focus on markets where it is in a strong position. In Asia, it has already withdrawn from Japan and South Korea.

The harvest 2010 will have the most auspicious. "I'm happy with what promises to be," says with a smile Denis Verdier, president of the Confederation of cooperatives representing more than half of the volumes sold in France. "The state of health is perfect, we have cool nights and sunny days which will exacerbate the aromas and characterize the 2010 wines," says the manager, himself a producer of coast-du-Rhône and upstands de Nimes.

View shared by the winemakers of Provence, the first region produces a wine that knows the best growth market hex: rosé. "The weather is ideal context to provide a good harvest," said the Interprofessional Council of Provence wines.Further west, in the Bordeaux region, the harvest that began on September 1 by the famous Chateau Haut-Brion – currently the most expensive white wine from Bordeaux (nearly 500 euros a bottle) – are also held in a very favorable. "The excellent summer conditions, if continued, portend a great vintage," said the Interprofessional Council of Bordeaux Wines (CIVB).

Report of a week

So forget the cold spring that delayed the flowering of the vine, lowers the yield and says the postponement of a week of harvest in most regions. Because quality is at the rendezvous, even if the quantity is low. The wine harvest in France this year should reach 47.2 million hectoliters by FranceAgriMer, the public institute of agricultural statistics and forecasts, or slightly above 2009 (+1%).But well below the average of the last five years (-3%). For champagne vineyard where the first shots were given Monday shears, production looks just as promising as, despite attacks by powdery mildew or botrytis. Volumes with 2.8 million hl should be less than 1% over 2009 and 5% over 2005-2009.

But the climate does not explain, alone, the decline in production. We must also look towards Brussels. "The European program grub before liberalization and the removal of planting rights, by 2015, results in a significant decrease in cultivated areas, from 10,000 to 15,000 hectares per year," says Ludovic Paris-service Prospective studies and evaluations FranceAgriMer.

Price Increases

So with a smaller supply, prices should logically increase for producers.But it's not as arithmetic. "We enter into negotiations with supermarket chains with which we encounter the same problems as other agricultural sectors in terms of low price," says Denis Verdier. The latter as his colleagues can console themselves with the export parity euro / dollar more favorable. "We find the lost volume last year with an increase in shipments of 27% in the EU and 60% outside the euro zone for the first half," said Daniel Lorson, spokesman for CIVC (Comité Interprofessional Champagne).

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