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Most renewed the attack on the RSA. On the eve of the opening of the convention on the theme of social justice organized by the presidential party tomorrow, Wednesday, June 8, Jean-Francois Cope, secretary general of the UMP, exhibited in an interview with the daily La Voix du North's proposals for certain recipients of income solidarité active (RSA) work "between five and ten hours per week serving the community of residence." In Le Parisien, Aujourd'hui en France, his deputy, Marc-Philippe Daubresse, which promotes these same proposals.

"About a third of the 1.15 million households that receive the old RMI are not able to work without heavy social support. But for the others we'll be offered a social utility paid five to ten hours per week, in communities or integration structures, "he says.In case of refusal, "the RSA may be reduced on a declining basis," said deputy general secretary.

Keeping the philosophy of law Hirsch

"Laurent Wauquiez has asked good questions," says he with reference to the controversy raised in mid-May by the Minister of European Affairs on the "excesses of the assistantship. Marc-Philippe Daubresse former Minister of Solidarity nevertheless believes that active-Laurent Wauquiez who wanted to impose hours of social service, did not provide "necessarily the right answers for those who know the complex workings of the RSA low interest personal loan.

He said the crisis has eased the innovative principle of active solidarity revenue, created to allow anyone who works to earn more than doing nothing, and he wants to add a second component.This new proposal he said the answers "to questions by Laurent Wauquiez, while keeping the philosophy of law Hirsch.

Create one-stop shops

Marc-Philippe Daubresse also wants to create one-stop and check that one department to another, that households whose situation is similar enjoy the same rights. The monthly business-RSA today paid quarterly, is also considered.In order to track social security fraud, the UMP also wants to implement a automatic reporting of income by Urssaf the family allowance funds.

These proposals were laborées at the request of President Chirac who, while saying that RSA is "a major social advance of this five-year", said it was perfect.

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The RSA is still too much to summarize for the assistantship. This is the opinion of the UMP on the social benefit created in late 2008 to replace the RMI. A member of the majority – Peter Lang – early April has filed a bill to require their recipients to perform twenty hours of community service per week. Right about the club's social ex-Secretary of State for Employment Laurent Wauquiez, he is preparing to request a return for five hours per week.

Recognizing this, the Head of State asked Marc-Philippe Daubresse, deputy secretary general of the UMP him "to make proposals to improve and upgrade the RSA, including its component insertion. That's why Martin Hirsch, the "father" of the RIAA, wrote to the former Minister for Active Solidarity letter – that Le Figaro was procured – to inform him of his "reform possibilities."He also said "available" to the convention that the UMP will devote to this subject in June and hopes to "be invited".

The former High Commissioner suggests to integrate RSA's earned income tax, "as expensive, ineffective, inequitable and diluted." One option discarded in 2008 that would "refocus budgetary resources on those who need it most." The president of the Civic Service Agency also proposes to revise the "slope" of the RSA (rate of income related to the resumption of employment that recipients are sure to keep). Set at 62%, he suggested the move to 70% for the RSA is "more incentive to work."This option was not selected in 2008 because of its cost ($ 3 billion, twice the budget approved) and the opposition of the Ministry of Employment.

"False good idea"

To increase the number of beneficiaries of the "RSA activity" (extra income for working poor) has reached in two years that 40% of its target (670,000 households), the former boss of Emmaus proposes to pay The RSA once a year. "A person would not file quarterly for 40 euros per month could ask the same time it made its return all the RSA which it could claim the title of the year, or 500 euros "says Martin Hirsch.

It encourages governments to "re-information campaigns, pointing that it is" rare and unusual "that a new benefit does not give rise to regular campaigns.And calls of "systematically provide a single integration contract" for recipients and above all to punish the double rejection. "This will help determine in what cases are the recipients who refuse a contract and helped when it comes to a lack of offers," he justified.

Martin Hirsch also reconsiders the "false good idea" to request a free exchange. "If we want to take five hours per week of activity to any recipient, then they must pay the minimum wage, or about 100 euros net gain", the only assumption that "do not turn your back to frontally work more to earn more .He blames the failure of the last RSA Young (8000 recipient, cons 16,000 expected) at Bercy, who made "a very inflated forecasts, for pushing the eligibility criteria strictest possible" and calls on the government to relax .

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After the death of Osama bin Laden, U.S. markets have opened higher on Monday. But the optimism did not last. After booting up 0.48% at 12,872 points, the Dow Jones has returned to equilibrium about 18.30 (-0.02% to 12,839 points), the Standard & Poor's 500 and Nasdaq 100 lost respectively 0, 13% to 1362 points and 0.31% to 2865 points.

The NYSE had ended up slightly vendredi.Sur the entire last week, the Dow Jones gained 2.43%, sailing now at its highest level since May 2008. The Standard & Poor's has made 1.96%, climbing to a new level since June 2008, and the Nasdaq experiencing the highest since December 2000, after rising 1.89% on the week. U.S. indices have been propelled by the quarterly results of companies.Indeed 73% of companies have released better than expected results for the first three months of the year.

On all major exchanges in Asia and Europe, the reaction was positive on Monday after announcing the death of bin Laden. But the effect was short-lived.

Dollar up, oil down

And on the foreign exchange market, the dollar climbed against major currencies. Around 15:30 European currency resumed, however the height against the greenback.: The euro bought 1.4849 dollars against 1.4808 dollars on Friday night. The death of public enemy number one U.S. pushes investors to buy the greenback, especially low in recent weeks because of the decision of the U.S. central bank (Fed) maintain unchanged its policy of very low rates.

Similarly, oil prices, affected by the surge in the greenback, declined Monday.A barrel of light sweet crude for June delivery lost 57 cents to U.S. $ 113.236. Precious metals lose ground again this afternoon, even if less than this morning. The ounce of gold fell to 1546 dollars this morning against a previous record of 1575.79 dollars. It is from 1555 dollars to 15.30.

On the macroeconomic front, construction spending gained momentum in the United States, knowing their strongest growth in 11 months, 1.4%, according to data released Monday by the Commerce Department. In contrast, growth of manufacturing activity slowed for the second consecutive month in April, but less than expected, according to the index of industrial purchasing managers released Monday. This index, calculated by the Institute for Supply Management (ISM), stood at 60.4 in April after already slowed to 61 instant payday loan.2 in March, against 61.4 in February.The 72 analysts and economists surveyed by Reuters had forecast an index to 60.0.

Macroeconomic agenda of the rest of the week is particularly busy overseas. The program included investors such as U.S. industrial orders (Tuesday), the PMI service on both sides of the Atlantic (Wednesday), quarterly productivity in the U.S. (Thursday). But the main highlight of the week on the macroeconomic level in the United States is expected Friday with the traditional monthly report on U.S. employment.

Apple on their toes

The side of values, PPR announced on Monday the launch of a friendly takeover of the American Volcom (23.92% to 24.45 dollars) (clothing and accessories for skateboarding), enhanced 516, 1 million euros, which, according to him, "a milestone" for the constitution of his pole "Sports and Lifestyle."The essence of sport and lifestyle center is formed by Puma, majority owned by PPR, which was completed in 2010 a turnover of 2.7 billion euros (+10.6%) and operating profit to 337.8 million euros, up 12.7%.

Always on the side of values, Apple (-0.36% to 348.88 dollars) might react to the announcement of Time which will offer a free edition of its magazine for iPad his paper subscribers, according to the Wall Street Journal.

On its side the oil giant Chevron (-0.70% to 108.67 dollars) has also announced after the close of Wall Street have made a profit in the first quarter of $ 6.2 billion against 4.6 billion a year past. Daily production rose to 2.76 million barrels per day against 2.78 million last year.Chevron also announced the construction of a new manufacturing lubricants in Mississippi to $ 1.4 billion.

For his part, Du Pont De Nemours (-0.25% to 56.65 dollars) has increased the amount of its bid for Danisco to 700 Danish kroner kroner against 665 previously.

Also note, the Wall Street Journal, Facebook's growth is higher than the forecasts made several months ago, the group is about to exceed two billion dollars of gross operating profit (EBITDA) in 2011. Still according to the Wall Street Journal, the benefits of Facebook now increase rapidly enough to justify a valuation of $ 100 billion or more from the perspective of an IPO. Facebook should be placed on the market by early next year.

The results are not completely definitive, but the yes vote heavily – around 70%. The 4180 Air France pilots were invited by the National Union of Airline Pilots (SNPL) to decide until Friday evening on the principles of negotiation to be conducted with management to reorganize the business short-and medium- mail, attacked by low-cost companies.

The pilots' union, emerged winner of workplace elections – with 71.2% of the vote in his class – became the main interlocutor for the management of Air France to build its "bases province."These four platforms, based at the airports of Marseille, Nice, Toulouse and Bordeaux, should help to decentralize the flight short and medium haul, by modeling the utilization of the devices on low-cost airlines.

The management of the company now plans to base ten units on each base, which would mobilize a total of one thousand volunteers. The Cockpit living near the bases would not have to make stopovers, which should allow the company to save money. According to calculations by the management of Air France, the reorganization should reach 15% overall savings to return to profitability.

But for the project to see the day, management and unions of pilots, stewardesses and stewards must agree on a new social setting."The referendum gives us a mandate to start negotiations," said Louis Jobard, spokesman for the SNPL, commander of Air France.

While Pierre-Henri Gourgeon, CEO of Air France-KLM, in recent months had shown a degree of caution on its ability to open these bases this summer as planned, the pilots of SNPL seem more optimistic since the plebiscite in workplace elections.

New referendum

For them, an agreement was possible in June. "This is not a classic negotiation, said Jean-Louis Barber, the SNPL. It involves building a project and to share it with the entire profession. Changing conditions of use of devices will affect the organization of working time, the compensation system … And we want to ensure the same level of security for passengers, while the pace of work will be more sustained.We organize April 8 a general meeting with the drivers to clarify some points as compensation. Then we will enter into negotiations with management. "

In late May, the negotiators should hold a new referendum could lead to an agreement in June. A schedule that would allow Pierre-Henri Gourgeon display a table of honor at the next general meeting of shareholders. His term expires this summer.

If, on the political front, he has decided to maintain the suspense, the director general of the International Monetary Fund (IMF), Dominique Strauss-Kahn did not go around the bush to discuss the global economic crisis. "Considerable progress is being made, [...], but they are much too slow, we are far from", says in an interview face to readers of Le Parisien, Aujourd'hui en France published Monday.

The crisis in Europe

As the world tries to get out somehow this economic and financial crisis, Dominique Strauss-Kahn warned, using its ambiguous wording. "You mouth holes but others are created. The act of drawing lessons does not guarantee that we will prevent all future crises. This is what is most worrisome, "he warns.

This does not preclude the IMF Managing Director to distribute good points."All of Asia is distributed, also Latin America, with the same risk of overheating," he says. Even Africa is complimented: "Africa is rather better," says DSK. However, if "Europe has avoided the catastrophe," it off again more slowly and it may last. Missing from the euro zone it has not since the beginning: more coordinated economic policies, "he says. And for that, he insists that "the States to waive part of their sovereignty. However, fashion is not so much to have more Europe today …».

"The euro

"There has not really had a crisis of the euro as its currency." Unsurprisingly, the IMF Managing Director supports the European currency, while some are calling for the abandonment of the euro. "A vast deception," he says.The countries that come out of the euro area would lose much of the confidence necessary for a good economic situation. "

For DSK, banks are as responsible as those who were to supervise "and did not the police." Thus, in regulating the banking sector, he lamented that the good will of the states have not been implemented. "What I find shocking is that banks today have returned to practice before the current crisis, including pay and bonus, he offended. Me, I heard some politicians say "never again". Result: The bonus came back as before. "Bad points for France or the United States, which claimed the control of a bonus in banks of their warhorses.

"The 35 hours

On social issues such as 35 hours, retirement or tax on capital, Dominique Strauss Kahn was less talkative.

About 35 hours, he recalls that "it is a historical process that is due to improvements in productivity and should be considered at the scale of life." He added: "Overall, the long-term time employment is still a downward trend in all developed countries," he says.

"Retirement

Regarding retirement, he confirms what he said on France 2 last May ("Retirement at age 60 is not a dogma")."If life continues to grow, we can not hold with fewer people working to pay the pensions of more and more people," he replies to other members of his party, the Party Socialists, with whom he disagrees on this issue. Without taking a position on the reform undertaken by the government, it simply states that "the purpose of a pension system is that it be fair to those who worked longer or shorter time, under conditions more or less difficult and just vis-à-vis assets.

"The tax on capital

Finally, while asserting that "the IMF has no vision on the TFR French," he recalls "the need for taxes on income, consumption and wealth. The more we diversify the sources of direct contributions, the more likely it is to be fair. "

Massive withdrawals. Last year, investors have withdrawn French SICAV and FCP over 57 billion euros, according Europerformance Six Telekurs. Even more than in 2007 and 2008. They have deserted en masse money market funds, whose compensation is almost zero (more than $ 61 billion in withdrawals). They also neglected French equities and the euro area, too turbulent. Funds invested in these markets have suffered more than 6 billion euros in redemptions.

Subscribers have preferred to head to the world. U.S. equity funds, Asian, and especially the "emerging markets" have collected nearly $ 7 billion. In contrast, bond funds are pale, with less than 370 million of net sales. The crisis in the European government bond has discouraged investors.

For management companies, the year 2010 has therefore been difficult.The major networks are most affected by the disenchantment of the French for mutual funds, including money. The amounts they manage have declined on average by 10%. The giant CAAM (Crédit agricile) suffered net withdrawals of more than 8 billion euros. The bleeding has reached nearly 17 billion and 14.6 billion at Natixis, BNP Paribas.

Yet, some societies have managed the feat of winning new customers.With the exception of Swiss Life Insurance and Covea, or sponsors of ETFs (exchange traded funds), they are mostly independent managers, often specialized and reputed for their long-term performance.

These managers will attract investors

Among these happy few, Carmignac Gestion eclipse all his competitors, with more than 16 billion collected last year, mainly through its flagship fund, Carmignac Patrimoine, and its success with European investors. Comgest, specializing in Asia and emerging countries, also makes an excellent year, with over 1.6 billion euros in fresh capital. Lazard Freres Gestion has attracted nearly a billion thanks to the performance of its equity funds, including small values.Financial Exchequer has also recorded several fine collections of its funds in equities, as the young company Mandarine Gestion.

"Institutional investors have restructured their portfolios last year. They abandoned the managers who had disappointed and preferred the managers whose historical performance reassure "said Arnaud Perrier at Rothschild & Cie Gestion. But companies that have been most successful this year are also those who favor Advisors IFAs, which drain the subscriptions of investors. "In November and December, sales made by individuals, notably through IFAs, are clearly divided.And January is excellent, "says Stéphane Toullieux, Chief Financial of the Exchequer.

These subscribers in any case seem knowledgeable, and have set their sights on solid values. Among equity funds French "who collected the most last year, the place of honor belongs to Opportunities Tangerine (Mandarine Gestion) to Agressor (Financial of the Exchequer), UFF Actions France (also managed by the Financial Exchequer) and Dorval manager.

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After Portugal, the attention of financial markets on Thursday will turn to Spain and Italy have provided for their turn to launch bonds (around 11 hours). Spain hopes to raise between two and three billion euros. Less than three hours later, the Governing Council of the European Central Bank will meet and discuss in particular the maintenance or not, its interest rates.

If his American counterpart, the Fed has seen growth "moderate" at the end of 2010, it nevertheless welcomes signs of improvement in U.S. employment front. Suddenly, Wall Street finished higher in two years and a half points to 11,755.44.

Meanwhile the Spanish and Italian bonds, investors may be cautious, before returning optimistic if the operations prove successful.This wait is also predictable because the Cac 40 rose yesterday, closing a technical threshold, which is the last address before the 4000 points.

The Livret A should be increased to 2% on 1 February

On the macroeconomic front, the rise in consumer prices accelerated in December to 0.5% over the month and +1.8% YoY. As a result, the rate of the Livret A is expected to rise to 2% on 1 February.

In economic news, too, the price index in retail in December (24:00).

United States, are scheduled on the foreign trade in November (1430), the producer prices in December (1430) and weekly claims for unemployment alllocations (1430).

Values to follow

The European Commission gave the green light Wednesday to the offer from Sanofi-Aventis U.S. on Genzyme.In addition, U.S. health officials announced that they were continuing to examine the carcinogenic risks of Lantus, blockbuster drug from Sanofi-Aventis against diabetes, having considered the data from four studies in this area were inconclusive no fax needed payday loans.

The carmaker Renault is to file a complaint in the day with the Paris prosecutor in the espionage affair that shakes. This process, expected yesterday, was postponed.

The operator Bouygues Telecom announced Thursday that he does not pass the VAT increase on its mobile phone plans, unlike its competitors, but it would increase, like them, the price of subscriptions to the Internet.

Moody's raised to positive cons stable outlook on its Baa2 rating from Michelin.

Accor sells eventually amounting to 268 million euros its 49% stake in the group of hotels and casinos Lucien Barriere.

Vinci has won within the grouping BBMV, a 35% share in the contract to build tunnels for the stations of Liverpool Street and Whitechapel in London, for a total of 275 million euros.

Aperam, the division of ArcelorMittal Stainless Steel debuts on the Stock Exchange on January 31, said the world number one steel.

Essilor announced Thursday the creation of a joint venture with Wanxin Optical, one of the leading optical industry in China. The group will hold a 50% stake in Optical Wanxin under this Agreement. The value of the transaction were not disclosed.

The cement company Vicat issued $ 450 million and 60 million of bond debt from private institutional investors in the U.S. to extend the average maturity of its debt.

At 9:30, PSA Peugeot-Citroen will release sales results for the year 2010.

After market, Carrefour will issue its turnover for the year 2010 and fourth quarter 2010.

The euro started 2011 on a slightly downward trend. The single currency, which now circulates in seventeen European countries – Estonia is part of the euro area since 1 January 2011 – suffers from both the persistence of tensions on debt in Europe and a resumption of dollar .

The greenback resumed gradually colors, including through macroeconomic figures better than expected. "A series of increases in the U.S. indicators were induced to buy the dollar," said Yuichiro Harada, Mizuho Corporate Bank. Like to manufacturing orders rebounded 0.7% in November, while analysts expected a further decline."The market is now scrutinizing the employment numbers," warns the specialist.

As for public finances in the euro area, there was no bad news since the beginning of the year, but risk aversion remains strong. In recent weeks, rating agencies (Moody's, Standard and Poor's and Fitch Ratings) have placed several countries, including Portugal, Spain and Belgium on negative watch, implying a deterioration in their actual sovereign rating within weeks cash till payday. In Europe, Portugal, Greece or Spain will borrow on the bond markets and governments put in place, the chain of fiscal austerity measures. Latest, the United Kingdom, the VAT increase to 20%, more than in France.

Currently, Chinese Vice Premier Li Keqiang, continues its three-day visit to Spain, to demonstrate its financial support to countries.

The euro under $ 1.30 soon?

Thus, this Wednesday, one euro is worth just under $ 1.33 to 9.30 to 1.3268 exactly (-0.33%). This downward trend taken by the euro since the beginning of the year should continue in the eyes of most economists who see the currency below the $ 1.27 by the end of the first quarter.

Between a conservative China, the United States and a moribund Europe unable to agree, the year 2011 promises to be tight for investors. The economic downturn will be there too brutal in Beijing, growth is she really back across the Atlantic and Germany and France will they agree on economic governance? So many questions for which answers remain highly uncertain.

Certainly, the year 2010 ends as well as it had started, the CAC 40 rising nearly 8% since December. But this "technical rally to year-end" should not be forgotten that 2010 was difficult for investors. Of all the major indexes, the CAC 40 is the one who posted at December 17, the second weakest performance in 2010, after the Nikkei, with a drop of 1.75%.

By comparison, the British FTSE was up 8.48%, the Dow Jones U.S. grew by 10.20% and German Dax gained 17.21%, the highest annual increase of all major international indices. "The CAC 40 is sealed by the heavily weighted banking stocks, hit by the crisis of European debts, and Total, who have screwed this year, said Franklin Pichard, director of Barclays stock. Without these values, the CAC 40 have increased 10% to 15%. " That's what makes the most telling managers that 2010 was not so bad for equity investors.

"The CAC 40 can not leave without the bank"

Because they are among the most exposed to debt peripherals, French banks have been battered more than in 2010. Indeed, they have outperformed the CAC 40 in the third quarter payday loans for bad credit.While some managers argue for an empty wallet of any bank, others point out their importance. "Investors can not do without banks," said Marc Renaud, President of Mandarine Gestion. The CAC 40 is so constituted that he can not leave without a return of bank stocks. " He concedes that it is more difficult to invest in banks as their business model is difficult to understand. "The crisis has weakened individual banks and strengthen others. The selection must be rigorous. Values such as BNP Paribas, Santander, HSBC, Deutsche Bank and Intesa are preferred, "he adds

While their share price fails, most of CAC 40 companies posted impressive gains … because they have reduced their costs. Now, the managers expect them to invest. But not right away."Because of sovereign debt, the first half of 2011 will remain difficult, but the recovery in consumption and investment in the United States, and the growth of emerging economies will support financial markets in the second half," said Franklin Pichard . And this time he will play the technological media. "The crisis has challenged the division between cyclical and defensive stocks, which are not as defensive as that. Investors should think in terms of sectors or themes, "says Franklin Pichard.

While their share price fails, most of CAC 40 companies posted impressive gains … because they have reduced their costs.

"Africa is changing with Orange, but Orange is also changing with Africa," says Jean-Paul Cottet, director of marketing and innovation group of France Telecom-Orange. Beyond the play on words imitating the new advertising slogan of the Orange brand, Africa is indeed a top priority issue for the group, which is present in 19 countries out of 52 in the continent and more than 55 million customers. It is far behind leaders South Africa's MTN, Orange is in second position, shoulder to shoulder with Britain's Vodafone. Boosted by the growth of the market, it reported 2009 sales of 3.4 billion euros in Africa (6%).

Multiple uses of mobile phones

For the mobile responds to multiple uses in emerging countries. It can make calls and connect to the Internet in countries where the landline is almost nonexistent.It also promotes the development of payment services, because if less than 10% of the population has a bank account in Africa, almost half have a mobile phone. Orange has launched its service in six countries "Orange Money," which allows customers to perform banking transactions. Orange expects 1 million customers to the service by the end of November.

The group has grown rapidly through acquisitions, partnering with local partners, as in Egypt with Mobinil, its largest subsidiary in Africa with 50% of customers. And he intends to continue this policy. But "we focus too much on internal growth, said Mark Fox, Executive Director International Africa, Middle East and Asia.Once these companies fall into the ecosystem Orange, they have a very high growth potential. "He just opened a new research laboratory in Abidjan (Ivory Coast) to better understand the uses and needs of African clients . This will be part of the network of fifteen "Orange Labs" group distributed worldwide.

Controlling costs

What business model allows the group to sell mobile services in countries where the purchasing power of the population remains low? The average bill per user is about 7 euros, but with very large disparities between clients and countries. The recipe is cost control. Primary source of savings: a distribution very light. Thanks to e-recharge, which can recharge your mobile with a small dealer, Orange is not compelled to invest in an expensive network of stores as in Europe.Secondly, through an offering called "Bonus Zone", it offers very deep discounts at times when its network is less congested. Finally, if the group was not to outsource its network, as have Bharti and Reliance in India to reduce their costs, shared with other operators in many parts of its infrastructure.

"The rate of mobile penetration is already 50% but it will be 70% in five years. Africa's growth remains strong, says Mark Fox. Especially as smartphones or lozenges, which are now high-end products, a few years become an industry standard. Africa will bypass the computer to go directly to these tools. "