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One was 37, he is a mason, tiler. The other is 53 years old, it is mover. Gunseli and Michel worked in the Paris region. And both consider "poor" taking into account the hardship, as proposed by the government: the ability to stop working at age 60, provided they have been recognized inability to at least 20%. An advanced course, but also points to the pension reform the most debated by MPs, part of the majority joining the left to request a more broad.

"Now I have to retire at age 62. This is not fair. After 60 years, it is too difficult physically, gunseli regrets. In construction, it is hard all the time.But hey, there's nothing to do, the government chooses. "Considering that life expectancy is lower than" people who work in offices, gunseli legitimate judge to keep a starting retirement at age 60.

"Tired and decreased"

An argument that includes Michael. But the latter, well aware of the contents of the bill, is more nuanced. "We are always obliged to take examinations. The 20%, it will remain an exceptional measure for people who have major injuries, "he laments. The measure should be more flexible. Special schemes and benefit from generous, all we have to work longer. "But then he admits:" Even if you do the same job, it's normal that leave those who are injured early retirement."

Between trips to the doctor, prosthetics and rehabilitation, Michel, as gunseli, admits however, "tired and down." "Clearly I can not do the same work that 20 years!" Jokes the mover, who, despite a slight limp, does not meet the criterion of 20% disability.

And this is probably the real problem: lack of prevention and management of workstations, to avoid the burnout. "It does not exist in the world of work! You're there to produce "wryly Michel. Accustomed to carrying heavy loads and repetitive work and stressful, the fifties suffers from chronic back pain and a persistent knee pain."Every time I go see the doctor, it relieves me of the time, he says, but once you have an injury, no turning back is possible."

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The word "low cost" is less and less taboo at PSA Peugeot Citroen. In early May, Philippe Varin, the boss of the manufacturer, said that the group "did not rule out being on the low-cost one day." He said: "If this were the case, it would not be with our two brands."

So far, the group said informally that such a vehicle was considered only for Asia. But on Wednesday, on the occasion of the presentation of business results of the first half, Jean-Marc Gales, director of Peugeot and Citroen, has taken a new step.It does not mark a low cost, the third group, is distributed in Western Europe, even if the device has not "yet been decided" for the continent.

Chinese Partner

"If we did, and I say this in the conditional, a car really low-cost, it would necessarily under a different brand and obviously with a different distribution method, which could be" completely different and very creative, "he said, citing sales via "Internet". No matter under him from selling such vehicle in a Peugeot or Citroen dealership, and therefore to take the risk of blurring the image of two brands that are trying to go upmarket.

Asked about the possibility of building such a vehicle with a Chinese partner, Jean-Marc Gales said "one could imagine many things" with these manufacturers credit reports free.PSA, which has already formed a joint venture in the Middle Kingdom, will sign one second Friday with Changan, fulfilling a letter of intent.

Meanwhile, the group develops a medium sedan declined under the Peugeot and Citroën, which will be for the "heart of the range" of emerging countries. Production will be initially located in Spain. In the same logic, PSA works in partnership with Japan's Mitsubishi, with a small entry level car for these markets.

At the last general meeting of the group in early June, Philippe Varin had hammered this sedan designed for emerging markets was neither low-cost, or intended to Western Europe.More broadly, he appeared to reject the principle of marketing a low-cost model in Europe: "If a low-cost means low-end model, manufactured in low cost countries and for Europe to the West, while the group is not on the low-cost, had he stressed.

Given the success of Dacia, the Romanian brand Renault, which has exceeded 5% market share in France, the Lion is now considering actually in the parade.

Rating agencies have a great influence on economic policy Bercy. Baroin, the budget minister, has himself acknowledged Sunday. And what about Standard & Poor's, Moody's and Fitch of the situation in France? Will they be inclined to leave him in the coming months, the privilege of his "Triple A, the highest mark possible, attributed to a very small country?

It depends, just, future government decisions. France has suffered less from the crisis than other countries in the euro area, greet agencies. The state has dampened with crisis recovery plan and welfare. The price: a high public deficit (7.5%), which must now reduce the risk of blowing up the already high public debt.

"Such imbalances require a recovery result of public finances, especially on the expenditure side, argue analysts from Standard & Poor's said in its latest report on France from July 2009. They said the debt should represent 90% of gross domestic product in 2011, against 78% today.

The government has already announced a freeze on public finances in late May, while spending on social security should continue to increase, says essentially Moody's in his March report, "which should result in an increase of 1% per year expenditure total. An objective "not particularly ambitious," says the agency, but nevertheless "should be difficult to take, given the unsuccessful efforts to control spending in the past."

"High levels of taxation"

Rating agencies do not seem to bear the greatest confidence in France, this country has two weaknesses, "the high level of taxation, which makes it difficult for future increases in taxes [to reduce the deficit, Ed] and expenditure rigidity, "is always Moody's. A suspicion reinforced by the presidential election of 2012, which could cause "potential expenditure," said Standard & Poor's.

The Fitch welcomes, however, "the intensification of social dialogue on public finance as an important step towards reversing the broad deficit" in a commentary published on May 28 She also applauded "the change in attitude of the government that understood the importance and urgency of fiscal adjustment."

Time is running out there? In the short term, "triple A in France is not in danger," wrote Moody's, often the last of three agencies to scale down its rating. Still, the separation between the country of degradation of the note is reduced "relentlessly," she says. At the rate of excavation of the debt.

In the wake of a turbulent session on world stock markets, Asian markets are moving in the red Friday, but less dark than its U.S. counterparts, where the Dow Jones unscrewed 3.5%, and Europe, where the EuroStoxx 500 flinched almost 2%.

For example, Hong Kong, the Hang Seng yields 0.17%, to 19,545 points, in Australia, the S & P / ASX Index plaice 0.57% to 4292 points and in India, the BSO Sensex down 1.3% at 16,305 points. In China, the CSI index is even 0.15% to 2730 points.

The Nikkei skids

However, the trend is much more frank in Singapore and Japan: the Singapore Straits Times stumbles to 6:50 2.3% to 2689 points and the Nikkei 225 below 10,000 rating points to 9784 points exactly, showing a sharp fall again 2.45%.

The key index in Tokyo was not dropped below the symbolic 10,000 points since February 8, 2010.Investors are concerned that growth in Europe is too weak in the coming years and that this drives up the appreciation of Asian currencies, the yen in the crosshairs.

The Bank of Japan (BoJ) announced it was maintaining its key rate at 0.1% and it injected 1,000 billion yen (8.85 billion euros) in the country's banking system, to reassure markets worried about the problems of the euro area. Thursday evening, Spain's new growth forecast apr_ès the anonce an austerity plan of 15 billion euros.The country's growth will be only 1.3% this year against a previous estimate of 1.8%.

This Friday, the Monetary Policy Committee of the Bank of Japan (BoJ) has held that "the fiscal health of some European economies," posed a risk to economic recovery.

Investments in companies

As for values, the Japanese carmaker Toyota (-2.5% to 3,335 yen) will invest 50 million dollars in capital of U.S. manufacturer Tesla for joint production of electric vehicles at a plant in California.

Under the agreement signed in Palo Alto headquarters of Tesla Motors, the two partners' intend to cooperate in developing electric vehicles, spare parts, in production systems and engineering, "said a joint statement released Friday.

In China, as PetroChina was down Friday morning at the Shanghai Stock Exchange, after the oil giant had announced its intention to invest 60 billion dollars abroad in ten years. It lost 2.3% to 10.62 yuan (1.6 dollars).

NRJ Group may blow. In a difficult economic environment in 2009, the broadcasting group announced on Thursday a return to the green with a net profit of 6.8 million euros against a loss of 4.6 million euros in 2008. Revenues excluding exchange operations declining slightly by 0.4% to 330 million euros. The news, however, may not be appreciated by the markets. These projected a net profit of 15 million euros.

For its part, NRJ Group is satisfied with these results. The group managed to improve its operating performance with a net operating profit up sharply from 38% to 25.4 million.Operating income for the handset business, which had sealed the results of their 2008 deficit of 9.5 million, were not disclosed.

Cleopatra and the TNT derive results

NRJ Group finds particularly strong improvement in the poles and television shows. The first saw its revenues rise by 75.6% to 43.9 million euros through the two channels of the TNT NRJ 12 (third string DTT) and NRJ Paris. The group managed to reduce its operating loss in this sector to 15.8 million against 22.7 million.

The cluster performance makes the best performance with an increase of 712% of its revenues in 2009 to 26.8 million euros against 3.3 million a year earlier easy pay day loans !!!???!!!? ??!!!."This strong growth mainly due to the success of the musical Cleopatra whose contribution to consolidated sales amounted to 25.0 million euros in 2009 compared to 0.5 million euros in 2008" , the company said.

In contrast, the pole Media music has suffered a fall of 15.7% of its revenues to 197.9 million euros.International operations also saw their incomes fall by 9%.

Improvement for

For 2010, the group was cautious in a "fragile economic environment" and a "visibility remains low.

But positive signals are detected including "an improving trend on advertising revenues in March, thanks to sales growth in Radio France, which could therefore register growth in the first quarter of 2010 compared 1st Quarter 2009 ".

"In television, the trend remains strongly positive since the beginning of the year," the statement concluded.

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The crisis has not spared the expatriates. These work situations envied, long associated with numerous benefits in kind, tend to reduce to a trickle. As a result of depressed economic conditions, but not only. For fifteen years, companies have committed an evolution of their expatriation policies: fewer executives sent abroad, fewer benefits included in the "package", and more difficulties encountered by the expatriate his return to France … The status tends to lose its luster.

"The underlying trend is downward in the number of expatriates for the benefit of local cadres" confirms Paul Mercier, head of the Africa region at Michael Page Africa. Less expensive, these executives are also less difficult to find.Some areas of Africa or Asia excepted basins provide local jobs because of what fill the needs of enterprises at lower cost. "We are witnessing a competition between increasing local and expatriate" is also Claude Mulsant, CEO of Magellan Circle. Comparing the most unfavorable to the former.

Costly benefits

For if the expatriate benefit of all contracts under local law, this status also gives them several advantages, sometimes very expensive for the company.Notably, the "package" negotiated by the expatriate before his departure, may involve the payment of housing, schooling for children, the French social security in addition to the host … "With the crisis, companies have been particularly attentive to reduce costs, and therefore significantly reduced the benefits offered by the "package", "Analysis Paul Mercier payday loans online . "The premiums have decreased, as the standard of housing available" confirms Claude Mulsant.

Jacques-Olivier Meyer, CEO of HR firm Intelfi International, also found that habits have changed. "The crisis has reflux number of expatriates in some areas, including Asia," noted he.And these returns have not always been without difficulties: "Some expats have found themselves pushed out on their return to France," remarked he. More generally, it is an average of expatriation down 5 to 3 years observed by Jacques-Olivier Meyer last ten years. Thus a fall in the number of expatriates who leave within three years after their stay (only 1 / 3 retentent experience). "The expatriates feel that conditions are less favorable than in the past," said he.

A threshold incompressible

So, farewell expats? Certainly not, answered Paul Mercier. For some functions can do without the experience and corporate culture of these executives preferred. "When the business is established, local officials can often replace expatriates.But to establish a subsidiary, a new factory or make an investment that requires export of know-how, the expatriate remains indispensable, "said Paul Mercier. Jacques-Olivier Meyer goes even further: "With the crisis we have reached an irreducible minimum. I do not see how the numbers could still be reduced …. "

"How to achieve its goal three months of sales? By becoming a vendor at Renault Samsung, "The joke circulating these days at the dealership in Seoul, during the lunch break. Their enthusiasm was due to booming sales of Korean-French manufacturer since early 2010.

A surge of 74.6% on the South Korean market in January (compared to last year), while exports registered a strong increase of 43.6%. This spectacular start due to the immediate success by winning the new SM5, the car manufacturer's flagship, launched last month. The third version of the sedan, developed from the chassis of the Laguna 3 sells like hotcakes and allows Renault Samsung to face the future with serenity.

"This is a key operation, the SM5 must ensure the future of the brand for five years," said CEO Jean-Marie Hurtig.

Image quality

Things seem to parties because these excellent figures confirm the good results registered by the manufacturer in 2009, world in crisis. Defying the pessimistic prognoses of its own troops, the Korean branch of Renault reported a 31% increase in sales last year, thanks to a South Korean market remained buoyant despite the international situation. Based on image quality, still up in surveys of consumers, the manufacturer has strengthened its position as the second group of Korea, at GM Daewoo. In the land of morning calm, Renault Samsung is the manufacturer that goes against the behemoth Hyundai-Kia, which controls nearly 80% market share.The success of the SM3 but also export the Koleos, an SUV of the year in China, enable the brand to address the global recovery with optimism.

Performance that also strengthen the position of the manufacturer within the Renault group. In 2009, South Korea became the third largest market for Renault (except Nissan) behind France and Germany. A spectacular leap from 9th place, a year earlier, made possible by the lowered sales in major markets like Turkey, Italy or Brazil.A breakthrough that allows the manufacturer to get rid of its image of Tom Thumb the group, which sticks to the skin from its takeover in 2000, on the verge of bankruptcy.

Logistically, Renault Samsung has also taken advantage of the crisis to increase its role in the alliance: taking advantage of the fall of the Korean won against the yen, the Pusan plant provides more and more parts to workshops Nissan, on the island of Kyushu. "Korea becomes competitive with China," said Jean-Marie Hurtig, who can also rely on the quality of South Korean engineers and a social climate less tense than in Hyundai and Ssangyong.

Only downside, the rise steeply from the Korean currency against the dollar and the euro, which threatens the competitive edge of exports.

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lefigaro.fr / jdf.com: The beginning of 2010 seems to mark a resurgence of activity. Is it time to review mergers and acquisitions?

Herve Mangin: The market mergers and acquisitions work for periods of three to four years from 1997 to 2000, then 2003 to 2007. Since 2009, we are in the trough of the wave. Current levels are the lowest ever achieved for five years. Between 2007 and 2009, the number of deals announced declined by 53% and 32% between 2008 and 2009. The market mergers and acquisitions have obviously suffered from the economic crisis but also the draining of financial markets, preventing firms from refinancing.Since late last year, we see a resumption of operations, with an increase of nearly 50% in the fourth quarter versus the third quarter.

How can we explain this turnaround?

The economic visibility improves, credit conditions are more flexible, companies have taken preemptive measures to deal with the crisis and some have a large cash cushion. There are two ways to use this cash, either redistribute it to shareholders through dividends or share repurchases, or generate growth through investments or mergers and acquisitions. However, growth remains soft, the high level of taxes, consumer debt and high unemployment. It is better to buy existing capacity rather than creating new plants that use rates are poor.

The takeover of Cadbury by Kraft has yet taken place earlier this year.

The operation took place earlier this year because it was strategically very important for Kraft. This is also not expected to return to a debt level more comfortable to launch its offer. He attacked as soon as market conditions are loaned. Another symbolic aspect of this acquisition: it illustrates the need to increase the cash portion of the offering to complete the transaction. In other words, the larger the share in cash, the higher the transaction was likely to occur. Then again Kraft could do so only because the visibility has improved.

What is special about your fund Axa Opportunities?

The management of our fund is unusual to begin by targeting predators, their strategic and financial interest to generate external growth.Once we've found a predator, we want to know what would be the best "prey". And only from there, we are studying the viability of the project on a financial plan. So we try to place us before purchase. Operations in 2010 will be more strategic than financial. We focus on companies that have cash and are facing challenges in terms of growth, diversification, and whose price is underestimated. Our fund is invested in particular sectors of health, chemicals, oil and telecoms. According to a study co-published by Boston Consulting Group and UBS in January 2010, 20% of CEOs will make an acquisition of at least 500 million euros in turnover this year. Groups that have the greatest appetite are in insurance, chemicals and pharmaceuticals.

The portfolio is invested two thirds in mergers and acquisitions and third in special situations (change of management, disposals important modifying the profile of a group …, Ed), while in 2009 the allocation was balanced. Our pocket liquidity is still below 10% and amounts to about 2% today. This pocket is more tactical than strategic: we do not intend to play on the cash to take advantage of market reversals. And especially since our fund is PEAable (the fund must invest at least 75% in European equities).

Do you ever happen to take positions outside Europe?

Absolutely. Having decided to adopt an approach focused on the predator to detect targets the most interesting, sometimes I take positions in securities outside Europe when the target detected there.But this represents no more than 8-10% of the portfolio. For example, I have a line on Mead Johnson, an American company specializing in the infant food because it is an attractive prey for Danone and Nestle, in particular because of its positions in emerging markets.

What are your beliefs about the four areas you are most invested (health, telecommunications, chemicals, petroleum)?

In telecoms we further expect further consolidation of domestic markets as large cross-border transactions. A reconciliation between Telenet and Mobistar France Telecom would thus solve the strategic problems of France Telecom in Belgium. Health, which is a major provider of mergers and acquisitions, should suffer the same fate as laboratories continue to suffer from the rise of generics.Sanofi, which has made more than 8 billion of acquisitions last year, would buy biotech and further diversification. For this, Stada, Shire or Stallergenes are good prey. As for the chemicals and oil, they should see competition from emerging countries, notably China and India grow. SWFs should also be present, but more on that equity takeovers.

What about bank stocks? The sector is expected to undergo further restructuring, and Societe Generale would be again at the heart of debates.

For bank stocks, is a question of timing. From 1997 to 2000, banks were in second position on the market for mergers and acquisitions behind telecoms. Similarly between 2003 and 2007 but this time behind the property.I do not see them go top of the list before 2011, because of uncertainty about Basel 3. They should instead carry out asset sales as a first step. Regarding Societe Generale, which could at some point the desire to attract a European rival. In this case, a French white knight would come to her rescue (including BNP Paribas).

Why do not you invested in the car?

I am not invested in this sector because the European players are more predators than prey. Peugeot and Volkswagen are currently taking stakes in Asia for example.And anyway, it is better to invest on groups whose fundamentals are attractive, which is often not the case of the automobile.

On what themes you bet?

The race to growth lies in emerging countries will also be one of the most important theme in 2010-2011. We see particular for Kraft, who has not bought Cadbury confectionery in the UK, but to gain strategic positions in emerging markets. Sanofi has just acquired a vaccine manufacturer in India, and continues to build in China by 2020 40.000 new hospitals should be built, and 90% of the population should receive special protection. Others include Vivendi, which acquired the Brazilian GVT or Heineken has acquired the activities of the Mexican brewer Femsa to 7.6 billion dollars.An offer of GDF International Power also has a sense of perspective in particular geographical synergy in the Middle East.

What are your plans for 2010?

Now that the means of external growth are met, the operations will be resumed. 2010 marks the return of mergers and acquisitions, ie the beginning of the wave. This does not mean that we will experience a bubble market and we'll find the record levels of 2007. But clearly there is potential to find a standardized level. We nevertheless believe that large transactions will only be until the second half of 2010.We should save up 15% to 20% in 2010, the market for mergers and acquisitions.

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Around 12 h 20, the CAC 40 rose 0.7% to 3770 points. The confidence seems to come on the market. Traders were cautious in the morning while Bank of America has trouble repaying the $ 45 billion loan from the state without affecting the level of its own funds and that rumors of a massive increase of capital around the title .

Values follow

Michelin (+1.2%) recorded a turnover down 10.9% in the third quarter to 3.75 billion euros, due to declining world markets tires.The decrease in sales amounted to 12.5% in the first nine months to 10.9 billion euros.

Dassault Systemes (7.29%) recorded the largest increase in the DTH after announcing it bought IBM's sales and customer support related business applications lifecycle of products, for 600 million dollars.

Societe Generale (-1.15%) denied information published in Le Monde, which referred to a proposed alliance between the bank and Credit Agricole (-0.64%). Moreover, the bank will abandon its green activities in retail banking in Uruguay for "strategic reasons" to focus on Europe and the Mediterranean.

Publicis (+1.36%) reported a sales decline for the third consecutive quarter, by 5.3% to 1.047 billion euros.The group emphasizes that "The fourth quarter should be better on the third, the market for Publicis.

Alstom gained 0.75%. His arm Alstom Transport will remove 500 jobs in the United States on an assembly of equipment. Title Alstom rises of 1.23%.

Plastic Omnium (-1.63%) announced a consolidated turnover of 1.742 billion euros over the first nine months of 2009, down 16.4%.

Faiveley Transport (-9.21%) displays the second quarter of 2009/2010 a turnover of 198.5 million euros. The first half of the year, the group's activity amounted to 414.6 million euros, an increase of 8%. Faiveley lost 0.86%.

The turnover of NextRadioTV (0%) stood at 82.1 million euros at September 30, 2009, down 3%.

The turnover of Manitou (-2.89%) fell from 47% in the third 2009 at 146.7 million euros."The business continues to decline (especially due to agricultural market disruption) but slower than earlier this year," the group said.

The government is preparing to take action against doctors displaying excess fees excessive. According to the Tribune, which learned of a draft decree, the Ministry of Health plans to strengthen sanctions. This decree law enforcement Hospital, patients, health plans and territories that doctors may repeat the overrun will lose their right to practice these overruns for a maximum of five years, by decision of the directors of health insurance . They will also no longer benefit from the participation of health insurance to finance their social security contributions.

The decree said that physicians in fee-free areas 2 (*) when developing their passing rates must respect the concept of "tact and moderation."This principle takes into account the patient's financial situation, the reputation of the specialist, the complexity and duration of medical procedure, the service rendered to the insured, and the average amount and the proportion of exceedances What colleagues introduced the physician in the same territory. Failure to respect this concept of "tact and moderation," the penalty will rise to between 100 doctors and 200% of excess charged.

The decree issued by the end of the year

If they are convinced of discrimination in access to care, the penalty is twice the maximum monthly Social Security or 5718 euros.For doctors who have not sent their patients written information prerequisite to the cost and terms of repayment of certain acts, it will cost a maximum of 100% of the excess charged for the act not informed.

A source at the Ministry of Health confirmed that a decree was being prepared. He could be released by the end of the year, but its content should still be subject to consultation. The framework for higher fees is the subject for several years of painstaking negotiations between health insurance, supplemental health and unions of physicians.

Unions and health insurance have scheduled a meeting Thursday to reach agreement before the deadline.MPs set them under the law Bachelot, adopted earlier this summer, a deadline of October 15, after which the government could decide only coaching overruns.

(*) The excess fees authorized for physicians called in "Area 2" means amounts above the rates for Social Security, which are based on reimbursements for patients.

"Overtaking fee: regional inequalities surprising