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Markets were waiting impatiently for the pension reform. Legal age to 62 years pushed, extending the contribution period, rising tax burden … how the government's announcement they will be welcomed by the markets and rating agencies? The AAA rating of France, the best, is the subject of any concerns at Bercy. The goal is to maintain "tight", even said Budget Minister Francois Baroin.

Bercy assured, reports Reuters: "The evaluation of this kind of reform can only be positive by the rating agencies." Ministry experts have calculated that the increase in 60-62 years of age of retirement accounts for 1.2 million jobs and four percentage points of GDP over the long term.Moreover, "these reforms contribute to improving the deficit by about 0.5 percentage points of GDP by 2013, according to the entourage of Christine Lagarde.

"Reform is obviously in the right direction, because the current situation is untenable," responded Dominique Barbet, economist at BNP Paribas market IP. Delaying the retirement age to 62 years is applauded Payday Advance No teletrek. "The symbol of the abolition of the 60 years is important, it is easier to move it more later if needed," said Gilles Moec, economist at Deutsche Bank. The pace of transition to 62 years, faster than originally envisaged, was also approved.

If the limit of 63 years has finally been abandoned, "the government's plan is fairly aggressive in the speed of implementation of the device, which should be effective by 2018", says Dominique Barbet."The unions were expecting perhaps a less violent transition, and the rating agencies at a faster passage. The government must allow both. "

Doubts remain. "I'm not sure whether the final reform" asks Gilles Moec. The growth assumptions Guidance Council retreats are indeed optimistic, with an unemployment rate of 4.5% in 2020 for example. "It also depends if employees choose to work longer to get a full pension, or if they prefer to leave earlier."

The week begins on an auspicious in most markets in Asia. In the wake of the end of last week, particularly on Wall Street Friday evening ended on a net advance of the Nasdaq, investors approach the week with a mind divided between the few signs of easing from the macroeconomic front – fears U.S. employment, may slow in emerging – and persistence of tensions on the monetary front and Budget – austerity plans, national plan for stabilizing the euro area.

While places of Sidney, Shanghai and the Philippines were closed Monday due to holidays, the Nikkei in Tokyo gained approximately 1.6% to 9861 points in less than an hour of closing pushed particularly by Honda s make the award more than 3%.The group would reach an agreement with its Chinese supplier, enabling the Japanese automaker to resume normal work on Monday after a week of strike.

On the other cities in the region, the benchmark Hang Seng Stock Exchange of Hong Kong reverts to the threshold of 20,000 points to 20,047 points (0.88%). Elsewhere, the Seoul Stock Exchange gained 0.9% while in Bombay, the index yielded 0.8%.

On the foreign exchange market, the euro continues to strengthen. He traded this morning at 1.2183 dollars against 1.2077 dollars on Friday in New York. Against the yen, the euro also asserts upward to 111.91 yen against 110.65 Friday.

The strengthening of the euro leads to crude prices upward.In morning trade in Asia, a barrel of light sweet crude for July delivery gained a little over 80 cents to 74.59 dollars while Brent North Sea, with identical maturity, took 54 cents to 74 , $ 89.

Sperian Protection Company, specializing in personal protective equipment, issued a statement Monday announcing the takeover bid (OPA) friendly Menelas France SAS, owned by the investment fund Cinven, is extended until on May 21, 2010. The statement also indicates that Sperian has received other expressions of interest "proposals, serious (…) purchase at valuation levels significantly higher than that of Menelaus France SAS. For analysts of CM-CIC, "everything is possible".

Cinven announced last March 31 a proposed takeover bid at 70 euros per share, valuing the company at 536 million euros. The offer is considered "very generous" by analysts at Natixis, given in particular the good results of Sperian first quarter of 2010 (the organic revenue was up 16%) and developments in the euro dollar-positive group.

The bid has been received Cinven Favoral by the two shareholders of Sperian, Essilor and Dalloz, which together hold 28% stake Sperian easy payday loans. In contrast, the third shareholder, the fund Governance for Owners, which owns 10% stake, had expressed doubts about the offer price, equity and the "treatment of minority shareholders."

The names of two U.S. companies are cited

According to SocGen, a cons-offer could be made by U.S. companies like Honeywell and Kimberly-Clark have "a significant advantage in view of the euro / dollar." Societe Generale expects an offering price of between 80 and 101 euros.

The bank now recommends to "buy" the title Sperian, she previously advised to "keep".Societe Generale is one of over 90 euros on Sperian.

Meanwhile, the title Sperian continued to climb, showing the largest increase in the Paris Stock Exchange on Tuesday to 10.60%. Around 11:30 am, the share rose to 87.04 euros, a price above the offer of Cinven, a market up 1%.

Should win earlier this week, losing on Friday night. Having won respectively 23.89%, 18.65% and 20.90% on Monday, following the European Agreement on plan to help the euro area, the three biggest French banks were closed on of declines: Societe Generale, -8.63%, Credit Agricole, -6.43%, BNP Paribas, -7.41% … French banks weigh heavily on the Paris Bourse. The CAC 40 has closed Friday on a depressing note: at the close of the Paris Stock Exchange index lost 4.59% and Paris has fallen below the 3600 points to 3560 points.

His European counterparts also suffer, while banking stocks enroll the largest declines, everywhere.

This reflects the renewed concern about the economic health in Europe, barely a week after the European plan negotiated the titanic last weekend.Further evidence of the uncertainty room, the euro broke the 1.25 dollar, which had not happened for 14 months. Gold coast near 1,240 dollars per ounce. Unheard-of. And oil is under $ 74 a barrel.

Banks underperforming in Europe

In Italy, while the FTSE-Eb hollow losses and was down 5.26%, many bank stocks are at the bottom of the list: in order, Mediobanca, 4.50% to 6.15 euros Banco Popolare, 6.21% to 4.16 euros, UniCredit, 6.27% to 1.81 euros and Intesa Sanpaolo, Italy's leading bank, yield 5.11% to 2.18 euros.

In Spain, same old story. The Ibex 35 largest market capitalizations falters 6.64%, and banking sector heavyweights weigh box. Banco Santander, the second largest bank in Europe, falling 9.28% to 8.31 euros.BBVA folds of 7.58 euros to 8.78% and 6.46% of Bankinter at 4.7 euros.

The Dax in Frankfurt – the index of 30 companies the biggest German stock exchange down 3.12%. But again, it is Deutsche Bank, which is at the bottom, falling 4.15% to 48.75 euros. The boss, Josef Ackermann, questioned the ability of Greece to repay its debt. And Commerzbank sells 4.13% to 6.10 euros.

In Belgium, KBC retrograde 5.48% to 30.85 euros and Dexia 5.63% to 3.6 euros in a market down by 3.46% for the Bel 20. And in Switzerland, UBS depreciates 2.83% to 0.10 euros and the financial group CS Group lost 4.08% to 33.23 euros.

The bank still frontline

Fears of a state unable to feed its fiscal risk of lowering its rating by a rating agency.But what are the financial institutions in a country with the largest of government securities in the portfolio.

Generally, capital financial institutions required to hold an asset also depends on the "rating" (the note) of the issuer of this title. If it deteriorates, the capital required to hold a state title will be more important.

As banks are exposed to Treasury securities, profitability and solvency is lowered … hence the fall in stock.

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In a market somewhat reassured by the prospect of quick release of aid to Greece, investors remained cautious almost the whole length of the session.

Then again, once the bamboo. Shortly before 16 hours, the index unscrewed and recasse 3,800 points, 3787 points exactly (-1.4%). In London, the Footsie – 100 lost 0.91% to 5566 points. In Frankfurt, the Dax fell into the red, and more timidly back 0.11% to 6138 points.

Moody's said the drop in grade nine Greek banks regarding their financial and credit solodit?. And Standard & Poor's lowered its rating on Goldman Sachs.The U.S. Justice had opened a criminal investigation against the American investment bank, say several U.S. media including the Wall Street Journal and Washington Post.

On Thursday, the Paris Bourse was rebounded, following strong quarterly results and hope for a speedy realization of the plan of aid to Greece.

News macroeconomic rich

The producer prices rose 0.6% in March in France after rising 0.1% in February, according to Insee. On a year they show an increase of 2.0%.

In the euro area, inflation has accelerated a bit in April, 1.5% over one year after 1.4% in March, according to Eurostat. The unemployment rate remained stable at 10% in March.Note that France has seen the number of jobseekers in category A decline of 0.2% in March.

In the U.S., the publication of the first estimate of U.S. GDP for the first quarter of 2010 will most watched by investors. The figure will be unveiled at 14:30.

Total, biggest drop in the CAC 40

On Friday, Total reported net income up 9% to 2.3 billion euros. The actions of the oil lost 2.55% to 40.8 euros, the biggest drop in the CAC 40, as investors disappointed by Total's production in relation to its competitors.

In the other direction, Michelin, the second largest increase in the index, rose 2.58% to 54.84 euros. The group unveiled Thursday evening tire sales in line with analysts' expectations. The outlook and actions are "a very good entry point" in stock.

S?chilienne-Sidec (4.76% to 24.2 euros) on Thursday posted a turnover increase of 20.6% in the first quarter of 2010 to 66,200,000 euros, after one year of 2009 by disabled 'significant downtime and lower coal prices.

After Exchange, Latecoere publish its annual results.

Around 15 hours, will begin the General Assembly of shareholders of Renault, where the boss, Carlos Ghosn, should be reappointed to head the automaker.

Vinci downturn

Vinci (-0.83% to 41.75 euros) Thursday announced the signing of a Memorandum of exclusivity with Apax Partners to buy investment fund Faceo company specializing in technical maintenance services.

ADP (+0.14% to 62.5 euros): The Union of French airports (UAF) said on Thursday that the volcano Eyjafj?ll Iceland, which has caused paralysis in air traffic from 15 April has lost to French airports with 30 million euros 16-18000000 for A?roports de Paris.

Rhodia (+0.17% to 17.8 euros) announced Thursday night that successfully placed a bond loan of EUR 500 million maturing in 2018 intended to refinance its senior debt.

The conflict seems to be hardening in Macon, where two officers of the Essex plant have been detained on Wednesday night. The European management of the company, a subsidiary of American Superior Essex, on Friday before the High Court of Macon, hoping to secure the evacuation of the site by force.

The 80 employees of the manufacturing of copper wire, whose closure was announced in late March, dispute the amount considered "deficient" in their social redundancy. In particular, they require a tripling of the amount of the premium extra-legally granted to each employee, to 120,000 euros each instead of the 30,000 proposed by management.

"No mediation of the state under threat"

While the hope of ending the crisis seemed to prevail among employees Friday morning, the tension is suddenly rise a notch after a mediation meeting with the director of the labor and employment cash advance america. The employees were entrenched inside the plant, shutting the gate using metal buckets. The group's decision to take legal action did not come a relaxed atmosphere.

The Industry Minister Christian Estrosi said he was "deeply shocked by the behavior of a small minority of employees, reaffirming that no mediation of the state in this case was possible under threat.A statement that the employees were immediately countered that it was "more ready to condemn employees and their representatives to address the issue of concern which have been seized since November 2009."

The court is expected to decide Friday afternoon on the outcome of the appeal filed by the direction of Essex.

EADS, Airbus's parent company, it going down into the arena against Boeing in an attempt to win a giant contract for 35 billion dollars to supply the U.S. Air Force 179 tanker aircraft? The Pentagon has declared its readiness to extend 60 days of the closing date of the new tender for all EADS decides to apply. The giant European aerospace must inform the Pentagon beginning in May If EADS contributes again, the two candidates have until July 9 to respond to the call for tenders, the Pentagon will render its verdict this fall.

This proposal of the Ministry of Defense, Boeing has missed Thursday comes in the wake of the Obama-Sarkozy meeting in Washington. The two presidents have sought to calm the sceneBarack Obama has promised that the tender would be fair, Nicolas Sarkozy told to trust the President of the United States and found that EADS should respond.

Today, there is no reason to think that the Pentagon will change the 400 evaluation criteria for the tender as Northrop Grumman, EADS ally, was considered biased and cut on able to benefit Boeing and its 767 KC B facing the Airbus A 330 KC. In early March, Northrop decided to throw in the towel and not to compete; EADS had followed.The duo had yet won the contract in 2008 but was canceled.

If the criteria do not change, why it would persist EADS? The stakes are high because Airbus is counting on this contract to settle industrial United States with an assembly plant in Alabama to become a supplier to the Pentagon and a leading market player in the military world.

Therefore EADS can withdraw without having explored all avenues. "The Pentagon is not a political stance: it has opened the door. The question is whether we can rebuild the economy of the project with new partners while meeting the criteria with the best possible price cash advance no fax.This in 60 days, "says one at EADS.

Pentagon Approval

Mission impossible? This time, the group led by Louis Welsh would hand over the project and the allocation of tasks and margins because the Pentagon has agreed to accept as a leader (prime contractor), whereas previously this function was reserved for an American, namely Northrop.

EADS believes can be because it has already proven with the tanker for the Australian Army with the first aircraft to be delivered in Canberra in late 2010. The aircraft systems through the nacelles or the boom, the refueling boom, EADS and Airbus have done everything. Clearly, they have already militarized apparatus.In the U.S., the group would appeal to American partners with specific expertise that does not hold, for example on defense electronics (transmission interconnection between the planes of the U.S. Air Force …). Groups such as BAE Systems, Honeywell or L3com provide a good profile.

As a "bonus", EADS bear more risk, but still would review its pricing policy. In contrast, no question of taking the contract loss. EADS must reach adjust its prices so that its plane, larger than that of Boeing, is competitive. The Pentagon has made it clear he wants the best device whose capabilities are at least those of an airplane that looks like two drops of water in B767 and the lowest price. The Pentagon would not refuse a bigger plane if it did not cost more. The equation is complex.For now, the prevailing consensus within EADS to study the way to the end. But nothing is yet decided.

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The company stationery Sequana released on Wednesday its 2009 results. Its sales are down 17.43% to 4.088 billion euros, "in a particular market deteriorated in 2009," the statement said. Despite this significant decline in activity, the group managed to improve its performance and profitability. Its operating income was up slightly to 137 million euros, which represents a rate of operating margin of 3.4% thanks to lower raw material costs.

The group returned to profit, which reached 20 million euros against a loss in 2008 of 428 million cash advance to savings account .The Board of Directors of Sequana propose to the AGM on May 19 to pay a dividend of 0.35 euro per share.

Outlook 2010

This year, Sequana plans to reduce costs and achieve superior operational performance to that of 2009. Also one of his goals is it to pursue its debt reduction that has already fallen in 2009 to 140 million euros to 651 million.

One would think that prudence would limit the rebound in markets in Paris, pending the release of monetary policy the Federal Reserve, expected at 19.15, this mardi.Et that, after closing down slightly on the Tokyo Stock Exchange this morning. Finally, the rise of the index in Paris should be solid on the future of the CAC 40 index rose 0.73% to 3917 points. On Monday, the CAC 40 has yielded 0.93% to finish the session at 3 890.91 points.

The consensus, the status quo on the rate seems to be accepted, but the market awaits clarification on possible exit strategy crisis Fed.This meeting will be the anchor of Tuesday's session, very lean corporate earnings, but punctuated by economic indicators.

Thus, France will release at 8:45 the inflation figures for the month of February and the index of prices in supermarkets also in February, to 12 hours.

In Germany, the market will follow the German ZEW index of investor confidence.

Finally, the EU finance ministers will meet on Tuesday, including the agenda monitoring the formal notice to Greece in February about the improvement in public finances.

In the struggle between the United States and China on the currency market, members of Congress sent a letter to Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke requested that the yuan is on the list of currencies handled in the annual report issued by the Obama administration next month.

Values follow

Steria: services company in computer engineering was published on Monday a net profit group share of fiscal 2009 from 48.2 million down 6.6% compared to the result of last year.Its annual turnover fell by 3.1% at constant scope and exchange, to $ 1.630 billion, but this decrease was slightly lower than expected (-3.5%). The group expects a first semester "difficult".

NextRadio TV: The media group NextRadioTV presented Monday after-hours trade, a net deficit of 6 million euros in 2009 when analysts expected a loss of 2.7 million. The group has however decided to pay its shareholders a first dividend in its history which amounts to 0.2 euro per share for the year 2009.

Renault and Daimler have begun talks on a mutual stake in the framework of a long-term cooperation, the Financial Times.Furthermore, Renault sales rose 30% in February to 109,663 units.

PSA-Peugeot: The automaker recorded in February, up from 18.4% to 149,128 vehicles, according to figures published by the Association of European Automobile Manufacturers (ACEA).

Assystem: In a statement, the group specializes in the field of engineering and innovation consulting published under the fiscal 2009 net income group share a deficit of 800,000 euros against a profit of 25.8 million euros in 2008. Its annual turnover has decreased by 8.8% to 613.1 million euros. The operating margin from 6.7% in 2008 to 3.6% in 2008. As for the dividend has been halved, to $ 0.25 respectively euros per share.

Announced in May, the marketing of coffee pods Casino compatible with Nespresso coffee machines, breaking for the first time the monopoly of the subsidiary of Nestl? on its capsules, should lead to jostling on the shelves of super, supermarkets and mini-markets group Etienne. It could also lead to a rush in the courtroom. "We will defend our interests in a very strong," says Le Figaro Richard Girardot, CEO of Nespresso.

Ethical Coffee Company (ECC), the young Swiss company founded by a former boss of Nespresso and Casino, has negotiated exclusive distribution in France capsules designed by ECC, ensure not to violate any of the patents filed by the subsidiary Nestle. Those who protect the first generation of capsules are supposed to fall into the public domain until late 2012 payday advances .ECC claims to have found a loophole allowing him to circumvent the patent protection. "It seems very surprising to our lawyers," stressed the head of Nespresso, which states that the 1700 patent filed by the group to protect the faith the capsules and how they are used in coffee makers.

The leaders of Nespresso, which could not see, and because the capsule competing, let alone taste it, do not count undertake preventive approach, both towards Casino, ECC or its sub Folliet contractor, the roaster Chambery which supports the production of pods. But with their lawyers, they will likely be the first to rush into the shelves of Casino.

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