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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."

Two years after being sold by HSBC Group Banque Populaire, Société Marseillaise de Credit (SMC) might again change hands. The daily La Tribune, the CMS would be on the verge of being sold to Societe Generale.

Considered the nugget of all seven regional banks from HSBC France sold to the Banque Populaire Group in July 2008 – SMC was valued 1.1 billion euros over the 2.1 billion that the transaction cost – it should join the network of Crédit du Nord, a 100% subsidiary of Societe Generale, which already includes seven regional banks, the newspaper said without citing its sources.

The recovery of the MSC requested Rothschild neared 650 million, adds the site of La Tribune, reporting that it was 1.1 billion euros at the time of its acquisition.

Meanwhile, SMC, maintained by Live Banques Populaires, had been transferred to 880 million euros to all BPCE at its incorporation in August 2009, said the Tribune.

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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The National Assembly must decide on Tuesday on the bill to regulate the consumer credit. The text, which has already been approved by the Senate must pass the difficult balance between maintaining economic activity supported in part by the credit and the necessary protection of indebted households.

The number of cases filed with the commission of indebtedness that is constantly increasing. A phenomenon considered especially worrisome by the Bank of France that the population affected by the debt overhang is not the same. When creating the indebtedness committee with the law Neiertz 1989, he was helping people who had not managed their budgets: the syndrome of fever buyer where people were abusing the loan to purchase a 4X4 or high-tech products.But since the late 1990s, a new category of people are facing the problem of indebtedness, with the emergence of "new poor", that is to say who, though having a job, fail longer pay the bills of electricity or gas. And the crisis has accentuated the trend by multiplying the number of "accidents of life, including the number of households affected by unemployment cash advance. Since 2008, the Bank of France notes an increase in cases of indebtedness of approximately 16% per year.

The latest statistics released by the agency confirm this movement. 19,380 cases have been filed with the commission in February 2010. 20.5% higher than the previous month.

The Bank, however states that one should not jump to conclusions, due to some seasonality.The first months of the year are in fact traditionally the stigma of Christmas. A phenomenon in which the new text may perhaps act. It provides for a doubling of the period of withdrawal of clients (14 days instead of 7), the obligation of loyalty card stores offered an option "cash" or a limitation of revolving credit and advertising. The banks and specialized agencies should then put more emphasis on the commitment that is a credit on the ease of obtaining money.

A new kind of club opened Thursday in Clermont-Ferrand. Bridge? Tennis? No, DIY! Members buy a card that gives them access to 20 000 references sold on average 30% cheaper than in traditional supermarkets specialized. This offer is based on the concept of DIY Factory, a store 4500 m? (1500 m? outdoor) that tests the independent channel Bricorama (117 outlets in France).

The price of the card, 19 to 149 euros, depends on the period chosen by the customer (7, 30, 90 or 365 days). For example, a project started in spring and completed in early summer, a handyman can do some shopping Sunday for 90 days with the card paid 49 euros.Among the proposed rates: a jar of 500 ml of lacquer painting sold Dulux Valentine 9.55 EUR 19.10 EUR against average in a large area of traditional crafts (-42%), or a sink with Hansgrohe shower proposed 144 70 euros, against 209 euros elsewhere (-31%). Lower prices can reach up to 60%.

The new store, which replaces a Bricorama deficit lies in a catchment area hotly contested, close to a Leroy Merlin, a champion of "hyperchoice (50,000 references), himself leaning against a giant casino, and another discounter, Brico Depot, the brand's low-cost Castorama, both subsidiaries of the UK group Kingfisher.

Impasse on first prize

DIY Factory offers fewer products than the first radius is not proposing building materials as the second pay day loan lenders.It is also missing several major brands like Black & Decker or Bosch, all present at Leroy Merlin, preferring challenger brands recognized pros. Finally there is no first prizes at the heart of its bid, as at Brico Depot. Finally, the third linear are less than those of a trimmed Bricorama.

"It's true discount, but not the trash: we sell at low prices without making concessions on products or service levels," said Erik Haegeman Bricorama CEO, who is without some mention that discounters it considered it less fussy about quality.

"The signs attract customers with low prices to the minimum quality – on which margins are nonexistent – and hope to catch up on accessories for power tools or decoration," explains Erik Haegeman.Rather than finding an equation of higher margin sales and margins near zero, Brico Factory applies the same level of reasonable profit on its entire supply. It would be about 10%.

This "discount quality" Will it attractive enough for consumers to buy a card? Bricorama, which did not sign up now at low prices, at least fills a void. If the test proves successful DIY Plant, the least profitable Bricorama could pass under the new brand.

Eric Woerth held on time. Like its predecessor Xavier Darcos promised, the new Minister of Labour sent Wednesday afternoon the bill on social dialogue in very small businesses to members of the National Commission of the collective agreement and the Higher Council The probity. This text, which must still be approved by the State Council before being presented May 12 in the Cabinet, sets the conditions for measuring the hearing of unions in companies with fewer than 10 employees, a necessary condition for the law of 20 August 2008 laying down the new criteria for union representativeness is not considered unconstitutional for excluding more than 4 million workers in any election.

'We relied on the letter of the UPA and four trade unions, it says the Ministry of Labour.A letter dated end of January, setting the broad outlines of a trade union representation in the territorial commissions after elections in the TPE.

This bill deals with "three great subjects." First, it imposes in firms with fewer than 10 employees on a consultation list at the regional level every four years from late 2012. "This consultation will be through the internet or by mail, confirm there in the entourage of Eric Woerth. And it will affect all employees of small, except those of Agriculture whose election results, chambers of agriculture will be taken into account.In other words, all employees of businesses with fewer than 10 people will vote on the union they feel able to represent them in the territorial commissions, not the names of candidates.

Deuzio, the establishment of joint regional chambers (and the designation of their representatives) is returned to negotiations or inter-branch branch. The mission of these committees? "Monitoring and enforcement of collective agreements," says Bill.

Thirdly, the government postponed by two years the date of the next industrial tribunal elections to be held no later than at the end of 2015 and not 2013."There are many elections in early 2014 and we also want to allow time to analyze the recommendations of the Richard report," justifies a collaborator Eric Woerth.

"This is not the priority"

The Richard report, to be unveiled in the coming days, should offer new ways of "designation" of judges prud'hommes. One of the tracks would be considered to remove the election to go through an appointment of counsel based on the weight of each union at national level.Delaying the election of two years and has the advantage of allowing adequate time for governments to measure the weight of each plant under the new criteria of representativeness (will not be representative as the plants that, nationally, have a hearing than 8%).

No doubt this bill will meet the four trade unions signed the letter of intent in December with UPA: CFDT, CGT, CFE-CGC and CFTC. And will be fought by the MEDEF and CGPME rating as "excellent" social dialogue in the current SOHO and do not see the usefulness of measuring the audience of trade unions in the TPE.

"This is not the priority," has consistently indicated Laurence Parisot, the president of MEDEF, for several months.Leaves also ignored their signature in April 2008 when, in a common position on trade union representation endorsed with the CFDT and CGT, they referred the audience measurement in the TPE for future negotiations and the MEDEF the GGPME refused to open in December.

The U.S. stock market opened on a note undecided on Friday, after aligning Thursday for a sixth straight session of gains, led by the industry.

The Dow Jones opens up 0.19% at 11,145 points after six consecutive sessions of progression and a new peak not reached in a year and a half.

The Nasdaq resumed its souflle: it fell by 0.41% in early trade to 2506 points, but preserves the 2,500 points. And the S & P 500 lost 0.3%, ?1.208 points. The milestone of 1200 points is preserved. Yesterday, the Nasdaq finished at the highest level since June 5, 2008, the S & P 500 since September 26 of that year.

Consolidation is expected.The motion correction has been faster because of Dox Jones, who went into the red, a few minutes after the gong: he lost to 15H35, 0.12%, to 11,132 points.

New homes expected

On the foreign exchange market, the euro continued its decline against the dollar, penalized by renewed concerns about the ability of Greece to cope with its budget crisis and when Athens began to initiate procedures to activate the Plan aid from Europe and the IMF. In the morning, the European currency was worth 1.3527 dollars against 1.3574 dollars the previous day.

Today on Wall Street, investors will monitor the numbers of starts of new housing in March and the index of consumer sentiment in the United States.

A new series of major publication is also expected on the side of U.S. companies.Bank of America (-1%) and Mattel will unveil figures of their first quarter, while General Electric will issue its second quarter of those displaced.

Google view

Google announced Thursday after the close of U.S. markets have performed over the first three months of the year a net profit of 1.96 billion dollars, 6.06 dollars per share, against $ 1.42 billion (U.S. $ 4.49 per share) over the same period last year. In the first three months of the year its sales climbed 23%. The titles, however, slip 4.7% to 567.39 dollars.

In addition, the Financial Times, real estate investment fund Whitehall Street International managed by U.S. bank Goldman Sachs has lost almost all its value, or 1.8 billion dollars (1.3 billion euros) .On Wednesday, the Wall Street Journal revealed that another major U.S. bank Morgan Stanley had lost 5.4 billion dollars (3.95 billion euros) in investment properties, including the headquarters of the European Central Bank Germany.

Always on the side of values, yesterday, UPS, considered a good barometer of economic activity in the United States, announced a sharp rise in profits.

At the close Tuesday night, the CAC 40 gained 0.49% to 4053, 94 points, a record for a year and a half. While on Wall Street investors were taking a break, despite the confirmation of the retention by the Fed to lower interest rates (between 0% and 0.25%, and has been d?bembre 2008).

On Wednesday morning, Asian stock markets are moving in the positive. This early morning, the Bank of Japan also announced that it retained its interest rates to 0.1%. The World Bank, East Asian development is driving the global economic recovery, but these countries need reform to enjoy sustained growth.The institution expects an increase of 8.7% of GDP in the area in 2010.

Around 8:15 am, the CAC index futures expire in April 2010 predict an opening near balance (-0.01%).

Rich economic news

Side Europe, INSEE and ISAE Ifo and its equivalents, will unveil their outlook for the second quarter of the year. At 11 hours, the GDP of the eurozone in the fourth quarter of 2009 (third estimate). At the same time, will be published the second estimate of the composite PMI services for the month of March, and prices for industrial production.

In the U.S., weekly stocks of crude oil will be reviewed by financial operators. Oil is quite stable in anticipation of these figures, but quickly approached $ 87 in recent days. Investors anticipate a rise in global demand.The Qatari Minister of Energy Abdullah al-Attiyah said Tuesday that it was not necessary to bring OPEC to discuss soaring prices at the highest in a year and a half No credit check payday loans.

At 19:30, the Fed chairman, Ben Bernanke, will speak on "Economic Challenges past, present and future. A speech certainly scrutinized closely in the wake of its decision on rates. Any change of address would be taken seriously.

Finally, at 21 hours, the figures on consumer credit in the U.S. in February.

Using concrete for Renault and Daimler

The Franco-Japanese alliance Renault-Nissan and Daimler, the German manufacturer Mercedes and Smart have announced equity cross-holdings of 3.1%, and a broad industrial partnership.The Renault shares surged 3.86% to 36.87 euros at the close yesterday.

Carrefour prepares to leave Portugal, reports Le Figaro. The retailer will start selling the 524 hard discount stores it operates in this country under the banner Minipre?o. Their turnover has reached 915 million euros in 2009.

Rentabiliweb Specialist monetization of online and offline audiences, today announced it won a bidding group France Televisions in order to monetize the sites hearings France Televisions Interactive.

Deinove today launches his bid for the purchase of shares. Offer clot April 20 and the first titles will be on the Paris stock exchange – Alternext – from April 21. The "greentech" hopes to raise from 12 to 15 million euros in the financial markets to fund its research.

Maurel and Prom will publish its annual results after-hours trade.

Greece, with the support of other countries in the euro area, is back this Monday on the markets. It refinances its debt in bonds to 7 years. This issue of Treasury securities Greek makes good business sense for European banks, which appeared in mid-afternoon to honor the offer of Athens. By early afternoon, purchase orders amounting to 7 billion euros, while Athens was planning to raise 5 billion only.

To complete the transaction, Athens has mandated more European banks as on previous occasions, with ING and Societe Generale CIB. Two Greek banks, Alpha Bank and Emporiki Bank (subsidiary of Cr?dit Agricole) and Bank of America-Merrill Lynch, are also involved.

"The transaction represents a double opportunity," said Patrick Jacq, rates and currency strategist at BNP Paribas.First, Greece needs to refinance its debt and receives a guarantee of the Eurogroup. Then, considering the risk ultimately limited the rate of emission, at around 6% according to market sources, is very well paid cash till payday advance. Investors, reassured, therefore have to purchase, essentially says the strategist.

European banks can then buy the Greek bonds and use as a deposit to the European Central Bank (ECB) against loans to shorter terms, but at an interest rate of only 1%. Performance of the obligation Greek (6%) cons of refinancing rate of the ECB (1%) … The calculation is done quickly, "a port to 5 percentage points is very good," Judge Patrick Jacq.

The previous operations, launched January 25 and March 4 this year, had generated five times more demand than supply.Greece should lift nearly 20 billion euros on the market to refinance its debt by the end of May

See also:

"" SPECIAL – Greece, a challenge for Europe

Greece has lived too long beyond its means on falsified data, intentional or negligent. While the previous government announced a deficit of 6% of GDP, George Papandreou, just took office in October 2009, revealed a deficit of 12.9% and public debt to 115% of GDP, while the limit Brussels is fixed by 3%. The euro fell from the clouds. Widespread tax evasion – the shadow economy exceeds 20% of GDP – bloated government spending, burden of staff: emergency measures needed. Athens offers a drastic austerity plan: reducing government spending and health spending, freezing salaries and bonuses of officials, raising the age of retirement payday loan lenders !!!???!! !???!!!. Greece promises to bring back this way its public deficit to 8.7% of GDP at end 2010, but not convincing.Riddled with debt, it will borrow 53 billion euros this year if she wants to get out. If Europe does not help, bankruptcy is a nightmare scenario that nobody wants because it could snowball. But Greece also must avoid at all costs the social explosion that growls at her.

2) Why so much reluctance in Germany?

The German Chancellor has requested that a country can be excluded from the euro area "last resort" in case of repeated infringements Maastricht rules. Photo credits: AFN