International Headlines and Stories

A half percentage point. This may seem insignificant, but when it comes to U.S. growth, the news is important. Between the first and the last estimate of the U.S. Department of Commerce, the number of U.S. growth will have lost 0.5 points from 3.2% in the first estimate in April to 2.7% for the third and final version broadcast Friday.

This reflects "an upward revision to imports and a downward revision to consumer spending," says the Department of Commerce. A phenomenon only partly offset by "an upward revision of exports and changes in business inventories."

"It's disappointing," Judge Inna Mufteeva, economist at Natixis U.S.."Consumer spending was revised down from 3.5% to 3% payday loan online. Shortly reassuring, while half of this increase can be attributed to the plan of Barack Obama, according to Natixis. The fact that fiscal stimulus should deflate during the second half of the year.

Also somewhat reassuring, the growth was largely supported (1.9 to 2.7%) by a motor very tentative: the recovery of businesses. Explanation: During the crisis, American companies have used their stocks. Until no longer have anything in their warehouses. In recent months, they have therefore produced and placed an order to replenish their stocks, thereby amplifying the rebound in growth. Good news is that the investment factor for structural growth, jumped 11% in the first quarter of 2010.

The possibility of staff mothers of three children to retire at any age, provided they have completed fifteen years of service, will be removed by the pension reform. 15,000 women each year experience at a cost of several hundred million euros. The purpose of this feature – contested by Brussels sees discrimination against male officers – has barely stirred the objection of the unions. They recognize a hint that these rules "natalist" dating from 1924 are no longer justifiable.

However, the method of extinguishing device is controversial. Women fulfilling the criteria required before 1 January 2012 may still benefit. But the financial conditions will be much less favorable for all those who file their application from 13 July, the day of presentation of the bill in the Council of Ministers.Article 18 provides in effect that from that date, it is the rules of retirement for the year of birth of the mother who count, not those of the year it has fulfilled the two conditions family size and length of service.

Protective provisions

Specifically, "So far, a woman born in 1962 and in 2002, had three children and fifteen years of service, could leave with the rules in force in 2002, before the reform Fillon said Brigitte Jumel (CFDT) . The amount of his pension was then strictly proportional to the number of years of contributions, divided by 37.5 years. If she filed her case on July 13 or after, these are the rules for the 1962 cohort will apply.Consider a calculation 41.25 annuities, with the reform announced last week, and especially a discount for all the missing years, as foreseen by the law Fillon.

The Secretary of State for Public Service does not deny these provisions but ensures that they are actually "protective". It is in effect six months from the filing of the application for retirement and the first payment of pension. And what are the rules valid at the time of liquidation, not when the application is submitted, that apply. That explains the entourage of the Secretary of State George Tron, without this clause "of 13 July," an official who filed his case last May, to go in November – a period when the law on pensions should be entered into force – would have been applied to the methods of calculation less favorable.It is therefore intended, provides the government to "cover" all mothers who wish to leave by the end of the year.

Danone and Russian Unimilk announced Friday the signing of an agreement to merge their dairy operations in Russia and nearby states (Ukraine, Kazakhstan and Belarus).

This merger will create a new entity that will represent a turnover of around 1.5 billion euros. With 21% market share, it will be a leader in the dairy area CIS (Commonwealth of Independent States, Ed) and especially in Russia. " They will be checked at 57.5% and 42.5 Danone by current shareholders Unimilk.

In their communique, the two companies emphasize their complementarity, including their geographical location (Danone west, east Unimilk) and their products (on the segmented health Danone and core market segments for Unimilk).Unimilk is currently the second largest private company in the Russian dairy and infant nutrition.

"Nearly twenty years after our debut in Russia, said Franck Riboud, CEO of Danone, the creation of Unimilk Danone Danone is a strategic move in a region characterized by growth for years to come."

The European Central Bank (ECB) has revised upwards on Thursday the euro zone growth for 2010, but reduced its estimates for 2011. This year, says the guardian of the euro, growth should be between 0.7% and 1.3%, against 0.4% and 1.2% previously. Exports should benefit the business area, "said ECB president Jean-Claude Trichet.

In contrast, growth should be adversely affected by weaker domestic demand in 2011 than originally planned. The ECB now expects growth understood in a very wide range from 0.2% to 2.2%, against 0.5% to 2.5% previously estimated. Probably the negative effect of harsh announced plans in recent days, including Germany and Spain.In this context, inflation is likely to remain "moderate", said Jean-Claude Trichet.

"We believe that the euro zone economy would grow at a moderate pace in an environment (…) unusually high uncertainty", said Jean-Claude Trichet. "The uncertainty and the level of growth is not writing, it also depends on us", European institutions and governments, stressed the central banker faxless pay day loans. The ECB "endeavors to be an anchor, an island of confidence."

The euro, "very credible"

The ECB president also did not comment on the fall of the euro seen in recent weeks. The single currency, he hammered a currency is "very credible".He did not give further details regarding the buyback of government bonds in place last May in order to guarantee liquidity in a market completely frozen. The ECB has bought for 16.5 billion euros of bonds the first week, 10 billion for the second week, then 5.5 billion for the third, said only Jean-Claude Trichet.

The ECB president was pressed with questions about this decision heterodox. Done rare, Axel Weber, the German member of the Governing Council of the ECB, it is even publicly opposed. Jean-Claude Trichet reiterated that there was "a currency, a central bank, a board of governors," and therefore "a decision and an explanation for this decision" .

Surprising as it may seem, the regions now pay the consequences of the reform of the pension system by SNCF, negotiated in 2007 by the government. In exchange for extending their period of contribution, the railroad has received various forms of compensation (new longevity step, time-saving account …) which, in total, cost 80 million per year from their business is up and running.

But part of that premium is now invoiced regions. These are in charge of regional express trains (TER). An activity inherently deficient, the ticket price only covers about one quarter of the charges. The regions "pay" for it so the station continues to operate these small lines. Specifically, the sign with the company elected public multi-year agreements, often over ten years, which regulate these funding issues.And it is anticipated that if, in the meantime, a law or a decree adopted at national level have an impact euro hard cash at the convention, the SNCF and the region shall, by agreement, review the financial conditions . The reform of the pension plan of the station into this framework.

In some regions, such as the Languedoc-Roussillon, the case has not yet been opened. But in others, the overhead of pensions has been included in escalation clauses when signing new contracts. Elected officials, who did not always detected these clauses are now discovering the pot to the roses. "In 2010, the bill for pensions for railroad workers is 3.3 million euros for Aquitaine," said Alain Rousset, President of PS and its Chairman of the Association of Regions of France (ARF). The magnitude is the same for Burgundy."The surcharge, which was 1 million in 2008 and 1.5 million in 2009, will reach 2 million in 2010 and 5 million per year thereafter," says Francois Patriat, Chairman PS Regional Council. The ARF has not yet calculated the total amount of the overcharge for the 22 regions. But there should be several tens of millions of euros.

Action against the State

In absolute terms, the regions where expenses exceed 26 billion could absorb this unexpected bill. Example of Burgundy, the region has an annual budget of 770 million and 200 million per year dedicated to B (50 million for the purchase of trains and 150 million of benefits). But the political context changes everything. The strained relations between local officials and the government. Nicolas Sarkozy has announced a freeze on grants paid by the state to local governments.

And since the reform of business tax, regional councils receive only the taxes they can not adjust the rate. The fact that the state refuses to compensate for the additional areas of pensions of railroad goes very badly. "This pension reform was imposed on us by the government. This would be the State to bear the consequences, "said Francois Patriat. Elected representatives decided to file an appeal before the tribunal to condemn the State. Franche-Comte has done the same. And considering the Aquitaine. "I have enough for the state to discard" protests Alain Rousset.

The success achieved by their counterparts in other departmental areas, protection of children, encourages regional representatives: general advice PS Saone-et-Loire and Seine-Saint-Denis have got the Council of State that the state is condemned for lack of funding.

It is also true that elected officials do not feel size now to renegotiate the terms with the offending station. "We are at an end of major negotiations between the government and the SNCF. The balance of power is not in our favor, "says Alain Rousset.

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Bad news for the U.S. aircraft manufacturer Boeing. The rival Airbus has struggled to meet with some of these sub-contractors, according to online edition of the Wall Street Jounal. These problems would delay delivery of that piece of the fuselage of its future long-haul B787 Dreamliner to their place of assembly in Seattle.

These delays fall to worse for the manufacturer seeking to accelerate production of its new aircraft to make up for two years behind its original schedule. The inaugural flight – postponed six times – took place last December 22.

Customers get impatient

Launched in 2004, the program has suffered numerous delays attributed to the complexity of the business. Boeing, the first American exporter, technology showcase and trade United States, wanted to reinvent the way to build a civilian aircraft.He selected composite materials to make the unit lighter. With also new engines, the B787 is expected to be nearly 20% more fuel efficient than the previous generation aircraft.

And during that time, customers get impatient. The Japanese airline ANA must be the first to receive a copy, is normally made by the end of this year. At the inaugural flight last December, many observers felt already this calendar too Ambitious for an aircraft as innovative.

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.

The Securities and Exchange Commission (SEC), which was Friday questioned the investment bank Goldman Sachs in a fraud case, is interested in other institutions that might have misled their investors about the nature of certain loans, according The Wall Street Journal. Several banks have had the same path as Goldman Sachs, creating financial products that allow for strategic customers such as hedge funds bet on the collapse of property prices at the same time where others were betting on further increases.The Deutsche Bank, UBS, Merrill Lynch or today came under the leadership of Bank of America, and could also interest Constable of U.S. financial markets, according to information from the Wall Street Journal.

For its part, the New York Times estimated that the case Goldman Sachs also shows the great return of the SEC at the front of the stage, while the institution had remained in the shadows in recent years.

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A "golden boy" among many other French

In Los Angeles

Sir Howard Stringer, CEO of Sony, never gives up. The firm, however, Tokyo has accumulated errors during the last decade. She has lost the digital music player market against Apple. His video game consoles, are in third place, behind Microsoft and its Xbox 360 is far behind Nintendo and its Wii. Worse, the TV market, the former world number one until 2006 was demoted to third place by the South Korean Samsung and LG. But the 3D could change that.

Sony plays an ambitious part with 3D. "We are present throughout the chain of video images in 3D. From the professional camera lens for up to televisions, via the video game consoles, games and movies, "recalls Nick Sharples, a spokesman for Sony in Europe.The Tokyo firm could also add 3D to its Vaio PC, even though no one has this feature. Ultimately, its mobile phones designed by its joint venture with Ericsson of Sweden could also benefit from a screen in relief.

From the camera to video games

In contrast, the 3D cameras to film and sporting events, Sony is the only group with fellow electronics Panasonic offer professional equipment. The Tokyo company has partnered with the company to improve its 3ality cameras that use two objectives and can play on the "depth" of the effect in relief. For 3D TV, the group wants to propose "in France around the Soccer World Cup which starts on June 11," said Philippe Citro?n, managing director of Sony in France Guaranteed pay day loans.

But it will gain in the battle along with Philips and LG, and well after its competitors Samsung and Panasonic, who already sell their screens in the United States. However, these Sony TVs 3D can be coupled to the PlayStation 3 which will be adapted in June, games in relief. The game programs will be announced in mid-April. A second amendment to the PS3, the second semester will play Blu-ray videos in relief, in high definition. It is a competitive advantage over other consoles.

Sony is finally the only one with studios to make films in 3D and special effects. Sony Pictures Digital is especially designed computer images of Alice in Tim Burton, produced by Disney. "We can accomplish miracles, as to eliminate the reflection of a person in a mirror.But it is not possible to convert to 3D, traditional scenes with smoke, rain or snow falls, "says Buzz Hays, director of the 3D shape of Sony's directors. The group has already contributed to 8 films in relief since 2004 and participates in the rise of Hollywood studios to provide "46 films in 3D in 2010 against 17 in 2008," according to the firm Futuresource. According to Michael Lynton, president of Sony Pictures, "We are at the beginning of a profound change for the film industry."

After hesitating on the direction to take in the first exchanges, the CAC 40 in advance of 0.16% mid-term to 3993.96 points. Small increases also in London, where the Footsie climbed 0.31% to 5.690 points, and Frankfurt, where the Dax advance of 0.26% to 6158.72 points. Optimism remains in effect measured before the publication of a series of statistics on both sides of the Atlantic.

INSEE opened the dance of the ads shortly before the opening with the announcement of a debt to France of 77.6% of GDP, against 67.5% of GDP in 2008. The deficit was up 1.8 point to 7.5% of GDP in 2009, a figure slightly less bad than expected (7.9% expected). The deficit increased a total of 80.1 billion, reflecting a decrease of 4.3% of revenue and an increase of 3.8% of spending, Insee said.Note also the producer prices rose 0.1% in France in February after rising 0.6% in January.

Moreover, the annual inflation rate of the euro area amounted to 1.5% in March 2010, according to a flash estimate issued today by Eurostat, the Statistical Office of the European Union. This figure covers 16 countries using the euro represents the largest increase since December 2008. It was 0.9% in February. As for unemployment, it has reached 10% in February against 9.9% the previous month, which is the highest level since August 1998.

An abundant macroeconomic news

Across the Atlantic, the eyes will be on the ADP figures of employment in the private sector in March, which fall at 14.15 (this is the employment figures to be released Friday which are expected by most investors).In February, U.S. employment was revealed better than expected. The unemployment rate was 9.7%.

Half an hour later, the economy of the Chicago area over the same month that will be scrutinized by investors. Then, 16 hours, industrial orders in February will register on the radar screens of traders. Finally, at 16:30, the weekly inventory of crude to the United States will be made public.

Other noteworthy events this Wednesday for the first time a foreign minister, namely the French Minister of Economy Christine Lagarde, participates in the German Council of Ministers, devoted in particular to a stabilization fund for banks (9:30).She then held a press conference with his German counterpart Wolfgang Sch?uble at noon.

Societe Generale court

The French bank Societe Generale (+0.32% at 46.86 euros) must respond to a complaint filed in Court of New York by pension funds and individual investors who accuse him of having lost the money.

Axa remains in the green (0.27%, to 16.52 euros), while S & P downgraded its rating on the stock.

Regarding EADS (+1.11% at 15.05 euros) and the American tanker, Barack Obama, during a press conference in Washington with Nicolas Sarkozy, said he wanted to "avoid protectionism. He promised a selection of "free and fair" contract for 35 billion euros.

It Schneider Electric continues to lead the CAC 40, with an increase of 2.21%, to 87.32 euros.Vinci rises by 0.42%, to 43.99 euros, still boosted by his victory over the tender to 7 billion euros for the TGV south-western France.

Later publications, the leading Internet ad Adenclassifieds saw its net profit fall by almost 88% last year. But signs of recovery appear since the end of 2009.

On Wednesday, Orpea, a leading French farmers institutions comprehensive care for dependents, issued a rebound in net income of 26.1%, to 61 million. The title climbed 0.72% to 30.72 euros.

Neopost back him, from 3.74% to 58.95 euros. The group saw its 2009 net profit decline of 5.7% to 147.9 million euros.