• Budget: tough decisions on niches
• Pensions: outline of the reform should remain
• Towards the compulsory insurance underwriting loss of autonomy
• The delicate capital increase
• 2011 upturn expected for the job
• Paris wants to reform the international monetary system

Of the four returnees that Nicolas Sarkozy has had to manage since his election, now is probably the trickiest. Very politically charged, the fall will also heavy economically. Number of reforms and sensitive issues facing the head of state and government who begin their Wednesday Cabinet reentry in a tense social climate.

Contrary to tradition, the vote of the Finance Bill 2011 will not be the first meeting of the economic return.It will be preceded by consideration of the Assembly, from September 7, the pension reform. The fiercely contested between a Labour Minister, Eric Woerth, weakened by the controversies that have continued over the summer, and an opposition determined to block any progress, including the extension to 62 years of retirement age.

But the pressure in this landmark case – the Head of State intends to establish his image as a reformer, especially with financial markets – especially coming from the street. Unions, braced against a reform they consider "unfair and ineffective", the French call en masse to protest on September 7. A mobilization that looks very well attended, in the street, transport and some public services where strikes were not hard to exclude. This day of action will not be the last.Meeting Monday at FSU, the unions agreed to see the 8 "decide how to proceed quickly, probably before September 29, when a euromanifestation against the austerity policies.

Behind the social issues lies the question of growth. For despite the increase of 0.6% of GDP in the second quarter, the horizon remains uncertain. And the downward revision of 0.5 percentage points of growth for 2011, together with further cuts in public spending and tax loopholes, reflects these uncertainties. "France has suffered a negative shock with its strong and deep recession of 2008 and 2009, says Philippe Waechter, director of economic research at Natexis Asset Management. A policy is too restrictive in order to quickly rebalance public finances will penalize the economy. "The paradox of this situation is summarized by the rating agency Moody's.This concern, last week, the deteriorating situation of public finances States rated "AAA", inviting them to structural reforms to rebalance their accounts. On Monday, the same agency cautioned, however, put the European states against a too rigorous, which could negatively affect their growth and influence their debt. In short, the government must practice strict management of public finances without too strict. A delicate balancing act …

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Budget: tough decisions on niches

The new hypermarket Carrefour way, space is reorganized into nine clusters, including the decoration and textiles. "The store will be more competitive in terms of price," says Lars Olofsson. A whole cluster will focus on "special events" with "two major themes monthly surprise in store for" customers, "says the CEO.

Carrefour, the world of large retailers, is facing an erosion of customers of supermarkets. The context is not easy, admits Lars Olofsson: "I think in the coming months, consumption will remain stable.(…) It remains a gloomy background.

The group would pull through, however, better than its competitors. "In France, Carrefour's market share of 24% has increased by almost a point since the beginning of the year on a constant basis," enthuses the director general. The group achieved a turnover of 24.9 billion euros in the second quarter, up 6.3%. The interim results will be presented August 31.

Even in Germany, where doubts Dax Frankfurt Stock Exchange ended down 0.52% len at 6009.11 points. The London Stock Exchange also closed the day on a drop of 0.21% to 5148.28 points.

The markets are cautious before the release of stress tests on European banks on Friday. The wait also dominated by the rise of publications of results in Europe and the United States.

The macroeconomic environment also remains uncertain especially overseas. Chinese Premier nonetheless sought to reassure investors on the country's economic growth."Everything goes as planned," he said Monday.

On the macroeconomic front, the deficit of the balance of current accounts in the euro area widened in May to 5.8 billion euros against 5.6 billion in April, according to figures from the European Central Bank.

On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).

Banking and auto bad posture

Four days before the release of stress tests, the values remain very bank surrounded. Societe Generale advance 0.56% after losing more than 5% last week, and Credit Agricole st wins 1.15%, BNP Paribas and Dexia 1.48% 1.43%.

The car values are under profit taking in the image of Peugeot -0.35%) and Renault (- 0.13%).

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros, up more than 36 million euros over the same period in 2009. Contracts awarded on the cons-performance: the action loses 2.86% to 5.8 euros and is on track to record its fourth consecutive decline. At this time, Eurotunnel has lost more than 7% in four days.

This afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter. Soitec publish its turnover in the first quarter.

GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday.In previous discussions about a reconciliation between the two groups had lasted several months before a halt in January, the newspaper said. For its part, International Power shows a net increase of 9.38% to 346.50 pence in London Bours.

BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros. BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.

At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons.The parent company of Airbus is ready to strengthen the United States for eight billion dollars.

The Partouche group will make a capital increase of approximately 100 million euros to reduce its debt and improve financial liquidity of the group of casinos. The subscription price is set at two euros per share while the subscription period will run from July 20 to August 2.

ADP announced that its passenger traffic rose 2.3% in June over one year. In the first six months of the year, traffic appears down 2.1%.

National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.

The markets have literally beaten to a few minutes left to return to the green. Before that, the entire session was marked by a gradual decline of the indices, itself caused by the publication of a round of disappointing macroeconomic indicators:

– Entries weekly unemployment rose in the United States during the week to June 12, at 472 000 460 000 against the previous week, according to the Department of Labor. Economists had expected jobless claims averaged 450,000. The entries of the week to June 5 were also revised up from an initial estimate of 456,000.

– Consumer prices in May have suffered their biggest drop since a year and a half under the ambit of the sharp drop in energy costs. The index of consumer prices adjusted for seasonal variations show a decline of 0.2%, the biggest drop since December 2008. Economists and analysts were predicting a similar decline after a decline of 0.1% in April.

– The current account deficit widened in the first quarter to 109 billion dollars, or 3% of GDP, compared to fourth quarter 2009. This is his third consecutive quarterly increase since the low of $ 84.4 billion in the second quarter of 2009, when the international commercial exchange had significantly contracted due to recession.

– The index of industrial activity in terms of the Federal Reserve of Philadelphia has emerged significantly weaker than expected in June and called for a fragile economic recovery in the United States. The index came in at 8 in June as against 20.9 expected and 21.4 in May The employment component falling in the negative, at -1.5 against 3.2 in May, the lowest since November 2009.

– The index of U.S. leading indicators registered a record high in May, according to the Conference Board, suggesting that the recovery of the U.S. economy will continue. The index rose 0.4% to 109.9, after having stagnated in April. Economists projected an increase of 0.5%.The index should continue to increase but more modestly in the coming months due to an unemployment rate still important.

Little comfort in Brussels

The markets were also attentive to the summit of European leaders in Brussels today. Following discussions, the French president Nicolas Sarkozy has sought to reassure markets about the financial health of Spain. Thus, any rescue plan would be the agenda, contrary to rumors markets.

European shares closed higher on a small, grim. The euro, however, is ironed for the first time since late May over the threshold of $ 1.24, to 1.2413 dollar to 18 hours.

AOL supervised

On the side of values, according to several American media, the internet group AOL (1.66% to 22.65 dollars) is about to give the social network Bebo to an investment fund, Criterion Capital Partners, a small fraction of the price he had paid to take it two years ago.

Always on the side of values, FedEx (-0.05% to 78.11 dollars) Wednesday reported a quarterly profit slightly above expectations.

Also note Apple (1.73% to 271.87 U.S. dollars) which said it had registered more than 600,000 bookings for the new version of the iPhone during the first day of marketing.

JM Smucker (6.58% to 61.55 dollars), a group specializing in food, has reported a turnover of 1.07 billion dollars for its fourth fiscal quarter and a Earnings per share (EPS) of $ 1.07 before exceptional items.

Pier 1 Imports (2.62% to 8.23 dollars) a manufacturer of furniture, for its part, reported an unexpected profit adjusted under its first fiscal quarter in favor of improving its sales business on a comparable basis and its margins.

"The continuing recovery of passenger and cargo operations has been significant in the month of March both in terms of traffic and unit revenue.Even if they were significantly higher than last year, they remain below levels reached in March 2008, "the statement said.

The largest increase (+7.2%) is recorded on the Asia network for a load factor of 88.5% (+5.8 points) against 2.2% for the Americas and Europe, whose respective load factors amounted to 85.1% (+4.4 points) and 67.2% (+4.4 points).

At the Paris Bourse, the stock has lost 1% to 11.87 euros in a market that has yielded 1.20%.

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"I travel a lot, but I've never had either the opportunity or means to go abroad," Huang Yun smiled. Commercial for a Chinese company, this young woman of 29 years has never traveled child. But since she works in Shanghai, she loves from a change of pace and has swelled the ranks of Chinese visitors to their own country. These represent the vast majority of tourists visiting the Middle Kingdom.Moreover, only a minority of Chinese can afford to leave the country for holidays.

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The China National Tourism Administration has counted last year 1.9 billion domestic tourist trips to China by plane, train or car. A steady increase in sales for twenty years, thanks to higher living standards, the relaxation of regulations on interprovincial travel and the emergence of paid leave. The award of "Golden Week" by the authorities in the late 1990s, now allows the public to enjoy each year, more than four public holidays, two weeks of leave data at all, for Chinese New Year and National Day on October 1.The Law on Employment Contracts of 2008 provides between five and fifteen days of additional holiday for employees according to seniority no faxing pay day loans .

Besides the New Year with the family, the Chinese go on holiday generally organized in groups, with a busy schedule to as much as possible in four or five days. Beginning with visits to historic and natural sites, their favorite activity. The Chinese territory is seventeen times the France and has twenty-seven sites classified cultural heritage by UNESCO.The local holidays are often more affordable than those spent abroad.

Restaurants & karaoke

Nearly 40% of Chinese tourists spend each year between 100 and 500 euros for travel, 30% between 500 and 1 000, and one quarter more than 1 000, according to a survey by Ctrip, the first Chinese travel agency , which depends on the state.

If the "sacred mountains", Beijing and the Great Wall continues to attract a mass of tourists, new emerging destinations. Almost deserted in the 1990s, the tropical island of Hainan in the south, has become one of popular destinations. Even if the tan is not part of beauty of Asian middle class does not sulk pleasure to enjoy a little sea air.And always have access to a choice of restaurants and karaoke.

For more exotic destinations, the Chinese can afford a small world tour for 16 euros on the national pavilions of Shanghai World Expo, which opens on 1 May Of the 100 million expected visitors, 95% should be Chinese.

Aujourd'ui, markets are stabilized by the publication of indicators broadly in line with their expectations:

– The consumer prices they have remained stable in February from the previous month, while analysts believed that there had been an inflation of 0.1%. In one year, they rose 2.1% in February when the consensus gave up 2.3%.These prices "still did not really threaten the prospect of a policy of low rates by the Fed," noted analysts at Charles Schwab.

– Registration for weekly unemployment benefits: they fell for the third straight week in the United States with the deposit of 457,000 benefit claims in the week ended March 13. This is slightly above that expected by analysts (consensus 455,000).

– Current accounts: the U.S. deficit widened in the fourth quarter to reach 115.6 billion dollars, according to figures released Thursday by the Commerce Department. It is equivalent to 2.9% of GDP in 2009 against 4.9% of GDP in 2008.

– The composite index of economic activity: the index is supposed to herald the changing economic conditions six months ahead, slowed his rise in February, rising by 0.1%.The increase for the eleventh consecutive month, is in line with analysts' expectations. The index had already slowed in January, with 0.3% increase.

– The index of manufacturing activity in the Philadelphia region has increased by 2.3 percentage points from the previous month to $ 18.9, while analysts were waiting to 18 points. This figure reflects the fact that manufacturing in this region have seen their business grow for the seventh consecutive month, and faster than the previous month. Philadelphia is one of the first cities in the United States and one of the largest industrial centers of the country till payday cash advance .

Renewed concerns about Greece, which has sealed the morale of the European investors did not appear to influence the Americans.Tensions have been rising on Thursday about financial aid in Athens, who now wants an agreement by European leaders next week, despite misgivings German, otherwise turn to the IMF.

On the currency markets, the euro fell 0.88% to 1.3615 dollar. Oil, meanwhile, ended down 73 cents at 82.20 dollars a barrel.

Nike back to growth

On the side of values, the number one sports equipment, Nike announced after the close of Wall Street yesterday, a return to growth in sales and profits. In the third quarter of its fiscal year ended in late February), Nike has made a net profit of 496 million dollars against 244 million a year earlier on the same period. A few months before the World Cup 2010, its backlog has already greatly improved and the group expects a continuation of this trend.The sporting goods company is the star of Wall Street with higher shares of 4.92% to 74.37 dollars.

China has ordered its airlines to conduct checks of their Boeing 737 after a similar decision of U.S. authorities. The decision of the Administration of Civil Aviation of China (CAAC), which covers 400 aircraft, follows concerns about possible security problems related to a component in the tail of the aircraft. The Boeing climbed 1.66% to 70.53 dollars.

FedEx (-2.36% to 91.92 dollars) announced before market quarterly net income more than doubled to 239 million, above expectations and raised its annual forecast.Revenues also exceeded expectations, up 7% to 8.70 billion, while analysts had expected 8.37 billion dollars.

Google (+0.13% to 566.27 U.S. dollars) is currently working with Intel and Sony to develop a new generation of televisions and decoders for access to the Internet, according to an article in the New York Times.

Electronic Arts (2.81% to 18.65 dollars) will launch the final version of his golf game online Tiger Woods at the back of the champion on the greens next month, its chairman announced Wednesday.

The first weeks of this years new register and the continuity of orders made last fall, boosted by the fact scrap bonus. But the whole year is expected to decline by 20% in terms of global vehicle sales. With forecasts of a little less pessimistic (-10%) for the German Volkswagen Polo and his new saving account payday loan . Age is also cited by 30% of private sector employees and the physical appearance by 28% (multiple answers were possible). Ethnicity happens however much in mind as trigger by witnesses of discrimination (38%), before motherhood (33%).

If the company management is most often due to private sector employees, victims of discrimination, in general, are silent on their fate in business. 40% of them claim to have in effect said nothing when 50% of victims by public officers have spoken with their management or their supervisor. For more than half of those who are silent, signaling the injustice they have suffered would not have changed.

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