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En route to a seventh consecutive session up to the Paris Bourse. On Wednesday, the CAC 40 starts the day with a gain of 0.40% to 3652.19 points. Investors in Paris after their Asian counterparts so that this morning pushed the indices of the region.

In the rest of Europe, the mood is the same. The DAX index of the Frankfurt Stock Exchange opened up 0.39% to 6215.23 points while in London, the FTSE index gained 0.31% to 5287.28 points.

The markets are reassured about the pace of global economic recovery by the strong quarterly results from major U.S. companies. Monday, Alcoa sent a positive signal, captured well by Wall Street, which signed its sixth consecutive session.Then, Tuesday evening after the stock market, Intel announced it had completed the performance in its history with net earnings in the second quarter of 2.887 billion dollars, far above the consensus.

The reassuring news overshadowed the announcement by Moody's from a severe degradation of the note in Portuguese debt. Similarly, they overshadow the low morale of German investors, illustrated by a Zew index at its lowest since April.

Side indicators on Wednesday, investors will keep a close eye on the industrial production figures for the euro area over the months of May and the index of consumer prices in June, savings account payday loans.The United States will publish details of their sales and their weekly oil inventories.

Note that in the good mood, the euro remains above 1.27 dollar, euro 1.2703 per dollar, more precisely. The greenback lost some of its appeal as a safe haven after this encouraging start to the season results in the United States.

The technology sector at the party

From the corporate side, the day will be very quiet on July 14, national holiday. No publication or any announcement are expected.

As in Asia, the technology sector benefited from the announcement of Intel. Alcatel-Lucent (+1.37% to 2.22 euros), STMicroelectronics (2.85% to EUR 6n95) or Soitec (4.31% to 8.60 euros) grew significantly.

Requiring further attention, the reaction of France Telecom, while the group general manager, Stéphane Richard, acknowledged Tuesday for the first time the suicide of an employee as an occupational accident. The securities lost 0.07% to 15.13 euros.

After his good start in stock, Carmat still trying to attract investors and does this mean securities earning 1.72% to 22.48 euros.

Wednesday, the South East has joined the rest of France, which started one week earlier in the summer sales period 2010 – Corsica follow July 14. Everywhere these days have started "on the top speed, as evidenced by Claude Boulle, Chairman of the Union of the great trade center. For the first four days, the department stores had seen increases of 10-17% in Paris and elsewhere by 6% over the same period last year.

The hesitation should still be the centerpiece of the trading session in Paris on Tuesday. The price volatility in Asia this morning is scary but the return to green after opening indexes down should motivate operators. In particular, Tokyo, the Nikkei closed up 0.77% after having started the day down 1.14%.

Investors Parisian try to turn the page of a session that saw ACC closer Monday to its lowest level this year at 3332 points (-0.48%). Half an hour of opening, the CAC 40 index future rises from 0.39% to 3348.50 points.

These days, markets are not reassured by the mixed indicators published last week, the United States as in the euro area. Doubts over the speed of the global economic recovery weigh more on the morale of the market.In Europe, these fears result in volatility of the euro against other currencies, after falling throughout the morning against the dollar, the euro regains 0.31% to 1.2544 dollars around 7.35.

On Tuesday, the markets await the opening of Wall Street may choose to pursue. U.S. markets open again after an extended weekend related to the national holiday. The meeting will begin with the analysis of the PMI services which will be published shortly after the opening. Apart from this indicator, no other major news is expected.

Air France wants to save

As for values to follow, Air France (Air France-KLM), which showed a record loss last year, plans to cut 4109 jobs over the period 2010-2012 to meet the air transport crisis .

Areva should always be led by Anne Lauvergeon.According to sources close to the matter quoted by Agence France Presse, Nicolas Sarkozy has decided to maintain the group's boss at his post until the end of his mandate. Rumors had often reported the contrary.

Also in the nuclear site EPR Flamanville, led by EDF also suffer delays. An audit suggests a period of 24 months. EDF expected to make the announcement soon.

Lastly, investors would still react to the publication by Stephane Richard of France Telecom's strategic plan for five years. The operator also wishes to reach 300 million customers around the world to this date and hire 10,000 people by 2012.

In July? At the back? After much discussion, the regulation of hedge funds in Europe will soon be passed, and establish conditions to the funds placed in havens can be marketed on the Continent. But managers have taken the lead: many already abandoning the Cayman Islands and repatriate their funds in the European Union, Ireland and Luxembourg. Or even in France, as a dream to do Boussard & Gavaudan, which manages a large European hedge fund.

Many hedge funds were originally installed in the Cayman because it was one of the few countries to allow the managers the freedom of action they need. "But since then other countries like Ireland and Luxembourg have changed their laws and created vehicles that hedge funds can use.All hedge funds that we have been created recently in Luxembourg, "said Laurent Dupeyron, CEO of Olympia.

Many managers even go further and create ordinary mutual funds, subject to the same European regulations (UCIT III) than any ordinary fund. Management is a hedge fund, but not the status. This boosted some professionals. "In these funds, subscribers must be able to leave their money every fortnight. If the markets undergo a new liquidity crisis, it would be very difficult to achieve for managers, "says Emmanuel Boussard Boussard & Gavaudan president. But hedge funds have no choice. Investors are jostling as they used to invest their capital home."Today, especially in private banks, customers are interested in hedge fund performance, but want liquid funds and regulated," says one Axa IM. And as for hedge funds, the customer is king.

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"Aging can not around, we must assume," said Labour Minister Eric Woerth merced this morning, in the introduction to the presentation of its pension reform. A reform that the Minister of Labour wanted "responsible and fair", repeating the statements of the President of the Republic on Tuesday night. To restore the financial balance of PAYG pension scheme in 2018, the government provides multiple measures, including increasing the statutory age of retirement is the main. It should contribute to new revenue generated by 50%. In total, Bercy believes that the pension reform should help reduce the government deficit of 0.5 percentage points of GDP by 2013.

• The legal age of retirement is raised to 62 years: "It is the heart of our reform," said Eric Woerth Wednesday morning.Between 62 and 63 years, Nicolas Sarkozy has finally opted for the less radical change. But the pace of transition to the statutory retirement age will, however, at a pace faster than initially expected: four months per year from 1 July 2011, not three. In practice, people born in 1950 will be the last to be able to retire at age 60. Those born in 1951 will work up to 60 years and four months, those born in 1952 to 60 years and eight months, and so on until the generation born in 1956, for which the statutory retirement age to retirement will be set at 62 years. This implies that the reform will be implemented for everyone in 2018, not 2020. Meanwhile, the age of retirement which can reach a full pension will be increased from 65 to 67 years.A position that is both "reasonable and effective" given the increased life expectancy, argued Eric Woerth. Despite the reform, are on average three years longer to be passed in retirement because of life expectancy, he said. "If the contribution period should remain the only leverage new revenue, it would have to grow up to 47 years to get the same result.

• The contribution period will increase to 41 years and a quarter in 2013 and 41.5 years in 2020.

• The high income and capital income into play: as promised in mid-May by Nicolas Sarkozy, the easier will help shore up the unfunded pension system.

The tax households located in the top of the scale of tax on income will be taxed at 41% instead of 40%, in the name of a "solidarity contribution pension.342,000 tax households, or 1% of the population reporting more than 69,783 euros per share will be affected by this measure, which will not be included in the tax shield.

The capital income will be affected, in the form of a one point increase levies on sales and real estate. The tax credit on dividends received by shareholders should be deleted. The employer contribution will go on stock options on its side of 10-14%, saving 70 million euros, and the employee contribution from 2.5% to 8% payday loan online.

The beneficiaries of pensions hats will also implement a social contribution of 14%, which should bring 110 million euros.

In total, these measures will generate 3.7 billion in revenue.

• The hardship is taken into account: "The reform opens a new right," assured Eric Woerth. "60 years of age will retire worn by employees working." People whose health was damaged because of their working conditions (undergoing disability equal to or greater than 20% of the rent bénécifiant rofessional disease) may indeed leave at 60 with a retreat rate full, whatever their number of quarters. This year 10,000 people are expected to benefit from this new law.

Those who started working before age 18 may also retire between 58 and 60, in the condition that the statutory period of assessment over two years. In total, "over 60,000 people per year will not be affected by a departure at age 62, an unprecedented effort in Europe," argued Eric Woerth.

• The pension scheme of officials close to that of private, for estimated revenue of 4.4 billion. Officials will not be saved by postponing the statutory retirement age. The active groups (police, military …), which currently start at 50 or 55 years, will gradually raised the limit of two years. In contrast, employees of the special arrangements will be concerned that from 1 January 2017.The pension contribution rate on wages of employees, currently 7.85%, will also also gradually increased to match the term of private fixed at 10.55%. The calculation of pensions will instead retain the last six months, unlike the private sector.

• Promote the employment of older workers: "From 60 years, the participation rate of French is the lowest in Europe," lamented Eric Woerth. "The postponement of the age will increase the rate of mechanical activity." In order, however, the influx of seniors in the labor market does not result in an influx of additional unemployed, the Minister of Labour announced on Wednesday "an employment subsidy a year for the unemployed over 55.The development of mentoring remains another lever that the government wishes to promote.

• Improving women's pensions, farmers and unemployed: For maternity leave does further lower the mothers' pensions, the daily allowance paid during maternity leave will now be included in the earnings base for calculating pension. For farmers, the rules of the minimum pension will be reviewed, so that those who have contributed little to the minimum pension of 709 euros. As for the unemployed not receiving benefits, the number of terms validated by solidarity in order to prepare for retirement will now 4 to 6.

"Look at the presentation of the reform by Eric Woerth:

From 1 July 2010 will require some additional documents to send a letter. The price of the stamp of the priority letter weighing less than 20 grams will increase from 0.56 to 0.58 euro, an increase of 3.5%. The economic costs will also increase by two cents to 0.53 euros.

This is the sixth increase in eight years. The price of the stamp for a letter of less than 20 grams had already earned a penny last year. But Post said she "is in the average tariffs in Europe even though the universal service commitments of the post office and geographic constraints are higher in France" instant payday loan.

"The rising price of stamps will have a minimal impact on the household budget, or approximately 0.10 ? per month per household," the statement said.In addition, The Post said they considered the economic situation by adjusting charges for companies depending on their situation: there will be no change for major mailers and the increase will be 0.6% Small and medium enterprises.

Return to growth and confirmation of annual targets for the manufacturer of industrial and medical gases Air Liquide has posted this Monday morning pre-market turnover for the first three months of the year.

Total revenues for the group led by Beno?t Potier amounted to 3.152 billion euros against 2.997 billion over the same period of 2009. An increase of 5.2%. The company listed on the CAC 40 was that the increase of its activity has occurred in all business sectors and in all geographic areas.The emerging areas, however, contributed to the improvement.

"Unless a major turnaround in the economy, Air Liquide in 2010 is a new growth in net profit in the continuity of its historical performance," said the CEO, which states that "the discipline in terms of cost management and cash (…) has been maintained during the first quarter of 2010 and the ratio of operating margin was slightly higher than the average for the year 2009."

Emerging markets drive our business

Gas & Services activity (2.76 billion euros, 8.3%) is indeed characterized by "a marked contrast between mature economies (+5% compared to Q1 2009) and emerging economies (28 %), while activity Industrial merchant finds the path of growth, although sales in the mature economies still lower than the first quarter of 2008 before the crisis easy payday loans.

Large Industries recorded a rebound in activity, particularly through the start and ramp-ups in China, South America and the United States. The electronics is experiencing a rebound, supported by sales of specialty gases.Finally, health remains strong, always worn by home care.

During the first quarter, Air Liquide welcomes the signing of three new contracts with steelmakers in China, construction of new production capacity of liquefied gas to India and starting five manufacturing facilities in emerging economies.

The group also continued its acquisition strategy in health.

Air Liquide outperforms

Since the beginning of the year, Air Liquide shares rose 6.43%, with a gain of 0.31% on Friday, listing at 88.37 euros. The CAC 40, it has seen its course take only 0.38% since January 1, 2010.

If in 2009, they were virtually stable operating margin of Air Liquide rose to a record level of 16.3%.Air Liquide profits rose an average of about 8% per annum over the last twenty years.

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Can you still perform in France? At a time when a movement of deindustrialization affects the Hexagon, Saint-Gobain slice on the downturn. On Wednesday, the group inaugurated in Chemill? glass, next to Angers, a glass wool factory last generation called G3. A major investment (100 million euros) with the key, the immediate creation of 75 jobs including 25 items made by subcontractors on the site. And when the unit running at full capacity it will employ 150 people. A move welcomed by Prime Minister Francois Fillon, present at the inauguration: "In France, we built factories! You are proof that our country has an industrial future. "There is no inevitability to the relocation, he said the group's CEO, Pierre-Andre de Chalendar.The cost of labor, even if it is too high in France, is not always an obstacle to industrialization. "

That was 38 years, Saint-Gobain had not started a manufacturing plant in France this kind of product. But other businesses of the group have also recently made the choice of production in France. Mid-February, Saint-Gobain has finalized the extension of a site that makes double glazing Crissey, near Chalon-sur-Saone. With again a few tens of indirect jobs.

Sustainability

If Saint-Gobain is the bet of "Made in France", is by economic realism. "Once the fiberglass travel more than 400 to 500 km, transport costs become excessive, recognizes Xavier de Maistre, General Manager France of Saint-Gobain Isover cash advance.We therefore produce locally for local markets. "In this case, the group chose to locate in Maine-et-Loire, for he had no factory producing glass wool to the markets of west of France.

Saint-Gobain has also launched the opening of an industrial site, because it believes in market prospects opened by the Grenelle Environment. A bet bolstered by the commitment reiterated Wednesday Francois Fillon not relegated to the status of sustainable development subtopic: "The green growth is not the end of the industry: it's renewal." Thus, Saint-Gobain will have to Chemill? a production capacity sufficient to isolate 100 000 houses per year. However, since 2012, some 300 000 to 400 000 houses built each year will be the standard BBC (building low consumption) to be very well insulated."In addition, there are 22 million buildings constructed before 1973 and 30 million non-insulated and poorly insulated," says one at Saint-Gobain Isover. In fact, the glass wool G3 is a good answer to these problems: compared to previous lines, it provides better thermal protection of 30%. What Saint-Gobain dampen somewhat the crisis currently affecting the construction industry.

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In trials with Irish rival Ryanair, and having given up to launch its low cost, Transavia, Air France-KLM posted in March up 4.7% of its passenger load factor to 80, 5% (+5 points), according to a statement released Thursday. The total number of passengers carried in March amounted to 5.9 million people. This is the first increase since December 2008. In February, the traffic had emerged down 0.6%. By comparison, Ryanair carried 5.3 million passengers in March, an increase of 13%. Its load factor was 79% (+2 points).

"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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At dawn on a trail lined with pine trees, hundreds of faces marvel at the sunrise over ridges carved Yellow Mountain, immortalized in traditional Chinese paintings. Search for a little solitude during his vacation in China is a challenge. On most sites, it is not uncommon to see the flags float guides, which announced the arrival of yet another group.

"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.