World and National News

After the crisis management, management of debt. This is the slogan that could take the major industrialized countries, which are out of recession emerge. In fact, according to the OECD, the 30 most advanced countries will see their debt rise to 100% of their wealth produced in 2010, signaling a near-doubling of their debt in twenty years. Japan's flirt with the 200% of its GDP, followed by those of Italy (127.3%) and Greece (111.8%).

The France is not there … Its debt will reach next year "only" 84% of GDP – a level already history. And since 2013 it has exceeded 90%. UMP Senator Jean-Pierre Fourcade, a member of the Finance Committee of the Senate, said Wednesday that France was now living in "perpetual debt"."The debt spiral is fueled by the fact that not only must pay the debt charges but that revenue for the year does not cover expenses," said Senator of Hauts-de-Seine. The debt burden is estimated for 2010 at 42.5 billion euros. His payment could become the first budget item in 2012.

In a report presented on Wednesday, Jean-Pierre Fourcade said that the evolution of the debt burden is explained not only by the stock of debt increases. but also by the rate of inflation: in 2008, the deviation from the prediction which had been established by the Government had created an additional cost of 2.5 billion, while it had resulted in savings of 2.8 billion in 2009.And finally the interest rate: Agency France Trésor has calculated that an increase of 0.25% rate of the European Central Bank in 2010 compared to what is expected (short-term rates to 1.3% and long-term rates to 3.9%) would increase the debt burden of 600 million euros.

Conference on deficits

The quality of the signing of France – which currently enjoys the maximum rating, AAA by the rating agencies – now enables it to fund the best conditions. "But maintaining its advantage is conditional on fiscal consolidation in the medium term," reaffirms the Senate, which considers "necessary to send signals to that effect to our partners and market actors" from 2011.

This was started to the Head of State, in announcing the holding of a conference on public deficits, and the Prime Minister, setting back to 2014 to below 3% deficit "price adjustments very important."

Beginning 2010, France will send to Brussels – which now requires a more ambitious timetable than François Fillon – its multi-year plan of public finance. "It is a moment when we must take action just brutal," said the entourage of the Minister of Economy Christine Lagarde.

In regard to debt management, the report stresses that the funding program introduced in the draft budget law (the France would borrow 112 billion in 2010) "is obsolete even before being voted, given the absence of evidence on the future national debt. "He took the opportunity to recall that it "would be much less costly if it were agreed on markets rather than individuals and if it was issued at once," before the rise in interest rates. Focusing on "financial contributions from the state," the senators can only note that enterprises are "affected by the crisis."

The report stresses that the market situation "does not consider major privatization deals in 2010. The capital increase of the Post Office should make an exception. "There were no resources allocated to debt reduction in 2009, prospects for 2010 unfortunately does not consider a start in this direction next year," the senators concluded.

The world of computers, Hewlett Packard (HP) released Monday at the close of Wall Street, results for the fourth quarter of fiscal offset. The annual net profit fell by 8% to $ 7.7 billion, although the last quarter, it is up 14% year on year to 2.4 billion dollars. Earnings per share (EPS) stood at $ 1.14, in line with analysts' expectations. Revenues, which had already been announced, is 30.8 billion over the quarter, down 8%.

These results compare with those published by other industry giants such as Dell Computer, which introduced a quarterly profit drop of 54% and a revenue and EPS below expectations.

"The company will return to growth in 2010," said HP CEO Mark Hurd, commenting on these results the financial television channel CNBC.Of slowing demand, the group had announced six months ago the abolition of 6,400 jobs, mainly in the products division.

The group confirmed its outlook for the year shifted from October to September, which just started, with sales rising, between 118 and 119 billion dollars, earnings per share excluding exceptional items of between 4.25 and 4.35 dollars.

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Nearly 4 000 passengers per month this summer with tourists, 3 500 this fall against a thousand a year ago. Since the price rose 9.40 euro to 1 euro, whatever the length of the journey, the bus is "furiously trend in the Pyrenees-Orientales. The council did not expect when he decided in autumn 2008, to experiment the bus at low cost.

This success has not sealed the accounts of the county transportation department. "Last year, explains its director, Patrick Remy, revenues amounted to 900 bus 000. This is exactly the same budget line this year. Increased attendance has offset the lower price. We even managed to retain new users. "To balance the accounts, the services have been streamlined, including by replacing scheduled by demand services to avoid driving empty buses.In 2012, all municipalities will be well served. In the wake of the Pyrenees-Orientales, but also the Alpes-Maritimes, 29 departments have chosen this formula for the single rate between 1.50 and 2 euros.

After rising 2.4% in September, spending on household consumption of manufactured goods posted a growth of 1.1% in October according to figures released Tuesday by the INSEE. Spending on durable goods are still progressing (+1.3%) after acceleration in September (+5.1%). This was due to car purchases very dynamic (+10.2%), while in October "households slowed on these purchases," says the National Institute of Statistics.

In contrast, they increased their spending on equipment housing (+2.2% after +0.7% in September), each item of equipment (furniture, electrical goods, electronics and informatics) contributing to this acceleration.

The new floating balances boosted purchases in textiles. According to INSEE, purchases of textiles and leather rose 2.6% after a month of September already dynamic (+2.9%).Other manufactured goods (pharmaceuticals, publishing, crafts, perfume, etc..) Also displayed a slight increase in October (+0.3% after +0.4% in September).

The bank employees of Societe Generale were on strike Tuesday. Like their colleagues at HSBC France. In Defense or the Champs-Elysees, hundreds of them gathered to demonstrate. These disgruntled bankers do not resent the loss of their bonus. They are employees of the network who try to bend their leadership in wage negotiations. They also protest against new working arrangements introduced gradually in the agencies. If they are not heard, the mobilization of Tuesday could be repeated throughout the winter, prevent unions.

Lean months

The branch negotiations have so far failed. The French Banking Association (AFB, which concerns only part of the sector) proposing an increase of 1.5% of the conventional minimum, when the unions called for a general revaluation."These last months have been very difficult for employees, now that banks are profitable again, they must reward their employees," all argue their union representatives. A discourse that often encounters Department still concentrated on management costs during periods of low growth. For now, only BNP Paribas was able to complete an agreement with its unions. Elsewhere negotiations are ongoing.

They have taken a particularly difficult at Societe Generale, affected, in addition to the financial crisis, by a succession of setbacks: Kerviel affair, the uproar caused by stock options for executives … Wednesday, 8.5% of employees by management , 30% for CGT representative, went on strike. They call about 2% increase against the 0.7% proposed by management, embellished a stake of EUR 600.Frederick Oudéa, the new CEO of Societe Generale, is expected to manage this conflict, rare for a bank to the social body traditionally welded with its direction. Employees of HSBC France were also called the strike on Tuesday. "At least 600 people marched on the Champs-Elysees, notes Gerard Huger, the delegate CFTC. Management does not hear us, we will write to the headquarters in London, and organize new day of mobilizations in France. "Management has identified for its 6% share of strikers in Paris and 12.8% in the provinces.

In LCL, Crédit Agricole group, the unions expect one-day strike in January. Until then, they organize events December 2 at the last negotiating session with management. Side BPCE (Caisses d'Epargne and Banques Populaires), negotiations begin.

While Free is soon to land on the mobile phone market, operators are in battle. SFR puts together all the stops to improve coverage of its 3G mobile network.

Behind the obligations contained in its license, the operator covers only 80% of the population, instead of the 98% required. Rival Orange is also delayed but to a lesser extent, since it covers 85% of the population. Bouygues Telecom, which started later, he is ahead: it already covers 79% of the population for a requirement of 75% in late 2010.

This topic will be up for discussion with the regulator (Arcep) in December. Orange and SFR, which could theoretically fine, should actually commit to a new schedule of obligations.

SFR, which has invested 1.4 billion euros in its network in 2009, promises to invest at least as much this year.A reminder that the business of mobile operator needs to have deep pockets. Meanwhile, he announced Tuesday the sale of a new cabinet, "SFR 3G Home," sold 299 euros. Clean the box Web client, this case is actually a mini-antenna technology ( "femtocell"), is improving coverage at home.

"Tool of comfort"

"It is a tool of convenience for our customers. This provides a good mobile coverage in the back room, for example where the mobile goes wrong, where in his second home, "says Jean-Marc Tassetto, general manager marketing and public SFR. 82% of subscribers who do not pick up well at home, would be interested in this type of product, according to the operator. Another initiative SFR announced Tuesday the launch of an offer Internet access via satellite (from 34,90 euro per month dish included).It is for 500 000 homes, located mostly in rural areas, still lack access to ADSL. SFR for the occasion partnered with satellite operator Eutelsat. Such an offer has already been launched in early 2009 by Orange.

Along with improved network coverage, the operator must also cope with the sharp increase in traffic. Indeed, with unlimited internet boom on phones, consumers are now e-mail, surfing, downloading video, music streaming. All activities demanding network capacity, leading all operators to invest to avoid saturation.