World and National News

Thousands of patrons are expected today on the HEC campus in Jouy-en-Josas, a suburb of Paris to attend the first day of summer schools of the MEDEF, will run until Friday.

Re-elected handily in July for a second term of three years, Laurence Parisot has decided to head for the international competitiveness of enterprises. It therefore logically chosen as the theme for this event "The strangeness of the world" to show how the economic crisis has transformed the rules and forces companies to explore new modes of employment. "We face a world that we know but we do not recognize: we know China and India, but we did not imagine they would change so quickly at this point," says the President of the MEDEF.

175 stakeholders from 27 nationalities will be present during these three days.The opening session will be addressed by business leaders from North and South. Hari Bhartia, President of the Confederation of Indian Industry, John Chambers, CEO of Cisco, a giant high-tech American, Jacques Diouf, FAO Director General, Tom Donohue, president of the U.S. Chamber of Commerce and China's Yan Wan , founder of sina.com, China's first website information on the Internet, will interact with Laurence Parisot.A telepresence, an improved form of teleconferencing, will allow the Chinese to attend these debates.

Defending entrepreneurship

Ten cabinet members, including Christine Lagarde, Minister of Economy, Herve Morin, Minister of Defense, and Hervé Novelli, Secretary of State for SMEs and Crafts, as well as leaders of the CAC 40, which Frederick Oudéa , CEO of Societe Generale, and Christophe de Margerie, Total's CEO, will participate in these universities.

Medef will also defend the spirit of enterprise and new forms of entrepreneurship as a freelancer. The employers' organization wishes to put his back under the banner of "competitiveness more equitable.

She also wants to emphasize the key role of medium-sized companies employing between 250 and 5000 employees, SMEs and micro enterprises to resume growth.Laurence Parisot hope that the next G20 dealing with the matter of funding.

According to the latest figures published by the Centre for Documentation and Information Assurance, 500,000 people each year in France are victims of dog bites. And 60,000 cases require hospitalization. There is no data in France for the financial evaluation of these accidents. The U.S. comes in contrast to publish figures. In 2009, 4.7 million dog bites have cost 412 million dollars to U.S. insurers. A sales up 6.4% compared to 2008. On average, a complaint involves the payment of $ 24,000 to the victim. Swiss insurers were also interested in the costs of the bites. Nearly 10,000 people are attacked each year, and the invoice amount to 3.3 million Swiss francs per year (about 2.5 million euros) for insurers.The vast majority of dogs live happily without causing an accident, the teacher must still ensure ensure their pets to avoid disappointment. French law provides that the person having custody of an animal's owner or a person to whom it was entrusted for a long time – is responsible for damage that it causes.

Residential Property and Casualty

Most dogs can be insured under the "liability" with the contract signed comprehensive home for the accommodation of their owners. It is nevertheless necessary to learn about the extent of the guarantee.Some insurers do not cover all the damages and provide for the retention of a franchise.

In addition, this type of insurance that takes into account the damage caused by dogs to others (people being run down, bites, car damaged when it struck …) If the damage takes place at the home of the owner, only insurance including a comprehensive coverage will pay for furniture. Furthermore, companies may make the acceptance of the contract to different criteria. The age of the dog is particularly taken into account. If the animal has never been satisfactorily and has over ten years, the coverage may be denied.But other features can also complicate the underwriting of insurance, such as whether the dog is used as part of an occupation, size or race.

The category of dog

Many news items in recent years have indeed tightened regulations. Three pieces of legislation have established a classification of animals known as "dangerous." Several breeds have been grouped into two categories: the dog considered "attacking" (Tier 1) those of "custody or defense '(category 2). However, the law requires owners to purchase liability insurance for such animals. If the contract owner's insurance does not cover these risks, most companies offer the added option by paying an additional fee.If this is not the case, the owner will change insurers and take out insurance with another company that offers this option because it can not be purchased independently of a housing contract.

Finally, we must know that all these contracts do not cover the costs of care for injuries suffered by the animal. This will require specific health insurance, whose coverage is also more or less extended from reimbursement of veterinary consultations, to support operations or vaccine in France only 2% of the animals have health insurance, against 80% in Sweden.

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The report Roussely, devoted to the layout of the French nuclear industry, was discussed at midday in the context of a council of the nuclear policy statutorily chaired by the Head of State.

Written in a mission entrusted to the former President of EDF, this report was sent to Nicolas Sarkozy last May, before being classified "top secret" in the name of protecting a number sensitive data.

Eagerly anticipated by the industry, it delivers several lessons particularly interesting. Like this recommendation to create a Department of Energy. Meanwhile, the role of EDF as team leader of France's nuclear part of an international development – is clearly stated no fax cash advance.

However, this leadership role of the electrician is first and foremost, reserved for countries new entrants into the nuclear. The report also states that Roussely relationship between EDF and Areva must be much more successful. In other words, the strategic partnership between the two companies are held without being recorded numerous clashes. Finally, it is not any conclusion of this report, the GDF-Suez will become a nuclear operator of reference in France is totally ignored. In short, EDF retains all hands on this sector.

D-Day for Marcello Convite the boss of the small company that wants tricolor Carmat conquer the world with its first total artificial heart biocompatible. This Tuesday, in fact, that the start-up takes its first steps on the Paris Stock Exchange, having packed the heart of investors. In difficult market conditions, the SME accompanied by Truffle Capital, its largest shareholder (30%) and EADS, has done better than expected, raising 14.5 million euros at a price of 18.50 euros per share enhancing from the outset the company 75 million. A great appreciation for its Director General who has taken brilliantly in the year, new to him, the financial road show.

This Italian 57 years, trained in computer technology and speaks five languages, has not missed any arguments to "sell" the young company and its innovative and promising.His prosthesis, implantable total artificial heart developed by Professor Carpentier of the Georges Pompidou Hospital, from 2013 should help save tens of thousands of cardiac patients. A challenge that fascinates Marcello Convite former IBM and Fiat, paid for thirty years in the life sciences. He held until last September to senior posts in the American International Edwards Lifesciences, who had just bought to Professor Carpentier's revolutionary concept of cardiac valves. For Dr. Philippe Pouletty, CEO of Truffle Capital, with the artificial heart (which will remain French …), Carmat has "all the ingredients to become a global technology company beautiful. "A great adventure of entrepreneurs, leading the veteran of the biotechnology industry has also brought public in April and companies Neovacs Deinove.

Carmat is, in fact, primarily a story of men.An R & D secrets first, initiated in EADS by Jean-Luc Lagardere and Professor Carpentier and developed for 15 years by a team of engineers led by former "Mr. International" of EADS, Jean-Claude Cadudal, president of Carmat.

Beside him, the engineer, former head of EADS big projects, and "very good teacher," Patrick Coulombier, also played a key role. It is today, with Marcello Convite DGA society. It was created in 2008 under the leadership of Philippe Pouletty because, after the release of préprototype, "he had to go to the next level." By convincing the engineers of the European giant switch in the start-up and live the adventure.

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The trading hours of that Friday marks a break after it is true, trying for a week to investors. Since Monday, the market has lost more than 5%. Of course, markets will pay close attention to monthly statistics showing employment in the United States which will be unveiled before the opening of Wall Street. But they seem they are already included in the indices, because Wednesday the investigation uncovered ADP than-expected figures for private use.

Thursday came another statistical support with the recent claims of unemployment rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally announced. This does not suggest the best for this afternoon.

The CAC 40 displayed an increase of 0.75% within minutes of opening to 3364 points and advanced more moderately by 0.29% to 3349.73 points shortly after noon.

Note that the meeting in Paris will be exceptionally today around 41 values because of two new entities of Accor.

The trend has been better after the session on Wall Street to limit losses. At the close, the Dow Jones lost 0.42% to 9733 points, the Nasdaq was down 0.37% at 2101 points and the S & P 500 drops 0.32% to 1027 points. This has encouraged the European markets to dare a technical rebound this morning. This morning in Asia, also dominated the calm markets.

On the face values, we will therefore:

Bank stocks. The banks borrowed yesterday less cash than expected to the ECB, were reassuring.But, according to the Financial Times, a score of banks would be forced to raise capital after testing resistance. Societe Generale 33.585 to yield 0.84%, BNP Paribas 1.72% to 44.24%, Credit Agricole stabilizes.

Edenred (new name of Accor Services) made its market debut. The award technical reference of the title was set at 11.40 euros, a figure which is located in the lower range of 11-14 euro advanced Tuesday by the chairman of Accor at its general assembly and lower than its During Thursday on the gray market, which was around 12 euros depending on traders. In the first exchanges, the title earned more than 24% to 12.24 euros.

Accor is mishandled and lost 5.18% to 23.420 euros. According to Les Echos, the group is also about to give the caterer Rail Wagons-Lits to French Newrest.Moreover, according to the newspaper, the proposed IPO of Lucien Barriere, another subsidiary of Accor, will be presented to analysts on July 7.

GDF Suez (EUR 22.99 0.86%). Standard & Poor's said on Thursday lowered the outlook notes A/A1 group's "positive" to "stable", judging unlikely that the group achieves and maintains financial circumstances justifying an increase in his notes.

BNP Paribas and BPCE, the parent company of Natixis announced an alliance in consumer credit, which will require the development of a common platform operational from 1 January 2013. The BNP Paribas gained 2.09%. Natixis yield 0.41%.

Schneider (0.59% to 81.37 euros) said Thursday it was in talks with the city of Ashgabat, Turkmenistan, on the renovation of the city's power grid.The Tribune reported Friday that the group has secured this contract, the newspaper figure at 1.3 billion dollars (1 billion euros).

LVMH (+0.34% at 85.49 euros) is about to acquire a Brazilian company, the leader of the country of the online sales of perfumes and cosmetics.

Beneteau lowered from 17% to 15% of its target revenue growth for fiscal year 2009-2010 within the scope of delays in deliveries of vessels. The builder of sailboats and motorboats, however, confirmed its target of operating profit to 37.5 million for its fiscal year ending in late August. The title resists: he won 3.32% to 11.06 euros.

Is this a declaration of war? A sneak attack against a competitor already criticized from all sides? Rating agency Standard & Poor's announced mid-week she placed the note in its rival Moody's under review with negative implications. Translation: "S & P is considering lowering the rating of its counterpart.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency derives she shot in the foot by publicly expressing concern about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

Barack Obama called on Congress to pass a fifty billion dollars in new credits. The main objective of this recovery MINIPLAN: avoid elimination by the U.S. states of tens of thousands of civil service jobs. Despite the return of growth since last summer, the financial position of local communities is indeed alarming.

If Washington does not 300,000 as teachers, firefighters and police officers are threatened by new cuts, from California to upstate New York. Some 84,000 civil service jobs have already been eliminated by U.S. states since the beginning of the crisis. "People are suffering. We want the economy continues to grow faster. We want to see an acceleration of job creation, "said David Axelrod, an adviser to Obama.The latter supports the project being developed in the Senate that provides $ 23 billion for the salaries of state officials, in addition to 25 billion dollars to cover the expenses of state health and benefits the poor.

Tax increases and deficit

Other provisions are included in the package the Senate. It is an extension of benefits for long-term unemployed, as well as various tax breaks to municipalities and the research budgets of companies. A portion of these expenses is expected to be financed by tax increases. One concerns some investors in private equity and venture capital funds. But the amount released from the controversial tax planning is estimated at 19 billion dollars cheap pay day loans.The other would affect the oil companies, companies whose popularity is at its lowest because of the oil spill in the Gulf of Mexico. Each barrel sample of their offshore platforms is awarded a fee of 41 cents against 8 cents so far.

The use of these funds to increase deficit has attracted serious opposition from Republicans and a growing reluctance on the part of Democrats. The latter, in view of the November parliamentary, are sensitive to anger more and more voters to soaring public debt since the accession of Barack Obama in the White House. "We are tired of spending increases" summarizes Steny Hoyer, leader of the Democratic majority in the House of Representatives.The recent primary elections have shown that conservative fringe of the electorate is mobilized for candidates of a new profile, hostile to public spending.

Republicans, concerned about the danger of massive job losses of teachers and firefighters, insisting that the exceptional aid to states financed by spending cuts in other budget items.

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Sanofi-Aventis and Novartis, the case is closed. For Glaxo-Smith-Kline, not yet. The French state, which had ordered millions of vaccine against H1N1, was canceled last January some of the orders, forcing him to pay compensation to these laboratories.

In all, the French government had ordered 160 million doses of vaccines, including 94 million to Sanofi Pasteur, the vaccines arm of Sanofi-Aventis European leader, at 50 million British Glaxo-Smith-Kline (GSK) and 16 million Swiss Novartis.

While the epidemic of influenza was less concern, the Health Minister, Roselyne Bachelot, has gone back on his feet and set aside 2 million doses from Sanofi-Aventis. Novartis has seen its order reduced by 7 million units, while GSK shipped 32 million in vaccines and less.

It was last January. At Matignon, Francois Fillon met Henri Proglio, CEO of EDF, and Anne Lauvergeon, president and CEO of Areva, to ask them, among other things, to settle their trade disputes in progress. Since then, several weeks have passed and little has changed. In any case the most sensitive issue, that of Eurodif, Areva plant located in the Rhone valley and which enriches uranium for the nuclear plants of EDF.

The contract between the two companies for these operations will run until the end of 2010. Then, or more precisely from 2013, is the brand new Georges Besse II plant – currently under construction – which will take over Eurodif. With, already, a solid contractual basis between the two groups since the short period 2013-2032.However, for the years 2011 and 2012 – the last two operations Eurodif – nothing is planned.

Specifically, EDF does not extend the current contract. Besides the fact that it has stocks of enriched uranium, the electrician lights will also appeal to other providers, namely the Anglo-German-Dutch Urenco and Russian Tenex. Moreover, Georges Besse II shall work more than 40% for EDF, while qu'Eurodif provides in recent years more than 60% of uranium enriched to EDF.While Areva did not deny the right of the speaker to act as he does, "except that before initiating a long lease on Georges Bessei, there is room for both groups based on a better footing," said an industry expert.

Mediation ultimately

But most importantly, the group led by Anne Lauvergeon, the end of the partnership with EDF on Eurodif is extremely penalizing financially. Even if he is careful to communicate officially on the subject, Areva made its accounts that would be tantamount pour2011 et2012, to an operating loss of around 500 million euros. This is not the spreading of the current production of enriched uranium to provide a solution.Similarly, for Areva impossible to find one or more replacements to EDF: In a sector as sensitive as the nuclear industry partnerships are formed very early.

As for EDF, the decision to discontinue its activities with Eurodif could pose problems on the technical level. Currently, two of the four reactors at the plant near Tricastin run on behalf of the enrichment plant, which alone consumes 5% of French electricity production. In other words, the electrician will have to "evacuate" a surplus of electricity on a very consistent network still inadequate. During negotiations, Areva has raised the possibility of reducing the power Eurodif to affect more than a reactor there.

The social aspect, too, is in question. Currently, a thousand people work at the site of enrichment. EDF has made a proposal for resumption of such personnel.But there is no indication of either side, both companies refused to comment on the developments of a commercial negotiation.

Now widely aware of the "problem Eurodif, governments have not yet decided. "The teams are working on it tend to consider separately the optimum of both companies, making it difficult to find a solution," said one expert dossier. In any event, the outcome is expected before summer.

We dare not imagine that these two companies majority-controlled by the State does not end up agreeing. In the meantime, the prime minister could still be forced to intervene. A mediation ultimately still destructive in terms of image for the French nuclear industry.

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Click on the thumbnail to enlarge the graphics.

Compared to one year in 2009 particularly salty on the front of local taxes, the slight increase looming for 2010 seems almost like a lull … "Elected officials have until April 15 to vote on 2010 budget, but many have anticipated the future. My first impression is of limited and moderate increases, "said Philip Lawrence, in right-wing chairman of the Finance Committee at the Association of Mayors of France. Lille, Strasbourg, Lyon, Bordeaux, Nice, but Pau, Mulhouse, Toulon: many municipalities have opted in 2010 not to raise tax rates and residential property taxes. And the increases are reasonable in Albi (1.9%), Marseilles (2.9%) and Toulouse (4.2%), even if the increase goes wrong in the Pink City where opposition has denounced the absence of investment justifying rate increases.Exemplary, the city of Rodez is even lower than 1% of its tax home this year, but this case is extremely rare!

In terms of departments, which also accuse households, the situation is identical. The Gard and the Rhone, for example, have opted for stability. The increase was 1.8% in the Upper Rhine and Lower Rhine and 2% in the Cotes d'Armor. The general council of the Aisne himself has chosen to increase property taxes but to lower the tax. Finally, one region has raised interest rates: Alsace. It is true that the regional councils were encouraged to moderation, in this election year!

Play it safe and limit investment

The electoral cycle also explains the relative wisdom of Commons this year. The mayors have used their first full year term in 2009 to increase the tax pill, so you do not have to be taken thereafter for unpopular decisions.The rate freeze comes in Nice and after soaring 14.8% in 2009! "Faced with crisis, the municipal councils play caution and prefer to limit the investments. In Seals, for example, I do not remake the road, "says Philip Lawrence.

The behavior of the departments is more surprising since they are much affected by the surge in social spending. "But higher taxes do not tell us enough. The general advice is therefore resigned to cut spending in grants to associations for example, "says one to the Assembly of the departments of France (ADF).Or they choose to enter into division, as the President of the General Council of Seine-Saint-Denis, Claude Bartolone, who intends to vote on Thursday a budget deficit – which is illegal – in protest against the decline social benefits paid to his department by the State in the sum of 75 million euros.

Still, the picture is far from idyllic for the taxpayer. Firstly because even in places where rates are stable, their taxes will increase by 1.2%. Indeed, property taxes and housing paid by households are a multiple of a tax rate (passed by elected officials) with a base consisting of the rental value of housing. But this basis is adjusted this year by 1.2% nationwide. Then, all elected officials have not given up the hype tax. In Paris, the rates will still rise by 8%. Even punishment in Perpignan, where taxation was wise for nine years.In addition, there are finally some surprises Tax garbage collection, which jumped 20% incidence in the urban area of Marseille.

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