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The year 2011 will be marked by beauty "jolts", it should nevertheless result in an increase of 2.1%, according to forecasts released yesterday by INSEE. A figure that – even if it is the thickness of the line – is widely expected to satisfy the government, including the forecast for this year is 2%. It is rare that the institute of statistics is more optimistic than Bercy!

This year has been marked by "shock," said he notes in the introduction of its quarterly. The first months left on the ground running, with a 1% growth in first quarter – "supported in part by exceptional factors, including the effects of catch-up following the strike last fall," and a phenomenon stock, is the INSEE.Industrial production was then greatly accelerated.

This is another backlash that explains the strong slowdown in the spring: the end of the scrapping a car that plunged household consumption, in the face of any support in the international environment.

But after that, the momentum for two years and would resume its place in the third and fourth quarters, growth would return to a rate of 0.5%. Households would resume eating, companies continue to invest and trade would not weigh on growth.

Peak inflation to 2.5% in October

In this context, improving on the employment front would continue. Job creation in the private sector would be of about 106,000 in the first half, then 73,000 the second 100% free credit score.The unemployment rate should fall back and to 9% in mainland France by the end of the year, "still above its pre-crisis", said Insee, however. This improvement, along with higher wages, could have played very positively on the wallets of the French. Especially since the Insee estimated that 1 billion the amount that could be injected by companies to employees by the end of the year (an amount that does not damage their margin, the precise INSEE) for the "premium against dividend" – a device that must still be approved by the Senate.

But did not count on the rise in inflation resulting from higher commodity prices. In October, a peak would be reached, with inflation reaching 2.5% year on year.As a result, gains in purchasing power would be only "moderate" in 2011, and they increase by 1%, after 0.8% in 2010.

The savings rate, which had increased significantly during the crisis, should remain at a high level, 16%.

Insee warns in conclusion that several uncertainties surrounding this scenario. On the negative side, the weakness of the U.S. economy could be more sustainable envisioned the restoration of the Japanese economy may be slower. Conversely, "face to improve the labor market, the French could break with the precautionary behavior they adopted during the crisis," and consumption grow more strongly than anticipated.

As announced in Le Figaro, the agreement on supplementary pensions signed last spring is unfavorable to executives who have raised several children, so much so that the CFE-CGC, the union executive has decided to attack the text justice.

The agreement signed in March after lengthy negotiations in effect alters the rules of pension bonus if families "many." From 1 January next year, the increase will be only 10% whatever the number of children cared for by the frame from three. The rule still in force today is much more favorable since the pensions of executives can be increased by 8% to 24% depending on the number of children.

Cap

Adjusted parallel, the amount of increase is now capped at 1,000 euros per year. Emmanuel Grimaud consulting firm optimization retirement Maxims, asked on Europe 1 this morning, made the calculation of the shortfall.For an executive who has had four children and affects 2700 euros monthly pension, the bonus is 2000 euros per year today. With the new rules, it does affect more than 800 euro mark, that is to say 1200 euros less each year. If we relate this loss to the number of years spent in retirement, 25 years on average, the loss of purchasing power reached 27,000 euros says the expert.

Emmanuel Grimaud said that once, future retired executives must make it their calculations, especially if born before July 1951.In some cases it may be more interesting for them to liquidate their retirement before the end of the year rather than waiting for the entry into force of the new text, and this even if they have not paid all quarters necessary for the full rate.

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For the second consecutive year, neither the first nor May 8 to do the bridge in 2011! Labor Day and the commemoration of the armistice of 1945 had fallen on Saturdays last year and this time it's a Sunday.

The timing, thus depriving the French of long weekends or days off, he is at least good for growth? "Sure, in theory, the more days worked, the more activity, purchases, consumption, etc.. There is an effect on the raw data, "said Vladimir Passeron, Division Chief of the quarterly to the INSEE. In fact, France will work more during the month of May, which did not include bank holiday week, the production system will run more than a year so classic.

But it will not be visible in the figures for second quarter growth to be published this summer.Because the National Institute of Statistics and Economic Studies anticipates and smooth the data "in the discipline of working days" and structural effects, says the expert.

Three Saturdays worth a weekday

This correction is not performed when calculating annual growth. Therefore, the sum of the quarterly is not equivalent to the annual accounts! However, it should not be a macroeconomic impact on GDP 2011, relative to GDP 2010. Last year there were 254 days of the week (Monday-Friday) working, there will be only 253 this year. But if the May 1, 8 May 2011 and Christmas fall on a Sunday, the holiday fell on a Saturday in 2010. Gold worked three Saturdays "compensate" a weekday break, says a study by the INSEE.

The timetable "should not impact the annual growth between 2010 and 2011," concludes INSEE.At best, it would have a positive impact of 0.06 percentage point of GDP, at worst a negative point of 0.06. Only the thickness of the line!

Nevertheless, there are years when the holidays can impact less significant. "The growth differential can be up to 1 tenth of a point or more, is Nicolas Bouzou, economist at Asterès. We also know that the years with few working days result in distributional effects across sectors, to the detriment of the industry by example and benefit from tourism. "That will not happen this year.

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In the small world of luxury hotels, it's an earthquake! Following a final meeting Thursday morning, the "jury palace" has unveiled the list of top luxury hotels, a distinction created to emphasize "excellence in French." He did that eight chosen: the Bristol, the Meurice, the Park Hyatt Paris-Vendome and the Plaza Athenee in Paris, the Cranberries and Cheval Blanc in Courchevel, Hotel du Palais in Biarritz and the Grand Hotel du Cap-Ferrat in Saint-Jean-Cap-Ferrat. Three legendary hotels in Paris does not form part of this selection: the Crillon, but the approach of heavy work, he had not applied, the Ritz, however, candidate, although it also requires a major renovation; Finally and most importantly, the George V, regularly voted the best hotel in the world!

This unexpected finding has created shock and controversy. "I have a bitter taste of victory in the mouth.Especially as the Ritz and the George V are not in the list removes all credibility distinction, "said François Delahaye same, boss of Dorchester including two hotels, Le Meurice and Plaza-Athénée, yet have received the distinction. "For those who know the hotel is unthinkable to consider that the George V is not a palace. The jury must be explained except to discredit the distinction of office, "responded Gabriel Matar, director of Jones Lang LaSalle Hotels France.

New session in November

"The jury has set the bar very high and the first eight palaces are undeniable, for his part said Christian Mantei, director general of Maison de la France.There will be future sessions in which the hotel just opened may apply, as well as those now under construction. "

The jury judged the candidates on subjective criteria, having verified that they had already met all the objective criteria established by Trump France, the promotion agency of France (room sizes, number of suites, a spa presence , number of employees by customers …).

"All decisions were taken by a majority of the ten members of the jury, said the academician Dominique Fernandez, president of the jury cheap credit report. The Hotel du Palais in Biarritz was unanimous. We visited eleven hotels. The Negresco in Nice with no hot tub, it could not be a candidate. The hotels are excluded, the Ritz and the George V in Paris, Lana in Courchevel, does not fully meet our requirements. But there was about them heated debates.They may represent themselves. Another session is already scheduled for next November. "

"All those who have been recognized fully deserve it," said Hubert Joly, board member and CEO of Carlson. Thursday, the winners also welcomed. "You can be young and palace, welcomed Jauslin Michel, president and CEO of Park Hyatt Paris-Vendome, which opened in 2002, rue de la Paix. "We had the know-how. This distinction allows us now know, on both the Paris and abroad. " "This award gives us more visibility internationally and it will not change our pricing policy, says Séverine Pétilaire, president of the Cranberries in Courchevel, which opened only four months a year. Our average prices are higher than 3500 euros a night.These are the highest in France and among the highest in Europe. "

The number one flunked

If the Ritz declined to comment, the George V, was astonished. "We do not understand. We have no explanation, laments Christopher Norton, General Manager of the hotel. The jury to tell us that we are not up to me puzzling. Our reputation is so solid. For years, we are regularly ranked first hotel in the world. Continuously, we reinvest 6 million euros per year to maintain our palace! "

The George V, owned by Saudi Prince Alwaleed and is managed by Canada's Four Seasons, was completely rebuilt between 1997 and 1999. He is currently undertaking the work of "beautification" (carpet, wallpaper and decorating).In January, The Gallivanter's Guide to the George V was ranked number one in Europe and worldwide.

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The Paris Bourse, which closed yesterday up 0.58%, is trying to take another step forward Wednesday. Halfway through, the CAC 40 advances from 0.49% to 4065.18 points. The good humor that has helped U.S. markets finish the day on Tuesday to their highest level in three years boosts the morale of investors. Asian stock exchanges have also sent a positive signal in spite of bad news in Japan, including the threat of degradation of the country's sovereign rating by rating agency Standard & Poor's.

The atmosphere was more mixed in the rest of Europe: Dax index featuring the Frankfurt Stock Exchange ahead of 0.59% to 7399.77 points, but the London Stock Exchange was down 0.16% to 6059, 67 points.

In anticipation of the Fed

At the Paris Bourse, the attention is focused on the battery of statistics expected from both sides of the Atlantic.In the euro area, new industrial orders rose less than expected in February by 0.9%. In one year, the figure is higher by 21.3%.

In France, unemployment figures will be announced after the stock market (18 hours). Moreover, the morale of French households remained stable in April compared to March. The indicator of French consumer confidence remains at 83 points, well below its long-term average set at 100 points, according to the National Institute of Statistics.

Britain has in turn reported a GDP growth of 0.5% in the first quarter (first official estimate).

United States, orders for durable goods and stocks of crude will fall in early afternoon. But it is mainly the outcome of the monetary policy committee meeting of the Central Bank (Fed) will be eagerly awaited.The Fed will announce its decision on interest rates and monetary policy should reaffirm its ultra-accommodative.

As for currencies, the euro rose against the dollar in a market without high volume, cautious monetary policy decision by the Fed. Around 11:00 am in Paris, the European currency was worth 1.4682 dollars against 1.4636 dollars on the previous evening.On oil markets, a barrel of light sweet crude for June delivery lost 19 cents to 112.02 dollars and that of Brent North Sea also June delivery yielded 22 cents to 123.93 dollars.

Values ​​to follow

Nexans: + 0.90% to 73.76 euros

The specialist cables, which in February 2011 was a return to a growth of over 5% of its sales and a continued recovery in its operating margin to 5.5%, achieved on the first three months of year a turnover of 1.754 billion euros (+13%).

STMicroelectronics: -3.74% to 8.10 euros (largest decline of ACC)

The Franco-Italian manufacturer of semiconductors said Tuesday net income group share tripled on a year in the first quarter, but below analysts' expectations, to 170 million.Earnings per share were 19 cents, as investors had forecast 20 cents. Turnover increased by 9%.

Dassault Systemes: + 2.76% to 57.75 euros

The French software developer has registered an increase of 31% of its turnover in the first quarter of 2011 to 409,500,000 euros.

Renault: + 4.72% to 41.30 euros (largest increase in the ACC)

The manufacturer has maintained its goals Tuesday 2011 saw a strong first quarter by sales and despite the prospect of a temporary slowdown in production due to the earthquake that hit Japan in March.The designer, who speaks of "record results", also confirmed its objectives of growth, margin and earnings per share for 2011.

In its wake, Peugeot won 1.58% to 30.82 euros.

EADS: -0.07% to 21.42 euros

ILFC announced finalize an order for Airbus aircraft family A320neo, available from 2015.The final agreement is initially on a total of 100 aircraft, split between A320neo and A321neo.

Publicis: -0.82% to 37.10 euros

The group announced the acquisition of advertising agency GP7, based in Sao Paulo specializing in the tourism sector, continuing its development in Brazil.

Unibail-Rodamco: 0.10% to 155 euros

The group reported a growth of 3.3% of its turnover in the first quarter 2011 to 426.6 million euros, and announced it had sold assets during the first three months of the year for a total net 422.5 million euros.

Seb: + 3% at 75.55 euros

The group reported a net revenue growth in the first quarter despite a sluggish macroeconomic environment, and saw its operating margin reached a record level for this time of year.

Sopra: -0.23% to 79.30 euros

The group announced an increase of over 10% of its turnover in the first quarter, driven by growth in all its activities, and confirmed the timing of the proposed demerger of its software division of Axway.

After market, PPR, Klépierre NextRadioTV, Ipsos, Ingenico and Gameloft will publish their turnover for the first quarter.

The Tokyo Stock Exchange closed up 0.61% Wednesday to close at 10,589.50 points in favor of an easing in the price of petroleum products in the wake of U.S. markets up last night. The Topix appreciated him, from 0.55% to 944.29 points.

Saudi Arabia has reassured the markets by saying it had 3.5 million barrels of oil available. Oil prices relaxed slightly Wednesday morning in electronic trading in Asia: a barrel of light sweet crude for April delivery fell below $ 105 at 104.63 dollars.That of Brent North Sea stood at 112.70 dollars.

In Japan, orders for capital goods in the private sector, excluding energy and shipbuilding, rose 4.2% in January compared to December, the government said Wednesday its second consecutive monthly increase.

Facing the Japanese currency, the dollar and the euro took a downward direction Wednesday during trading hours. The greenback stood Wednesday close of 82.90 yen around the European currency and a little over 115 yen.

China's debt to 59% of GDP?

In China, the trend is less optimistic. In Shanghai, about 7 hours, the CSI 300 fold from 0.08% to 3334.65 points.China announced Wednesday the expenditure of more than 1300 billion yuan (142 guaranteed high risk personal loans.5 billion euros) this year for low-cost housing, while housing prices are soaring, excluding large segments of the market population. Some 10 million apartments will be renovated or built this year for low-income households, told the press Qi Ji, vice minister of Housing, in conjunction with the annual session of China's parliament.

Surprising information from the Wall Street Journal: China's public debt rose from 17% to 59% of GDP if we include the debts of the provinces and enterprises. An unknown factor that limits the means of action in Beijing to contain inflation, the U.S. daily analysis.

In Hong Kong, the Hang Seng 0.61% to 23,855.85 wins points.The airline Cathay Pacific (4.15% to 18.92 Hong Kong dollars) will place orders for 27 new aircraft, with the European Airbus and Boeing.

Elsewhere in Asia / Pacific, the counters are quite red: the Indian BSE was down 0.31% to 18,382.88 points and the S & P from Sydney fell by 0.84% to 4767.80 points and the NZX NZ stumble from 0.20% to 3414.42 points, and the Singapore Straits Times down 0.36% at 3092.72 points.

After oil, gas. On Tuesday, the Italian ENI oil and gas cut announced that the only pipeline connecting Libya to Italy and Europe because of the violence. A decision in the wake of the cessation of petroleum activities in Libya.

The pipeline is long Greenstream of 520 kilometers and a capacity of eight billion cubic meters per year. From Mellitah in Libya, he arrived at Gela in Sicily (southern Italy). The gas passing through Greenstream from two deposits (Wafa and Bahr Essalam) operated by the national company ENI and Libya's NOC. ENI is the largest foreign producer in the country, with a production of 244,000 barrels per day and 640,000 barrels of around if one includes the appropriate share of the national carrier Libyan NOC under sharing agreements.The Italian group also sells some of the gas passing through Libyan Greenstream to others such as Italian and French Edison GDF Suez, but it is unclear how much share to the rest of Europe.

Do not panic

After the announcement of the interruption, ENI has sought to reassure that he was "able to meet the gas demand of its customers." According to Gianni Di Giovanni, a spokesman for the group, the gas from Russia and Algeria will cope with demand "for many months."

The government of Silvio Berlusconi, who met Tuesday night to discuss all aspects of the Libyan crisis with energy problems, has also assured that the situation was under control.The interruption of the operation of the pipeline does not cause "any problems with the security of supply," said Department of Economic Development who says he is ready "if necessary" to draw on reserves of gas.

For Italy, the former colonial power, the stakes are high. Libya is the third largest gas supplier in the country, behind Algeria and Russia.

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The situation becomes more blurred in Egypt and a barrel of oil rises. On the only day on Friday, the price of a barrel of light sweet crude for March delivery gained 4.32% to 89.34 dollars in New York as they leapt from 2% in London, pushing Brent a hair of $ 100 (99.74 dollars). A threshold that has not been taken since October 1, 2008.

On Monday, the rise continues. In morning trading in Asia, the "light sweet crude gained 37 cents to 89.71 dollars and that of Brent North Sea has appreciated by 18 cents to 99.60 dollars.

The Suez Canal in the heart of the concerns

This rise of prices, after several sessions swales, reflects the fear of the markets to see the routing of oil through the Suez Canal impacted by the events.Since the early disturbances in effect, port operations are slow and some employees can no longer reach their workplace. In addition, ships can no longer find in the port of Suez capable of military escorts to protect them while crossing the Gulf of Aden, whose waters are crisscrossed by hackers.

"No ship has been delayed for two days but no responsibility for immigration and customs has come to give permissions for security teams to shipments, said a coordinator of a freight company Suez. Crew changes have also been disrupted and some supplies, like food and water, are no longer transported to the port, "he added.

Nervousness

The situation is even more problematic that about one million barrels per day pass through the Suez Canal payday loans lenders.In 2009, the latest data available, more than 34,000 vessels passed through the canal, including nearly 2,700 tankers carrying approximately 29 million tons of crude. "There is some nervousness about supply and this could affect Europe more than the U.S.," said Tom Bentz of BNP Paribas.

Now, ships calling at ports in neighboring countries like Turkey or the UAE for their supplies. "If the shipping lanes closed, it will be a detour of 6,000 miles (almost 10,000 kilometers) in order to ensure deliveries," warns Rich Ilczyszyn, Lind-Waldock.

Also concerned about the situation, OPEC said that a "shortage" of oil is possible.The secretary general of the organization, Abdullah El-Badri said, however, that OPEC stands ready to increase production if necessary.

"A blip"

Some observers, however, take the situation into perspective. "Investors are speculating on the situation of the channel but it has very little chance of getting stuck in the light of financial challenges it poses to Egypt, said Djillali Hacid, technical analyst at XTB France. For now, the impact of Egypt on the course is not so huge. This is just an excuse for investors to speed up that takes place from August but stumbled on the psychological threshold of $ 100.

Evolution of a barrel of Brent since February 2010. Source: XTB France

Speed astern for U.S. equity markets. The indices are clearly stalled after the TV overseas, including financial, broadcast live images of demonstrations in Egypt. "This aversion to risk due to escalation in Egypt, and fears that the situation could spread to other countries in the region," said Peter Cardillo, Avalon Partners.

Around 18:30, the Dow Jones lost 1.18% to 11,848.60 points, the S & P 500 1280.84 1.44% to loose points and the Nasdaq dropped 2.35% to 26,890.61 points.

As a result, oil prices leapt more than 4% in New York at 89.25 dollars

USA: disappointing growth, consumer sentiment up

On the macroeconomic front, investors first learned of the first estimate of U.S. GDP in the fourth quarter.The U.S. economy grew by 3.2% in the fourth quarter, much lower than expected, but this increase was sufficient to allow the U.S. GDP of 2.9% gain in 2010 and thus fill its losses the crisis, according to official figures published Friday.

And yet the U.S. consumer morale has improved end of January compared to the beginning of the month, hopes for improvement in terms of growth and employment eclipsing concerns about rising costs of food and gasoline, according to the confidence index released Friday by Reuters / University of Michigan. The index finally settled at 74.2 for the month of January, against an initial estimate 72.7 and 74.5 in December.Economists were expecting a index to 73.2.

On the currency side, the dollar regained ground against the euro by mid-afternoon in Paris, the single currency was trading at 1.3688 dollar.

Ford stock drops

Corporate side, the ball of results announcements of fourth quarter continues, including Chevron Corp. and Ford Motor Co and Honeywell.

Ford: -9.45% to 17.01 dollars

Ford just announced a 2010 profit more than doubled to 6.6 billion. But earnings per share fourth quarter was $ 0.05 against 0.25 a year ago due to a charge of $ 960 million related to the completion of a conversion of debt. The turnover of the 4th quarter reached $ 32.5 billion.The consensus was $ 0.48 for earnings per share and 30.39 billion dollars.

Honeywell International, 0.23% to 56.05 dollars

Honeywell International announced, meanwhile, increased its profits for the fourth quarter of 2010 and raised its forecast for 2011 due to higher demand for products produced by all its units. The industrial group posted a net profit of 369 million over the period, or $ 0 free 3-in-1 credit report.47 per share, against 150 million ($ 0.20 per share) a year ago. Honeywell raised its forecast of 10 cents earnings per share for 2011, now seen in the range 3.60 to $ 3.80.

Chevron: -0.90% to 93.90 dollars

As for Chevron, the group recorded a 81% increase in earnings in 2010 to 19.1 billion.

Amazon.com: -7.25% to 171.07 dollars

The e-commerce giant Amazon.com for its part should be very guarded on Friday, after posting yesterday after market close, the results showing strong sales but margins disappointing. All indicators are green on the year-end sales on the Internet and the action of the group posted an increase of 50% yoy and 4% on the previous day, before the publication of results that the have reduced by 9.4% in electronic trading after closing. The group announced a profit of $ 416 million, or 91 cents per share against 384 million last year. Sales are up 36% to 12.95 billion dollars. That's their strongest growth since 2000.

Microsoft: -2.39% to 28.18 dollars

Microsoft surprised everyone involved on Thursday night, unveiling its results 15 minutes before the close of Wall Street.Results marked by the success of Office 2010 and KINECTS, but disappointing sales of Windows 7. This gives the arrival of mixed results. Profits are down 5% to 6.63 billion, or 77 cents per share against 68 cents expected. Turnover was up 5% at $ 19.95 billion against $ 19.2 billion expected by analysts.

Sara Lee: -1.02% to 17.46 dollars

On the other hand, the American group of FMCG Sara Leevi clarify this Friday's market strategy, after having rejected, according to press reports, two tender offers. Sara Lee has invited investors and journalists to participate in a conference call at 15:00 Paris time.Inform the direction of its "strategic initiatives" and its outlook for the year end.

In addition, LinkedIn, the social network for professionals, announced Thursday his intention to go public in 2011, an operation that should measure the appetite of investors for a possible listing on Facebook. This is the first social network to enter the stock market and on Wall Street. But the market is expected to mainly derive an omen for Facebook, the world leader in the industry, whose value is estimated at 50 billion dollars (36.5 billion euros), and other websites may make their entry offering, or as Zynga Groupon.

Congress has cooled the financial markets in the afternoon and the U.S. central bank disappointed them in the evening. At the close, the Dow Jones earns only 0.07% to 11,985.40, the S & P 500 rose 0.42% à1296, 63 points and the Nasdaq ahead by 0.74% to 2739.50 points.

The side indicators, crude oil inventories rose 4.84 million barrels to 340.57 million. Economists on average had expected a rise of 1.2 million barrels.

Sales of new homes fell 14% in 2010 to their lowest level since 1963 at least, with 321,000 transactions, according to official figures released Wednesday in Washington.The ministry said that sales of new homes jumped 17.5% in December compared to November (when adjusted for seasonal variations).

After the close of Wall Street, the U.S. central bank reiterated its caution about the U.S. recovery and thereby its share repurchase program of state assets.

New burst results

On the foreign exchange market, the euro was changing close to balance, on Wednesday afternoon. In the evening, the euro bought 1.3695 dollars against 1.3682 dollars late Tuesday, after the dollar rose to 1.3722 in the morning, a new high since November 22.

The side of values, Wall Street investors were expecting a new burst of results. United Technologies (-0.37% to 81.43 dollars), Xerox (-7.63% to 10.53 dollars), Boeing (-3.07% to 70.02 dollars), ConocoPhillips (2.62% to 69.25 dollars) were in the program.Also note, the Macworld San Francisco grand annual gathering of fans of the U paydayloans.S. computer group Apple to open its doors today and will run until January 29.

Yahoo!: -2.79% to 15.57 dollars

Always on the side of values, the U.S. internet group Yahoo! posted Tuesday a net profit doubled for both the year and for the fourth quarter, but with a turnover of patina, displayed down 2% for 2010 and still looks disappointing the first quarter. The annual net profit appears to 1.231 billion, while quarterly earnings totaled $ 312 million.The turnover 2010 was, however, slipped 2% to 6.324 billion dollars, with a particularly sharp fall in late: -12% to 1.525 billion dollars.

Boeing: -3.07% to 70.02 dollars

For its part, Airbus said Tuesday that the final report of the World Trade Organization (WTO) on U.S. aid to Boeing will demonstrate that its competitor has received substantial aid illegal and said that Europe could claiming $ 45 billion in compensation.

Juniper Networks: 6.41% to 37.05 dollars

The telecom equipment maker Juniper Networks has announced a profit of $ 190.2 million, slightly below expectations. The group's turnover is 1.19 billion dollars against 1.13 billion dollars expected by consensus.The operating margin was 24.5% against 24.1% in the third quarter.

Wal-Mart: 0.10% to 57.32 dollars

China has sentenced several distribution groups, including Wal-Mart fined for having lied about the price of their papers, said Wednesday the instance of economic planning.