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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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It's a story that Societe Generale would have preferred to keep to herself. Since the freezing of Libyan assets earlier this year, the French bank has made its discreet yet welcomed funds investments of the Libyan Investment Authority (LIA), the country's sovereign wealth fund of Muammar Gaddafi. According to a document published by the NGO Global Witness and Le Monde on Thursday, the LIA has investments in three funds of SocGen, now frozen: Soc Gen Europe Medium, Soc Gen CODEIS Strategic Equity Fund, and Soc Gen Cross Roads 5Y Link Notes. This is a set of structured products that allowed Libya to diversify its portfolio.

The case was not even interesting for the French bank that has faced very disappointing returns in 2010.Thus, the value of the three financial products is increasing between the first and second quarters last year, 1.8 billion dollars (1.27 billion euros) to 1.05 billion. The only funds specializing in Europe, Soc Gen Europe Medium, which alone weighed 1 billion dollar saw its value drop by 43% to 498 million.

BNP Paribas, JP Morgan, Goldman Sachs …

The French bank is obviously not the only one who sows the seeds of funds from the Libyan regime. The names of several banks are well surface, which another French BNP Paribas, as well as American as JP Morgan and Goldman Sachs and Credit Suisse and Britain's HSBC. In total, these financial institutions managed almost $ 5 billion in assets (3.5 billion euros) over the 55 billion dollars of financial assets of the LIA.Overall, losses collected by these funds would be heavy: their value would be increased from 5 to 3.5 billion dollars last year.

But for NGOs, collected more than the losses is the involvement of these prestigious institution in managing the funds of a scheme which is now discredited defendant. "It is striking to see how many large institutions were ready to do business with the Libyan regime, knowing the potential risk of misuse of state funds for personal use," says Robert Palmer Global Witness, in the columns of the Financial Times.

In his defense, Societe Generale said it acted legally and accurately manage the investments of several state funds in the same way.Remember, the banks and financial institutions held 8.233 billion Libyan dollars (5.84 billion euros) in deposits and loans from French banks to September 30, 2010.

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Not yet a candidate, Christine Lagarde was already the favorite to succeed Dominique Strauss-Kahn to IMF management, but two rivals have already expressed. Mexico will formally nominate Agustin Carstens, Governor of the Mexican central bank, said Sunday the Minister of Finance of Mexico. He "has the capabilities and qualifications to lead an institution of the importance of the International Monetary Fund," he said. Governor of the Bank of Mexico since January 2010, Agustin Carstens has been deputy director general of the IMF from 2003 to 2006.

Moreover, the Belgian Finance Minister, in office since 1999, Didier Reynders, said Sunday also be "of course" interested in the job. "These are functions that do not refuse," he added. But Europeans seem more a united front around the candidacy of the French Minister of Finance.This weekend, his candidacy has received the support of Germany and the United Kingdom cash till payday advance. The Congo would also like to see take the job.

In France, Martine Aubry said yesterday that the appointment of Christine Lagarde at the head of the IMF "would be a very good thing for our country and for Europe." However, Francois Bayrou is against, saying "do not approve economic policy which was followed by France" and lamenting that "Ms. Lagarde was the main actor of the case Tapie.

In a joint statement, Australia and South Africa have called Sunday a nomination on merit, not nationality.A position shared by the representative of Switzerland to the IMF.

After the resignation of IMF Managing Director, accused of attempted rape by the American courts, nominations for his successor will be officially opened on Monday, and until June 10

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Financial markets and agricultural raw materials do not mix. In any case, what does France think G20 chair. The Hexagon actively campaigning for the establishment of a regulatory firmer prices reaching highs that had not been seen since the 2008 food crisis. "The grocery market has become political," Ralf Oberbannscheid annoyed, fund manager DWS Invest Global Agribusiness, the largest sector with a portfolio of $ 5 billion.

While in Paris, he wanted to do an update on this burgeoning sector of agro-industry, he said, "has enormous potential" still under-exploited due to poor image enjoyed investors. "Today, governments assume that all investors are speculators.However, soaring prices is often because of industrial needs, such as when the giant American Pilgrims Pride massively bought seeds to feed his chickens in 2008. " Even if it confirms the need for transparency voiced by France, the professional agricultural investment offended when we talk about regulation. "The country will not follow those rules, and capital will go elsewhere. It's insane, "he slice.

According to him, the debate provoked by soaring food prices should just be an opportunity to call operators to invest more heavily in the entire value chain of the food sector, "farm to plate."

Buy everything from Monsanto to Tesco

This investment policy, DWS Invest Global Agribusiness implements it since the birth of the fund in 2006.The strategy is simple: take stakes in companies related to the sector, from upstream to downstream. In other words, investing in farms, transport companies, restaurants or distributors. "We do not invest directly in commodities which reduces our exposure to volatility," said Ralf Oberbannscheid.

Massively present in the United States (36.8% of its portfolio) and emerging markets (25% to 30%), the fund holds stakes in more than 800 groups as diverse Danields Archer Midland, Syngenta, Monsanto, Unilever and Tesco. The choice of companies is, as the manager, on financial grounds but also ethical. "We strive to meet our own farmers to make sure they practice an agriculture that respects the environment", explained Ralf Oberbannscheid.

The potential of emerging

In the area of ​​agro-industries, this fund was born five years ago is the oldest, demonstrating the reluctance of investors to enter this minefield. The high volatility of this market, linked to climate change is one of the biggest barriers to ambition. "There is indeed a rising number of disasters. But the tools of analysis and forecasts are now more reliable than before, "says Ralf Oberbannscheid. Investment opportunities are also large enough to offset this effect difficult to control. "Countries in the process of urbanization attract richer people, who eats better and will expand the segment of organic food for example. This is the case of China, Brazil, Russia and Ukraine, "said the latter. Biofuel, despite the controversy it generates, should also put greater pressure on demand.Finally, inflation in food prices should benefit distributors groups. Because as pointed out by the investor, "you can go without gasoline, but no food."

For the manager of DWS, "there is still much to do." FAO says that "it will produce more food in the coming decades that whatever was produced on the last 10,000 years." Demographic studies estimate that the world population will surge to 9 billion by 2050. In other words, tomorrow. "In the past 40 years, we have not invested enough in the diet, so it was done in copper or iron. It also explains the sharp rise in food prices, "said Ralf Oberbannscheid. Remarks confirmed by the report Cyclops 2011 on commodities."Beyond the economic outlook in the short term, we must hear the message of the market: the world is hungry and we must invest to be able to feed," noted Philippe Chalmin, coordinator of the study.

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Accor is considering separating from Lenôtre, catering luxury present in thirteen countries with 64 schools. This decision was under review by the two structures for some time, the company said. The transfer of Lenôtre is linked with the change of strategy group, which wants to focus entirely on the hospitality sector, according to a statement released Friday.

Accor believes this project could be beneficial to Lenôtre: according to him, Lenôtre development could be accelerated if the repurchase by a group in its sector.

Already, potential buyers have expressed interest in buying this prestigious culinary group, said Accor, which is careful however to specify the identity and business of the suitors."The bodies representing staff were informed of these discussions and will be consulted when a project is developed more concrete," the statement said without giving further details cash advance payday loan.

Under pressure from some major shareholders, Accor has launched a process of refocusing on the hotel. He has sold its prepaid services, become Endered, sold the business to restaurants in the trains of the Compagnie des Wagons-Lits and sold the walls of a large part of its hotel brands Novotel, Sofitel and Formula 1 keeping only their management.

The announcement of this proposed sale leaves investors indifferent. This morning at 10:30, the title of the Accor Group in effect losing 0.33% to 30.15 euros in a market down 0.32%.

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 Paris Bourse continued to rise Wednesday. The CAC 40, which arrived Tuesday night to close just above the 3900 points has exceeded this time the threshold of 4000 points to 4004.62 points for a gain of 2.46%. Investors put aside fears about debt to focus on strong corporate earnings.

Side currency, the euro resumed height and climbs above 1.44 dollars on Wednesday enjoying renewed interest from investors for the risk. Around 11:20 in Paris, the euro stood at 1.4477 dollars against 1.4334 dollars late Tuesday. The European currency enjoys a renewed interest from investors for risk.The euro was also buoyed by the success of a bond issue for Greece, which borrowed 1.625 billion euros Tuesday to three months, during a broadcast more than three times oversubscribed.

Oil continues its launch, after rebounding yesterday in New York, supported by a sharp weakening of the dollar. The market remains concerned that high prices could weigh on demand and tensions in the Arab world. earns $ 1.22 a barrel to 109.50 dollars, in a context conducive to higher commodity prices in financial markets with a marked weakening dollar and rising stock market.The gold, it reached a record high on Wednesday morning, climbing beyond $ 1500, supported by persistent concerns about the global economy.

Japan trade surplus sealed

In France, industrial orders rose 2.4% in February after a sharp fall in January (-6.1%), the export orders is also rising (+3.5%) according to figures from INSEE.Within the EU, the European Commission on Wednesday urged an increase of 4.9% of spending in the 2012 budget of the European Union, an extension of 6.2 billion compared to 2011, already deemed "unacceptable "by the United Kingdom at the time of austerity across Europe.

Japan's trade surplus plunged 78.9% in March over one year to 196.5 billion yen (1.7 billion euros), weighed by the consequences of the earthquake and tsunami of 11 March.

PSA Peugeot, Bic and publish their figures Mersen

PSA Peugeot Citroen (4.71% to 28.45 euros) posted a turnover up 10.2% in the first quarter.The automaker on Wednesday confirmed its forecast of operating results for 2011, despite a likely impact of 150 million euros from the earthquake in Japan.

Bic (6.78% to 64.30 euros largest increase SBF), which has published a net increase of 52.3% due to consumer product, and despite the cons-performance products and promotional advertising. The group says 2011 could be the result affected by the cost of raw materials.

L'Oreal (3.12% to 85.80 euros) announced a net revenue growth in the first quarter, buoyed by an acceleration in North America which helped offset sluggish sales in Western Europe.Note also that Liliane Bettencourt, heir to L'Oreal and second richest woman in the world according to Forbes, the property was recovered from the island of Arros and reflects a way of showing the public its fabulous collections of paintings, furniture and jewelry, can be read in Le Figaro payday loans.

Also note the titles STMicroelectronics (6.11% to 8.38 euros) and Alcatel-Lucent (5.15% to 4.16 euros) leapt at the Paris Bourse, driven by quarterly results from Intel and IBM U.S. that exceeded market expectations.

NicOx freefall

Saft (3.97% to 30.88 euros) announced that its joint venture with U.S. firm Johnson Controls has been selected to supply the battery system powering the electric motors of future Chinese carmaker Beijing Electric Vehicle Company (BAIC group ).

NicOx (-17.66% to 1.88 euros) announced Wednesday its decision to withdraw the application file for permission to market its anti-inflammatory Naproxcinod in Europe.

GDF Suez (2.28% to 27.08 euros) states his displeasure when the government has formalized Tuesday in tariff of electricity from nuclear power for EDF's competitors. This decision precipitated also the question of a reconciliation for Poweo, reads in Les Echos.A reconciliation with Direct Energy would make sense, "says Loïc Capéran which the group hoped a wholesale price of electricity sold by nuclear EDF at 35 euros per MWh.

Credit Agricole (2.58% to 10.93 euros) reaffirmed that successfully pass the new tests of resistance and meets the criteria of Basel III solvency without resorting to a capital increase.

The French group Technip Petroleum Engineering (2.76% to 75.32 euros) announced Wednesday it had won, in consortium with Tome Engenharia, a contract to supply equipment and monitoring of their operation in a refinery group Brazilian Petrobras.The contract amount was not disclosed in the statement.

NYSE Euronext (1.73% to 27.42 euros): Nasdaq OMX Group and Intercontinental Exchange (ICE) have sought to open negotiations on a buyout of NYSE Euronext's offering of $ 350 million in case rejection of their offer by the authorities.

Spir Communication (1.29% to 41 euros) has confirmed a target EBIT profit in 2011 after signing up 3.5% of its turnover in the first quarter thanks to its Internet operations.

Transgene (-0.88% to 12.59 euros) has issued operating income of 3.56 million euros, against 3.48 million a year earlier, thanks to increased research grants. In late March, the biopharmaceutical company had cash of 169.8 million, against 180.3 million in late 2010.Its cash expenditures amounted to 10.6 million in the first quarter.

Tonight, after market, expected sales of Accor, Schneider Electric, and APRR HighCo.

In the wake of massive demonstrations against employees of the pension reform in the month of September, the president promised to take better account of the drudgery. The daily Les Echos, the new rules allow for early retirement – at age 60 instead of 62 years – are ready to come into force. The draft orders were submitted Monday to the Commission of accidents and illnesses that must review them before publication in the Official Gazette.

These decrees provide that to continue to retire at age 60, the insured must prove that a disability rating of over 20% caused by illness or accident.The retirement age is then lowered from two years.

17 years of exposure

For insured persons with disability rate ranges between 10% and 20%, the process is rather more complex. This amounts to a lot of musculoskeletal disorders (MSDs). Employees must then prove they were exposed for at least seventeen years of difficulty factors. These are precisely defined by the decrees. These include carrying heavy loads, uncomfortable postures, work at night …

The case of employees who apply for early retirement will be reviewed by a commission whose members are representatives of state and social security. The Commission will have four months to decide.

If proof of 17 years of exposure is not required for employees suffering from occupational disease, the trade unions believe it is inappropriate to TMS.The CGT said that this term does correcpond to any reality. according to the CFDT, over a quarter of TMS appears to exhibits ranging from one to ten years. Syncicats also denounced the lack of recourse against the decision of the Commission if it refuses the early departure. Only possibility to look to the court of social security which could be blocked quickly by the CFDT.

The new rules should come into force at the same time that the law on pension reform on 1 July.

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Optimism is back this Friday on the Paris, following the CAC40 was in the red all week. The benchmark index in Paris opens up 0.48% at 4029.07 points. Yesterday, Thursday, despite a slight improvement, the index in Paris ended on a fourth session of declines, amid political tensions in Libya and soaring oil prices. Since the beginning of the week, the Paris index was down 3.55%, but reaching back to the symbolic 4,000 mark.

The trend is reversed so this morning's speech on OPEC's likely response in case of disruptions in oil supplies has restored color to the Asian stock markets. Yesterday's meeting was hesitant to Wall Street, but lower indices has been limited. The Nasdaq has even increased from 0.55% to 2738 points.

Even optimistic about other places Europen, the FTSE-100 index of London Stock Exchange gaining 0.28% during early trade, to 5936.29 points. For its part, the DAX index of the Frankfurt Stock Exchange advance more cautiously, 0.13% to 7139.88 points.

Little news on the macroeconomic front

So investors will keep their eyes fixed on the political situation in Libya and the risk of contagion to other challenges big oil producing countries. Side of macroeconomic publications, the news will remain limited.

Few significant indicators across the Atlantic on Friday set apart from the publication of the index from the University of Michigan on consumer confidence for the month of February (3:55 p.m.).

In France, INSEE published a fall in consumption of the French in January.Business failures for the month of September 2010 will be known at noon.

Side currency, the euro climbed against the greenback Friday, crossing the threshold of $ 1.38, supported by speculation about a rate hike from the European Central Bank next week to stem inflationary pressures, according to traders . At 8:00 in Paris, the euro bought 1.3821 dollars against 1.3797 dollars on Thursday night.

Pert EADS the contract of the century in favor of Boeing

CGG Veritas: 8.63%, to 25.86 euros

The oil services group announced Friday a net loss for the fourth quarter due to special charges related to its plan to improve profitability.The group is free cash flow positive 2011.Il said its industrial investments and multi-client should reach 600 million dollars in 2011.

EADS – 2.70%, to 20.21 euros

The aerospace manufacturer lost the tender for the delivery to the U.S. Air Force, 179 tanker aircraft, after the invalidation of the previous contract awarded in 2008. It was eventually awarded to rival Boeing, but the European manufacturer has 10 days to appeal on this contract of 35 billion dollars.

Thales: 0.79%, to 26.85 euros

Ten days after a profit warning, the specialist defense electronics, aerospace and security, has published annual results sealed by provisions amounted to 721 million euros related to contracts as underachievers 'Military Transport Aircraft

Saint-Gobain 3.57% to 42.23 euros.Largest increase in the CAC40

The building materials group aims to accelerate its organic growth this year, in line with the rebound in activity recorded in 2010, driven by industry demand and buoyant emerging markets. Its CEO, Pierre-Andre de Chalendar also put on a strategy of acquisitions more aggressively.

Valeo: + 5.39%, to 43.02 euros

The automotive supplier has returned to profitability in 2010 and resumed the payment of a dividend for the year past. He expects an improvement in its operating margin in 2011, driven by buoyant U.S. and Asian automotive markets.

Eiffage: 1.16%, to 40.82 euros

The company intends to renew growth in 2011 after a third consecutive year of stagnation in sales, concessions have yet to offset the sluggish construction.

Aeroports de Paris: 1.05%, to 63.46 euros

The group announced Thursday the results confromes expectations with growth of 5% of its Ebitda to 927 million euros in 2010. By 2015 it wants to increase by 40% in 2015 compared with 883 million registered in 2009. Its sales rose 4.0% to 2.739 billion euros in 2010 – despite an almost permanent traffic – and net income group share grew by 11.3% to 300 million.EPA anticipates a recovery significantly higher than expected air traffic in 2011 which should enable it to accelerate slightly the growth of its revenues and EBITDA.

Air Liquide: 0.44%, to 92.28 euros

The gas giant said Thursday night that a financial institution entrusted the mission to assist for the realization of part of its share repurchase program authorized by its shareholders last year, within a million titles.

Sanofi-Aventis: 0.28%, to 49.45 euros

The lab announced Thursday the approval and completion of the acquisition announced in October 2010, Chinese BMP Sunstone, for 520.6 million dollars ($ 10 per share). The transaction will allow it to create a platform for public health in China, strengthening its presence in emerging and non-prescription drugs, two of its major growth drivers.

After the close, the Bel cheese will also publish its annual turnover.

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