Business World |

The government wants more than ever, give pledges of seriousness on the issue of deficits. On 20 May the Head of State had announced its intention to amend the constitution so that every elected Government embarks on a path of structural balance is imperative, as well as on the date on which the balance of government finances public must be reached.

Without waiting for the amendment of the constitution, Francois Fillon took the lead. In a letter that the Prime Minister has just sent to members of government, he asks them to "stop inserting provisions that affect tax revenues or social security in ordinary legislation.A real revolution!

For material already deposited and bills that have not yet been examined, the head of government asked its ministers "to submit amendments for the deletion of such provisions and to oppose a negative opinion of the Government any amendment which would tend to introduce. Members of the government "shall not in any way rely on the wisdom of Parliament," wrote François Fillon.

François Fillon finally asks ministers to screening assessments for all tax provisions that they want to introduce in the Finance Bill or draft law on financing social security. All this will lead ultimately to limit the creation of new tax loopholes

This was both a first and a dress rehearsal. In six years of Socialist government, the unions had never called for a national strike in Spain José Luis Rodríguez Zapatero. But since the mobilization of officials Tuesday, the divorce between the executive and the two largest trade unions – Comisiones Obreras (CCOO) and CGU – is officially consummated.

Pressed by their bases, the unions had no choice but to break with Zapatero. That, of course, the single most dramatic deficit reduction plan that set fire to the powder: falling wages in the public service, 5% on average in the month of June, arouses indignation public employees. But the unions' own admission, is the absence of any consultation that infuriates most."We do not even ask for the withdrawal of the measure," says Julio Lacuerda, the Secretary General of the Federation of utilities UGT. The unions are aware that these decisions will be implemented. The austerity plan is required by markets, the European Union and … by the United States, including the president himself, Barack Obama, called Zapatero Payday advance low fee.

A war of figures

Therefore, the event serves as a test of officials for each game. The first testing their strength before calling, "if necessary", a general strike. The executive, for its part, gauge the discontent before announcing new measures unpopular. First, the reform of the labor market, to be unveiled June 16 Meanwhile, everyone engaged in a war of numbers.For unions, 75% of staff were on strike Tuesday. The government says they were only 11%.

Above all, workers' representatives refuse to be the only ones to pay. "Why do we keep our troops in Afghanistan? Why do we continue to offer 900 million euros in tax subsidies to the Catholic Church? "Interrogates Julio Lacuerda. While Zapatero announced the creation of a new tax on the rich and inspired by the French TFR. But according to his own statements, "99.99%" of the Spaniards should escape.

ALSO READ:

"Spain announces a new dose of austerity

»COMPUTER GRAPHICS – The European tour plans rigor

Optimism on the air. The International Air Transport Association (IATA), which represents 230 airlines companies accounting for 93% of global air traffic, has revised upward its net earnings forecast for the sector, saying it would return to profit this year , thanks to his efforts to "reduce costs and restructuring, but also to promote economic recovery.

The association now expects the world's airlines recorded a profit of 2.5 billion dollars in 2010, she said during his meeting in Berlin on Monday. In March, it expected a loss of 2.8 billion. With a loss of 9.4 billion, 2009 was the worst year the industry has experienced.

Strong rebound in air traffic

"The global economy out of the depths of the financial crisis much more quickly than expected.The airlines benefit from the strong rebound in traffic and back into the green, "said IATA Director General Giovanni Bisignani. "This is the first profit since 2007," he said. According to the association, air traffic is expected to jump by 7.1% this year.

Consequently, the total revenue the airline expected to reach $ 545 billion in 2010, against a forecast of 522 billion last March. A performance well above 483 billion recorded in 2009, but always below the 564 billion revenue in 2008.

"We thought we would have at least three years to make up for the loss of 81 billion (14.3%) of revenue that we suffered in 2009," said Giovanni Bisignani, saying the airline industry has found "his levels before the crisis "at 75%.

Europe alone in the red

The Director General of IATA has bolted not yet.With a margin of 0.5%, "we are far from sustainable profitability," he warned. Especially as the expected improvement is not concern the industry as a whole. "Europe, with a weak economy, is the only region to be in the red with losses of 2.8 billion, has again warned the general manager.

Giovanni Bisignani, director general of IATA, in Berlin. Photo credits: AFP

Paris does it include more shops soon open on Sundays? The Paris council will debate Monday a potential expansion of trade in the capital Sunday. The mayor of Paris Bertrand Delanoe is however already strongly opposed to such a scheme.

If the proponents of the law on Sunday working wish thereby enable businesses to increase their turnover, Bertrand Delanoe, who has appointed a group of elected officials from all sides Parisian floor several months on the question, do not hear it that way. "There is neither need nor necessity or emergency, or a shared desire for such an extension, in essence considers the mayor of Paris, which the Constitutional Council in August 2009 gave the opportunity to rule, like all other mayors on this issue.

Criminalization of local business

No economic utility, first.If the opening of shops for tourists is indeed likely, as the mayor of Paris, to generate additional profit, opening their destination of Parisians could produce a windfall, which will penalize businesses not open . But seven tourist areas already enjoy an exemption allowing them to open on Sundays. A figure well enough for the mayor of Paris, who feared penalize shops.

"Most major retailers have an interest in the Sunday opening, but on the side of all shops and facilities nearby, it is fear which prevails, says Jacques Bravo, mayor of the 9th arrondissement. "If you open Sunday we will be forced to follow and if we follow, we run the risk of dying," they proclaim in substance.

Working conditions deteriorated

An analysis which added two concerns on the part of the City Hall of Paris: the deteriorating working conditions of employees, mostly women, working in the sector, and of promoting a model of society based on consumption only. Bertrand Delanoë should not give the green light Monday to the extension of Sunday trading.

Even the perimeter comprising Boulevard Haussmann, Galeries Lafayette and Printemps, should not be eligible for an exemption. Even as the opening of these stores, very attractive to tourists would have had conceded the mayor of Paris, economic relevance. This should give way to the chagrin of the Chamber of Commerce and Industry of Paris and the department stores, including the desire to grant to residents of the 9th arrondissement a period of serenity one day a week.

For its centennial, the fund invests Strategic Investment (ISP), launched there just eighteen months, has chosen to support CGG Veritas. This intervention takes place through the acquisition of the group's shares listed in Paris and New York, up from just over 170 million euros, or 6% of capital. The fund, which became the largest shareholder of the company, ask an administrator to the council table. "This is a significant commitment of ISPs, says Gilles Michel, Director General of public funds. One of our three missions is to strengthen the capital of companies listed on major technological potential. Upon entering the capital of CGG Veritas, we conduct our sixth investment of this type. "

This, incidentally, the third stake in an oil company, after Vallourec and Technip.With a market capitalization of 2.7 billion euros, CGG Veritas is smaller than the other two groups supported by the fund, but the company employed 7,500 strong positions in its areas of specialty. It is a world leader in providing services in imaging for identifying hydrocarbon reserves, both onshore and offshore, it is also the world leader in seismic equipment.

"We are proud to be regarded as a business with great potential by the ISP, and it does not mark a turning point for the company, but it will allow us to further develop the technology to improve the image of the basement" , commented the President of CGG Veritas, Robert Brunck on line pay day loans.

Long-term shareholder

The entry of ISPs also aims to secure a capital highly fragmented.IFP (French Petroleum Institute), long the largest shareholder, holds only 4.2%. And the company has 700 funds in its capital.

With the strategic fund, about 10% of the capital are now in the hands of public shareholders and long term. "The presence of ISPs in the capital makes CGG Veritas attractive for other long term investors," said Gilles Michel. For him, securing the capital enables these dynamic companies to focus on growth rather than spending time managing financial issues.

Problem even more crucial that CGG Veritas is an average actor in a sector parapetrolic won by a movement of concentration. Schlumberger has made two acquisitions in quick succession.The industry giant has launched at the end of winter a bid of 11 billion dollars on Smith International, before you spend a few weeks later, one billion euros to afford the French Geoservices. Many observers consider that competitors, including Halliburton, would replicate …

"If the euro fails to go higher than $ 1.24, a new test of the lowest annual is very likely," warned early this morning, the analysts from Saxo Bank. The new incursion in the $ 1.22 actually arrived very quickly and a low annual dollar touched 1.2110 in late morning, while the previous floor was 1.2144 dollars (May 18) .

The symbolic level of $ 1.20 per euro is very close, even if the euro regained some strength on Tuesday afternoon (1.2239 to 16.30 dollars), after publication in the U.S. two good indicators on construction and manufacturing activity, which reinforce the prospects of a good recovery across the Atlantic.

To believe in technical analysis, however, a return of the euro against the dollar is 1.166 "inevitable".The lower this morning placed parity in graphic form delicate figure, called "double bottom" (in the form of a W) that had drawn these days was conducive to a strong rebound momentum. But with this new low index, the scenario is shattered. Below 1.21, the euro / dollar is vulnerable to a return to 1.18 and 1.166, is the course that was in effect at the time of its establishment 31 December 1998 low fee pay day loans.

The banking system under pressure

The euro has suffered Tuesday morning due to problems of sovereign debt that could spread to the banking system.The ECB has in fact warned Monday in its biannual Financial Stability report that banks in the euro area could face a potential second wave of loan losses may amount to 195 billion euros over the next 18 months Because of the financial crisis.

Lagarde: "Exporters do not complain"

French exporters, who complained when they felt too strong euro against the dollar, do not say anything since the European currency has weakened, said Tuesday the Minister of Economy Christine Lagarde in the corridors Assembly.

"Me, they (exporters, Ed) were all behind my door when the euro was at $ 1.45, claiming that the Euro was too strong (…) I have one today. So I think for them it should work. "

ALSO READ:

"Technical analysis: Euro / dollar: degradation for