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The base effect was particularly favorable. But overall, companies listed on the CAC 40 – stock index comprising the 40 largest market capitalizations in France, headed Total – can boast of in the first half of fiscal 2010 profits up 86% over the first six months of 2009. Profits have almost doubled, reaching some 41.5 billion euros, against less than 23 billion a year earlier. To recall, throughout the year 2009, profits amounted to 47 billion euros payday advance lender.

Alone, Total, BNP Paribas and France Telecom accounts for one third of total profits. Total remaining the most profitable company in France (by far) Continue along the road and with an increase in profits by 28.1% in the first half of 2010 versus the first half of 2009.Other companies that have successfully managed the first half of the year, L'Oreal and LVMH, the luxury market is still juicy, Sanofi-Aventis and Capgemini, who continue their acquisition strategy.

The firms play the game of real recovery? Their profits are excellent on both sides of the Atlantic in the second quarter. At the same time, growth remains too low to reduce unemployment and the specter of a double dip recession. Economists blame the companies responsible for this widening gap between profits and growth.

"The companies have not shared enough of their profits with their employees, and this could dampen the recovery," says Aneta Markowska, economist at Societe Generale CIB. In the U.S., the share of corporate revenues redistributed to employees has dropped from 59.8% in the second quarter, its lowest level since the Second World War.

Recruitment at half

Paradoxically, "the companies that have entered the crisis with little debt and thus did not need to rebalance their balance sheets, accumulate cash and threaten the recovery," says Aneta Markowska. Their cash is now nearly 6% of their assets, against less than 4.5% before the crisis. A level not seen since the 50s, according to figures from Societe Generale CIB. The most obvious translation of this strategy, they block the hiring.

Natixis, the head of economic research, Patrick Artus, made the same observation. In a classical revival, the increase in profits resulting from investment, thus creating jobs, which in turn produce growth. But this time it's different.'Distortion of revenue sharing to the detriment of employees led to the weakening of wage and salary income, thus accentuating the weakness of domestic demand, "says Patrick Artus in a note. In the U.S., it will need more time to households in debt up to his neck to clean up their finances before eating again.

Uncertainty

If companies are ants and jealously guard their cash flow, because a great uncertainty surrounding the economic outlook. Because of fears of fallout in recession, "they do not know what will be their future profits and (in the U.S., Ed) they have difficulty in measuring what the impact of tax measures on the viability of their projects investment ", according to Societe Generale economist IPC.

Growth at half-profits on the rise, "he will have to get used to the difference," said Patrick Artus, who believes this is a trend. First, large groups are investing in emerging markets with high potential, which boosts their results. Then the credit market freeze that followed the bankruptcy of Lehman Brothers has scalded. They now want to finance their own investments and not to depend on external funding.

For the first time since 1980, the number of three public (state, territorial and hospital) have stagnated in France in 2008. Specifically, they rose only 1800postes. From never-seen since 1980. At 31 December 2008, according to report data annually on the Public Service published yesterday, the Hexagon were almost 5.3 million employees, or 20.5% of total employment, and 656,000 more than a decade ago.

The virtual stagnation of 2008 is largely to the credit of the state civil service has continued to decrease in population from 2006. It has eliminated 77,000 jobs last year, including through non-replacement of a staff of two who retire and to continue the policy of transfer of powers to local authorities. This represents a decline of 3.1% of its workforce in a year.France, employs 2.4 million civil servants, 69.5% and 14.1% of holders of soldiers. This total is 1.4% lower than in 1998, representing a decline of nearly 35,000 agents in a decade.

The numbers have declined in 2008 across all departments, with the exception of Justice and the prime minister. The portfolios of Education and Ecology have been most affected by the cuts with cuts respective 43,000 and 23,000 agents. Finally, almost a two-state official now works in education, one in five of Defense and Interior to eleven.

2328euros per month for a state agent

Another finding of the report 2009-2010 on the state of the public service: local authorities have continued to recruit with a vengeance with nearly 70,000 new jobs in 2008.The local civil service now employs 1.82 million people. A total of 3.9% higher than in 2008 and, especially, a surge of 40% compared to 1998. This dramatic increase is partly related to the second law of decentralization occurred in 2003. The regions – which employs only 4% of all local officials – have been particularly intensive public sector jobs as they saw their numbers jump over a decade, from 22.5% on average each year and even 49% per year since 2005. In more than one in four cases, recruitment occurred three years prior to 2008 had nothing to do with transfer of responsibilities from the State.

The public hospital has, meanwhile, was more reasonable since the increase of its workforce in 2008 was four times lower than that of local authorities: 1% over one year or more 10000agents.At December 31, staff of public hospitals accounted for approximately 1 million people. Those numbers have increased, on average ten years, 1.8% each year.

Pay later, an officer of the state received an average of 2328 euros net per month in 2008. An increase of 3.7% in current euros a year and 0.9% after allowing for inflation. Territorial Agent earned nearly 600 euros less and a hospital, 150. In both cases, the territorial and hospital officials have seen their wages decline in net income a year, by 0.6% and 0.1% in constant euros.

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It is the birth of a new global leader in Internet gambling traded. The operator of online paris Austrian Bwin announced Thursday an agreement to merge with its British rival PartyGaming, a wedding to 1.7 billion dollars.

Bwin, listed on the Vienna Stock Exchange and specializes in sports already claimed the leadership position in Europe with a turnover of 373 million euros in 2009.

The second, quoted in London and more focused on poker and casino games, carried 309 million in sales last year. The new group will be listed in London and based in Gibraltar.

The shareholders will own 51.6% Bwin – those of PartyGaming else – but it redeems PartyGaming.The merger will be completed in the first quarter of 2011.

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The U.S. stock markets continue their advance on Tuesday, as European stock markets and the momentum of the day on Wall Street. At the opening, the indices are green, but increases small. Very quickly, the Dow Jones up 0.37% at 10,564 points, the Nasdaq is up 0.44% to 2306 points and the S & P 500 by 0.44% to 1120 points ..

Yesterday, the market was driven by good news from the real estate sector still observed under the microscope by investors. Sales of new houses in the United States have indeed rebounded more than expected in June, 23.6%. On Tuesday, a new publication, the Case-Shiller index of home prices meets the individual operators stock market is increased more than expected in May in the United States, +0.5%, a move which still reflects a sustained level of sales, helped by a tax credit.The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

Another highlight of the week at the macroeconomic level, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter is expected this week.

On the foreign exchange market, the euro continues against the greenback.Around 15:30, the euro was worth just under $ 1.30, but the threshold was crossed earlier.

The ball takes Publications

On the side of values, as BP leads the rating declining by 1.5% to 38.12 dollars in early trade Payday Loan for Bad Credit. The amount of the quarterly net loss of oil exceeds $ 17 billion, a record high. The group is preparing to sell $ 30 billion in assets and confirms the resignation of its CEO.

The U.S. financial services group CIT (-0.21% to 38.92 dollars), which serves a clientele of mainly SMEs, on Tuesday released a second consecutive quarterly profit and announced it had reduced its debt by three billion dollars.The net income was $ 142.1 million, and reported the number of shares equivalent to 71 cents, while analysts were not expecting that 33.

The group has however indicated that he had once again increased its provision for credit losses, bringing them to $ 260.7 million over the period April-June But this element, as well as pay increases decided to retain employees, was more than offset by asset sales, earnings and tax collectors.

For its part, the world's number one defense, Lockheed Martin (1.73% at 73, 17 dollars) Tuesday reported higher quarterly earnings expectations and raised its annual profit forecast by emphasizing buybacks and improved results in the satellites public.Net income for the second quarter was $ 825 million or $ 2.22 per share, against 734 million or 1.88 dollars per share in the second quarter 2009.

Today investors await quarterly results include sitting in the middle of those of DuPont.

Always on the side of values, the European Commission on Monday opened two investigations to IBM. It suspects the group of computer abuse of dominant position on the markets for servers.

The sun should be looking good these next few days on the coast of the Vendee and Charente-Maritime. In this time of summer vacation, the sea should also be delicious. Nothing like with the weather of February 28 last, when the storm Xynthia that swept the country sowed chaos in this part of the Atlantic coast. In the only common Vendée La Faute-sur-Mer and The Sting-sur-Mer, the most affected by the storm, 29 people died. Nearly five months after the tragedy, these two villages devastated recovering gradually. But in this popular tourist region during the summer, Xynthia has left marks that plagued the start of the season.

If the Office of Tourism Osten-sur-Mer laments a decline in attendance of about 10%, traders stand more negative findings."The customer is down 30% to 40%," says Pascale Soussi Restaurant La Terrasse in Sin-sur-Mer. "And it was discussed among traders: It's the same for everyone. At the restaurant La Marina, sixty meals are served daily on the usual hundreds. At the Hotel du Port, Osten-sur-Mer, Sophie Ramon prepare a statement even less favorable in the hotel which was flooded by 82 inches of water in late February and closed more than a month, attendance was halved.

Three campgrounds closed

In case the destruction of several campsites and many second homes have contributed to empty the streets of the town. A La Faute-sur-Mer, the municipal camp was finally closed and that the Blue Waves should not reopen until April 2011.As for camping Municipal The Sting-sur-Mer, it is only half available: caravans and tents can again take up residence in the "upper" since July 1. But the other part, where you could rent mobile homes, chalets and caravans, remains closed for repairs. It represents, in itself, a hundred beds and less.

Overall, La Faute-sur-Mer, about 8000 tourists were least expected, on the 35,000 usually greeted each summer. Added to an unfavorable economic situation by traders, these accommodations are destroyed a significant shortfall.

Ile de Re also shows a small decrease

A few dozen kilometers south of La Faute-sur-Mer on the Ile de Ré, the damage from the storm were less important. "The island is absolutely destroyed!", Recalled the manager of a hotel restaurant.A campsite for a works council remains closed this season and the hotel Odalys does not welcome new visitors that from 31 July.

Le Relais Thalasso, also closed after the storm has finally reopened its doors on July 4 instant loan payday no TeleCheck. Four months of work have been necessary for the institution to recover from the flooding that devastated forty rooms. "Today, activity resumed normally," said facility director Didier Gireau. Our forecast for the month of August are in the standard, or even good. We have made efforts to forget the flood and that the center image is not tarnished. "

But many merchants and restaurateurs of the Ile de Ré deplore this was a small decline in attendance.Some highlight the consequences of the storm, others are pointing the finger at the most unfavorable economic environment. "The economic situation is worrying," says director of Ile de Re Tourism, Catherine Senand, refusing to incrimer the storm that left "little effects" on the island. She admits that the season has "started slowly, but expects a better August.

A "moderate" impact on departments

For François Riou, assistant executive Tourist Board Vendée, the impact of Xynthia remains "very moderate". Only 2% of the Vendee coast has been destroyed by the storm, "a tiny fringe" which does not affect his view, the department's tourism season. Facing a crowd at half this year, local tourism professionals are meant to reassuring about their prospects."Only two campsites are closed on the 400 account the Vendee," he recalls.

Even finding across the neighboring department: "After the storm, only 3% of the infrastructure of Charente-Maritime have been affected," said Stephane Villain, president of the Tourism Committee of the department. "The summer looks very good," he says. "The reservation rate is substantially identical to that of 2009 which was a very good year." And we promise to visitors that the hospitality will be at appointment: "People have worked hard to accommodate visitors in very good conditions," says Stephane Villain. They may be even better than usual ".

The image of the region involved

The image of the Atlantic is at stake, as evidenced by the television campaign to promote tourism in the Vendee.Circulated in early June, the commercials were intended to "remind the values of hospitality and tourism" of the department, according to François Riou.

The regions affected by Xynthia therefore trying now to convince visitors that they are again ready to welcome them, with their usual charm and tranquility.

The number of counterfeit euro banknotes declined in the first half of 2010 according to the biannual report of the European Central Bank (ECB). In total, 387,000 false banknotes were withdrawn from circulation, a decline of 13% over the second half of 2009.

The ECB said that "reported to the stock, up, of genuine euro banknotes in circulation (average 13.2 billion in cuts in the first half of 2010), the number of counterfeits is very small." The European institution does not specify whether the counterfeit notes were seized before their release.

Tickets are most affected by counterfeiting are € 20 (41.5%) and 50 euros (42.5%). Almost all (98%) of counterfeit notes seized this semester have been in a member country of the euro area.According to the Central Office for the Suppression of Counterfeiting Currency (OCRFM) quoted by Agence France Presse (AFP), France, Spain and Italy together account for 70% of the counterfeiting of the euro.

The ECB seeks public caution, recalling the method "Touch-Tilt-Watch" called "TRI" to verify the presence of several security features on tickets for the single currency.

The fireworks on July 14, is sacred in many municipalities, but not Mennecy. This town of Essonne is indeed one of the few to have made the choice to give up for budgetary reasons. "This is the third consecutive year that we do not celebrate the national holiday, says Elizabeth Vasseur, deputy mayor. It is a decision we made when we arrived responsibilities. Given the state of public finances, we have chosen to focus on building maintenance, or renovation of two schools being. Because we do not want to raise taxes, "she argues. The savings amounted to ten thousand euros. If people have stayed up Mennecy perhaps no worse the other 364 days of the year, few cities, however, he followed suit.

For the celebrations of July 14 remains a symbolic moment for which the municipalities continue to invest in broadly stable, despite the severity of wind hovering at the national level. In Paris, the budget devoted to one of the biggest fireworks of the Hexagon is constant since 2001. An investment of € 500,000 by July 14 to 30 tons of powder and 30 minute show. "In the current economic climate, we did not want that expense increases, say to the City of Paris. But it seems important to properly celebrate this national event. " Same story in a smaller city, Chalon-sur-Saone (71), where the budget for fireworks is roughly the same from year to year, despite a desire for renewal: "Our budget is constant for 5-6 years, explains Cédric Sementi, responsible for the event.But we chose this year to remove the sound of fire to prolong the duration of the show. " In total, 14 July festivities will be spread over five days in Chalon whole through the operation "Summer Sonatas" paydayloan.

The fireworks, creator of the social bond

Jacques Couturier Organization, which has won this year's market fireworks in the city of Paris, his explanation for this relative constancy: "The fireworks created a social bond that we all need in times crisis, analyzes its founder. Increasingly, we are asked to create fireworks outside the July 14, for example recently at the Championnat de France cyclist Vendee. Especially since the resources allocated to the festivities usually remain small relative to the overall budget of Commons.In Sceaux (92) – which does more than fireworks on July 14 for 10 years, preferring the fires of St. John – the various festivities cost about 200,000 euros to the municipality, with a total budget of 30 million. "This costs in a city hall, which is most likely to suffer from the crisis, are the social or educational expenses," said Philip Lawrence, Mayor of Sceaux.

Among Europe's leading fireworks, Lacroix-Ruggieri, there is however a slight decline in budgets. The amounts invested were stable in 2009, but budgets have contracted by about 5% this year. "All budgets ranges from 2000 euros to 500,000 euros, have been involved," says Jean-Michel Dambielle, Director General Operational Group. And if the national holiday of July 14 is still with us, removal of business tax still worried the bomb."The fiscal autonomy of municipalities will decrease their budgets might be affected, analysis Picard, CEO of Group F, creator of the fireworks in Paris in 2008. Will we still saved? We'll see next year. "

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Ensuring pension "adequate, sustainable and safe". That is the goal set by the European Commission on Wednesday, opening a public debate across Europe about pensions. One way for Brussels to contribute to debates in the member states, faced with increasing public deficits and debt.

France initiated its reform, that the legal age of retirement will be pushed back 60 years to 62 years by 2018. By 2029, the Germans to retire at age 67 instead of 65 today. Spain, whose age is currently 65, is studying a similar scenario. Finally, Great Britain, the legal age could be raised to 68 years.

These measures are widely endorsed by the European Commission, who said in a Green Paper published today on the occasion of the opening of public debate."In all Member States, an aging population weighs heavily on the existing pension plans, and financial and economic crisis has only increased that pressure," said a statement in Brussels with its consultation document.

"In Europe it is expected that the number of retirees will double by 2060 compared to the number of people who fund their pensions: the current situation is simply unsustainable. To remedy this, it is necessary to consider carefully the balance to be struck between the length of working life and in retirement, "said European Commissioner for Employment, Laszlo Andor in this release.

An average exit age increased to 70 years by 2060

Clearly, the EU executive urges EU states to a widespread decline in the age of retirement, at a time when people are living longer while birth rates are sliding. "In 2008, there were four people of working age (15-64 years) for every citizen of the European Union (EU) aged 65 years at least. By 2060, this ratio will drop to two for one ", explains the Commission. The latter considers that the average age of retirement should be raised from 65 to 70 years by 2060 to maintain pensions at their current level.

The consultation opened on Wednesday last four months, until November 15, 2010. To mobilize the citizens, the Commission established a website to collect the views of each.Based on a recent Eurobarometer survey, Brussels says that Europeans are ready to accept the measures taken by EU governments. The survey found that "73% of citizens of the European Union provide a clear decrease in their retirement or think they have to work longer or save more for their old age."

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25% reduction of drug prices in Greece, 6% discount rates to 16% from August in Germany … Across Europe, governments are spending on health to reduce their deficits. France is no exception. The government fell in April the rate of return of 200 drugs. He also announced a few days ago to further declines in commodity prices, in order to save 100 million euros by December.

If the crisis and its recent upheaval amplify the movement, several years ago that states seek to reduce the cost of their health system.In particular burden on drugs, a position that has represented France 18% of health spending in 2009, according to the latest data from the drug companies' Union (LEEM).

The means of action are diverse: reduction in reimbursements, the generic substitution of original drugs, lower price … Some treatments are even questioned. The British health authorities have announced their refusal to repay the Tyverb, treatment of GSK cons breast cancer. Too expensive – several thousand pounds – while Stretch the lifespan of patients only a few weeks, said the Nice, the body responsible for determining the reimbursement of medicines.In France, the Economic Committee for Health Products (CEPS) said it would not exceed 50,000 euros per year per patient for certain treatments against cancer.

Facing pressure from governments, laboratories are struggling to defend their margins and their ability to fund research. A common strategy is to seek approval of existing drugs for new indications …. And Roche has announced that its treatment Avastin, already used for colorectal cancer and breast cancer, could make significant progress in cancer of the ovary. If studies confirm, this new market could yield a revenue of an additional billion Swiss francs.

Lovenox, Sanofi accumulates the same success.Launched in 1987 for orthopedic surgeries, he has seen indications gradually expand its knee, to abdominal surgery, treatment of thrombosis veinales, etc.. In twenty-three years, the second drug from Sanofi-Aventis has been prescribed to 200 million patients worldwide.

The labs often winners

To fully optimize the lifecycle of a molecule, "laboratories accept a wide range of strategies, Delphine Le Louet complete, a financial analyst at Lombard Odier.Some build their sales teams to capitalize until the last moment of a drug before its patent expires and is severely challenged by generics.

Other practices include an attempt to demonstrate the beneficial effect of prolonged use of a drug or alter the chemical structure of a molecule into a new, a priori, more efficiently and with less impact secondary. This was done by substituting the AstraZeneca Inexium Mopral in a few years ago.

These methods, which allow labs to compensate for the lack of innovation, often boil down to a battle on price. Sometimes this policy entry "by the back door." "The marketing of a drug for an indication may be reduced one way of obtaining a relatively high price at first.This is often the case for cancer, where treatments are very expensive, "says Claude Allary, managing partner of consulting firm Bionest.

Whether a deliberate policy or simply a desire to make a drug available as quickly as possible, laboratories are often winners. The anticancer Tasigna, introduced as the successor of Glivec in the treatment of certain leukemias rare, is the proof. Novartis is the bill now 50,000 euros for a one year treatment.