Business & Financial News

After the failure of mobilization of the autumn against the pension reform, the 2011 edition of the Labor Day does not look like a grand cru. The union leaders Francois Chereque (CFDT) and Bernard Thibault (CGT) in the procession leading the demonstration on 1 May 2010 aris

The assertion of "equal rights" between French and foreign workers and discontent on the purchasing power should dominate all organized May 1 by five unions, anxious to contrast their values ​​with those of the National Front, whose Troops will parade the same day. In a reflux period of great social struggles after the failure of mobilization of the fall, powerless to block pension reform, the 2011 does not look like a grand cru.

"We will not be in a May 1 special," said Annick Coupe, spokesman for Solidarity, unlike 2009 when all unions had mobilized against the slaughter of all social plans at the height of the crisis. Especially that "the nature of the May 1 public holiday will be less this time said," This day falls on a Sunday, is Marcel Grignard, number two of the CFDT. TF boss, Jean-Claude Mailly "does not believe" that 2011 "will be part of the largest raw." His troops will as usual aloof, while CGT, CFDT, FSU, Solidarity (SUD and others) and autonomous UNSA parade in the same procession.

Nadine Prigent, head of the CGT, the situation is "paradoxical." "There is every reason to make a big May 1", with unemployment still high, purchasing power at half mast, particularly among government officials, and "unhappiness" at work."Employees are mobilizing on issues they think they can get something. But convergence and inter-national is complicated," observes the union. Especially as the bargaining unit, strong against the pension reform, has eroded the tandem CGT-CFDT taking divergent positions, including negotiations with employers.

Specialist trade unionism, the researcher Jean-Marie Pernot note "a climate a bit morose." Admittedly, "we see a lot of mobilizations on wages," but these movements "are scattered." In this context that offers few prospects for employees, there is a "race to defend the popular classes," he observes. The unions are facing the offensive of the extreme right to the working class.Besides a survey data, however fragile, would occupy the position flattering Marine Le Pen in the segment of the electorate, the "coming out" of a few unionists posing as candidates of the National Front in the cantonal elections of March was seen by a warning signal by the confederations, which have responded with a common text against "national preference".

The call for May 1, Inter took the exact foot-cons theses of the extreme right, one of the slogans is "fighting for equal rights and against all discrimination, including on migrant workers ". "We will not leave the street to the National Front on social issues", asserts Nadine Prigent.This call is at the forefront "international solidarity of the working world," with "support to the peoples of Arab countries that rise to the dignity and freedom", when the FN is wary of these attempts at emancipation, fearing for First a wave of emigration to European countries. "This question of democracy and human rights in the world is a phenomenal challenge. It is at the heart" of 1 May 2011, said Marcel Grignard.

DSM world's leading manufacturer of vitamins, beat the consensus on Wednesday and said he was able to maintain its margins despite higher raw material costs, which boosted the stock exchange.

The Dutch group has reported a 27% jump in operating profit from continuing operations, to 231 million euros, well above the highest forecast at 196 million issued by analysts.

"We're more flexible now and we can successfully pass on higher commodity prices," said Chief Financial Officer Rolf-Dieter Schwalb to CNBC.

He said that DSM had begun to increase its prices in the third and fourth quarter of 2010 had accelerated this trend over the last three months.

Group sales rose 16% in the quarter to 2.23 billion euros, against 2.13 billion expected by analysts.

"Our outlook for the remainder of the year is positive and we believe that 2011 will be a good year", said Group Chief Executive Feike Sijbesma said in a statement.

4.71% took the title to 8:10 GMT.

The public deficit reached 10.5% of GDP in 2010, exceeding the 9.4% previously estimated by the government, according to Eurostat. Greek students fleeing Greece to seek employment abroad

The general government deficit in Greece reached 10.5% of GDP in 2010, exceeding the 9.4% previously estimated by the Greek government said on Tuesday the European statistical institute Eurostat.

The debt in turn is mounted to 142.8% of GDP, against 142.5% previously expected, said Eurostat, which publishes the figures for deficit and debt for 2010 reported by EU states.

Late March, the Greek Finance Minister George Papaconstantinou warned that the government deficit in Greece for 2010 would be "very likely" than the estimated percentage of 9.4% of GDP, selected based on the Finance Bill 2011.

In 2009, the deficit in Greece reached 15.4% of GDP, and debt 127.1%, said Eurostat.

The Greek press had reported in March that an audit conducted by officials of Eurostat in Athens revealed a deficit of 500 million euros in the accounts of public pension funds, instead of a surplus of 900 million euros previously recognized.

The release stated, so that confirmation of these data would increase the deficit in Greece 2010 to more than 10% of GDP.

Renault and PSA Peugeot Citroën will be repaid "in the coming days," the entire loan of three billion euros each granted by the state in 2009, Eric Besson said Friday.

"They had already paid two billion each, they will perform in the coming days for another billion in advance of schedule," said Minister of Industry on France Info.

"Both manufacturers Peugeot and Renault will pay the state more quickly than expected all six billion they received two years ago," he was welcomed.

"The money they had borrowed for five years they will be repaid in two years," he added.

President Nicolas Sarkozy had announced in 2009, in the heart of the crisis, an "Auto Pact" totaling 7.8 billion euros in aid to the sector in return for a commitment on employment and the sustainability of sites assembly in France.

Renault and PSA Peugeot Citroen had been given each a loan of three billion euros over five years.

Some economists do not share the view of Hervé Morin and Claude Gueant. Immigration is not a burden, but a factor of social mobility for locals. Explanations. Herve Morin said on Monday: "migration weigh on the purchasing power because they weigh on earnings."

Migrant workers in France do they get the wages down? The claim, heard in political debate, is dismissed by many economists, who sometimes even evoke a positive and remember that this complex issue does not lend itself to a Manichean.

"Migration weigh on the purchasing power because they weigh on earnings," said Monday the president of New Center, Herve Morin. He supported the interior minister, Claude Gueant, who wants to reduce the number of legal immigrants to 20,000 per year.Before him, the president of the National Front, Marine Le Pen, has said in a speech: "1% more immigration is 1% less in wages." She cited a study by the Economic Analysis Council, itself based on work by American researchers (Joseph Altonji and David Card) which revealed a negative impact of immigration, but only on low wages.

According to many economists, however, these empirical studies the U.S. "can not be applied to France" where the labor market is rigid and where the minimum wage acts as a shield "Protector".

"Whatever the level of unemployment, we need a legal immigration"

"The minimum wage prevents the absolute wages to disperse and moderate in the presence of increased immigration," said Yannick L'Horty, a professor at the University of Paris-Est, provided that the immigrant workers' low-skilled "and" paid at or near the minimum wage. " By cons, if the foreign labor force is highly qualified, "the dampening effect on wages is possible" but "very unlikely" because in this case it is "occupations under pressure" for which firms find difficult candidates, and therefore "wages are rigid" and their downward trend implausible.

A recent study by two researchers, Javier Ortega and Gregory Verdugo, covering the period 1962-1999 in France, even detects an impact, "positive" of immigration on wages."In part because immigration allows domestic climb the ladder of occupations" and go "into better paying jobs," they write.

Etienne Wasmer, Professor, Department of Economics at Sciences Po, France also believes that immigration can have a "positive effect" on the wages of certain categories: "Companies are finding a workforce longer available, can recruit faster workers who accept more flexible working hours. " This allows a "performance improvement" and "this positive effect will be distributed in part to capital and partly to work" and therefore wages.

Another positive impact, says Olivier Ferrand, president of Terra Nova (near the PS): the vast majority "immigrants in France work, contribute to national wealth and strengthen our aging workforce."However, a black point remains: the impact on unemployment, the unemployment rate for immigrants is more than double the national average. But in total, according to this expert, "with 100,000 legal immigrants per year" (excluding students), only 20,000 workers, "France is no longer a host country." "Immigration is an objective to a low low and therefore has a weak effect on the labor market."

Dominique Paille, president of the French Office for Immigration and Integration (OFII) and member of the Radical Party, "whatever the level of unemployment, we need a legal immigration" because "some jobs did not find any way takers among national employees.

Bic said Wednesday to expect this year to a level of operating margin standard lower than that recorded in the first quarter of 2011 when it emerged up 6.1 points to 20.3%.

The specialist pens, lighters and razors in a statement reported a turnover up 8.4% to 409.9 million euros for the first three months of the year, despite a decline 15.5% of the division's sales and promotional advertising products to 58.9 million.

Revenues in the first quarter of BIC are superior to market expectations.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a turnover of 394.40 million euros.

"For the full year, the group's performance could be affected by currency fluctuations and rising commodity prices," said Mario Guevara, CEO of Bic.

In terms of activity, the company expects for 2011 a growth of about 5% of sales on a comparable basis of its consumer division, while the activity of BIC (APP products and promotional advertising) should decrease by some 5%.

"The first quarter was difficult for sales of BIC APP but we're starting to see the positive effects of the integration plan and we are confident about a return to sales growth for 2012," said Mario Guevara.

The group's net profit stood at 53.9 million euros, against 35.4 million a year earlier and net income of 46.10 million expected by the market.

The CEO of NYSE Euronext on Monday defended the proposed merger with Deutsche Boerse, giving its competitors a desire to discredit him.

Duncan Niederauer's comments came three weeks after a cons-bid launched by the operator Nasdaq OMX Group and IntercontinentalExchange, wishing to spread the American and European operations of NYSE Euronext.

This offer was rejected on April 10 by officers of NYSE Euronext, which deemed it too risky and contrary to the interests of their group, while reaffirming their desire for a rapprochement with Germany.

"Although some industry competitors are exploring ways to disturb us, discredit us or distract us, we do not believe that a breakup of our company in order to regionalize is the right strategy," said Duncan Niederauer during a financial forum organized by his group.

"Contrary to what you might have heard elsewhere, that our proposed merger that will create a true pan-European exchange operator," he said about the offer launched by Deutsche Börse.

The leaders of the four operators are working to convince shareholders of NYSE Euronext that their strategy is best.

Finance ministers of G20 countries agreed Friday on the development of measurement methods to evaluate three indicators for identifying trade and financial imbalances, "said a delegate of the G20.

The G20 should be able shortly to designate countries that will be a second series of tests which could include identifying undervalued currency and excessive accumulation of reserves.

Currencies and reserves are not included in the indicators themselves.China had already expressed opposition to such a solution during the G20 summit held in February in Paris.

The agreement reached Friday in Washington that focuses on indicators that principle had been approved at this meeting, the public debt and deficits, private savings and borrowing, but also trade balances and other components of the balance payments from any country.

The G20 delegate refused to designate countries that might be on a list established after a preliminary analysis.Sources have mentioned earlier, however, the names of the United States, China, Japan, Germany and France and other countries.

The estimates include:

* An assessment of imbalances of a given country by borrowing models specific to that country.

* Comparisons of similar imbalances between countries between 1990 and 2004.

* Comparisons of imbalances between the G20 countries as a whole between 1990 and 2004.

The period from 1990 to 2004 was chosen because it precedes the formation of large trade imbalances which were instrumental in triggering the financial crisis, said the delegate.

Discussions between representatives of the G20 countries have also taken on the proposal of France to overhaul the international monetary system, particularly on the issue of expanding the pool of special drawing rights (SDRs), the unit account of the International Monetary Fund, said the delegate.

The finance ministers did not consider however that the CSD had become more important in the monetary system and they should serve as a reserve currency.

A consortium of CNP Assurances and the Caisse des Depots (CDC) has made an offer for 25% of GRTgaz, the structure which manages the pipeline of GDF Suez in France for 1.1 billion euros.

The public consortium, which conducts advanced discussions with the group of utilities, will GRTgaz to expand outside France through the acquisition of shareholdings held by GDF Suez in Germany and Austria, say the releases issued Thursday by the two parties .

For the energy company, this operation would be part of a program of asset sales of 10 billion euros over the period 2011-2013.

French law allows the opening of the capital pipeline but stipulates that the capital GRTgaz can be held by Gaz de France, the government or corporations or public sector organizations.

GRTgaz, which employs 3,000 workers, recorded in 2010 a turnover of 1.515 billion euros, gross operating profit (EBITDA) of 803 million and a net profit of 316 million.

Present on 85% of French territory, the company manages 32,000 km of pipelines, is the longest gas network in Europe.

Between 100 and 200 former employees of the Sandouville are destitute for several months. Involved, delaying the age of retirement. CGT requires that the manufacturer supports these former employees. A demonstration of workers at the Renault factory at Sandouville in 2008.

Former employees of the Renault factory at Sandouville near Le Havre, who opted for voluntary redundancy will say today penalized by the pension reform that leaves no resources for several months, the CGT said Tuesday.

These ex-employees, aged 58 or 59 years now, had been supported by Assedic through a vast plan of attrition between 2008 and 2009. Accessible to the device for some "long careers," they hoped to retire after their severance period."But with the postponement of legal age, they are deprived of resources for several months and forced to seek work while it was definitely not planned," said Nicolas Guermonprez, secretary of the CGT union.

According to the union, between 100 and 200 ex-employees would be affected in Sandouville and "surely" on other sites where the voluntary separation scheme was applied. "We demand that Renault management supports these employees who gave a portion of their lives to build cars for the group," said Nicolas Guermonprez.

For its part, the management of this facility ensures that any employee volunteers were informed of the conditions that surrounded their departure. "All devices have been provided with an indication that they could evolve," said a spokesman for the plant which has 2,500 employees today.The spokesman added that in the eyes of management, these former employees had left Renault and no longer now "contractual relationship" with the company. Around 1,350 employees had left the Sandouville under the Renault Voluntary Plan (GRP), which provided a total of 4,000 starts in the parent company in France and 2,000 in other French and European subsidiaries of the group.