National, World, Business News

Europe is ready to support Portugal in the implementation of economic reforms necessary for the country, said Thursday Olli Rehn, Commissioner for Economic and Monetary Affairs .

"To me, the solidarity of its European partners in Portugal gives the time required for the implementation of reforms," ​​he told the Portuguese parliament after he has e ; tee Lisbon asked if he needed a second aid plan after the first, 78 billion euros, decided last year.

Olli Rehn that he was not constructive to discuss the possibility of a second plane for Portugal, adding that the country should focus on its program of fiscal consolidation and re ; structural forms. 

Some economists believe that Portugal, like Greece, will need a second international aid plan.

Wednesday, Olli Rehn had felt that the situation in Portugal was not comparable to that of Greece.

He also said that Portugal was on track to achieve the goals set by the bailout of 78 billion euros.

The Post became a limited company with public capital has eliminated nearly 12,000 jobs in 2011 according to the CGT and SU. La Poste, "office of the future"

Nearly 11,000 jobs lost by departures not replaced. This is the figure announced by the CGT and SUD for the Post last year. Became a public limited company on 1 March, the Post employs about 240,000 people.  

For unions, these job losses have a direct impact on working conditions of postal workers.

In a statement, said the CGT and the Post recording of financial results up "with increasing job losses and tragedies that are multiplying," saying that "behind the numbers, a real human catastrophe develops within the company, "marked by the suicide of a young executive in Rennes last week.

SOUTH evokes his side a "precipitous drop" job with "10,091 jobs lost, or" about a replacement for four starts "seeing" a bleeding even more disastrous for the working conditions that mail traffic has declined 3%, "a weaker pace than expected 5%. The union stresses that" the number of CSD rose by nearly 10% "in 2011 with 2,000 additional employees with this type of contract to December 31. SUD also pointed out that the number of sick days per officer does not drop, reaching 20.45 days in 2011, against 20.86 the previous year.

After the suicide of the frame of Rennes, the CEO of La Poste, Jean-Paul Bailly, is committed to rapidly start "a cycle of listening and dialogue on health and welfare at work".

A series of meetings with trade unions to take place next week. Regarding employment, the direction of the Post reported in mid-February that it undertook to recruit at least 10,000 people on permanent contracts over the period 2012-2014 as part of a management agreement of estimates of jobs and skills (GPEC) subject to the signing of trade unions.

Executive added that 7500 study contracts would be offered over the same period.

Euler Hermes announced Thursday an increase of over 12% of its net income, thus resisting a challenging economic environment in Europe.

In a statement, the global credit insurance shows an operating profit of 471.7 million euros (consensus Thomson Reuters I / B / E / S 466 500 000 ), a net profit of 330.3 million (332.5 million consensus) based on a turnover of 2,274.9 million.

The group, a subsidiary of German group Allianz, and proposes a dividend of 4.40 euros per share, up 10% over last year (EUR 4.34 consensus). 

The net combined ratio of Euler Hermes – which measures the profitability of business written in claims costs related to premiums received – is content to 70.0% (against 68.7% in 2010), which corresponds to its target.

Regarding 2012, Euler Hermes estimates that "the world economy is on the ropes".

"The issue of sovereign debt, particularly in the eurozone, the reduction in public spending, weak growth and rising unemployment will affect consumption and investment, both public private, "the group. 

Euler Hermes, which anticipates an economic slowdown and said it had prepared for alternative scenarios, however, provides that an application for credit insurance is high and expected to increase March-May% of its premiums in 2012.

The boards of directors of Dexia and the Post have agreed in principle on the folder Dexma, the subsidiary responsible for refinance loans to communities by Dexia Credit Local, have de ; clared Reuters on Friday two sources familiar with the matter.

"This has been approved," said one of these sources.

The French state and the Deposit will each take a stake of 31.67% stake in Dexia Municipal Agency (Dexma), equivalent to that retained Dexia Credit Local, while that the Post Bank, the banking subsidiary of La Poste Group, will take the balance amounting to almost 5%.

Another source added that the Post Bank would also have the option of a further climb in the coming years with a capital of Dexma, resuming participation of DCL. 

In the initial plan of dismantling, as announced last fall, the Deposit should take only 65% ​​of Dexma. But, fearing that such an operation too mobilizes capital, several French parliamentarians have liked to see the state intervene directly in the recovery of Dexma.

The recovery of Dexma, according to two sources valued at about EUR 380 million, comes as part of the decommissioning plan for the Franco-Belgian bank Dexia, a former world leader in financing local governments.

Since the collapse of Dexia, local authorities are subjected to a drying up of funding, freezing a portion of economic activity. 

To cope with this "credit crunch", the Prime Minister

Francois Fillon said on Friday the release of an envelope of two to five billion euros in loans to be paid from the savings funds managed by the Deposit.

The recovery of the loan portfolio of Dexma, estimated at 80 billion euros, is critical to local communities face a drying up of bank loans to finance their projects investment.

Many of them are now forced to postpone or abandon some projects, many banks deserting the market because of the financial crisis and new regulatory constraints. 

Estimates of Dexia Credit Local, between 10 and 12 billion euros will miss this year to local authorities to achieve their investment programs.

It is in this context that the Post Bank and the Deposit should be launched by end of June a new joint structure dedicated to financing local government.

This structure, which will take over from Dexia, will be owned 65% as provided by the Post Bank and 35% by the CDC.

Social VAT and tax on financial transactions were presented to the Cabinet Wednesday, the last step before a parliamentary debate. The standard VAT rate will increase on 1 October from 19.6% to 21.2% to compensate for 13 billion euros of lower employer costs, announced Sunday, January 29 Nicolas Sarkozy

The proposed VAT and social tax on financial transactions tax of construction sites last five years, were presented Wednesday by the Cabinet before a parliamentary debate and a deferred entry into force of several months.

The draft supplementary budget for 2012 will now be discussed from Monday to the National Assembly for a final parliamentary adoption scheduled for late February or early March at the latest. The symbolic measure of this supplementary budget is called social VAT, a name rejected by the government.  

VAT is to alleviate social, from 1 October, employers' costs to fund family policy, for 13.2 billion euros in a full year ($ 3.6 billion in 2012). These family contributions paid by employers are suppressed for salaries between 1.6 and 2.1 times the minimum wage, and relaxed, on a sliding scale, between 2.1 and 2.4 times the minimum wage. Wages to below 1.6 times the minimum wage already benefiting from such reductions in charges. In all, according to Bercy, 14 million employees are affected by the measure.

To offset the cost of this measure whose objective is to lower labor costs and thus increase the competitiveness of French industry, the government intends to increase by 19.6% to 21.2% the normal rate of VAT, also on 1 October. This measure will yield € 10.6 billion per year in stride.  

Finally, the general social contribution (CSG) on capital income is increased by two points, from 8.2% to 10.2%. This includes income from assets as of 1 January and investment products as of July 1. This measure will report full-year 2.6 billion euros needed to complete the reform so that it is neutral for public finances.

Moreover, the supplementary budget provides for the creation, effective August 1, a tax on financial transactions in France. Transactions in shares of companies whose market capitalization exceeds one billion euros and is headquartered in France will be taxed at 0.1%.

According to the Uruguayan Minister, Louis Almagro, Nicolas Sarkozy was very upset to see that its proposed regulation, including tax havens, were not retained. Nicolas Sarkozy.

Luis Almagro, Uruguayan Minister of Foreign Affairs, said French President Nicolas Sarkozy was "very upset" with "the failure of the French strategy at the G20" and that he expressed in his statements on tax havens cause of a crisis with Uruguay.

"I think his statement (was dictated by) the bitterness and is linked with the failure of the French strategy at the G20", held in Cannes (south-eastern France) in early November, said M . Almagro in an interview published Thursday in the weekly Busqueda. "The four or five worn by strengths (Nicolas) Sarkozy at the G20 were rejected, as (the idea) to cap prices or on financial issues, etc..He used the G20 as a political platform, but it emerged weakened because the final statement did not address its program. I think it was upset and he has expressed in this unfortunate statement, "he added.

In early November, Nicolas Sarkozy said after the G20 summit that tax havens would be put "beyond the pale of the international community." He said that was part of the capital Montevideo which "did not have a legal framework for the exchange of tax information." These statements have angered Montevideo. The French government then explained that it was a statement on behalf of G20 and not of France and expressed its confidence in the willingness of Uruguay to fight tax evasion.

Coca-Cola, the world of soft drinks, will invest $ 2 billion (1.46 billion) in India by 2017 to develop its activities in this rapidly growing market.

This represents the total investment in India over the past 18 years by the U.S. company.

Coca-Cola India and its partners wish to invest in marketing and brand image, the extension of distribution networks and the development of production capacity, the company said in a statement.

Coca-Cola employs 25,000 people in India, whose growth is the second fastest in the developed economies, it added.

After having declined slightly in September, prices of consumer goods in supermarkets rose by 0.2% in October. Carrefour supermarket in Antibes.

Prices of consumer goods in supermarkets are starting to rebound in October, with an increase of 0.2% over one month, after stability in September, announced Thursday the National Institute of Statistics and Studies economic (INSEE). Over one year, prices rose 3.2%.

In hypermarkets, these prices rose 0.2% last month after falling 0.1% in September. In one year, rising prices in hypermarkets reached 3.4% compared with a decline of 0.7% a year earlier. In supermarkets, prices rose 0.2% in October, after stability in September. Over one year the increase was 3.3%, after falling 0.4% in October 2010.

Exxon Mobil reported Thursday a 41% jump in earnings in the third quarter, slightly more than expected by Wall Street, thanks to higher oil prices and improved refining margins.

Several major oil companies like Royal Dutch Shell and Norway's Statoil, have reported in recent days of strong quarterly results due to higher oil prices.

The futures contract on crude oil traded in New York has averaged $ 90 per barrel in the quarter, up 18% over the same period in 2010, while Brent crude oil jumped 48% .

An hour after the opening of Wall Street, Exxon earned the title 0.2% to 81.17 dollars, underperforming the S & P of the energy gained 2.34%.

Exxon is investing heavily in the exploitation of shale gas, particularly in North America.

The benefit of exploration activity and production of Exxon jumped 54%, the refining of 36%. The group said that better refining margins helped boost the profit of one billion dollars.

Burberry has released results for the second quarter of 2011 better than expected, supported by new store openings and strong demand in China.

The British luxury group said it had not yet seen any slowdown in demand despite uncertainty about the evolution of global growth.

The group, which manufactures waterproof and leather for a century and a half, announced Wednesday an increase of 29% of its turnover to 463 million pounds (529 million) for April-June

This performance is close to 30% in the first quarter and higher than the average forecast of 10 analysts polled by Reuters, to 448 million pounds (512 million).

Sales in stores, on a comparable basis, increased 16% in the second quarter, against 15% in the first, led by demand in New York, London, Hong Kong and Dubai.

Sales in China rose 30%, a development in line with the first quarter.

Burberry said it maintained its expansion plans, adding that he was ready to adjust if the signals of a slowdown in demand for luxury goods.