Areva's strategic plan will not result in job cuts in France, said Tuesday the Minister of Economy, following a meeting with the CEO of French nuclear group.
The government so far ruled out job cuts, leaving the possibility of voluntary redundancies or job cuts by not replacing departures.
The president of Areva, Luc Oursel said at the meeting that the plan would result "no job cuts, no voluntary separation plan, no impact on the French sites," said Baroin reporters.
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.
In the shadow of the Greek psychodrama, it was necessary progress on the major issues of international economic cooperation. Review of some successes and many failures G20 Cannes. Nicolas Sarkozy has ended with a G20 Cannes press conference, November 4, 2011. REUTERS / Yves Herman (FRANCE – Tags: POLITICS BUSINESS)
He wanted to make a summit unforgettable symbol of his power. But the setbacks in Europe, and the announcement of the referendum at the last minute Greek – have been abandoned, the chairman of the G20 in Cannes, Nicolas Sarkozy, in great difficulties. In the shadow of European psychodrama, the Head of State has still attempted to advance the cause of international economic cooperation. With mixed success. Balance sheet.
To read the official press release here.
Tobin Tax: A Small Step U.S.
It must have been one of the key topics of the French Presidency.Nicolas Sarkozy had even managed to convince Angela Merkel to go along with this idea of a tax on financial transactions to support the development. But not surprisingly, no consensus could be found, too many countries there are still opposed. The head of state, however, has been commended for supporting Barack Obama on this theme, declaring that France and the United States "had a common analysis to help the world of finance to solving the current crisis. "
In September, French investors withdrew more money from their life insurance policies than it invested. Net outflows which had been observed only twice since 1997. Explanations.
Life insurance is on track to lose its status as a favorite investment of the French? They have in fact removed in September of 11.5 billion euros of their life insurance policies, for a collection of only 9.7 billion. Is a net outflow of 1.8 billion, according to the French Association of Insurance Companies (FFSA). The event is rare. "Not since the collapse of Lehman Brothers to record outflows over the collection in October and December 2008. Since 1997, and the creation of monthly indicators for this type of investment, there has been, taking into account the month of September 2011, three months of negative balance "ensures Philippe Crevel Secretary General of the circle of investors.Why is this?
The crisis … but not only
"Collapse of awards, signs of recession … The start of the flight of investors is linked to economic and market uncertainty. People do not know what will happen to their money in the long term, or insurance Life is a long-term investment "analysis Philippe Crevel. "The environment encourages individuals to anxiety out of stock or bonds" in Le Figaro said Pierre de Villeneuve, Chairman of the Committee of the FFSA life. But all is not the fault of the crisis. Some even think that its effect is marginal. "There is no effect of panic at all.The returns of life insurance are relatively stable and the people know, it remains very popular "advance Cyrille Chartier Kastler, president of consulting firm Facts & Figures, specializing in insurance.
A significant leak in the richest
He said the decline in collections is due to a growing disenchantment of investors richer for life insurance due to a reform put in place a year ago and a half. "Since then, private management contracts (over 120,000 euros of savings) have their performance limited warranty. The government did not want to be guaranteed a higher return to a type of life insurance rather than another, "he explains. Result, private management contracts, which accounted for 25 of the 120 billion collected by life insurance in 2009, are being "strongly reduced" as the president of Facts & Figures.
Demographic factors
"The aging population is also more and more retirees draw on their life insurance for current expenses, as some households in times of crisis," said Le Figaro Bernard Spitz, President of the FFSA. In addition, many of the contracts seem to arrive today at maturity, making them easy to buy. According to the circle of investors, 64% of the outstanding life insurance has over 8 years and 47% of contracts over 12 years.
Yields less attractive
In the 2000s, life insurance used the net returns of 5.3% on average. Ten years later, in late 2010, this rate is only 3.4%. And for 2011, Facts & Figures anticipates yields between 3 and 3.1%. If it remains very attractive, life insurance suffers from the decline continues, very reassuring for investors."Added to this the fears of an increase in the tax burden of its performance, related to the context of rigor. An increase in taxation would make life much less cost" analysis Philippe Crevel.
Competition for real estate
In the opinion of all experts, real estate appears to be the main competitor of insurance. It represents a safe haven, with high efficiency in the eyes of investors, including easier. "The stone is also good protection against inflation," says Cyrille Chartier Kastler. "In Paris, for example, 54% of transactions are not loans. Buyers are good money somewhere. They drain on the part of their life insurance" advance Philippe Crevel.
Then come the investment banking, including booklets boosted short-term."Banks in search of cash, have directed their clients to the bank books by offering rates comparable to those of life insurance, or even higher. The non-hazardous liquid savings has increased by more than 11 billion euros in the second quarter of 2009, "says the secretary general of the circle of investors.
"No event" or "end of the big time"?
However, the situation of companies and the sustainability of life insurance policies do not appear immediately threatened. When an individual agrees this type of contract, the company invests the money in currency values or bond, they sell at the time of outflow. "The diversification of investments and their management over time in a supervisory narrow sector soundness guarantee" assures Bernard Spitz.
"And then, outflows of 1, 9 billion is a non-event," said Cyrille Chartier Kastler.It is true that in view of 1.367 trillion in assets of life insurance, it still represents a drop of water. Still, the rise of stocks slows over time. From December 2010 to September 2011, the total amount increased by 29 billion euros, against 72 billion over the same period a year earlier. "The great period of growth in life insurance is behind us," concludes Philippe Crevel.
The giant consumer products Anglo-Dutch Unilever announced Friday the acquisition of 82% of the Russian cosmetics company Kalina Concern for 500 million euros.
Concern Kalina, Russia's number one segment of the cosmetics and hair care, is present mainly in Russia, Ukraine and Kazakhstan.
"This will transform the business of Unilever in cosmetics in Russia (…) This will also strengthen and rebalance the portfolio of Unilever and its competitive position in Russia, an emerging market with great potential and the One of our priority countries, "he said in a statement the general manager of Unilever, Paul Polman.
The action Unilever, which gained 7% last month, advancing 1.6% to 20.88 pounds at 7:20 GMT, valuing the company at about 26 billion pounds (29.8 billion euros).
The ruling coalition in Slovakia will have to overhaul the government or call early elections if it does not find a majority in parliament to ratify the reform of the European Financial Stability Fund (EFSF), said Sunday the main opposition party.
The country, with only 5 million inhabitants, could hinder the ratification process of strengthening the powers of the Fund reform validated so far by 14 of the 17 countries in the euro area.
The center-right coalition of Prime Minister Iveta Radicova hard to achieve a parliamentary majority on this vote, which is expected by October 14, since one of the coalition parties, Freedom and Solidarity (SaS) is refuses to support.
"Either the government approves the EFSF and the coalition will do well by itself, or the ruling coalition is not able to make such a decision and will have to rely on the help of the opposition, but with consequences on the functioning of the ruling coalition, "said Robert Fico, Smer party leader, during a televised debate.
The Smer, which has nearly 40% approval rating in the polls, supports the reform of EFSF but refuses to reach out to the coalition.Robert Fico said that it would overhaul the government or call new elections if it failed to unite.
"We are ready to support the EFSF, but if we do, that means no more ruling coalition in Slovakia," said the former prime minister Iveta Radicova predecessor as head of government.
The very slight decrease (-0.1%) the number of job seekers with no activity was offset by higher (0.5%) of the total number of people seeking work, including those engaged in a reduced . Agency employment center in Nice
The number of job seekers without work (Category A) in France has declined slightly in August from 0.1% after three months of increases, to 2.754 million people, according to figures released Monday by the Ministry of work. However, the total number of people seeking work, including those engaged in a reduced (categories A, B and C), has again increased in August by 0.5% the previous month to 4.148 million in people.This number is up 4.3% year on year.
After four months of reflux from January to April, unemployment has gone the way of rising from May to July along with the slowdown in growth (which was nil in Q2). In total, since the beginning of the year, the number of job seekers without work rose 29,000 people. The increase over one year (from August 2010) is 2.3%. It is 4.3% over the year including applicants who have worked reduced.
By age, the situation improved slightly for young people but deteriorates again for seniors.The number of job seekers in all categories, under 25 years decreased by 0.4% in August on a month (-1.3% yoy), while that of job seekers over 50 years increased by 1.2% (+14.6% yoy). The long-term unemployment also continues to grow: the number of registered unemployed for over a year has increased 0.6% from July and 8.7% year on year. The average length of job seekers registered in categories A, B, C, end of August 2011 is 455 days.
Unemployment remains at 9.3% at end 2011
A month, entries for the end of fixed term contracts (-0.2%), redundancy (-5.5%), first entries (-6.4%), times of activity (-3.6 %) and other cases (-4.8%) declined. Entries for other layoffs are stable. Those for the purpose of temporary assignment (5.2%) and resignations (+1.2%) have increased Revenge.The outputs for employment times reported (-4.6%), came into training (-14.7%), research stops (-5.2%), radiation administration (-11.1%) and other cases (-8.1%) declined. Radiation for failure discount for their part, rose by 6.1%. In total, the number of entries is higher than output.
The government is committed to increasing the unemployment rate below 9% by the end of the year. Unemployment insurance for its part considers that rising unemployment will continue this year and 2012. According Unedic, the number of job seekers without work is expected to increase again this year to 36,700 and 55,500 in 2012. In all, the end of 2012, 2.8 million people and 4.4 million inactive with reduced activity would be included on the lists of employment center.
A study released today by Coe-Rexecode is hardly more optimistic.According to the Institute of conditions close to the business, the GDP should grow lights this year by 1.7% and 1.2% next year. The French economy would create 195,000 jobs in 2011 and 115,000 in 2012. The level of unemployment, however, remain high at 9.3% and 9.1% end 2011 end 2012.
GDF Suez and Spanish Iberdrola announced Friday they would wear 50% participation in each NuGeneration, a joint venture created to develop a new generation of nuclear power in Britain, following the decision of Scottish and Southern Energy (SSE) to withdraw from the joint venture.
GDF Suez and Iberdrola, in a joint statement, reiterate their "strong commitment" in NuGen and adds that "there is no reason for the decision to interfere with the SSE project or schedule."
"As expected, the final investment decision should take place by 2015 for commercial operation of new nuclear power plant around 2023," they affirm.
The EU finance ministers agreed Saturday that special attention should be paid to the capitalization of banks, but without considering that they were in urgent need of new funds.
Eight European banks have failed the stress test last July and must raise a total of 2.5 billion euros, while sixteen others were narrowly successful and were invited also to make arrangements.
But faced with violent turbulence in August and early September in the markets, the executive director of the International Monetary Fund (IMF) Christine Lagarde called for a broader recapitalization of the banks of the old continent.
"From our point of view, there is a clear need to recapitalize the banks' said Swedish Finance Minister Anders Borg at the end of the informal meeting of finance ministers held Friday and Saturday Wroclaw, Poland.
"I think the IMF has expressed very clearly, the banking system needs to be more robust and it is primarily a question of capital," he added.
His Spanish counterpart, Elena Salgado concurred."There is a consensus that it would be good for our financial institutions increase their capital to comply with Basel 3 and deal with any eventuality of time," she told reporters.
She also acknowledged that the opening of branches of unlimited liquidity by central banks did not reflect a situation "optimal".
Thursday, central banks in Europe, Japan, Switzerland and Britain announced they would offer refinancing operations in dollars to banks so that they have to face a credit freeze as the worst of the crisis Fall 2008.
"CREDIT CRUNCH"?
Earlier this week, senior advisors to European finance ministers and heads of the Treasury of Twenty-Seven had warned about the risks of a new credit crisis like the one observed in 2008 if nothing was done to solidify the capital structure of European institutions.
They mentioned such a "risk of a vicious circle between sovereign debt, financing banks and the negative growth", which could cause a credit freeze.
"Spillover effects" could "feed a dangerous downward spiral between the financial sector and real sectors of the economy or financial problems (…) risk aversion (…) Could lead to a deleveraging of banks, a phenomenon that in turn would result in some Member States, a credit crisis, "they warned.
According to several sources who attended the meeting, the European Central Bank, the EBA and the European Commission echoed these demands Saturday and urged the Member States to ensure that the capital position of banks remained strong.
Some ministers, however, sought to disperse fears and minimized the risk of a repeat of the "credit crunch" of 2008.
"The general situation of European banks is stable," stressed the President of the Eurogroup Jean-Claude Juncker.
Luxembourg Finance Minister, Luc Frieden, has meanwhile found that the situation was "not alarming".
Barack Obama, vacationing on the island of Martha's Vineyard grouse, on Saturday accused the Congress of a slow economic recovery by blocking measures "common sense" meant, he says, help create jobs and growth.
In his traditional speech recorded weekly radio broadcast Wednesday on his tour bus in the Midwest, the U.S. president that the draft law, currently at an impasse, concerning the construction, trade and taxes, would "boost "an economy half-mast.
"The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said in his speech, also available on the Internet.
With a national unemployment rate stuck at over nine percent, the chances of re-election of Democratic president may depend on its ability to convince the electorate's ability to get the economy back on track.
He was criticized for the choice of Martha's Vineyard as a summer resort, the island, located on the east coast of the United States, is a haven for millionaires, when 14 million of his compatriots are unemployed.
The White House insisted that the Chief Executive, who is a regular at this place for family vacation, spend most of his nine days off to "floor" of a recovery plan and the fight against unemployment that it will issue in a speech scheduled for early September.
CALL TO REPUBLICANS
In his speech on Saturday, Barack Obama acknowledged that the United States were far from healthy.
"We are in a difficult situation. We are in a terrible recession.So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve – we need to solve problems by putting aside our differences, "Has he said.
The Republicans control the House of Representatives while the Senate is in the hands of Democrats.Both parties are at loggerheads on how to get the country out of its massive debt.
In a statement on behalf of the opposition Republican Governor John Kasich of Ohio, for his part, felt that President Barack Obama was wrong to impute to others the responsibility for the current impasse on Capitol Hill.
"Divided government is no excuse for doing nothing," said the former chairman of the Budget Committee of the House.
"It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth ".
The governor of Ohio has also invited his side to show more interest in the trade-offs.
"It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high," he added.
"We can compromise on policy as we do not betray his principles."