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Oddo & Cie announces the acquisition of Banque d'Orsay. The property specialist asset management and private banking, had been on sale in 2008 by its parent, the German bank West LB.

The operation was suspended amid crisis, has recently been reactivated, especially as West LB must divest assets as part of restructuring plan.

With this acquisition, Oddo confirms the trend towards concentration is at work in the world of asset management. Oddo & Cie, a family group to 42% of its capital, will swell from 2.5 billion the volume of assets managed (17 billion at end 2009).

The financial crisis had caused a sharp drop in the amounts managed by the Banque d'Orsay, especially in its dynamic money activity.

Also shaken at the same time, Oddo, looping an external growth operation, puts the episode behind him.Last year, the group had posted a net profit of 36 million euros.

Tension rose a notch on Friday between the executive and the unions, less than two weeks of mobilization against the pension reform on September 7. "We have entered a power carried by the government," critic Jacques Voisin, chairman of the CFTC. "We will have no lights before the Assembly debate, agrees Marcel Grignard, number two of the CFDT. The government does not want to give grist to the mill workers before mobilization. "The Elysee confirmed:" We will not reveal anything because the unions would benefit from our proposals to demolish in order to mobilize more. "

Eric Woerth's proposal to hold further discussions before considering the text on Sept. 7 failed to calm the ardor of unions to fight. "The minister's letter has also stiffened relations", says Jacques Voisin.The CGT will not lend itself to exchanges which are lip service to the thesis of social dialogue is still alive, so that no real negotiation is still the order of the day ", said Thursday its secretary General, Bernard Thibault.

For him, it will be to decide on the streets: "We're heading for a big day, perhaps even unique, and I can not imagine it will not affect the head of state," he said on RTL radio Friday. The boss of the CGT also judge Nicolas Sarkozy "much more feverish" at this time. In his eyes, his decision not to restrict the device housing assistance for students shows. "This is the topic that would put the students in the street," says a spokesman of the majority. "It's a sign, says Alain Olive, secretary general of the UNSA.Nicolas Sarkozy must remember that this is not the unions that have obtained the withdrawal of the controversial First Employment Contract in 2006, but the presence in the processions of schoolchildren and students. He is wary of a mass effect from them. "

"All the shots are allowed"

Alain Olive, too, considers that "the Elysee concessions are available to show that the president is listening, but only at the margin, on the issues left open (career long, arduous and polypensionnés) before summer . "The Head of State realizes that there are inequalities in its policy and that the sum of these injustices becomes problematic," adds Marcel Grignard. Forgery, replica near the Head of State: "Nicolas Sarkozy is serene.He is less worried about the outcome of the reform for the good economic indicators released in recent days show that cuts to the budgets of state and social will be less painful than he thought. But he was more afraid of the reaction of the French on the issue of expenditure on pensions. "Even at the Elysee opinion:" We expect a large-scale mobilization, so it is unlikely that changes our text if so. "

Jean-Claude Mailly, general secretary of FOR, raises the bar "more than two million protesters. Either a higher level than at the last day of mobilization on June 24 "People will have something else in mind that the pension reform, warns Jacques Voisin: laborious recovery, employment, discipline …" But also the case Woerth-Bettencourt."Everyone knows that the reform will be polluted by his supposed status in question," Bernard Thibault launched yesterday, when he had thus far refrained from comment. A little phrase that has infuriated the Head of State, who "has now concluded that all shots are allowed," slips one of his relatives.

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Bids climb for 3PAR. The computer giants Dell and Hewlett-Packard are engaged in a struggle to redeem the American Society of data storage. A standoff that intensified this week.

Last rebound on Friday: HP announced in mid-afternoon that he raised his bid for 3PAR to $ 30 per share, valuing the company proposed data storage to 2 billion dollars! Rival Dell had announced earlier in the day he lined up on the previous HP offers made Thursday night: $ 27 per share, or $ 1.8 billion.

In this battle of "cloud computing (cloud computing via the Internet), and two days are alike. The day of Thursday has been marked by the same scenario.By putting on the table an offer to 1.8 billion, HP responded to Dell, which had outbid earlier in the day.

For Dell, the matter seemed closed Thursday morning. Thirty cents per share closely. Indeed, the offer was raised from Dell was barely higher than that of HP, to 24.30 cents per share against 24 cents. If the transaction would receive the green light from authorities, Dell assured however that it could be finalized before the end of the year. The computer maker also added that the operation "should have a positive impact on [his] profit excluding exceptional items from fiscal 2012.

The "cloud computing" is popular

He had not reckoned on the pugnacity of HP.The acquisition would allow 3PAR to expand its range of storage products for cloud computing and support services activities, like other industry heavyweights like IBM, they tend to generate higher profit margins than sales of computers.

The ball is now in the hands of Dell. And it did not intend to waive 3PAR Friday. "The group continues to believe that the acquisition of 3PAR, and its storage technology market leaders, is an important operation for our customers and will strengthen Dell's position on these services," he said in its statement.Dell has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR, "unless the offer is extended," he says.

The battle began last Aug. 16, when Dell announced plans to acquire 3PAR price of $ 18 per share. A week later, HP came out of the woods. Last Monday, the group also proposed 1.6 billion dollars against 1.15 billion for Dell. The suspense continues, therefore. And the recovery of 3PAR flies …

On Friday, shares of Hewlett-Packard bend 1.5% to 37.6 dollars in Wall Street, about 17 hours, while Dell shares advance 1.8% to $ 12. 3PAR him, flew 21.5%.

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Good news on the employment front. The Labor Department announced Wednesday morning in the Echoes of figures on backup plans for employment (PSE) fell sharply from the end of 2009. In the first half of 2010, 668 PES have been reported to the administration against 934 in the second half of 2009, a decrease of 28.5% over this period. Moreover, the month of June 2010 recorded 87 such redundancy schemes, a level at its lowest since August 2008. The Ministry of Labour, however, did not release the total number of jobs destroyed by these schemes.

This news comes in support of other labor market indicators published recently. Two weeks ago, INSEE reported on the creation of 60,000 salaried positions in six months, one year after 2009 generally very destructive.The use of frames also rebounded since last January found the Association for the executive employment (APEC). In July, the job offers published by the association executives and 53% progressed, mainly in IT and business functions.

2009 catastrophic

However, the decrease in the number of PES remains in place relative to the extent that the figures for 2009 had been devastating: 2,245 plans had been identified during this year particularly affected by the crisis, nearly 2.5 times than in 2007. With already 668 PES 2010 is also unlikely that the number PSE set up in 2010 found its level before the crisis (957 PES 2007).

The explosion, finally, the number of broken treaty in June might suggest that some companies use them in lieu of some PES, although this practice is prohibited by law. In order not to attract the attention of governments and not having to pay compensation in the amount tends to grow under pressure, companies could use this mechanism put in place two years ago, or even layoffs in smaller numbers.

The countdown has begun for the preparation of budget 2011. Everything must be completed within one month, Baroin to present the draft budget law (PLF) in the Council of Ministers in late September, a priori, 29. The expenditure side has already been adjudicated in July. On the menu: flat spending on no-load state pension and debt, elimination of 100,000 jobs in the public in three years and freezing of the index of civil servants in 2011. It remains to decide on the issue "revenue". It is the most politically sensitive because it touches on taxes. Brégançon Friday's meeting set the framework: the savings in tax and social niches will reach 10 billion euros. Previously, Baroin spoke of an effort from 8.5 to 10 billion. But the revision of 2.5% to 2% growth forecast for 2011 requires finding 3-3500000000 to hold the budget.Hence the decision to cut more in the niches. Bercy has also reap additional revenue in 2010, including 2 billion through the resumption of employment, as announced by the Minister to Le Figaro. What started 2011 on a better footing. Finally, the department does not rule to revise the margin some expenses. Baroin defends the crucial lines of force.

LE FIGARO. – Are you not preparing a tight budget?

Francis BAROIN. – When developing a budget, there must be serious and make sense. Our meeting last Friday about the president and prime minister had intended to make choices to reduce public spending in order to achieve the 6% deficit in late 2011. It is the cornerstone of our policy.Everything must work towards this goal: we have an obligation to return as quickly to deficit levels before the crisis. This is a critical issue for our economic growth. The debt and deficits are the major topics of concern of the French, and we must demonstrate our ability to reduce, which will restore their confidence in the future and encourage them to consume and invest in return.

Why have revised down growth for 2011, while the activity was better than expected in recent months?

Economic activity in the first half of 2010 was in line with our expectations, and we should finish the year with growth of 1.4% or even above. For 2011, we forecast a proactive and realistic.Aim for 2% growth, consistent with the OECD projection is proactive because it's better than 2010, but is also realistic because we must not forget that a recession ever went there and that all countries that have suffered will take time to erase the traces.

Are you worried about the credit ratings of France?

No. Over the past two years, it was vital to sustain economic activity by injecting public spending. The revival in France, was very well calculated, and I see that despite large deficits our country continues to borrow at historically low levels on the markets. This indicates that investors have confidence in us.They know we have great resources at our disposal such as a savings among the highest in Europe.

If growth is higher than expected this year, can we expect increased revenue for the State and Social Security?

The good news critical of the first term is the creation of 60,000 jobs. The recovery of the labor market is expected to generate about 2 billion of additional social security contributions. In mid-September, we'll do the exact point on this revenue to build the draft law on financing of Social Security in 2011 on a solid and sincere.

And for the state?

Tax revenues are in line with our expectations. This is particularly the case of corporation tax, which is a very positive signal. The crisis resulted in 2009 by a collapse of social security contributions and tax revenue. We go out.Any additional revenues from the economic forecasting will be fully allocated to deficit reduction.

Nicolas Sarkozy announced Friday a cut of 10 billion in tax and social niches. Is not that a tax increase in disguise?

Absolutely not. No one is forced to use a niche tax to reduce his tax: it is a personal decision. In contrast, a general increase in taxation would penalize everyone. There is no question of doing so. We will not increase taxes, whether VAT, income tax or corporation tax. It is a very political choice, which corresponds to the commitment made by Nicolas Sarkozy during the presidential campaign. To reduce deficits, we have decided to act primarily on the expenditure, including that which passes through structural reforms.In a country where public expenditure accounts for over half of national wealth, is where are the flexibilities consistent.

All the niches are not "chosen". Some tax cuts meet family responsibilities, to situations of handicap, disability, age. Will they be trimmed as well?

Similarly we have not touched the RSA and social minimum, the vulnerable population will be spared by the plane or the removal of niches. Family policy will also be preserved. But it is true that the reduction of niches is an exercise in subtle and difficult. Found 10 billion in savings over 75 billion tax and spending 45 billion on social niches represents a substantial effort. But necessary. For years, the niches have been the choice of the facility.Sometimes washed sand.

The movement of the plane there will be enough to keep your goal?

First, I note that we have actually a little less than 2 billion to find the niches. For decisions taken in the context of pension reform and the level of those to be on the Cades (Sinking Fund of the social debt) will yield a total of over 7 billion. And, of course, we will also with a plane that will reduce by 10% the tax advantage of a number of devices. But this is not the only tool used. Some niches will be deleted. Other tax cuts would be concentrated or have their revised calculation method. The idea is to share the effort between businesses and households. We make our decisions be final in mid-September.

Investors fear being heavily utilized.Are they right?

One of the successes of the French economy is the savings of its households. We will be very careful not to destabilize it. In general, we want to protect the purchasing power of the French.

How to pay off the debt that Social Security has widened during the crisis?

Along with bills of state finances and Social Security, this fall, I will defend an organic bill to Parliament which will define the terms of repayment of 35 billion debt to Social Security that we will transfer to Cades . This organic law proposes to extend the four-year life of Cades, which is currently scheduled for late 2021. We also will allocate 3.2 billion euros of additional resources each year to Cades to be learned from the reduction or elimination of certain niches.Finally, Cades benefit from the recovery of the pension reserve fund which it will draw some resources.

You will increase the margin tax on certain investments of life insurance or income from movable capital (bonds, shares …) to finance the Cades?

It is a trail to the study among others.

Some members of the majority will once again seek an increase in the DRES …

We expect this debate during the fall, which is legitimate. But by offering 10 billion euros in savings on tax and social niches, we will show members that we have the means to finance the Cades without having to raise the CRDS.

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"France has never been so close to losing its AAA rating

Hesitation could still be well represented at the Paris markets on Monday. After closing largely under the 3600 points on Friday, down 1.30% net, the CAC 40 should be difficult to get out of the red zone. With two weeks of decline, Wall Street does not give signals of optimism. For their part, Asian markets are very hesitant, juggling between gains and declines for several sessions. At the Paris Bourse, the key index also remained febrile throughout the week, erasing gains from one month to return to its levels of July.

Markets are still clinging to macroeconomic announcements, only able to move the index in August. On Monday, the PMI manufacturing and services in August will be announced for Europe and for France.The rest of the week promises to be loaded including unemployment figures in France in July (Wednesday), the new home sales and durable goods orders in July in the U.S. (Wednesday) and weekly entries to unemployment overseas (Thursday).

Note that the side of currencies this morning, the euro is still on track against the dollar. He won 0.12% to 1.2714 dollar.

Values follow

Until the weekend, charged in half-yearly publication, the day of Monday is quiet on the side advertisements.

GDF Suez is interested in acquiring sites for storing gas sold by Exxon Mobil and Shell, valued around one billion euros, according to a report in Le Figaro on Saturday.

Carrefour will launch a new concept of hypermarkets to address the erosion of its customers.

Bad news for the wallets of drivers: from daily Les Echos published on Thursday, insurers are increasing their average rates between 3% and 5% per year, aiming for a total increase of 10% over the next three years.

After a general decline in insurance premiums since 2006 (an average of -0.5% to -1% per year), prices should start rising. "The effects on the bill vary considerably from one insurer and an insured to another. For the record, the average premium for a four-wheel is about 450 euros HT shows the business daily.

The increase has already begun by Voices, based on two indicators: according to the comparator Assurland, the price index for personal automobile insurance (PISG) has increased by 4% yoy in April and 1 2% in July.In addition, the turnover of auto insurance increased by 2% in late May by the French Federation of Insurance Companies (FFSA).

The reasons for this surge in prices are many. The year 2009 marked by storms, higher mileage and the relaxation of driving behavior has been very costly for insurers. However, the FFSA has no improvement for the year 2010: "All the indicators are red" she says.

In addition, Voices clarify that the cost of repairs has increased from 3 to 4% on average each year, and insurers whose financial results are reduced, "have less room to maneuver."

Arkema profitable again. The chemicals group has published today its results for the first half of the year in the second quarter, sales reached 1,605 million euros, up 38% as reported (27% at constant perimeter) . In the first half, sales rose 29% to 2.913 billion euros.

The group also shows a net profit of 119 million euros in the second quarter, against a loss of 25 million euros a year earlier. In the first six months of the year, net income amounted to 158 million euros, against a loss of 55 million euros in the first half of 2009.

Doubling Ebitda this year

The year seems a good start for the French group which is reviewing its forecasts upwards.After three times EBITDA (earnings before interest, taxes, depreciation and amortization) this semester to 127 million euros, Arkema plans to reach over 600 million euros for the full year, nearly double the EBITDA generated in 2009.

The Group CEO Thierry Le Henaff, Arkema said in a statement recorded "its best performance since its historic IPO in May 2006, while also acknowledging that the volumes are still lower than pre-crisis .

It also stresses that the group has strengthened its presence in Asia with the launch of a new plant in China and is best positioned in the growing sector assets acrylic.

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The retirements have melted like snow in the sun in 2009. According to the National Insurance pensions (CNAV) 734.0000 some employees have asserted their right to retire last year, against 785,000 in 2008. It has been 10% less than in 2007, when nearly 820,000 active generation of baby boomers are retiring.

The main reason for this huge difference is the collapse of early retirement for long careers. In force since 2004, starting a long career can retire between 56 and 60 for those who started work before their 17 years. The conditions for benefiting from this device, however, were restricted by the government in 2008.

Early departures will be undermined

In 2009, 24,300 people were affected by these departures anticipated, against 122,120 in 2008 and 115,120 in 2007, according CNAV.This decline has led, despite the crisis, to increase the participation rate of older workers aged 50-64 years, has pointed the direction of animation research, studies and statistics (DARES) of the Department Employment in a report on employment, unemployment and labor force in 2009 released this week.

According CNAV, many assets have anticipated the tightening of regulations on long careers and have preferred to assert their rights to retirement in 2008. In September 2007, Prime Minister François Fillon had estimated the cost of this measure is important because it explains half of the deficit of the general pension scheme established in 2007.

Have also been restrictions on the potential acquisition of quarters, and longer duration required assessed through successive reforms in 1993, 2003 and 2007, according to the CNAV cash advance loan no fax.

The effects of a 1959 Act

In addition to the tightening of access device initially anticipated a long career, Dares says that downsizing is partly due to "lagged effects of the law Berthoin to 16 years with school age obligoire" for children born after 1953. An ordinance dating from 1959!

If the hour is restraint, reform of pensions in payment should not spell the end of the device of long careers.The government expects its bill for consideration by Parliament in September, to "extend and expand" the insured "who started their business at the age of 17 years." They may retire before the age of 62 years provided for the general scheme. A condition to justify a contribution period of two years longer than the duration required, or 43 years.

• Key figures at end December 2009:

12.55 million retirees

17880000 contributors

660,471 new powers of personal pensions in 2009

74,277 new pension reversion

91 billion euros in benefits

7.23 billion euros deficit

(Source: National Activity Report 2009 of the CNAV)

(With AFP)

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