Courbet: "I am underemployed"

 

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U.S.: GDP disappoints consumption reassures

 

From our correspondent in the United States flexes growth in the United States. After a fourth quarter where expansion had reached 3% annual rate, that as the economy slows to 2, 2%. This is slightly less than expected.

A decline in business investment of 2.1% is largely responsible for this disappointing performance moderately. However consumption, traditional locomotive of the U.S. economy, climbed 2, 9%, against 2, only 1% at the end of last year. This is encouraging. And especially since U.S. households saw their moral improvement in April to its highest level since February 2011. Households are optimistic about economic recovery, although they are less confident when it comes to their personal financial situation?

The acceleration of consumption can not only offset the decline in investment, but it also helps to overcome the slowdown in inventory rebuilding. From January to March, rising stocks is liable only for 0, 5% growth yoy.

During the previous period, the increase in inventories was represented more than half of the increase in gross domestic product (GDP). From this perspective, growth in the first quarter seems healthier than October to December, although it is more modest bad credit personal loan lenders.

Decline in military spending

A third unexpected factor slowed the U.S. economy: the decline in military spending. It explains the drop in 5, 6% annual rate of all federal spending, while states and communities continue their part to save money.

"The key factor explaining the worse than expected performance of the economy, the decline is much sharper than expected public expenditure … But that does not reflect at all the health of the economy. It is certainly disappointing that business investment has declined, but this may be temporary, "said Mark Zandi, chief economist with Moody's Analytics.

Figures released by the Commerce Department does not seem to alter the waiting position of the Federal Reserve, which plans to leave interest rates to the floor until the end of 2014 .. In reviewing a slight increase to almost 3% growth forecast for the current year, it implicitly rejected for the moment to launch a third round of quantitative easing, ie net purchases of Treasury securities in order to drive down long rates.

Thuillier: "France Television has restored the debate"

 

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The Fund is negotiating to boost its resources

 

Christine Lagarde is more than ever determined to "increase the firepower of the International Monetary Fund", that its financial resources. But if the euro area "is the epicenter of the potential risks" of the global economy, "Europe is not alone … We're not obsessed with one area," said Thursday in Washington, the Executive Director of the IMF during a press conference that opened two days of spring meetings of IMF and World Bank.

Capacity building support from the Fund will be the highlight of the discussions involved in particular the G20 finance ministers. Christine Lagarde has renewed its appreciation to Japan, "the first country that has decided to commit themselves" to the tune of 60 billion euros, while acknowledging "the Scandinavian countries who responded to the call and Singapore."

The Japanese contribution is the first quantified commitment to a non-European. This is in addition to those States of the euro area itself, which from the outset, have said they would put 150 billion euros in the pot (just under $ 200 billion). But Christine Lagarde, who had advanced earlier this year the figure of 500 billion, reduced its ambitions "to just over $ 400 billion" figure it has itself argued in an interview Tuesday Italian newspaper Il Sole 24 Ore.

Bilateral borrowing agreements

The negotiations will be very difficult and should not be concluded this week with the aim of reaching agreement at the annual meetings of October 2012 in Tokyo. On behalf of the United States, Tim Geithner, Treasury Secretary, said two days ago that his country "would not put money" but would support those participating in the operation business card design. Recall that this strengthening of resources take the form of bilateral loan agreements with its 188 member countries (including the last admitted this week is Southern Sudan). It is not a capital increase of the IMF, as such. Now this is where the rub the side of the emerging countries, including China and Brazil, who would like to link this extension means the Fund to an expansion of their representation. Now it is even less question that the last reform of 2010 increasing quotas and powers to the board in favor of emerging countries mainly, has still not been ratified by the necessary majority. Within the G20, Argentina, Canada, Germany, Indonesia, Mexico and the United States, have not yet ratified, do we reported to the IMF.

Christine Lagarde must also combat the widely held in international public opinion that the firewall is only designed to help Europe, Spain and Italy, among others. She also found that Spain does not need assistance plan "for now".

Executive Director of the IMF insisted on Thursday the new initiatives launched recently, as "the trust fund for the poorest countries", mentioning also "the five countries of the Arab Spring, for which we need more resources." But the difficulty is to find a common agreement with the governments, especially with Egypt, for which the loan of $ 3.2 billion from the IMF, which should be a catalyst for international aid, is still pending .

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Antibes requires Veolia to reduce his water bill

 

Antibes successfully negotiating the deal with Veolia century. The threat of a passage in municipal ownership of the management of drinking water was right ambitions of profits of Lyonnaise des Eaux (Suez Environnement) and Veolia Environment … These two private companies have had to review their specifications for take water from the town of Antibes (Alpes Maritimes).

At the cost of trading which saw an average rate of water drop by 43.3%, although Veolia will keep the water management of Antibes, which inherited the General Water Company holds the concession for 1880!

"The Antibes benefit of the least expensive water from France", says Mayor John Leonetti (Radical valoisien), who chaired the council Thursday validating these new provisions. With a rate of 2 euros per cubic meter, against 3.44 euros earlier, the seaside resort offers a rate far less than that usually practiced in France: 3.39 euros per cubic meter, according to the Department of Observation and Statistics .

Now it is no longer through a concession, but a public service delegation (PSD) of ten long years that Veolia will manage the drinking water of Antibes. In over a hundred years, only one amendment had been signed. It was 1992, just months before the vote of the Sapin law allowing for greater transparency in the DSP … The lobby of the water had played its full role might not see the privilege of certain concessions secular fall in the purse of a competitor

. Tiered pricing

Today, fashion is more to return to the authority, as in Paris in 2010, when the city fell last year by 8% the price of water "for the first time in 25 years", welcomed then its mayor Bertrand Delanoë (PS) business card. Marseille, Lyon, Lille or Bordeaux could take over the management of their water, as did medium-sized cities such as Saint-Malo, Castres, or Vierzon.

At Antibes, lower water tariffs, negotiated through two independent studies of a total of 80,000 euros, is accompanied by a progressive pricing. Households consuming less than 120 cubic meters per year will receive a 78% lower rate than previously practiced. All cubic meter consumed beyond will cost more, with a reduction of 34% anyway. A system designed "not to encourage waste. Including that of the common, thanks to the Water Act passed by the majority, now pay their bills just like any run, "said Jean Leonetti. On the other hand, the neediest families, "the order of a hundred," benefit from "water ticket" exempting them from payment.

The consequence for Veolia? Its profit margin will drop to "15% to less than 3%" of the contract, according to the mayor. The price to pay to keep his wallet in a town of 75,000 inhabitants. Not necessarily enough to reassure shareholders of Veolia Environnement, whose debt stands at nearly 15 billion euros, whose shares closed Thursday down 0.84%.

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PS project: the note gets longer

 

During the presentation of his project in late January, Francois Hollande announced 20 billion of new spending, financed mainly by tax increases and some savings. The Enterprise Institute is in general agreement with the encryption of the Socialist Party.

But the think tank (think tank) notes that the candidate PS has proposed in its draft other measures that do not appear in the details of 20 billion. As such, the ecological transition (1 online payday loan lenders.8 billion per year according to the Institute), very high speed over the entire territory (1 billion), hiring employment center (0.8 to 1.2 billion ). Added to this are the measures announced later, the bill may be between 3.9 and 6.5 billion per year in 2017, according to the Institute. By itself, the establishment of an early childhood service would cost 1.8 to 3.7 billion.

A carbon tax applicable to contested 4000 companies

 

Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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Clothing protected by a surge of cotton

 

Second largest producer of cotton after China and before the United States, India took the markets short Monday, putting a halt to its exports. Driven by Chinese demand, they were likely to exceed the end of March the 10 million bales exported in twelve months, while the Indian government had to fall to 8.4 million bales its quotas. This political decision intended to favor local manufacturers Monday sparked a 4% increase in the prices of futures contracts for cotton available in May.

Worrying signs of ready-to-wear and conjure the specter of runaway prices experienced a year ago. Francesco Marchi, Euratex, Association of European textile producers, fears "that European producers of fabrics not subjected to higher prices, which will be transferred to brands."

The beef recipe is no longer in France

 

The livestock industries are less imitators. If the country has the first cattle in Europe with 21 million head of which 8 million cows, the trend is downward. Within a year, the number of cattle farms has declined by nearly 6% from 246,000 in 2009 to 232,000 in 2010.

For reasons of revenue and less arduous, farmers already settled prefer to shift to other crops. "It is easier to return a field to a culture of wheat and rapeseed that raising animals on the same surface, said Jean-Pierre Fleury, secretary general of the Federation Nationale Bovine. It's more profitable and it requires less work. "

Indeed, the average income of a farmer is three times lower than that of a grain. According to latest statistics from the Ministry of Agriculture, the first earns 14,700 euros per year when the second receives over 47,000 euros. Those who want to settle as farmers think twice before so to do.

"These are big capital investments, EUR 1,500 for a cow on average, plus the cost of buildings and work constraints that are not up to the sums involved," says Marie-Therese Bonneau, a farmer in the Vendee .

New markets

At the head of a herd of 100 cattle, Maria Theresa Bonneau understands why the business is no longer recipe. "It makes money only when one retires, waiting must make ends meet and generate cash to pay bills," she says. The job of producer thus raises fewer vocations among young people. "The animal is too restrictive, I head for the forest," says Jonathan, a student at AgroTechParis.

The livestock sector as a whole suffer from other disabilities: the industry's first transformation only to renovate its facilities, the number of slaughterhouses is too important. In addition, this industry does not know the answer to market demand. "The French slaughterers are not able to meet the specifications of buyers, says Pascal Cousté, farm advisor throughout France. Particularly regarding the rate of fat from meat and health standards. "

In the case of pork French example, this translates into an additional cost in the industrial process by 5%. Result: supermarkets, but also the industrial processing, will source outside France, where competition is able to offer lower prices.  

However, the growth of world consumption of about 15% per year, providing a market for breeders. The increase in living standards in emerging countries like China and Brazil offset the decline in red meat consumption observed in developed countries. "New markets are opening to us, in the Mediterranean arc of the Maghreb, Turkey and also in Russia," said Peter Knight, President of the Federation Nationale Bovine. In the beef sector, the share of French production destined for export, now more than 5%, and falls on the rise in recent years.

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Reunion: the measures announced

 

The price of gas and electricity for low incomes will fall in Reunion, and those of 40 essential commodities will be frozen at least from March 1 through the efforts of local communities, said Friday the prefect, Michel Lalande. A series of measures taken after a round table of five thirty gathering around him the chairmen of local councils, chambers, representatives of consumer associations, oil companies and professional drivers payday loans guaranteed no fax. All participants in the roundtable have finally launched a "solemn appeal" to calm the population.