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France and Britain have ruled out Friday to share the aircraft carriers in the near future but said they were ready to pool several defense equipment including the future A400M military transport aircraft assembled by EADS.

The Defence Minister Herve Morin, who received his British counterpart Liam Fox to Paris for a bilateral meeting devoted to the weapons programs of both countries, also stressed that the French and British companies were to cooperate more and that would make Paris and London joint proposals for NATO reform.

"We hope that our cooperation is in the background the ability (for France and Great Britain, ed) to make budgetary savings," he said during a brief press briefing.

France and Britain, both facing pressures on their finances, have decided to start saving measures, particularly in the defense sector.

"It is logical to examine the issues where we can share the assets rather than acting separately," explained Liam Fox."It's a purely pragmatic."

Herve Morin said, however, that France does not plan to share aircraft carrier with Britain at this time.

A source close to the Defense Ministry told Reuters that the technical characteristics of French and British aircraft made a pooling difficult but that nothing prevented the two armed boats to share logistics.

"The sharing of an aircraft carrier would not be realistic," confirmed Liam Fox.

Herve Morin assured that Paris and London had been exploring a range of issues of cooperation and mentioned as an example the tanker and the future A400M military transport aircraft, a program led by Airbus Military, a subsidiary of European aerospace and EADS Defence.

"We look very real, capacity by size, by industrial subject matter industry, we can do, either in cooperation, or we can decide who would lead us toward interdependence," he said.

"On the tanker (tankers), the maintenance in operational condition (OLS) of the A400M, the joint naval facilities, we can move towards greater pooling."

PROPOSALS

The contract for the A400M program delay of almost four years, must be revised so that some countries like Germany and Great Britain, dissatisfied with the delivery and anxious to reduce their expenses, considering scaling back their orders .

"On the A400M, it actually makes sense, then we have budgetary constraints, to achieve more together than separately and see where we can achieve economies of scale and use of shared assets," Liam Fox said.

Both ministers have not detailed how this sharing could take place.France has ordered 50 A400M while Great Britain could reduce its order for 25 aircraft to 22.

EADS has signed an agreement in March with the seven member countries of NATO to the origin of the A400M, which allows them to cancel up to 10 aircraft from the total 180 aircraft ordered.

Herve Morin also argues that he had discussed a reform of NATO with Liam Fox.

"France and Great Britain are the desire for a reform of the alliance with a reduction of bureaucracy, increased financial control, reduced staffs and physical footprints" he said before adding that France and Great Britain would submit proposals for savings in the next NATO summit in Lisbon in November.

The Minister also invited the French and British companies to enter into partnerships and alliances.

"We need to redefine a number of edges that we may not have the same research centers on both sides of the Channel '," he pleaded.

Retail sales are backed up against all odds by 0.3% in Germany in July, posting a second consecutive month of decline in monthly, announced Tuesday the Federal Office of Statistics.

Over a year, retail sales rose 0.8%.

Analysts polled by Reuters had expected a monthly increase of 0.5% and an increase of 1.4% over one year.

The International Monetary Fund forecasts growth of 1.4% in France this year, as the government, but is more cautious thereafter, and questions whether the government deficit back below 3% of GDP before 2015.

In its annual report on France on Friday, the IMF welcomed the "ambitious reform program" implemented by the authorities, welcomed the "major reform" of pensions and notes that French banks are strong, as the Recent tests have shown the organized resistance in the European Union.

But he stressed the risks to future growth, although France has fared better than its neighbors to the recession, and recommends giving priority to a "substantial and credible rebalancing" of public finances.

After a contraction of 2.5% in 2009, the institution sees gross domestic product of France grow 1.4% this year – the same prediction that the government – and by 1.6% in 2011, 1.8 % in 2012 and 2.0% in 2013.

These estimates are similar to those published in the April World Economic Outlook of the IMF, while those on the deficit is more optimistic.

After 7.5% in 2009 and 8.0% in 2010 (again forecasting government), the deficit would decrease to 6.1% of GDP in 2011.In April the IMF was around 7%.

"This is the result of a conference on fiscal deficits in July and pension reform in June," Harris says one in Bercy where we judge the IMF and Paris "on the same wavelength" .

"It's a good report of the IMF for economic policy the government," says one.

IMF WANTS THE ASSUMPTIONS OF "REALISTIC"

However, the IMF is the deficit to 3.9% of GDP in 2013 and, according to his script, is that in 2015 he would return below the 3% limit set by the Maastricht Treaty.

The stability program of France plans to achieve the 3% deficit in 2013, subject to a growth of 2.5% from next year.

"To make the effort of more credible, it is important to establish the framework for budgetary planning on realistic macroeconomic assumptions," the IMF in his notes, echoing criticism by the European Commission issued in March when he was sent to the stability program.

During a conference call, one of the reviewers, Erik de Vrij, however relativized this message indicating that the deficit target reduced to 3% in 2013 could be achieved if the pension reform is completed.

"By including the pension reform, there is a good chance of reaching 3% deficit by 2013," he said.

Published annually after the visit of a mission, the IMF notes is rather complimentary to the government's economic policy but calls for greater efforts on reforms and fiscal consolidation.

"A fragile recovery is underway in France," it said.

Her limited exposure to international trade, the existence of a strong enough financial sector, the importance of social safety nets and measures to relaunch "well designed" have enabled France to resist the global crisis that most comparable countries, the IMF noted.

But, he adds, 'the characteristics of the French economy, which have protected partly during the recession are also those who probably will slow the recovery.

"PUSHED MORE INITIATIVES"

The unemployment rate of 9.5% in 2009 to reach 10.0% on average this year and peaking at 10.1% in 2011, before easing to 9.7% in 2012 and 9.2% in 2013 according to the IMF.

At the same time, public debt would reach 84.3 in 2010% of GDP against 78.1% in 2009 and would continue to deteriorate until 2013, when this ratio reach 90.3%.

"The imminent consolidation of public finances in France and most European countries will weigh on demand, and concerns that continue to generate sovereign risk require continued vigilance," said the Fund, requesting the authorities to "implement with their energy reform program to support the recovery. "

On the fiscal consolidation policy, the IMF considers that the measures already announced on revenues and expenditures are "large" but said that "further efforts are needed at all levels of government to achieve fiscal consolidation is the medium term ".

The institution also delivers a good report on the reform of banking regulation, acknowledging in particular the establishment of the supervisory authority which has for the month of March all supervisors and approval of the bank and insurance in France.

The U.S. stock markets opened on a negative note Friday as investors show some nervousness before the publication of the results of resistance testing taxed at 91 European banks.

A few minutes after the start of trading, the Dow Jones yielded 0.28% to 10,293.16 points, the Standard & Poor's 500 index 0.44% to 1088.89 points and the Nasdaq Composite 0.51% to 2234.45 points.

Losses are limited by satisfactory business results and publication of European statistics reassuring, especially in Great Britain and Germany.

Microsoft and Ford have published better than expected, the reaction of titles respectively 0.23% and 3.31%.

In contrast, the Citigroup opens down 1.71% to 4.02 dollars, the U.S. Treasury prepares to sell 1.5 billion shares to reduce state participation in the U.S. bank, gained during the rescue group.

The Franco-Dutch Unibail-Rodamco, faced with a lackluster economic environment, will make the cash to shareholders to try to offset the stagnation of its results.

The leading European commercial real estate offers and distribute 1.8 billion euros in cash to shareholders, or 20 euros per share in respect of a return of capital, "he said Wednesday in release.

This operation, which takes the form of a refund procedure premium contribution, roughly the amount of sales, net of acquisitions made since the merger in 2007 between Unibail and Rodamco, the company said.

Unibail-Rodamco has sold four billion euros of assets since the merger and purchased 2.4 billion euros.

The transaction will be subject to an extraordinary general meeting on September 8 for a payment on October 12 and will be funded by four billion euros in credit lines.

Meanwhile, the company said it benefited from renewed investor interest in quality real estate assets to accelerate asset sales and further focus on its biggest shopping malls.

In seven months, Unibail-Rodamco has sold 1.2 billion euros of assets, with an average premium of 9% compared to their appraised values.It plans to sell another 500 million by the end of the year and 2.5 billion by 2012, the Netherlands, but also in France, Spain and Scandinavia.

The land group aims to reduce the number of shopping centers from 95 to 60 by 2012.

NO IMPROVEMENT FOR HIGH

This strategy of refocusing the group on its greatest asset and most cost reflects the uncertainty about the future growth and household consumption.

"I see no reason for a big improvement in overall consumption, but our schools should do better," said Guillaume Poitrinal, CEO, a few journalists."I'm not optimistic about the economic situation in France, but our particular positioning can help us gain market share," he added.

Some analysts also see it as an uncertainty about the continued recovery in property prices.

"Having to pay a special dividend and accelerate disposals may mean that the company does not believe too much in pursuit of the rising property market," commented one of them, who would not be identified.

The company has not yet abandoned its development projects and plans to invest 1.5 billion euros by 2015 to modernize its existing facilities and 5.7 billion for new projects, of which 1.3 billion are actually incurred.He did not rule out further acquisitions.

After the transaction, Unibail will remain the land the least indebted in Europe with a debt ratio increased from 31% to 40%.

Standard & Poor's revised after the announcement, his outlook on the company, which went from stable to negative, while confirming her an "A" long term "A-1 'short-term, and Fitch, which replaced Moody's at the request of the group has assigned a grade "A" long-term debt IDR (issuer default rating).

RESULTS NO SURPRISE

For the first half of 2010, Unibail-Rodamco has published a recurring earnings per share of 4.70 euros, up 0.4% in the first half of 2009, with net rental income of 624 million, down 1 6% (+0.4% at constant perimeter).

Its net asset liquidation stood at 131.00 euros per share, up 2.2% from late 2009 its assets increased by one billion euros to 23.3 billion, ending a two- year decline in the value of its assets.

According to a consensus calculated by the editor of Reuters estimates from a dozen analysts, estimates ranged to 4.51 euros for recurring earnings per share and 130.06 euros for the net asset value (NAV ).

The property has confirmed its growth target of zero to 2% of its recurring earnings per share in 2010, including the impact of capital repayment, after rising 7.1% in 2009, mainly because of low indexation of rents.

The single European property to be included in the Eurostoxx 50, with a market capitalization of 12.5 billion euros, closed up 2.79% in the Paris Bourse to 140.100 euros before the publication of these figures.

Since the beginning of the year, the security loses 8.8%, after rising 44% in 2009.

The World Trade Organisation has postponed the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

The progress report was published as a confidential WTO panel on the cons-procedure initiated by the Europeans was due July 16, two weeks after the decision of the international institution holding illegal subsidies received by Airbus from European governments.

"I can confirm that the president did speak with the parties concerned and said that because of the complexities of the case, there would be a delay in publishing the report," said Keith Rockwell, spokesman for the WTO.

The United States and Europe accused each other of illegally subsidizing their respective aircraft manufacturers.

The CEO of BP's Tony Hayward met with officials of the Abu Dhabi Investment Authority (Adia), one of the largest SWFs in the world, said an official source of United Arab Emirates (UAE).

A UAE source told Reuters on Tuesday that BP had approached sovereign wealth funds to find a strategic partner to preserve it from any takeover attempt as it is mobilized by an oil spill that has caused the Gulf of Mexico.

Tony Hayward has made various "options" at this meeting, added the official source, without being more explicit.

Adia was not immediately available for comment.

A Saudi financial daily reported Wednesday that Saudi investors wishing to enter the capital of BP at 10% to 15%.

A delegation of these investors will travel to London to begin a dialogue with BP, said al-Eqtisadiyah, the main financial newspaper in the kingdom, without citing sources.

Action BP has lost more than half its value since the oil spill that began last April.

The British oil giant said it hoped to raise 10 billion this year to finance a fund for cleaning $ 20 billion that had opened under pressure from Washington.

Action BP earns 4.17% to 360 pence in morning.

Next week will be loaded in statistics but the employment figures, to be published Friday, are probably those expected with more anxiety on Wall Street.

Economists expect 110,000 job losses in June, a large part due to the fact that the government has sent home half of those hired by acting for the census.

The unemployment rate is expected to 9.8% against 9,7% in May

Without a net growth of employment, the U.S. economy likely to frown, the consumer limiting his spending to the minimum necessary.Consumer spending accounts for two thirds or less of GDP.

Two other indicators, among the many to be announced, are also of interest to Wall Street: consumer confidence in June (Tuesday), scheduled withdrawal from May, and promises of real estate sales in May ( Thursday).

The latest indicators published in real estate suggests that the recovery in dock because of the expiry of measures for first-time buyers.

"The truth is that the recession is not over, either a relapse or a straight line without growth, it is anyway probably more real than all the noise around the recovery," said Carl Birkelbach (Birkelbach Investment Securities).

On the whole week, the Dow Jones lost 2.94% the S & P 500 3.65% and the Nasdaq Composite 3.74%.Since the beginning of the year, the Dow lost 2.73%, the S & P and Nasdaq 3.44% 2.01%.

HIGH VOLATILITY, NARROW FLUCTUATIONS

The agreement reached Friday morning in Congress on financial reform is also to be considered a good place for U.S. President Barack Obama urged the world to emulate the United States during the G20 summit in Toronto .

He is likely that volatility will be higher next week, fund managers adjust their portfolios at the end of the quarter.

The volumes tend to fall before long weekend of Independence Day, a factor which may in turn increase volatility.

To the extent that July 4 falls on a Sunday, the U.S. markets will be closed tomorrow.

This promise may be times tense for traders focused on technical elements that the S & P has been able to hold above its 200-day moving average during the week.Some investors believe that a movement below this threshold is a bearish signal.

For Michael Sheldon (RDM Financial Group), the margins of fluctuation of the market will probably narrow in coming weeks.

The next week also see some results of companies, Monsanto and Micron Tech among others, as a prelude to the flood of quarterly results which go off from mid-July.

As usual, Alcoa, one of the Dow 30 stocks, will open fire on July 12.

Corporate profits of the S & P are expected to increase by 26.8% in the second quarter, according to Thomson Reuters.

Bourbon has unveiled a new plan for the period 2011-2015 which includes the sale of its fleet of 16 bulk carriers and other non-core assets for a total of 500 million Euros.

The specialist maritime services to the offshore oil announced in a press release that it has signed an agreement to sell its Bulk with the American Genco Shipping & Trading Ltd for 545 million dollars (440 million euros).

As part of its strategic plan, Bourbon also wishes to invest two billion dollars (1.62 billion euros) in the construction of 80 supply vessels and 64 vessels transporting personnel to operate in 2015 a fleet 600 vessels dedicated logistics services in the continental offshore and deep offshore.

The offshore fleet amounted to 357 ships by end of 2009 and 99 are now in command in the context of its previous strategic plan.

"The bulk current activity will continue to a lesser extent and without the contribution of a fleet that is owned," said the CEO of Bourbon, Jacques de Chateauvieux, during a conference call."This is not disturbed our ability to meet the expectations of our customers."

Jacques de Chateauvieux has also indicated that the sugar activities of Bourbon in Vietnam, among other things, would be sold in addition to bulk carriers.

Apart from sales, financing the new investment program will be provided by changing the payment terms of vessels during construction, 75% of the price now being paid on delivery, as well as a 12-year loan of 400 million dollars granted by the China Exim Bank.

CASH FLOWS FROM POSITIVE in 2013

"The combined effect of generating cash flow from operations, disposal of assets in 2010 and the new payment policy should allow vessels a ratio of debt to equity of less than 0.5 and a ratio net debt / EBITDA of less than 2 by 2015.Bourbon and generate positive cash flow from 2013 onwards, "added the company.

Bourbon also said that its dividend policy would be to distribute approximately 40% of its consolidated net income.

After an average growth of 28% of the activity of its offshore division between 2002 and 2009, the new plan Bourbon displays a target of 17% average annual growth between 2011 and 2015.

The company is also concentrating on increasing the availability rate of the fleet with a goal of 95% against 92% today, and a decline in the index of its operational costs by 4% rate constant 2015.

Bourbon is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for offshore and an EBITDA ratio on capital employed of 20%.

It plans to recruit 5,000 people who join its 7,000 employees.

Marc Touati, Associate Director of Global Equities

This topic is more socially and economically. In the current crisis, it is even very controversial, very "dangerous". We must therefore take tweezers in the formulation of the analysis to avoid offending the spell …

I. The model of solidarity to the French: the world's best

Originally the solidarity model, also called French social model may appear as the best in the world. Its basic principle is: high public spending and high tax burdens, but in exchange, through redistribution, greater solidarity and hence less inequality, less unemployment, less poverty and more comfort- be economic.

II.This model of solidarity no longer works

Unfortunately, the past ten years, this model is disintegrating, to the extent that public expenditures increase more and more (56% of French GDP in 2009), the tax burden is among the highest in the world. Despite this extravagant strategy, growth, structural decline, unemployment is around 10% sustainable, poverty rate increases (14% of French people living below the poverty line), including the widening inequalities in income and health and funding of the retirement pay is more assured. So the French model of solidarity is more effective.

Conclusion: how to find a more effective model

This is where the controversy settled: that it must also increase public spending and taxes.If this solution is certainly easier, it is not credible: it no longer works for 20 years and is a runaway. We must therefore stop veiling the face: the only way to make solidarity in France resides in the ability of the latter to the high growth. To achieve this, we must reduce the tax burden for all, make it as fairer, while lowering the inefficient public spending, including operating expenses.

Jean Paul Betbeze, director of studies of the Credit Agricole

Introduction: The word solidarity is one of the most important part of our vocabulary, one of the most sensitive too, because it is at the crossroads between economic and social. He asked how "to society", that is to say, how to combine growth, efficiency, distribution, justice.The issue of solidarity is today more acute because the growth is not at the rendezvous. This leads to questions about growth (innovation, the company …) and the terms of the distribution of wealth, with the idea that certain expenses, sometimes called Solidarity, were too high and / or have not contributed to growth, as might have been expected.

I. The French social model, an exception

Solidarity meeting in fact a set of situations. For one third of expenditure, are shocks that have affected people, health first, another third are economic shocks, mainly unemployment and its consequences for a third and third is the evolution costs associated with aging. Shock people, economic shock and the shock of aging are the sources of expenditure solidarity.We must study their rationale, their legitimacy and, where possible, their effectiveness. Looking in effect say that young people can not but be struck by the solidarity they restricted themselves to considering. The family, themselves and their friends and cronies. Altogether, they and their entourage. This sends the idea, positively, that the best solidarity begins at home and his family (training, job search and lifestyle), but also that state support, social activities are increasingly counted in First the conditions of retirement and old age support. Truth and realism.

II. There can be no solidarity without growth

So we must find ways to live together solidarity and growth, after some excesses were committed and at the inability to continue as before.It can therefore be, in any event, solidarity without legitimacy, without transparency, without verification. That is no explanation for it, without penalty to the excesses or misrepresentation and – increasingly – without education, training, to avoid any shocks. Economic solidarity corresponds to the current difficulties of the job. Unemployment is the brand, but also retirement (since the nonworking are partly taken into account). But support to individual entrepreneurs (with tax benefits) are also a de facto solidarity. A total of solidarity that we measure is often posterior to the problem, it must be proactive. It must be less than a correction, compensation of a preparation: training throughout life support mobility.Solidarity in the event of sickness is also essential, but it can not avoid the growing support in people themselves. Lifestyle, sports, medical conditions are independent of a reduction of medical risk and provide an old age happier, longer and less dependent on solidarity.

Conclusion: Overall, we must squarely address the solidarity at the intersection of economics and welfare, by making clearer the economy (transparency, fairness, efficiency), the general benefit of society.