International News

This is a first in the middle of the car. Citroen has launched this week the first site of services for organizing trips run by a manufacturer. Citroen named Multicity, this site allows you to organize the weekend and stay long term, buy a ticket or train and book a hotel. Not to mention renting a vehicle anywhere in France for a period ranging from several hours to several days.

The site has nothing to envy to the travel-sncf.com or Expedia.fr. The manufacturer has indeed relied on industry experts as GoVoyages and lastminute.com to set up his project. Result: the services provided are as complete as those of operators."Whether it's a journey of everyday life, a professional meeting or organize your holiday in France or abroad, with Citroen Multicity build your route from door to door and book immediately" Can we read in the section of the site presentation.

Competitive Rates

From bus to subway, boat to the aircraft via the bike, Citroën offers a search engine to find the best route "custom tailored to your budget and your schedule." The manufacturer also promises very competitive rates for car rental (from 22 € per day and for only 14 euros, our valet pound down to you "). Train tickets are those of the SNCF, Eurostar or Thalys trains and flights covering 1000 destinations. For hotels, the offer is very wide, with 60,000 establishments proposed worldwide.

The brand customers enjoy perks such as buying online mapping to update their GPS or download a map of speed cameras.

Operation Diversification

With this remote reservation terminal, Citroën is clearly the turn of diversification. This strategy had already materialized with the launch of a site rental vehicles in September. But a few months of summer vacation, the manufacturer has chosen to go further: "Today, travel is not always easy and it requires a good knowledge of the various means of transport possible to achieve these trips, "says the manufacturer in the columns of Le Parisien on Saturday.

Citroen still promises to expand its range "in time" to "promote mobility. Objective: to become profitable within two years to come. "

Click on the thumbnail to enlarge the graphic.

At one week of the ceremony of the Caesars, Men and Gods Xavier Beauvois is figure favorite. But it is not only a highly successful film. It is, according to the French Film, French film along the most profitable in 2010. With a budget of 4 million euros, it attracted 3.1 million viewers. Consequently, it has reached a rate of return of 229.3%.

Behind this nice surprise, there are two comedies that have been very successful. The Heartbreaker Pascal Chaumeil, with Vanessa Paradis and Romain Duris totaled 3.7 million tickets. With a budget of just under 10 million euros, its profitability stood at 113.43%. More surprising is the presence on the podium Mammuth. The film Delepine and Gustave Kervern Benedict has done a somersault with a return of 100%.I must say it was done with a limited budget to 2.5 million euros, despite the presence of Gerard Depardieu. An astonishing performance when we know that, on average, the profitability of French films is 25%. In 2010, 32 French films have exceeded this symbolic threshold, six more than last year short term personal loans.

This record pushes some ideas. For years, the French film world think that the example of major Hollywood productions, inflation budgets that ensures success.

However, in 2010, major productions have not fulfilled their contract. Ocean, directed by Jacques Perrin with a budget of Pharaonic 49 million euros, had a return of 16.7%. The highly anticipated Camping 2 Fabien Onteniente, has met its audience, with 3.9 million cinema admissions, but was penalized by a budget of 23 million euros.

The 10-year champion Sticks

Its producers are doing anyway, with a return of 49%. Not bad, but two times worse than Camp 1, which in 2006 recorded a rate of 118%.

For the first time, the French film released the ranking of most profitable films of the decade. Unsurprisingly, the film records of all Welcome to the Sticks is securely attached to the first place. With 20.5 million admissions to a budget of 11 million, the movie Dany Boon posted a profit of 565%! The Chorus is in second position with 486% return.

On the occasion of its big annual event, the Ufip, the French Union of Petroleum Industries on Friday announced the impact of strikes Fall 2010 on the oil industry alone: 230 million euros.

A figure that could grow. For the fourth straight weekend, the activity of French ports will be affected by social movements, the CGT still requiring validation of an agreement on the drudgery.

Besides this "handicap" represented by the unreliability of the port of Marseilles, and denounced by Jean-Louis Schilansky Ufip Chairman of the rising discontent especially from the bosses of companies weakened by the downturn port. Under the patronage of the Phoenician city, the losses at the end of November last, relating to strikes, would amount to 800 million euros.In the medium term, the continued movement threatens 41,000 jobs directly and indirectly specifies the organization, who attended Thursday at a meeting of major economic players in Marseille.

Now "A container for two to France through foreign ports," a late Jean-Luc Chauvin, president of the PSU 13, the Union for companies in the Bouches du Rhone. Companies are dying to Marseille where we are in a state of permanent strike. "

Threat to long-term activity Ports

"Companies are tired, we are undermining the economic fabric," adds the CEO of the Port of Marseille, Jean-Claude Terrier. Especially if short-term impact of strikes on the job can be cushioned by partial unemployment, it is not the same in the long term.

Plagued by recurring blockages, the poor image of the port of Marseilles is widening no teletrack payday loan. What is not without consequences for the activity: traffic from all terminals of the Grand Port Maritime de Marseille (GPMM) grew twice as fast in 2009 as the Mediterranean ports, and three times less than those Northern Europe.

And the fall in traffic could continue. On the site of Fos sur Mer, terminals and cargo containers are still totally blocked this weekend. A new arrest brings to 29 the number of calls to cancel since the beginning of the month. Between 1980 and 2010, the port of Marseille has lost 12% market share, reaching 16% last year. He has yet to lose a place among the European countries (5th in 2010).

However, difficult before any return to normalcy, to quantify exactly how many jobs really threatened.Meanwhile, a cell of the Prefecture of the Bouches du Rhone will be created to select the companies affected by social movements, and conduct an evaluation in terms of jobs. About 2,500 companies will receive bank facilities, said the Prefect Hughes Parant.

Side Le Havre, or movement is also closely watched, the loss of port activity related to strikes brought to 40% in Les Echos said the president of the Maritime Union and port of Le Havre. About 80% of the 16,000 jobs that include the organization today are indirectly affected, "he said. In January more than 50 calls were canceled out of 170 were provided, again in favor of other ports, Belgian and Dutch.

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The "eCard" greeting has become more successful in France. According to a TNS Sofres poll conducted for the site * CyberCartes.com, the French number two behind the virtual card Dromadaire.com, 14.5 million French people – 29% of the population – at least send an e-card at the end of 2010, against 11.5 million (23%) in 2009. A jump of 26% in one year. "France had a disability at the start, because we sent a lot less traditional paper cards as the Anglo-Saxon," said Rafik Smati, president and founder of Dromadaire.com. Delayed largely filled on the Internet. "We are the world champions of the eCard to the Americans," he adds.

Dromadaire.com, established in 1998, calls itself a world leader in the electronic card.According to the Nielsen survey Médiamétrie-January 2010, the site has captured 73% of audience share sites of electronic greeting cards that month in France. This year, he posted a record audience of 11 million visitors the week before Christmas. "This figure is but a foretaste of what will represent the next two weeks, a period where a majority of users should contact their New Year wishes," says its founder. Last year, 18 million year-end cards were sent via Dromadaire.com, who hopes to surpass the $ 20 million for the 2010/2011 season.

Even the optimism among competing site CyberCartes.com, who recorded "25 million hits on the last greeting and expected to grow 50% this year."According to its president, Jean-Pierre Fanni, the big trend this year is the "personalized card," which notably allows to insert pictures into a video, or "talking card". "The success of virtual cards is even more intense as more and more cards are sent via the new media like social networks and smartphones," he notes.

The "new media" missed

CyberCartes.com site has created its own application for iPhone, which since late November, allows users to send a video card from the mobile Apple to choose from hundreds of proposed maps. "To date, we recorded nearly 70,000 downloads of our iPhone application that was immediately acclaimed. She has climbed into first place ranking in the class the Appstore entertainment, "the president welcomes the site.Moreover, CyberCartes payday advance lenders.com created two weeks ago his Facebook page that has already captured about 50% of items of virtual cards. "These new media boost our circulation because they facilitate the sending of greeting cards by allowing the use of all possible media."

Dromadaire.com has also made the page. "The e-card has rejuvenated through social networks and smartphones, and we believe that several million cards this year will be sent via these channels," says Rafik Smati. "These are very important growth driver for us." The site, which already had a Facebook page, has also developed an iPhone application, launched last December 10. "This application integrates all the features of the iPhone. For example, you can send a card with a snowball, which could be rocked and rolled animate.It can also blow on the screen or scratch, according to the type of card sent, "explains President Dromadaire.com, who said that" this new tool it enables us to be more creative. " Facing the tidal wave of e-card, the traditional paper map is struggling to resist. In 2009, it represented only 3% of the market for greeting cards, according to the National Union of Printing and the Professional Union of the postcard.

* Study carried out on 8 and 9 November 2010 on a nationally representative sample of the French population aged 18 and older (950 respondents in total).

The French champions of the electronic card

The poll by TNS Sofres, 61% of users of virtual greeting cards throughout the year are women. A proportion that rises slightly to 62.5% for year-end cards."The French are champions of e-card," says Jean-Pierre Fanni, CyberCartes.com president, for whom the study was conducted. "They are almost twice as likely as men to send cards later this year." Women use the electronic card as a mark of attention to all kinds of opportunities, outlines the study: send their Christmas wishes wish a happy birthday to a friend, make a nod to their office colleagues, thanking their families, saying "I love you" to their spouse or their children laugh. A trend even more pronounced in French over the age of 35, which are 70% to send cards at Christmas, against 30% for those under 35 years.

Source: TNS Sofres

Danone is on all fronts. While some emit can see the group sell its dairy division waters – which could fetch about 7 billion dollars (5.1 billion euros) – Danone wants to continue to diversify outside of yogurt, including products from fruit, as stated in the economy Figaro, the head of Danone, Franck Riboud, last July. Last August, the group has bought Immédia, smoothies number three in France.

According to the boss Materne, Michael Larroche, Danone would also be interested in the manufacturer of sauces. "In the perspective of a future buyout, I can only rejoice in the interest of Danone sauce, but the Coca-Cola," he says in an interview with the daily La Tribune, this Friday.Danone has launched a stewed with sweetener brand Taillefine, "The Garden Gourmet," in January.

Materne brand has been bought by the investment fund, LBO France for 187 million euros Activa shareholder for seven years the manufacturer of sauces, whose sales amounted to 175 million euros free credit score.

"Lactalis still has a chance" to redeem Yoplait

Asked about the departure of national champions abroad as Yoplait, which could be sold to the American General Mills, even though the Swiss Nestlé favors Yoplait, Michel Larroche hopes that "Lactalis has still a chance" and regrets " lack of competitiveness of our agriculture. " Danone could also sell its polar waters for Japanese brewers, although the group has made laititer lie.

In 2009, the water division has completed 17% of the total turnover of 15 billion euros made by Danone, the world of mineral waters with a market share of 11.7% in 2009. The turnover of the pole "mineral waters" of Danone rose 18% in the third quarter of 2010.

For many commentators, the eighth day of mobilization against pension reform scheduled for today, Saturday, akin to a "symbolic gesture". For the eighth time in two months, the unions called for a new day of event: 241 marches are planned in the area.

At midday, the Interior Ministry accounted 142,000 and 132 protesters rallies in France, he said surTwitter. Mobilization "No sharp decline compared to October 28. In Toulouse, the numbers game had already started this morning. Police estimated that the parades were attended by 13,000 people, while unions have identified 110,000.

The secretary general of the CGT, Bernard Thibault, said before the start of the procession in Paris that participation in Saturday's demonstrations against pension reform promised to "lower" than previous ones, but "probably beyond the million . "It is normal that there is a mobilization slightly lower, given the fact that the law was passed, for his part said Francois Chereque, secretary general of the CFDT, shortly before the start of the Paris demonstration, Republic Square.

Skepticism weighs in effect on the magnitude of the movement, now that the law was passed by parliament. The first six days of mobilization, including two held on a Saturday, have collected each time millions of people, according to unions, and around one million, according to police.But last October 28, following the vote marked a sharp reflux, with a peak split in half – 560,000 according to police, nearly two million according to the CGT-stop background of strikes, particularly in refineries.

In addition, differences on the effect of movement seem to appear between the unions. The CFDT, pessimistic, appears to outline a crisis while the CGT promises to go through. The number one of the CFDT, Francois Chereque, ruled Friday that the mobilization could now be "back" Nicolas Sarkozy, left to temper the enthusiasm of protesters. "On the subject of pensions, we will now move away slowly," he said on Canal +. "If I say today" we will roll back the president, "I do not think anyone would believe me. We say this, he dreams, "he added."We talked a lot about pensions because the government has accelerated the reform because of the crisis, now we return to the elements of the crisis: massive unemployment, youth unemployment, older, working conditions, the hardship, these are topics that will express in the coming months, "he said.

CGT: "A sequence that can not be that of renunciation"

The determination of the CGT remains rather intact. The organization will continue to mobilize, including whether the bargaining unit cracks, said its general secretary Bernard Thibault, Saturday, in L'Humanité. "Today represents a new high. There will be others. CGT will end up, "warned Bernard Thibault, who said" the movement is deeply installed in the country. " The secretary general of the CGT said that "laws are constantly subject to revision.""The social movement is entering a new sequence that can not be that of denial," he says, criticizing the fact that "some push for alternatives that are either, to give appointments to presidential elections, or to take for granted the rendezvous of 2013 set by the government to overhaul the pension system. "

The scope of the mobilization of Saturday will be scrutinized by the unions. It had reached agreement Thursday on a new "appointment" to mobilize between 22 and 26 November, the details of which will be set Monday. Government and unions have also staring at the Constitutional Council, by the PS, which must approve the reform by December 2.The President of the Republic may promulgate the law, which rejects 60 to 62 years the age of retirement and 65 to 67 years of age for a start at full rate, within 15 days of the downstream of Wise.

(With AFP)

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The CAC 40 moves upward slowly but surely the psychological threshold of 3800 points. Today, the trend is in effect an opening in decline, despite the close up on Wall Street, supported by good results from Citigroup, Apple or IBM. But industrial output unexpectedly fell and Asian stock markets move in a disorganized Tuesday morning.

On the macroeconomic front, the number of start-ups in September will be announced at 8:45 by the National Institute of Statistics and Economic Studies. The European Central Bank will present the balance of payments Euro area (10 hours). Around 14 o'clock, the European Commission in Brussels will present proposals on reforming the EU budget.The idea of a European tax could be revived.

In the U.S., one indicator is on the agenda this Tuesday: the housing starts and building permits in September (1430).

On the currency markets, the euro remains below the $ 1.40 to precisely 1.3903 (-0.44%).

Computers and power supervision

As for values, investors will follow especially energy companies, after France began to dip into its oil stocks to compensate for disruptions in fuel supplies caused by strikes at refineries, including those of Total.

The markets will also be attentive to the values computer, after the publication of results from Apple and IBM.

PSA and BMW are expanding their cooperation in hybrids

PSA Peugeot Citroën and BMW announced Monday night that they would extend their cooperation in hybrid vehicles but did not disclose financial details.

Havas reported Monday in an acceleration of its business in the third quarter thanks to a rebound in France and a return to positive growth in the Asia Pacific for the good performance of China and India.

Aeroports de Paris said Monday it posted a 5.2% increase in passenger traffic in September, driven mainly by flights in association with the Middle East and Africa make quick cash.

Soitec said Monday expect a net operating profit on the entire first half of 2010-2011, following a sustained demand in the second quarter from the automakers and manufacturers of mobile phones.

Steria has revised its annual goals down on Monday night, relying on organic growth in sales of around 1% in 2010 against an earlier indication of 1.4%. Services company in computer engineering is now targeting an operating margin of around 7% this year, against 7.3% previously.

Compagnie des Alpes announced Monday that it would take an approximate 45% stake in the Futuroscope, for 63 million euros, becoming the largest shareholder in the third largest leisure park in France.

April Group on Monday issued a revenue decline in the first nine months of the year, hit by weakness in the segment of insurance. Sales of the insurer are listed down 9.8% to 556.5 million euros.

Results: the turn of Radiall Edenred and Pierre et Vacances

Guyenne et Gascogne reported Monday in a persistently sluggish consumption for the third quarter, although its network of French supermarkets pulled the pin of the game franchise of Carrefour believes that its Spanish subsidiary will release for its "no problem majority "of the recent crisis.

Transgene Monday issued a turnover in nine months by 11.1 million euros.The biotechnology company, which states have a cash of about 194 million euros at end September, confirming it was on track to bring to market its first product in 2015.

Cellectis has signed, through its subsidiary Cellectis Plant Sciences, a license agreement with Midwest Oliseeds for the plant transformation technology of the American.

Radiall, before trading, and Edenred, after market, will publish their turnover for the third quarter. Pierre et Vacances will present the fourth quarter after-hours trading.

This Friday, the CAC 40 index continued to decline in early trade, following the close of the day in Paris and on Wall Street and Asian stocks on Friday morning. Midway, Paris does not yield more than 0.20% at 3703.24 points, while the U.S. futures index pointing upwards.

Free business publications, the meeting was facilitated by the numerous macroeconomic figures.

INSEE has unveiled details of national accounts for the second quarter. The gross domestic product (GDP) grew 0.7% in the second quarter, according to detailed figures from INSEE published Friday.The previous and first estimate, which already was a nice surprise, was counting on 0.6% growth, after 0.2% in the first quarter.

At 10 hours, the business climate in Germany, against all expectations, increased slightly in recent weeks show the results of Friday's monthly survey of the Ifo Institute. Its business climate index rose to 106.8 in September against 106.7 in August (as confirmed) while economists and analysts polled by Reuters had forecast decline to 106.2.

The next installment will take place early in the afternoon at 14:30, with orders for durable goods in August in the U.S., followed 16 hours by the promise of home sales for that month.Finally at 18 o'clock Back in France, with the employment numbers in August (Dares and job center).

Early this morning, Asian markets have surged briefly thanks to a sudden drop in the yen at 6:22 am. According to Japanese media, the Japanese government would again intervened to bring down the currency. In addition, traders explain this slip by rumors – denied – of a resignation of the governor of the Bank of Japan (BoJ), Masaaki Shirawaka.

The euro, he, continues beyond 1.33 dollars on Friday.Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.

Gold has chained a new record of 1296.25 dollars overnight.

Technip a contract with Algerian Sonatrach

Algerian state company Sonatrach announced that it has awarded a 682 million euros in the oil services group Technip French (-0.90% to 57.39 euros) to rehabilitate and modernize a refinery guaranteed unsecured personal loan Algiers.

L'Oreal (1.23% to 83.01 euros) inaugurated its first plant in Russia. The group will produce cosmetics, shampoos, one product that sells best in this promising market that has suffered the crisis but increased 10% per year on average.CM-CIC has brought the value in its list of preferred companies.

In addition, Nestle said Thursday it would hold a press conference Monday morning in Lausanne, which has revived speculation that the Swiss group could make an announcement on its shareholdings in L'Oréal.

Behind, EADS (2.99% to 19.1 euros). JPMorgan raised its recommendation from "neutral" from "overweight" with a target price of 23.73 euros.

Analysts at Morgan Stanley lowered its recommendation on shares of French bank Natixis (+0.35% to 4.25 euros) and BNP Paribas (-0.48% to 53.64 euros). They went from "neutral weight" from "underweight" on the title Natixis, which has made its entry in the CAC 40 Monday, and "overweight" from "neutral weight" on the BNP Paribas.

PSA Peugeot Citroen (-1.01% to 24.12 euros) and Renault (-0.37% to 36.60 euros).Sales of commercial vehicles rose 5.4% in July and 10.1% in August in the European Union, giving up 5% over the first eight months of the year.

Vallourec (-0.32% to 72.21 euros) held today its investor day in New York.

Beneteau (4.89% to 13.08 euros) issued a turnover up 18.2% in 2009-2010 to 659.2 million euros, exceeding its own expectations.

Remy Cointreau (2.04% to 48.5 euros, one of the largest increases). JPMorgan raised its recommendation to "underweight" from "neutral."

The chemical group Arkema (-1.64% to 35.9 euros) to build a new plant in China will be manufactured acrylic latexes for the market of coatings and adhesives, according to a statement received Friday.

It is the traditional story of the small company became larger and that annoys the industry giants. In sportswear, the role of the small company is held by Under Armour. He is played by giants Nike and Adidas. In 2009, Under Armour has become, with 10.8% market share, the second most important sector in the United States at the expense of Adidas. His goal now is to approach the leader Nike, which holds 23% market share.

For this, the company headed by Kevin Plank, a former player of the football team at the University of Maryland, has arguments to spare. Positioned high-end T-shirt with $ 60 on average, the brand offers clothing intelligent, concocted by scientists in his laboratory studies.Among them, the "moisture transport" which limits the transpiration under high stress, the "UPF" which protects the skin against ultraviolet rays, or the "Wind Resistant" that regulates body temperature in case of large cold.

These arguments have already convinced several overseas stars, Jonathan Vilma (player of American football team the New Orleans Saints) to the skier Lindsey Vonn, through one of the rising stars of the NBA basketball player Brandon Jennings. Known for its media outlets, it has also recently told the media that had he not been called to the national team to contest the world championships because he was not under contract with Nike, "If you look carefully, half of the team is under contract with Nike. This brand has a lot of influence.They do not advertise at Under Armour extrovert with a player like me "

Other media star to have signed Michael Phelps. The swimming champion in 16 Olympic medals has signed a three-year contract in February estimated at $ 5 million. It appears in the latest advertising campaign for the brand:

The popularity of sports has also prompted a quick reaction from the competition. Nike has launched the collection in 2006 Nike Pro apparel offering in line with those of Under Armour.

B ouche to ear

But the popularity of some sports stars for this brand is very discreet about as recent as the corporation. Kevin Plank got the idea in 1995. At that time, he makes his prototype t-shirts in the Bronx with his $ 17,000 savings and a loan of $ 40,000.Hiding out in locker rooms, it distributes its jerseys to players university for testing and waiting for word of mouth to take effect. The bet is a winner: the célèbbre football team of "Giants" New York is seduced. Other teams followed internationally, particularly in Asia and Australia. Amateur athletes are discovering that mark in turn through a half-page ad bought $ 25,000 in ESPN Magazine. In 1999, the brand has a different ad campaign with a presence in the movies Any Given Sunday (Oliver Stone) and Alternates (Howard Dutsh).

The business is growing very rapidly: sales increased from $ 17,000 in 1996 to 837 million in 2010. IPO in 2005, Under Armour is now valued at over $ 2 billion.The brand, which employs 3,000 employees, with locations in Amsterdam and Hong Kong, and has signed contracts with 20,000 distributors.

At only 37 years, Kevin Plank is the fifteenth in the standings of the forty most promising employers at CNN. "I threw the best t-shirt in the world," says the young boss in an interview with Newsweek. Had I not done that immediately after completing my studies, I worked in industry for five or seven years and I have been intimidated by others. "

Conquering Europe

Today the brand enjoys an innovative image. But Kevin Plank does not stop there. Under Armour, which makes 80% of its sales on clothing, wants to diversify into the shoe, a market that weighs 35 billion dollars worldwide.Hence the annoyance of Nike, who wishes to retain his undisputed leadership in this niche with Under Armour that only captures the moment that 136 million dollars.

More worrying for major brands, Under Armour wished to make a breakthrough on the European market today is lacking. The group is only present in Britain, Germany, Italy and the Benelux. In France, the brand has been distributed since 2006 at Foot Locker, Go Sport and some independent shops. Under Armour's ambition to expand in France and gain more visibility. A first step in this direction was made with the signing of a contract in July with the champions of France, rugby 2010, the ASM Clermont. Now remains to convince the other stars of Europe's favorite sport: football.

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The Attali commission for the release of growth has reached an agreement after a final meeting which ended yesterday evening, and it expected to report in coming weeks, Les Echos said on Thursday. The Committee advocates and the realization of 75 billion euros in savings by 2013 to meet commitments to the European Commission to reduce the deficit to 3%, reports the Economic Daily.

Experts estimate that 50 billion would be earned in three years due to reduced spending, and another 25 billion euros through a reduction of tax and social niches where the Government seeks a saving of 10 billion.

In addition to reforming the tax loopholes, the committee recommends the establishment of exceptional measures, to achieve 10 billion in savings.The experts say, including the freezing of the index point for staff and expanding the principle of non-replacement of staff on two retiring to local and social security. Furthermore, control of expenditure in public service should enable savings to 40 billion.

Consolidation of the tax system in order

In addition, the committee "does not advocate new taxes or raising rates, but a broader base of social and tax," said one member to Les Echos. Renowned economists aimed at reducing tax loopholes and particularly those adverse to the environment or dependent status.

Half-word, the committee recommended the end of the tax shield: the collective effort that is taking shape, "the Committee would like the contribution of the most favored is not diminished by the tax shield," Les Echos said, citing a Participants at the meeting.

And if growth is less than 2% on average, economists have advocated the introduction of targeted tax increases. An overhaul of the tax system together with a lower labor cost is considered in the medium term.