The upturn in France continues apace. The services PMI rose to 58.7 in December, according to the latest figures published by the Institute Markit / CDAF. Services rose for the fourth consecutive month. The index of purchasing managers for the overall activity, combining the services and industry (figure published earlier this week), also indicates an increase, to 59.2, against 60.2 in November.
The indicator for the services' folds compared to 60.9 in November (a high of 37 months) but nevertheless indicates a high rate of expansion, "notes Mark. Beyond 50, the index indicates an increase in activity. The dynamism of the index is due in December by the record number of new contracts at their highest level in two years.
On the other hand, job losses and slowing the decline in prices paid and charged by companies stalled."Further, in 2010, the upturn recently recorded should be based largely on developments in the labor market," said the statement Jack Kennedy, economist at Markit. "He therefore hoped that the growing confidence of businesses in the economic recovery is reflected, in the new year, with hiring decisions."
The services PMI in Eurozone recorded his part for its strongest growth since November 2007, to 53.6 in December against 53 in November. "However, the recovery did not extend to all countries in the eurozone, where the Spanish services sector remains a concern," said Rob Dobson, senior economist at Markit.
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The French manage to reach a critical size in the Light Armored? It is hoped that the group Panhard attempting a rapprochement with the public Nexter (formerly Giat). The building is well underway in Europe, led by the Anglo-Saxons.
To the north, Britain's BAE Systems has steadily increased, including the purchase of Swedish Hagglunds, and now shows 7 billion euros of turnover. To the south, the U.S. General Dynamics has swooped on the Spanish Santa Barbara. The French Nexter and Panhard, which respectively carry a turnover of 579 million euros and hundreds of millions, have emerged as Tom Thumb. A rapprochement with Renault Trucks Defense, a subsidiary of Volvo Trucks, has also been mentioned.
Hence the idea of boss Panhard, Christian Mons, initiating a rapprochement with Next.Especially since the group's main shareholder, with 75% of the capital, George Cohen, had once considered separate from that asset. Having no desire to become a sub-subsidiary of a foreign group, Panhard therefore seeks to grow, with a preference for a Franco-French solution. Interviews with representatives of the Directorate General of Armaments (DGA) – who presides over the future of Nexter – have already been held and the proposal would have received a rather favorable.
Crossing several pitfalls
Panhard side, do not hesitate to think big. The company already imagine that after having bought Nexter it could begin negotiations with its German competitors Rheinmetall and KMW, also looking for external growth operations to reach a critical size.Such discussions would kick off an equivalent of one armored EADS.
Before that happened, it remains to Panhard to cross several hurdles. Only Nexter Armored Division and its flagship, the Leclerc tanks, interest Panhard. It performs alone 450 million euros of turnover. The group led by Christian Mons no secret to be much less inclined to acquire the activities of artillery and information systems and command.
Although it is still too early for a pattern emerges, buying only part of Nexter or the total surrender before a non-strategic assets, then he should know how to organize a form of privatization of the former Giat. Finally, if Thales does not seem to be a candidate for a merger with Nexter, Renault Trucks Defense had already expressed interest Nexter in 2008.The subsidiary of Swedish group had also extended a hand to Panhard, who was then preferred to decline the proposal.
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Local governments have reduced their investments by 2.7% in 2009, according to the memo on the economy of the bank Dexia. Can we conclude that the stimulus package the government has been ineffective? No, say experts Dexia. The decline would have been far higher without the flagship of the plan, the repayment with a year ahead of the VAT if the community is committed to invest more. As a result of the election cycle, 2009 could not be a good year for investment. In the second year in office, mayors have not yet launched new sites. Evidence that the stimulus package has had a positive effect of joint investment has declined only 3.1% in 2009, when he fell from 7.9% in 2002, another year post-election .
Still, the financial community may raise some concerns.Again in 2009, their operating costs rose faster than revenues (4.7% against 2.7%). The balance between the two remains the beneficiary of 39 billion euros is indeed an obligation, communities had no right to have an operating deficit. But the mattress decreases. Infuriating when you consider the blow on the property tax, property tax and business tax that taxpayers suffer this year. The fault lies with the transfer duties, the famous "notary fees. Dependent on the housing market, they have dropped 26% this year. For departments, the loss reached 1.9 billion euros, exceeding one billion additional revenues associated with higher taxes. Meanwhile, because of the crisis, these same departments, which included support the RMI and the RIAA, have suffered a 5% increase in social spending.
However, the debate on local government spending is far from exhausted. Excluding transfers of state employees, their numbers grew by 34,850 people this year and personnel costs rose by 4.9%.
In addition, as the subject arose from the difference between revenue and expenditure decreases, communities need to invest into debt. Their debt grew by 4% in 2009, and this leads to 132.1 billion euros, or 6.9% of GDP. This year, lower interest rates has reduced the cost of debt for municipalities, counties and regions. But it will not last forever. Even without the reform of business tax, the financial stability of communities becomes more difficult. And the state is determined to limit the growth of the funds it pays them.Municipalities, counties and regions will in future make an effort on the expenditure or investment, or operation, the experts conclude Dexia. They noted that reflections on the mutual commitment and optimization of operating costs. Continued …
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