Unsurprisingly, the study demonstrates the virtuous direction of the profession."Many banks have made significant and necessary changes in their payment system by adopting policies and practices in line with those advocated by the G20," said Josef Ackermann, the institute's chairman and CEO of Deutsche Bank, the first German bank.

Supporting Evidence: On the sensitive issue of deferred compensation – and therefore conditioned to sustainable profitability, which is one of the most effective, as the G20, to empower market participants – banks surveyed show their progress. In one year, the deferred bonus share has doubled to 39% of the total. The payment of these bonuses is not delayed a few months but three years or more in 85% of cases. Over two thirds of these variable compensation being paid in shares or securities linked. Bonuses are guaranteed over the wind in its sails.And the few new recruits who still get this behalf should be satisfied with a one year warranty.

Failure of British tax

"Governance has also changed significantly, says Bruno de Saint-Florent, a partner at Oliver Wyman. In 2009, the frequency of meetings has increased by 50% compared to 2008. The involvement of teams of risk in these compensation process has become even less systematically, this year (98% of banks). A year earlier, they would intervene only in 46% of cases. "

The IIR judge this too brief consideration of the concept of risk in awarding fees. The institute recommends a longer-term and more refined, along the lines of business. Experts also point out that banks are still too timid in their information.Less than half of respondents have ventured this year to disclose the amount of bonuses distributed.

Despite these criticisms, the realization of the IIR is very encouraging, but the optimism of the institute does not yet unanimously. One of the main architects of the reforms of finance, the former British Minister Alistair Darling, told this week that the British tax on the bonus had no effect on the industry. This 50% tax on bonuses exceeding 25,000 pounds, expired in April. Fatalist, Darling believes that the bankers are in any way "too imaginative not to find all sorts of ways to not pay." The behavior of Credit Suisse agrees with him. The bank, which had decreased its bonuses in 2009, has just overtaken the tax expired, distributing exceptional bonuses.

"See the study [pdf]

"See the summary of the study [pdf]

The text will be considered at the Assembly from Tuesday, when all the unions call a strike and demonstrate. "There will be many people in the street" without that "France would not France, already primed by the Minister of Labour, on Thursday, before the Association of business and financial journalists. No way to change "fundamentally" the bill after that day, but the government "will file amendments.

The game continues on balancing the grant "most important" requested by Wednesday François Chérèque (CFDT): 2018 reject the decision to raise from 65 to 67 years the age at which anyone can receive a full pension even without having contributed all his quarters. As it stands, the government draft plans to implement this measure in stages starting in July 2016 (ie, for all those born from July 1951) No fax payday loans.

Possible additional measures on the arduous

"It's very important that there be two terminals of age," argues the Minister of Labour, for whom it would be "unfair" that people with long and often deliberately interrupted their careers – housewives, for example – able from the same age as the others (60, 62 in 2018) without financial penalty.However, "I do not think everything is locked. Eric Woerth temporizes also possible additional measures to take account of hardship: "You can probably go a little further, it is unresolved. We allow a maximum time. "

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I believe more in a low growth as a relapse of the activity. There have been a very sharp slowdown, as the pace of growth fell from 5% at end 2009 to 1.6%. These figures, subject to some volatility, however, overstate the true extent of the downturn even if the coming quarters, many uncertainties remain.

Let's start with the volatility …

The restocking of companies boosted the activity at year end, without any increase in imports. The opposite effect has played in the first quarter. Despite the slowdown of GDP, domestic demand excluding inventories accelerated, rising by over 4% annual rate in the second quarter. The latest indicators (monthly or weekly) are obviously more worrying, especially in real estate.However, we do not rely on the construction as an engine of the economy!

What drives the U.S. economy?

Exports are an important driver. They rose 15% between mid-2009 and mid-2010 and continue to grow at a rate of 10% per annum. Investment in equipment has also greatly contributed to the recovery since late 2009.

What can we expect consumption?

Two elements of condition, the rate of savings and disposable income. Households who have seen their assets melt, have sought to rebuild their savings. Their savings rate, which now exceeds 6% – against less than 2% in 2007 – should now be stabilizing. Changes in consumption should therefore, over the next month, depending on that of their disposable income and therefore the payroll.So far, the increase in weekly hours of work allowed a reasonable growth of income despite the weakness in job creation. But after hours of work returned to normal, job creation of about 130,000 each month will be needed to avoid a recurrence of the activity. But the last three months, there was an average of only 50,000 jobs created in the private sector.

Is there any new stimulus package?

Even if they are significantly smaller than before the crisis, the leeway of economic policy are not necessarily zero. Two measures are also to be discreetly passed: an extension of the duration of unemployment benefits and federal funding of $ 26 billion to states. Americans are pragmatic: whether to again support the economy, they will.The Federal Reserve may also help prevent a recession by pushing more time to raise rates and, especially, in announcing a new program of buying shares of Treasury bonds.

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The month of August begins on sound footing, after a month of July under the sign of the rally. Wall Street has indeed the balance Friday night, but after a volatile session. The Dow Jones has sold just 0.01% at 10,466 points, but has had its best monthly performance (7.18%) last year. The Nasdaq was awarded 0.13% to 2255 points. In July, the Nasdaq and the Standard & Poor'500 have earned 6.9%.

The slowdown, confirmed the U.S. economy, however, has influenced the trend.In fact, the Commerce Department announced preliminary second quarter GDP rose just 2.4% annualized, while the consensus was expecting 2.5 and he had grown more openly 3.7% first quarter. Traders are still welcomed other indicators more encouraging: the Chicago PMI for July was well above expectations (even if relapse at its lowest since November 2009) and the final index of consumer sentiment for July improved slightly although it remains a net withdrawal a month.

On Monday, investors showed they appreciated the performance of enterprises. The KBW index of bank took 1.69%, encouraged by the strong results presented today by BNP Paribas and HSBC.

The ISM manufacturing index is expected with caution

On the face of macroeconomic indicators, meanwhile, on Friday, the U.S. employment report, investors will closely monitor the publication at 16:00 on Monday, the ISM manufacturing index for July (consensus 54) index ISM activity in the industry, which could either be moderating further, but also show that on Monday the 12th consecutive month of growth in manufacturing output. It could increase by 54.6% against 56.2% previously. It also is known that at 16:00 the index of construction spending for June, due in slight decline of -0.5% against -0.1% previously.

"Employment and consumer credit (Friday) will be crucial electronic check payday advance.Other market movers are, unsurprisingly, the two ISM surveys, analysts said Aurel Bgc. Investors have "overreacted" to last week regional surveys, which are very volatile … The ISM manufacturing index, released today, will determine the market trend over the week. "

Latest quarterly publications before the summer break

On the corporate side, no new publication will boost the morale of investors. Indeed, the largest quarterly publications arrive this week to an end, on both sides of the Atlantic after the accounts variously appreciated Merck, Chevron, McAfee or Friday, "recently published expected these days This should provide some important information and news on different sectors of activity, analysts said Aurel Bgc.

This week will publish in fact the computer services company VeriSign (Monday), and Electronic Arts, as well as Pfizer, Dow Chemical, Procter & Gamble (Tuesday).It will then turn to Time Warner (Wednesday) and Kraft Foods and Viacom (Thursday).

The investors also will keep an eye on the pharmaceutical giant Bristol-Meyers, and the other on the pharmaceutical distributor CVS Caremark, who will pay interim dividends.

In the news this Monday, Ford (1.63% to 12.98 U.S. dollars) has announced having completed the sale of the Volvo automobile brand and related assets in China Zhejiang Geely to $ 1 8 billion.

Walt Disney (-1.75% to 34.28 dollars) will also be closely watched after the announced sale of its studio Miramax for more than 660 Million Dollars to Filmyard Holdings.

The acquisition of Alico by the insurer MetLife (-0.45% to 41.87 dollars) will not bring much to the insurer that he had hoped and the latter announced Monday a program to increase capital to finance this acquisition.First life insurance company in the U.S., MetLife now expects an increase in its annual operating profit of between 40 and 45 cents per share. The group had initially estimated that the acquisition of Alico would be accretive to its results between 45 cents to 55 cents per share in 2011.

At the end of the week, and the CAC 40 gained 5.8%, from around 3360 points to 3554.48 points exactly at the close on Friday.

Elsewhere in Europe, the LSE has been 0.54%, to 5132.94 points while the German Dax rose 0.49% to 6065.24 points.

Yesterday, the index in Paris had passed the milestone of 3,500 points, reassured by U.S. data entries weekly unemployment benefits.

The euro has weakened a bit about him on Friday, while European ald evisa Thursday passed up the psychological and technical $ 1.27.

In France, French investors have learned that before the opening of the Hexagon industrial production had rebounded strongly in May rising 1.7% after falling 0.5% the previous month, according to Insee. Economists had expected an average growth of 0.4% of industrial production in May

EADS tanker of the series continues

EADS (0.53% to 17.01 euros) said it had responded to the call for tenders for tanker aircraft to the U.S. Air Force, on the eve of the deadline for the takeover bids . In addition, the World Trade Organization announced the postponement of the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

Kaufman and Broad (2.23% to 18.14 euros) issued a revenue down 7.6% to 385.7 million euros in the first half, below expectations.But reservations are up 55% to 675 million euros and the property portfolio is up 50% over one year.The gross margin reached 17.1% against 12.9% in the first half of 2009.

Areva (5.11% to 347.55 euros) announced Thursday it would investigate the possibility of building a second nuclear reactor in the Canadian province of New Brunswick.

Mestrallet, CEO of GDF Suez (+0.4% to 24.96 euros), confirmed Wednesday that negotiations with suppliers in Norway, Holland and Russia to obtain lower prices.

The German utility E. ON has indicated in an interview with Les Echos on Friday that he would be "very interested" in acquiring a stake in EDF reactors (-0.91% to 31 euros) to help extending their lifespan.

Moreover, the banking sector with the exception of BNP Paribas (+1.05% to 50.09 euros) suffered some profit-taking, like Credit Agricole (-1.13%) or Societe Generale ( -0.98%).

Similarly, the automotive sector should still react to earnings announcements commercial Renault and Peugeot this week. Titles manufacturers earn 1.13% respectively to 33.45 euros and 1.94% to 23.09 euros.

The deal is simple: the U.S. and 2% of the world population, consume nearly 22% of the world's oil. They are well produced 7.1 million barrels per day last year (8.5% of world production), but must import about 60% of their needs.

A carbon market

Since the beginning of his mandate, Barack Obama defends climate energy bill, stalled in Congress. Precisely for Obama rally Republican senators, one month before the spill, had conceded the oil lobby to lift the ban on oil drilling in Atlantic and Pacific instant payday loan. Before declaring a new disaster in six-month moratorium.Giving due to 32 oil companies that had filed an appeal, a judge in Louisiana quashed yesterday, this moratorium. The White House immediately announced its intention to appeal.

The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to find a new compromise on the law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

The agency explains reflect the strong upward revision of the volume of oil spills every day in the Gulf of Mexico, the persistent failure to seal the well and the staggering costs associated with damage from the disaster."The oil spill will have a lasting negative impact on cash flow generation of the company and its financial position for a number of years," the agency said in a note.

Moody's believes that the creation of a fund by BP of estimates of 20 billion dollars to compensate victims of the disaster is "a moderately positive development": the pressure of U.S. government could indeed become more flexible but the substance is in no If an expenditure ceiling of BP.

The agency states that all notes of the group remains under surveillance.

The three rating agencies have become so degraded the note of the oil company is the largest British company listed on the London Stock Exchange.Last week, Fitch downgraded BP six notches, to BBB (cons AA), Thursday, Standard & Poor's downgraded two notches, from A to AA-.

Nevertheless, BP wins the title at 2.45% 368.50 pence shortly before 15:30 at the London Stock Exchange. In New York, where the group is also listed, the share was up 3.12% to 32.70 dollars.

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On the lower prices promised the advance Synhorcat containing figures from INSEE, reduced by 1.7% in prices. Far, indeed, the 3% promised at the signing of the contract establishing the future VAT at 5.5%.But better than the forecasts of the Secretary of State for Trade, Herve Novelli, who requested last December restaurants to limit their price increases, given the economic crisis, the level of inflation.

A decline also practiced mainly by large chains, which have clearly made this issue a sales and communication. Today Synhorcat not hesitate to praise the French restaurant as "cheap": "80% of meals in France costs less than 15 euros," he said beforehand. Not sure the French, whose purchasing power remains a major concern, hear it that way.

An agreement "historic" on wages

On the employment front, too, success is not straightforward.While restaurant owners had agreed, in consideration of the reduction in VAT, to create 20,000 permanent jobs and 20,000 contracts for professional learning or within 2 years, Synhorcat announces that for the moment creations 5700 jobs. The objective, however, seemed difficult to achieve in terms of economic conditions.

The only real success of the VAT reduction: the agreement on wage conditions in the restaurant, described as "historic" by Hervé Novelli. "We are hiring today with a salary 25% above the law", welcomes the Synhorcat. Wages have indeed been reassessed 5% when the non-frames increases leveled averaged 1.1% in 2009.A mutual health has been created, and employees receive an annual bonus equivalent to 2% of their annual salary, capped at 500 euros.

Employees are however not the only benefit from the reduction of VAT in 2009, the catering market has indeed registered a positive growth, and an estimated turnover of 72.5 billion euros, posting also Synhorcat.

This is the first time since the end of the U.S. recession in the summer of 2009 that an official raised the possibility of autonomous growth in the United States. In his speech, the more optimistic on the U.S. economy in mid-April, the central bank chairman Ben Bernanke had told Congress that the recent economic evidence "suggests that the increase in final demand would be sufficient to ensure recovery Economic moderate in coming quarters. "He did not, however, ventured to advance a date for a possible self-sustaining recovery.

These perspectives on the future economic conditions are more optimistic than the Treasury Secretary has made since his arrival at this position in January 2009. They are based mainly on economic indicators better than expected since the beginning of April.

Deficit

Asked how the administration intends to reach its deficit reduction monster, Timothy Geithner has again shown reassuring. According to him, Washington has promised to focus on deficit reduction in 2011. A date that coincides precisely with the arrival of a real growth driven by private sector efforts to lessen the fiscal stimulus.The U.S. deficit reached yet about 10% of GDP in 2008-2009 and could rise to 10.6% for the current fiscal year, which ends in late September.

In this regard, the U.S. Treasury Department said Friday in a letter to the chairmen of both houses of Congress and heads of the parliamentary opposition, that he saw sharply lower its estimate of the total cost of all measures rescue the financial sector taken by federal authorities since the beginning of the crisis bad credit pay day loans.The ministry is now talking to a maximum of $ 87 billion, less than 1% of GDP.

Program to support the liquidity the Fed rescue of AIG, Chrysler and General Motors, through the aid homeowners in distress a year ago, the Treasury estimated that the losses of the state would reach 500 billion dollars, or 3.5% of GDP. "This means that the federal budget deficit and public debt will be substantially below what was expected before," the Treasury.

The return of job creation

On the employment front, the optimism is also relevant. "Next month, I think we will create between 100,000 and 200,000 jobs," said Vice President Joe Biden on Friday during a trip to Pennsylvania. "At the White House, some say to me: 'do not you progress too'.Well, I'm here to tell you that in the coming months we will create between 250,000 and 500,000 jobs per month, "he added.

For now, the unemployment rate remains high at 9.7% of the workforce. "I'll tell you something, folks. We have not stumbled badly in the fall. As well we have designed our plan to end the crisis, we have a lot of good news on the road to recovery, "assured Joe Biden.

These statements come as the U.S. economy has created jobs in March in a way never seen for three years: 162,000 net jobs were created this month, according to figures from the Labor Department. The country began to "see the end of the tunnel," according to President Barack Obama.

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