Daily International Headlines

The CAC 40 has widened its losses throughout the session. After starting the day on a drop of 0.86% to 3930.59 points, the benchmark index in Paris ended on a loss of 1.89% to 3889.87 points, now under the 3900 points, having already escaped to the 4000 points on Wednesday.

The movement was similar to other European markets. The Dax index featuring the Frankfurt Stock Exchange, which opened down 0.85% at 7155.86 points, finally loses 1.99% to 7074.12 points. The FTSE-100 index of London Stock Exchange, which started on a decline of 1.06% to 5965.02 points, its share for widening its losses to -1.36% at 5847.92 points.

The mood has changed beyond recognition from the beginning of the week. Greece seemed to approach Wednesday in an agreement with Europe and the IMF for further financial assistance, which could avoid insolvency.But the announcement a few hours later by a new Moody's downgrade of the Greek debt was added to the already heavy concerns facing Athens. Judging probable restructuring of the country's sovereign debt, Moody's downgraded three notches the rating of the country, pushing further into the speculative grade. For its part, Spain has managed to raise 3.953 billion euros of bonds 3 and 4 years on the market but, despite strong demand, the rates reflected on the rise.

In this context, risk-taking are not numerous. The activity is minimal anyway since France, Ascension Thursday is a holiday. It has traded about 2.5 billion euros on the CAC on Thursday.

Then the trend has deteriorated further as new economic indicators fell ill this afternoon in the United States.

– Across the Atlantic, the weekly jobless claims fell less than expected in the United States during the week to May 28, at 422 000 428 000 cons (revised) the previous week. And U.S. inventories of crude oil rose against all odds last week.

– However, the U.S. nonfarm productivity rose more than expected in the first quarter, while unit labor costs rose slightly more than expected, according to the second estimate published Thursday by the Labor Department.

Note that the currency market, the euro remains strong against the greenback at 1.4475 dollar.

No values ​​in the green on the Cac 40

As for values, no news.Note, however:

The banking sector

High risk debt Greek, French banks react poorly to the degradation of the country note by Moody's: Societe Generale (-0.80% to 40.20 euros), Credit Agricole (-0,1,66 to 10% , 35 euros), BNP Paribas (-2.58% to 52.41 euros) and Natixis fall (0.96% to 3.605 euros).

AXA (-2.59% to 14.66 euros) also declined.The day before the title had been the star of the Cac 40 gained 1.45%, boosted yesterday by the announcement of its new strategic plan and the sale of its Canadian subsidiary.

Alcatel Lucent: -3.92% to 3.84 euros, STMicroelectronics: -2.53% to 7.50 euros (two of the largest decreases of ACC)

Both values ​​are directly or indirectly penalized by the difficulties of Nokia and the risk of cancer linked to mobile phones raised by the World Health Organization.

EADS (-3.34% to 21.39 euros) suffers from a rise of the euro.

Total: -2.37% to 38.64 euros

The group is penalized by lower oil prices is the main contributor to the decline in the index.

EADS: -2.06% to 21.67 euros

The group is leaded by the strong rebound of the euro.

Lafarge: -2.77% to 45.80 euros, Saint-Gobain: -2.03% to 44.70 euros

Morgan Stanley cut its price target from 53 to 51 euros and reiterated its view weighting online and prefers HeideldbergCement and Saint-Gobain that Deutsche Bank, which remains on the purchase, the price target is 48 to 53 euros.

TF1: -0.88% to 12.43 euros

The group said Wednesday it had received offers "constructive" of several Internet service providers to distribute its pay-TV from 2012.

Trading in Gecimed remain suspended until the opening of the buyout offer followed by a withdrawal bond, its parent company Gecina (-1.10% to 98.90 euros). This opening will be later than June 8, after payment of dividend.

Satisfecit of some and disappointment of others. If the club of wealthy G8 welcomes the progress made in official development assistance (ODA), NGOs denounce a shell game with numbers. Put on the table at the summit in Genoa in 2001, aid to Africa has been quantified in Glenaglee in 2005, which, according to the first report on accountability presented Thursday at Deauville, are almost required. Of the 50 billion promised, it only needs 1.27 billion in current dollars. Note that the G8 contributes 70% this aid, the rest of the Development Assistance Committee of OECD. "This gap represents only 2% of the initial target," the report said.While Oxfam criticizes "a whitewash" which does not account for inflation since constant dollars compared with current dollars.

In fact, according to OECD estimates, the donor has paid only 31 billion dollars, or a lack of $ 19 billion. "The promises are far from being held for Africa," said Maureen Jorand, CCFD Earth solidarity. Of the 25 billion announced, only 11 were paid. The NGOs also criticized the meager results for food security, following the commitments made at the summit of L'Aquila in July 2009 after the riots, to spend 22 billion by 2012. "To date, only 22% was actually disbursed," says Maureen Jorand.

In detail, France is the third largest contributor behind the United States and the United Kingdom.The French Minister of Cooperation, Henry Raincourt, indicated recently that French ODA rose by 52% since 2004 and is concentrated up to 55% on Africa. With 0.50% of GNI to ODA in 2010, Paris was close to the target bit by Brussels to 0.51%. Again, NGOs are challenging the scope of assistance which includes loans and home to foreign students. Knowing also that budget constraint forces, France has announced a freeze over three years. Hence the importance of innovative financing defended by Nicolas Sarkozy.

A week after the opening of the new earnings season, investors pull a poor record of the first publications and prudence will be more necessary than ever, while the quarterly number of trucks are expected.On the macroeconomic front, no indicator is expected Monday.

Futures on the Dow, the Nasdaq and the S & P 500 retreat respectively of 0.71% at 12,232 points, 2,296 points to 0.14% and 0.09% at 1309.50 points.

Alcoa, Google and others have greatly disappointed and severely dampened the enthusiasm of the market seeking strategy elements in the figures of major public companies on Wall Street.

The week begins Monday will be punctuated by the results of several sizes, Yahoo, Intel, IBM, Texas Instruments, Goldman Sachs or Citigroup.Cette avalanche of results will occur during a week shortened by one day, that Friday is work shortage in the U.S. markets.

Investors scrutinize an anxious glance news companies to see if these have already been able to estimate the consequences of the earthquake in Japan."We're all a little sleepy lately. This earnings season is timely for us to provide guidance on the direction to take, "said Mike Gibbs, managing director and market strategist at Morgan Keegan Memphis Payday advance. There may be some traps placed here and there and it could cause an increase in volatility. "

Johnson & Johnson active on the acquisition market

Pending the results of the first quarter of Halliburton and Citigroup are scheduled Monday.

As for values ​​to be followed, the US-Swiss group Synthes Monday confirmed discussions with Johnson & Johnson for a possible combination of their activities.Synthes speculation surrounded for several days, culminating Friday with a jump of 6.2% of the action on market rumors stating the interest of another group, the American Medtronic, also a specialist medical equipment.

British Orthopaedic Society listed on Wall Street, Smith & Nephew, could be a bid by Johnson & Johnson's market rumors.

Oil prices retreated Monday in the course of European trade in a market where concerns still weighed on robust demand, while OPEC has expressed concern about high prices, while reassuring the market supply. About 13 hours in Paris, on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude (WTI) for May delivery at $ 1.27 let go 108.39 dollars.

A dead calm prevailed on the Bourse DeParis Thursday. Despite current macroeconomic very busy, especially in Europe, the CAC 40 index remained close to balance throughout the session. It finally closed down slightly from 0.49% to 4028.30 points, in trade volume again low.

Same in the rest of Europe: London Stock Exchange and closed lower by 0.56% to 6007.37 points. The Dax index featuring the Frankfurt Stock Exchange also closed at a decline of 0.50% to 7178.78 points.

Portugal and ECB already integrated

Among the factors likely to shake up the indices, there was the first call for help from Portugal. Thus, what appeared to be evidence was admitted yesterday by the Portuguese government.In a televised address, Prime Minister Jose Socrates has "decided today to send a request for financial assistance to the European Commission." The country needs 4 billion now and $ 5 billion by June. The situation is complicated by the legal vacuum following the resignation of Prime Minister. The negotiations revolve around and emergency assistance. The EU, however, conditioned its support for an overhaul of public finances in Portugal. Discussions will continue on Friday and Saturday. European finance ministers gather for a meeting should focus on saving the country.

Other key information on European markets: higher rates in Europe, a first for nearly three ans.Son President Jean-Claude Trichet, says that this measure will not be the first in a series of rate hikes, but investors do not believe a single intervention without consequences. On the currency markets, the euro stalled against the dollar: it appears at 1.4280 dollars at closing, down from more than $ 1.43 yesterday in plenary.

Both seemed already integrated by new investors. They seemed more concerned by the announcement of another earthquake in Japan in the late afternoon.

Commodities hit record highs

In France, the trade deficit widened again in February for the fourth consecutive month, according to Customs, reaching a record high of 6.55 billion euros.

United States, the Labor Department reported a sharper drop than expected enrollment hebdomadires unemployed. It amounted to 382,000 against 392,000 the previous week. Analysts were expecting 388,000 cash advance today.

As for raw materials, oil remains at record highs. The price of a barrel of oil surpassed $ 109 for the first time since September 2008 on Wednesday in New York, still supported by the fighting in Libya. As for gold, it touched a new historic high at 1464.80 dollars an ounce.

Oil stocks followed very

In terms of companies, oil securities (Total (-0.37%), Technip (-0.34%), Vallourec (-0.85%) in particular) were well attended, while gold prices black fly record after record.

The bank ranked at the top of the highest growth in the Cac 40: Credit Agricole advance of 1.81% to 11.82 euros, BNP Paribas 1.78% allows itself to 54.34 euros and Societe Generale gained 0 , 93% to 47 euros. They lead the insurer Axa (+0.88% to 15.55 euros) in their wake.

The title EDF (-0.62% to 27.38 euros) also attracted attention of investors. A parliamentary report provisional indeed indicates that the electrical lights does not give its subsidiary ERDF resources needed to improve the quality of electrical networks.The mean time to failure of electricity in France has almost doubled in eight years, from 43 minutes in 2002 to 84 minutes in 2010.

Eurocopter, another subsidiary of EADS (0.89% to 21.03 euro), should it receive government assistance of 550 million euros, said La Tribune. Moreover, as the branch president of Airbus China, a subsidiary of EADS, Chinese airlines will wait a bit before being seduced by the A380, because they are traditionally reluctant to buy a model early in its development program.

Rhodia Alliance (+0.06% at 31.35 euros), the association of employee shareholders of the French chemicals group, announced Wednesday that it recommended a friendly takeover offer of 3.4 billion euros made by Belgian group Solvay

Five employees of the German subsidiary of Areva (-0.75% to 31.09 euros) are being investigated for corruption, led by the prosecution at Nuremberg.They reportedly paid bribes wines from several tens of millions of euros between 2002 and 2005 to win contracts. Areva NP, a subsidiary of Areva and Siemens, would not be questioned.

ALSO READ:

"Rhodia recommends the bid of Solvay

"Portugal recognizes the need for European aid

Visit the first bank to harass her be on time, spend a few sleepless nights and decide under the pressure of fear of missing out on a property. In two words: make haste, for fear of not doing. That was the motto of the buyers and sellers last year could play in pushing their prices higher on tighter markets. Since the beginning of the year, the pressure eased. A certain calm has returned to the estate agents and sales offices promoters. The first months of the year are traditionally little agitated and this year is no exception to the rule. "The market has stabilized. Everything has become calmer, more thoughtful, transactions take place in calm, "said Marc Foujols.After the rush of year-end investors who wanted to enjoy tax reductions related to Scellier before they become less attractive, it does not surprise anyone. The Chamber of Notaries of Ile-de-France finally estimated 17.5% higher prices to central Paris last year. A change a little lower than the 20% mentioned in the first instance but still atypical. Just as rising prices in some major cities. And fortunately! The market can not reasonably continue to grow at such rates, buyers' budgets are not infinitely expandable.

The year 2011 promises to be more reasonable. Bouygues Immobilier, it provides a stable market for housing in 2011. And no observer expects another year of crazy prices, even in the capital. A market would grow 20% a year would not be healthy.Christian Lefebvre, President of the Chamber of Notaries of Paris, which refuses to forecast long-term "too random", made a vow: "That prices continue to obey this downward spiral upward, which reached limits economically and socially difficult to cross again. "

The year began quietly

Last year, prices have evolved very differently in different regions and cities. In some cities, they stood still, and in others they decreased. And this year? "The price increase is expected to continue because of an offer structural deficit, at least in the tense areas. Overall, the need is 500,000 units per year while it built about 350,000 on average.In the tense areas, prices could well increase in the first half before stabilizing later, "suggests Stephen Imowicz, CEO of Land Bank Property. For many experts, the rise should be limited, the market needs to catch his breath, and buyers too. In 2011, the housing market should once again see mingle price increases and decreases. The national average (2-3% increase expected by Fnaim in 2011) will therefore not very representative.Many are betting on a further year in two stages, a good first half and more attention to the latter, especially as the approach of an election year, traditionally rhymes with less activity.

How are things going there on the ground since the beginning of the year? The Century 21 network, which publishes twice a year in January and July, the statistics from the data transmitted through its network, has agreed to add a date to this year's calendar and to the point at the end of February for Figaro Magazine bad credit pay day loans. "The volume of transactions during the first two months of the year fell 3% from the first two months of 2010, is a significant development," says Laurent Vimont, president of Century 21. Ile-de-France, where the trends are exacerbated, the same receding volumes of 20% (and 10% in Paris). "The market has stalled. All sellers expect the price increase.But rising interest rates on loans reduces the number of buyers. "There is still a slight price increase of around 2.7% in France, but with" strong regional disparities. " "In Paris, the price increase is 1.45% on the first two months of the year. It is more important in the Ile-de-France, where it reached 5.52%, "says Laurent Vimont, which is again multi-speed markets. According to statistics from the network, Seine-et-Marne, and prices are down an average of 7% at end-February compared to February 2010, while they increase especially in the Val-de-Marne.Sebastien de Lafond, president of Meilleursagents.com, also finds a market downturn early this year in the Ile-de-France.

Regions in the photo is just as contrasting as Century 21, prices fell by nearly 5 to 7% at the end of February compared to February 2010 in Alsace, Aquitaine, Basse-Normandie, Bretagne, Midi-Pyrenees Poitou-Charentes and Pays de la Loire, Auvergne, so they progress (+4.2%) or in the Nord-Pas-de-Calais (+ 5%) and they are stabilized in the Rhone-Alpes (+ 0.8 %). "It is in the less expensive the prices continue to rise, the market is readjusting," said Laurent Vimont.

The rate hike is still bearable

At this point the real estate cycle, a sharp increase in rates could freeze the market. But we're not there. Rising mortgage rates since the beginning of the year is real, but contained.Certainly, borrowers can no longer find the conditions of last autumn, but they are not so badly off. Rates are historically low. According to the broker Meilleurtaux credits, rates on 20 years ranged from 3.80 to 4.20% according to the records, compared to a range of 3.60 to 4% a year ago. The broker believes however that the volume of mortgages should be lower this year than last year (130 billion euros against 158 ​​billion in 2010). A decrease that Christian Camus, CEO of Meilleurtaux says the "virtual disappearance" of renegotiations of mortgages this year.

"The PTZ + should restore the purchasing power of households with first-time buyers, the Scellier him, because of its tax advantage, is still interesting for the rental investor," said Stephane Imowicz however.The new tax data, with tax benefits "planed" to investors (see page 186), coupled with the expansion of the zero-rate loan now distributed without means will it change the balance on the market? It could increase the weight of first-time buyers face to investors. Last year, they have captured the lion's share. They represented 63% of buyers in the ninth against 32% in 2000.

The case cringe to the intervention group of the Gendarmerie Nationale (GIGN). Reportedly, Air France, which has three models of new Airbus A380s and nine on order, has not equipped its aircraft of an option may favor intervention gendarmerie forces in the event of a terrorist attack and intervention on the tarmac of the airport.

This system, called "Cabin Video Monitoring System (MSVC), appears in the catalog of options from Airbus. It is a network of fifteen cameras placed in the cabin and cockpit. The images are not accessible to ground when the aircraft is in flight. However, in case of hostage taking and intervention GIGN, the troops can connect external cameras on the camera, see inside the cab and estimate the forces involved and their location on board.The new tool facilitates the preparation of the attack. "We developed this option at the request of the GIGN which sought information on what happens on board," said an executive of Airbus interviewed by Le Figaro. Some discretion is in order from the manufacturer about customers who bought this security system. Four more airlines operate the A380 in the world: Singapore Airlines, Emirates, Qantas and Lufthansa. Several of them would have to equip their aircraft system MSVC.

"Respect for private life"

GIGN at home to Airbus, it is indicated that the national carrier could not purchase the option with respect to an outcry from trade unions to aircrews. They did not want staff to be filmed without his knowledge. This information is not confirmed by Air France or by its unions."This safety feature is linked to an option of personnel management in the cab of the vast apparatus, said one part of Airbus. With these cameras, it is possible to know where staff on the plane. The security system is a derivative of the first option cheapest personal loan rates. "So it is impossible for the manufacturer to install the cameras if the client has not previously ordered the option of Personnel Management.

The Civil Aviation Organization (ICAO) has mandated a system called "CDSS" (Cockpit Door Surveillance System) team today Air France aircraft and those of its competitors. It consists of a video surveillance system for access to the cockpit. But the authority has not made mandatory the MSVC.A member of GIGN noted that "this option facilitates a transaction and it is ironic that foreign companies that buy MSVC developed through cooperation Airbus GIGN. Asked by Le Figaro, Air France said it did not adopt this system "out of respect for privacy and confidentiality of passengers, as well as respect for the work crews." The company also recalls that she "has other means to ensure its passengers and its crew the highest flight safety." "Air France did not buy the material but does not present a deficit of security, confirmed a spokesman for the GIGN.The company meets all ICAO standards and is well equipped to face the terrorist threat. "

If the debate seems settled for now at Air France about MSVC, the question may nevertheless stand as the equipment will now be offered by Airbus on all new generation aircraft. Boeing did not propose at this day as a safety feature. For drivers, the case is heard. "We do not want these cameras that could give rise to records and be used in case of accident, said a member of the Technical Commission of the National Union of Airline Pilots (SNPL). Justice is often an illegitimate use of the images obtained through the investigation of air safety. "

ALSO READ:

At 380: Airbus campaign in the U.S.

Germany reopens the file EADS. Angela Merkel meets several of his ministers in Berlin on Wednesday to discuss the future of the German presence in the capital of the aerospace giant. Up to 15% of its shares could change hands, enough to weaken the fragile balance built at EADS, a source of chronic psychodramas between Paris and Berlin in recent years.

German side, the automaker Daimler holds 15% stake in EADS and has 22.46% voting rights, while a banking consortium, led by Deutsche Bank and Goldman Sachs, owns 7.5%. This syndicate had bought the block of shares to Daimler four years ago as part of a mission to carry. It ends in 2012."By organizing this meeting, Angela Merkel has shown that political power should look to the future of a strategic industry for Germany when the German bloc of shareholders have said they wanted to sell quickly," notes one expert dossier.

Bankers want to disengage. Lloyd Blankfein, chairman of Goldman Sachs, came to Paris to discuss with the leadership of EADS few weeks ago. "The boss of Goldman Sachs has been clear. He wants to sell. However, if you asked him to extend his work as porters, he agreed to do but negotiate counterparts on other subjects, "says one banker.The U.S. bank would play a leading role on the German bond market.

New investors

For his part, Daimler wants to cut its stake by half to complete its focus on the automobile in which he needed money to invest small personal loans. By ceding half of its securities, it may recover 1.4 billion euros (at current price). Retaining 7.5% of the capital, Daimler still exercise, as provided in the shareholders' agreement, 22.46% of voting rights. It would end at the same level in the capital that the French group Lagardere (7.5%) and one private shareholder and the shareholder pivot tricolor alongside the French state (15%). There would be no questioning of the pact between the two private groups.

In total, 15% stake could change hands. It is unlikely that the German state taking over all or part of this block.He must find a way to bring in industrial or financial investors such as German KFW, the equivalent of the Deposit or Land where plants of EADS-Airbus. "We must break with the nationalizations that were needed during the crisis, but only during the crisis, said late last week Michael Fuchs, spokesman for the CDU-CSU Christian Unions, the party of Angela Merkel. "In principle I am not for government involvement," added the Minister of Economy, Rainer Bruederle, in an interview with the Hamburger Abendblatt to be published today. The Free Democrats, allies in the coalition government also do not want more than the government meddles in the future of business.

Ethics and Professional Conduct market, terms and level of detail in the communication of large listed companies are very heterogeneous. This conclusion emerges from a study jointly conducted by PricewaterhouseCoopers (PWC) and students from Sciences Po

Of the 80 largest capitalization on the Paris (CAC 40 and 40: the "Next40"), only 10 have a dedicated code of ethics, as recommended by the AMF in November 2010. This charter, not mandatory, declining at the enterprise level the concepts of insider trading, inside information and duty of abstention, "in addition to an already very precise definition in legal terms," says Elodie Fornas PWC, in charge of the study.

In total, 69 companies of the panel (including the 10 already mentioned) have established internal rules of conduct, but only 53 communicate publicly (on their website in their document, 2009). Without naming them, the study underscores the total lack of communication on this subject in 5% of heavyweights rating (CAC40) and 22.5% of the 40 companies following. "Either there is a failure to communicate, or market devices ethics are not sufficiently advanced in these companies to justify an official communication," says Elodie Fornas. Unlikely however that the first hypothesis applies to companies often expert on codes of speaking.

Among those who made the choice of internal rules of conduct, the supports and the level of explanation of concepts are very different.Some specify them in their global ethical code (29), others in the charter of the administrator (10), others prefer the rules of the board (23).

Finally, details of concepts is sometimes very random. On the definition of insiders, 18 companies believe it is only corporate officers, 5 others add executives, and 30 others include all employees. In several cases, some employees are not even officially informed of their status as "insiders."

The explanation of "inside information" differs among the 12 companies finally showing the 4 criteria of the definition of the AMF General Regulation (non-public information, said having a significant influence on the course and dealing directly or indirectly the issuer or the securities of companies) and companies that do not repeat 3 (they are seven), or who do repeat that 2 (14 companies).

A more mature in the Anglo-Saxon

These differences raise questions, while the practice of communication ethics market can greatly affect the image of the company and the value of its stock exchange. Witness the case of aircraft manufacturer EADS, rocked for months by suspicions of insider breaches.A case that Colette Neuville, president of the Adam (Association for the Defence of Minority Shareholders) calls never happen again.

"The approach of the French companies on these issues appears less mature than in the Anglo-Saxon countries, where market rules are more stringent," says Elodie Fornas. Including the United States where, since the Sarbanes-Oxley Act of 2002, a code of financial ethics is mandatory for listed companies. " In France, there seems to prefer the incentive approach, like the AFEP-MEDEF 2008 on good corporate governance, from business organizations, not the stock market regulator.

"The guide AMF in November 2010 is too recent to measure its effect on corporate practices.Nevertheless, he'll probably get them to rethink their rules and procedures relating to market conduct, and communication to affirm their commitment to the subject, concludes Élodie Fornas. And if the transition to a mandatory does not seem relevant, listed companies have an incentive to follow these recommendations for reducing the risk of insider breaches and sanctions, media laws and regulations made thereunder. "

ALSO READ:

"French shareholders increasingly rebellious

"The MFA considers the failure of insiders

"Exchange: Paris suffered from the EADS deal

In France, household consumption is relatively good. But consumers have changed. The crisis has left its mark and changed behaviors. "They are more suspicious than ever" vis-à-vis prices, brands, advertising and signs, says a study by TNS Sofres for the Internet of 8700 Observatory Cetelem. Now, consumers no longer take for granted what they say sellers. They learn before you buy. Nearly 60% of them say look "very carefully" prices. And half of respondents (49% in France) report systematically seek promotions, are the most scrupulous Portuguese (66%), Slovaks (66%) and Romanians (64%).

Lack of competence

The European online shoppers are becoming more and more time for reflection.Before making a major purchase (over 160 euros), 90% of them "leading the investigation" on the Internet. Upon arrival, French polled almost one in two (48%) said it happens more than a month between when he started to learn and when he decides instant payday loan. For information, younger (61% of those under 30 years, against 40% of those over 50 years), plébiscitent blogs and other social networks (Web 2.0), considered more reliable than the comments left on some commercial sites .

More demanding and very well informed consumers "no longer grant an innocent belief in the marks and arguments vendors," said Flavien Neuvy, head of the Observatory Cetelem. The rise of the Internet has challenged the traditional role of the seller.The latter has lost its "superb" in the eyes of Europeans, who generally find it does not seem "not competent enough, passionate enough and is not considered to be the right person to negotiate the price." Only 38% of those surveyed also believe that the vendor has advised that at their last major purchase was familiar with his field … which is unlikely. Vendors must reinvent itself.

CGT denies early departure of Bernard Thibault, announced Thursday morning by Le Parisien – Aujourd'hui en France. The newspaper believed that "tired", the CGT leader since 1999 has decided to leave the ship. "I'm leaving at the end of the year, so that my successor is in place before the presidential elections," reported Thursday morning in the daily framework of the CGT, remarks which were held on December 21 and 22 last to his closest collaborators. Allegations that the secretary general of the CGT was "very clear denial" on Thursday, denouncing "an attempt at destabilization."

"For the future of the CGT and its leadership, we will proceed when the time comes – and it's not yet the case – according to our usual procedures in a collective framework," to elect a successor at he said in a statement.

The assumption of an imminent departure of Bernard Thibault of the CGT leadership is often mentioned yet. Since his re-election to Congress in Nantes comfortable, difficulties have indeed accumulated to the charismatic leader. The failure of the struggle against the pension reform first, opened the way for a reconsideration of the reformist strategy adopted under his leadership over the past ten years. Some federations have seen the failure of a desire to refocus the CGT and make a union of contestation and negotiation payday advance. The recent decline in the weight of the union in some of its strongholds, such as RATP, EDF, GDF or the Post Office, has been interpreted by opponents as a validation of this hypothesis. By boycotting the beginning of January the wishes of the social partners Nicolas Sarkozy, Bernard Thibault would have liked to correct the situation by hardening his speech.

A three-year term

But other factors may also contribute to an early departure next leader of the CGT. Internally, Bernard Thibault is accused of abandoning the organization. A peak for the CGT: the staff, who complain the level of wages and working conditions, is in open war against management. "Every unhappy tumble in his office. This is evidence of dysfunction of the house, "said one observer Parisien-Aujourd'hui en France. Bernard Thibault, meanwhile, evokes "a fatasme" to destabilize the CGT "after the exceptional action over pensions.

To these difficulties must be added the threats against himself and his family have suffered in recent years. The pig's head stabbed in front of his door and other malicious acts would eventually affect the CGT leader, worried about his family.Many reasons for Bernard Thibault, give way before the end of his mandate in 2012.

ALSO READ:

"The agenda 2011-2012 of employers and unions

"The CGT Sarkozy vows boycott