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Many companies have awarded the famous "dividend premium against" backwards. And in fact, the amounts paid are far from the expectations of the government, says a study by Deloitte from the first returns of negotiations in companies. As Labour Minister, Xavier Bertrand, was on the table before the payment of a premium of 700 euros per employee in companies that have paid dividends on the rise, the real turn around more than 300 euros. As for the maximum amount paid, it tops out at 600 euros.

Two reasons. The first is that the premium desired by Nicolas Sarkozy to "restore the purchasing power of employees in times of recovery," has been perceived by most companies as an additional constraint than an opportunity to motivate their troops.The premium has indeed added to the devices sharing the existing value, such as profit-sharing, mandatory for companies with over 50 employees who make a profit. "This is even more disturbing that the incentive for the prisoner has recently been tightened," says Emmanuelle Rivez-Domont, a lawyer in employment law at the firm Jones Day.

The other factor is the economic context. "Uncertainty room makes companies cautious," says Philippe Burger, a partner at Deloitte. The evolution of the economic situation is also evident throughout the negotiations. "Before the trouble was and he threw in the financial markets, companies thought given bonuses of around 500-600 euros payday loans guaranteed no fax. Today, the discussions revolve more around 150 euros to 200 euros per employee, "says Philip Burger.The crisis reduced the premium to a trickle.

Wage increases slightly affected

Some companies, such as Rhodia, were more generous than others. But it should not enjoy these raw numbers, without putting them in connection with the incentive policy, participation or wage increase of the company, the consultant warns. "Some companies had the tools to share value added very generous, and that worked well. Explain what they have paid premiums less important, "said he.

The study also brings its share of surprises. The dividend premium against does not seem to negatively impacted as wages were concerned that the trade unions. While most companies recognize that its influence is not neutral, only 10% of them say they have reduced the envelope increases the amount of the premium.And they are more than 60% to estimate its impact on wages has been small.

Companies have until 31 October to agree on the amount of the premium, or they are liable to criminal sanction. Evidence that firms do not rush, only one in two has already ended its negotiations on the subject. "Given the mandatory nature of these discussions, and urgency, companies are simple, says the consultant. They also generally a fixed amount equal to each employee. But if the premium is sustained, they could eventually refine their criteria for distribution. "

The CAC 40 is gives a little bit of air. Having lost 0.92% Wednesday, the stock market has gleaned a few points on Thursday, rising 1.07% to 3027.65 points. Investors have been somewhat reassured by the adoption unambiguously by the German parliament building of the European financial stability, designed to assist countries in the euro area in need. During the election, 523 deputies in the assembly which has 620 members voted "yes." And German Chancellor Angela Merkel was finally able to count on the support of his majority, 15 out of 350 MPs who defected.To discuss the plan to end the crisis, President Nicolas Sarkozy at the Elysee will tomorrow afternoon Greek Prime Minister George Papandreou.

Elsewhere in Europe, financial markets have ended in no particular order: the Dax in Frankfurt Stock Exchange gained 1.10% to 5639.58 points while the London FTSE lost 0.40% to 5196.84 points.

U.S. GDP revised upward

At this good news were added two macroeconomic indicators on encouraging U.S. economic health in America no fax payday loans. The weekly jobless claims fell in the week to September 24, at 391,000 against 428,000 the previous week. In addition, the gross domestic product (GDP) was U.S. revised upward for the second quarter, up 1.3% of gross domestic product.

In this context, the industry finally has clearly supported the Paris stock exchange.The three main French banks and post three of the four largest increases in the CAC 40. Societe Generale rose 5.82% to 21.08 euros, BNP Paribas has acquired 5.01% to 31.14 euros and Credit Agricole rose 4.37% to 5.40 euros. The insurer Axa also benefits from this renewed optimism, the title winner 2.85% to 10.28 euros.

EADS, which has won more than 4% over the last two sessions, continued to grow after that Airbus has won its bid on the Danish Satair, gaining 96.7% of the company. The stock rose 1.50% to 21.59 euros. For its part, EDF announced an order for 44 steam generators for nuclear power plants of 1300 megawatts and French gains 1.40% to 22.13 euros.

The horizon of the global economy darkens. The European Central Bank (ECB) has lowered on Thursday its growth forecasts for 2011 and 2012, warning that the level of uncertainty is extremely high. The guardian of the euro expected to grow 1.6% in 2011 and 1.3% in 2012 in the euro area, against 1.9% and 1.7% previously forecast.

"Uncertainty" was in this context, the key word of the monthly press conference of ECB President Jean-Claude Trichet: "There is a huge level of uncertainty in the world." The risk is now the forecasts rather than the ECB may be too optimistic, he implied. And, because of the negative effects of the crisis in financial markets observed this summer and the debt crisis in the euro zone in particular.

After a good start to the year, growth "will be very moderate later this year," warned the president of the ECB. Consumption may be lacking. "Unlike recent months, the ECB no longer considered as the confidence of consumers and entrepreneurs will support domestic demand," says Ken Wattret, chief euro zone economist at BNP Paribas. In the early morning, the Bank of France has published growth prospects for the Hexagon journals also down for the third quarter (0.1% versus 0.2% previously).

For inflation, the ECB has not touched its projections. It still expects 2.6% price increase in 2011 and 1.7% in 2012. As the guarantor of price stability in the euro zone estimated a few months ago that inflation was under pressure, it recognized that today the risks were "balanced."A code word meaning that it did not expect an acceleration in prices in coming months. It therefore left unchanged its interest rates, it increases instruments when it believes that inflation is accelerating payday loans lenders.

Despite the alarmist tone about the economic environment, "we do not think that the ECB will lower interest rates anytime soon," said Cedric Thellier, economist at Natixis. "We expect a rather long status quo accompanying amorphous growth and low inflation."

The rush of blood against the United States of Trichet

Questioned by a reporter relaying German criticism against the alleged lack of independence of the ECB under the European Treaties, Jean-Claude Trichet has lost some of his cool. "We're doing our job, which is not easy," he said."Our mission is to ensure price stability, what we have done so impeccable. I'd love to hear praise for the work today! "He exclaimed.

Some German observers, very attached to monetary orthodoxy, condemned the purchase of bonds by the ECB. "If we had to implement this program, because states have not acted properly. He did not exercise sufficient oversight they should have. Remember, in 2004 and 2005, some governments-France, Germany and Italy, not to name-calling for the relaxation of their obligations "deficit, he accused. "We have always asked the contrary full compliance criteria deficit.But we have not preached in the desert. "

In this context, Jean-Claude Trichet reiterated, on behalf of the ECB, the extreme urgency for the States to implement measures to restore the balance of public finances. "Governments must be prepared to cut spending if targets are not met," he said. He also called for the deregulation of regulated professions.

LE FIGARO. – Economic activity appears to be a brake brutal. How do you explain it?

Laurence Parisot. – The slowdown is due to meet two sets of causes: the United States, an economic and political situation that was deteriorating, and in Europe, the States that crossed the red line in terms of debt. Once you overcome these difficulties, we find a strong growth and job creation but do not mistake in the analysis of what we experienced this summer. The situation was tense when China began to lecture the U.S. on their debt. The Americans probably wanted then iron the mistigri to Europe. There has been a kind of psychological warfare and an attempt to destabilize the euro area. The markets have overreacted, being by nature very sensitive to rumors, even organized.The moral of the story is that we should not be naive and fall for the autodisqualification: if Europe were attacked, not because it is weak but because it is strong, and if it is envy, because it is enviable.

Who was behind this conspiracy?

I call it an "orchestration" overseas challenges of Europe. See the rumors about the French banks, which were released immediately when they were absolutely unfounded. Our banks are among the strongest in the world. Some of the U.S. media yet announced the death of a particular and even the end of the euro area.We went from attacks on Spain in attacks on Italy and then France, until rumors of degradation of Germany last week! When American publications widely read by investors and financial analysts on false ads headlined drama, questions arise.

The accumulation of debts of the States, however, is a reality …

Certainly. The debts are no longer tenable. They must be absorbed quickly. As shown by the measures taken last week, the government was quick to hear the warning.

You are therefore in favor of the gold back to a balanced budget?

The principle of the golden rule would consolidate the reputation of our country and facilitate the work of any government.Many countries are engaged in it, it would be strange that we're not able to do French.

Ten billion of additional levies for a billion expenditure savings, is this the best way to fight against the deficit?

We had to quickly adjust the situation, the government has. But you are right, this is not enough, and the state must also accelerate the decline in spending. Ideally, a ratio of 1 to 2: twice as many savings on expenses for upward social and fiscal revenues. Measures such as pension reform and the non-replacement of an official two-point in this direction.Going further will require further structural reforms: focus on local communities and to decline the RGPP; work as health, including public hospitals (why does bill over to the insurance sector private for the same benefits?), and finally develop across the public-private partnerships and public service delegations. These channels have the immense advantage of not touching our social model.

François Fillon he had the "SME attitude" that you keep advocating in his anti-deficit plan?

It has indeed been attentive to small businesses but we must do more. Among the SOHO-SME-ETI today are the CAC 40 companies in 2030: they must get the best possible environment in order to grow.That's why we call for an extensive program to délégiférer and deregulate the legal system that encircles the neck to the small and medium enterprises. It should also reduce their taxes. It is shocking that the corporate tax (IS) actually paid by the SOHO-SME is (relative to the operating surplus) of about 39% against 19% for large companies. Among other reasons, the latter deduced from their result the interest on loans, while the SOHO-SME do not because of their reduced ability to borrow. That's double trouble! There is also a reduced rate of corporation tax (15%) for companies whose turnover does not exceed 7.6 million euros. Medef request that the ceiling be raised to 10 million.

Sixteen top managers were willing last week to be taxed more.Do you agree with the exceptional tax on high incomes will be instituted?

We see very high incomes in athletes, actors, professionals: it is not an issue specific to some entrepreneurs. I understand the principle of a special tax to a special moment, but the tree should not hide the forest and make us forget the need for moderation in executive compensation. Also, do not confuse everything. There would be demagoguery to compare the incomparable and put in the same bag annual revenues of 250 000 euros and 2.5 million.Let us ensure that future developments of the threshold does not affect the middle class, including the upper middle classes, which are the engine of the economy.

The inclusion of overtime in the calculation of reduced charges on low wages is not likely does not increase the cost of labor and destroy low-skilled jobs?

There are of course in this action plan that we like less than others. We also deplore the passage of the social package 6 to 8%: it penalizes the profit-sharing that we want to encourage. But all part of a clear logic of debt and that, we salute.

Are you concerned about the evolution of unemployment in the coming months?

We can stop the recent deterioration. Understanding that in TPE-PME is the greatest employment potential and the fostering.Working on better employability of job seekers, integrating strong mutations trades, adapting in real time training.

The precarious employment with the proliferation of part-time, Temporary … How about it?

As part of the agreement on unemployment insurance signed earlier this year, we will create with the unions a working group on the evolution of modes of compensation. We have also provided a social debate on the labor market. I want to bring these reflections to improve the overall employment-unemployment-training. The procedures surrounding the employment contract must further progress: as such, they are blocked by their length and excessive legalism. Fear of hiring is the biggest problem for companies.Should be conducted with the collective labor disruptions that have been done with individual outs. We do not say enough that breaking conventional setup for the first time in France "flexicurity" and everyone wins.

What is the menu of your negotiations with the unions in the second half?

The priority in the coming days is to implement the employer-union agreements in the first half of youth employment. We will also continue negotiations on the value and the modernization of the peer. We will also discussions on the social well-being at work and professional equality between men and women, in which we will include paternity leave.

What is your strategy to get your ideas during the presidential campaign?

In 2007, we published a book, Need air that marked the campaign.We prepare "Need air 2" due out in early January. "Need air 2" propose structural reforms but also bring a great European project. Some time ago, it happened that I meet entrepreneurs who admitted to having voted no to the Maastricht Treaty, now I see those same business leaders confident, enthusiastic and ready to move resolutely towards European federalism economic and social development. France will remain in France if and only if Europe is united, united and powerful.

The CAC 40 is risky there twice this month. He was immediately returned. The threshold of 3000 points, as seen on the Paris market was down on Thursday 11 and Friday, August 19. On Monday morning, the Paris index recurred, opening down 0.85% to 2989.60 points. But again, it started to rise immediately after slipping below 3000, and closed on Monday evening at 3051.36 points (1.14%), having flown over 3100 points During the session this afternoon.

The level of 3000 points may well not be a technical threshold (it does not automatically trigger a sell order or purchase), it still plays a role of "support" on which the market arises before rebounding .Daniel Gravier, Head of Sales Trading at XTB France, believes that "this psychological level is transcribed in the courts and thus returns to a technical threshold."

The cross downward psychological sounded an alarm in markets which do not have a habit of getting carried away by their feelings. Professional traders define their purpose of orders passages through complex mathematical calculations, generated by high-powered software that constantly scan the share price indices, securities, commodities and all that is listed in order to predict the best time to invest or sell. And to build the software, the banks are recruiting the cream of engineers. But in this world of numbers, there is also a psychological dimension.So, see the CAC 40 fell below 3,000 points spurred the market to recover.

"This is a symbolic level, for its part says Harry Sebag, an analyst at Saxo Bank. In times of great nervousness, while visibility is poor, investors cling to benchmarks in the short term payday loans. It's an excuse to reposition itself for purchase. This morning, we felt that the markets began to rebound because the shares had suffered a significant discount. " And hope for regime change in Libya was a good news for oil companies operating in the country, making a breath of excitement to the Paris Bourse.

"Safeguards" but also to accelerate the panic

"These thresholds are safeguards on which the market rebounds," says Harry Sebag. But the psychological effects of contracts may jégalement ouer a role accelerator panic attacks.The violent stalls indices observed recently on global stock markets have shown. In Paris the CAC 40 fell by 32.4% since July 1, affected by short-term concerns (the debt crisis in the euro zone, bad macroeconomic indicators in the U.S. and deteriorating debt rating for American Standard & Poor's), but not only. "In late July, the market downturn downward was rational, said Jean-Louis Mourier, an analyst at Aurel BCG. However, the extent of movement and the high volatility experienced by markets in recent days show an overreaction. "

The index in Paris he could sink even lower? The scenario is possible if the disappointing macroeconomic indicators continue to grow and corporate earnings in the third quarter does not reassure investors, said Harry Sebag.Saxo Bank analyst would watch while the threshold indicated by the software, around 2850 points or even 2500 points. "But I hope we will not get to that," he adds.

Fifty-two euros to pay for a Paris-Bordeaux, 10.30 euros for connecting Lyon to Chambery, 87 km. At the time of taking the road to return from holiday, motorists have difficulty digesting the prices of French motorways. They do not understand either why the toll rates rose by an average of 2.24% in February last, while inflation rose only 1.5% in 2010.

These prices are even more crowded than the major networks (ASF, Escota, Cofiroute, APRR, Area, Sanef, AWS …) belonging to the majors in construction (Vinci, Eiffage, Abertis), making profits accumulated very comfortable : 1.5 billion euros, for a total turnover of 9 billion last year.Jean Mesqui, the managing director of ASFA (Association of French Motorway Companies), categorically denies any suspicion of wealth on the backs of motorists, "These results are used primarily to repay the debt incurred by the operators 2005 to redeem these networks to the state 15.4 billion, "says he.

No doubt. But the disparities in prices recorded on motorways for journeys have a way similar to annoy motorists. According to the latest issue of 60 million consumers, a trip from Paris to Nantes so expensive (more than 33 euros) a Paris-Toulouse, 300 km with less. Again, Jean Mesqui disclaims any liability for motorway concession. "These disparities existed in the privatization in 2005, he argues. The state says he does everything for convergence rates.But it will take twenty years. "

Another black tariffs on recent highway. On the A65, which links Bordeaux to Pau, which opened in December 2010, the kilometer is equivalent to 11 cents, against 7 cents on the A1 between Paris and Lille payday loans. Inflation this time due to … Europe. Since 1998, Brussels forbids dealers to finance new highways by their former networks already amortized. So they compensate by setting toll rates higher.

There is still a sore subject: the "expansion", a practice that is to massively increase tolls on the busiest sections and moderate increases on routes less traveled. Starting this year, the administration banned dealers to engage in that game"But she did not return what had been established earlier, said Daniel Discalced, Chairman of the Committee infrastructure and mobility of the association of 40 million motorists. Suddenly, a Paris-Le Mans motorway is much more expensive if we make the journey directly if you come out several times to enter the highway a few miles away. "

The toll is sometimes used to 'green' network

Moreover, the commitments of the "green package" to make more environmentally friendly highways, leaving a more skeptical. For a one-year extension of their concessions, companies that belong to Vinci (ASF, Cofiroute, Escota) and those of Abertis (Sanef, AWS) have agreed to invest one billion to green their networks.But on closer inspection, two thirds of the work initiated in this context concern the implementation of electronic toll.

Barriers that prevent good to stop reducing pollution, but they also allow operators to cut jobs to tolls and sell badges needed to benefit from these facilities. This example confirms that the motorway companies are there to make money. But is it really a surprise and a bad thing for private groups?

The Court of Justice of the Republic (CJR) announced Friday it had postponed to August 4 decision to initiate or not an investigation of the role played by Christine Lagarde in the case Tapie.

"One of the members of the commission has indicated that he was later forced to recuse himself," said Gerard Palisse, president of the petitions committee of the Court. "The alternate member of the Court which could have us make up for his part that he himself was unable to do so immediately without prior knowledge of the case. The Committee decided to defer consideration of this matter Thursday, August 4, "he added.

The former French Minister of Economy and current executive director of the International Monetary Fund (IMF), is suspected of "abuse of authority" in the arbitration in July 2008 on the case Tapie, Credit Lyonnais faxless cash advance.The businessman, who felt cheated after the sale of Adidas in 1993 with Credit Lyonnais, had obtained 285 million euros of public funds.

In May, the Attorney General of the Supreme Court, Jean-Louis Nadal, asked the petitions committee of the RGC to investigate the matter. If the Court decides to initiate the investigation, it should be long and Christine Lagarde would not be considered for several years. The new leader denies IMF, meanwhile, abuse of authority in this matter and have provided "clear conscience".

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The employment contract is signed between Christine Lagarde and the International Monetary Fund. The new CEO of the institution will, in the words of the document published today, an annual salary of 467,940 dollars (323,257 euros). It will benefit in addition to 83,760 dollars per year (57,829 euros) for participation in expenses. In total, the director will receive 551,700 dollars (380,989 euros) a year, a net amount of taxes on income.

The remuneration of Christine Lagarde was up 1.1% compared with that of Dominique Strauss-Kahn as stated in the contract signed in 2007 when he took office. A parallel increase in inflation over the past four years. The price index for the Washington area, which serves as reference for the calculation of wages to the IMF, has in fact increased by 1.1% between May 2007 and May 2011.The remuneration of Christine Lagarde will be indexed to inflation, the IMF said, and adjusted each July 1.

In addition, like its predecessor, at the cost of business travel by Christine Lagarde will be paid by the IMF. With a change at the margin, however: even if not married Christine Lagarde, his companion will also be covered by these reimbursements. The IMF said the word "spouse" of the partner. Christine Lagarde, in fact, lives in concubinage with Xavier Giocanti since 2006.

The IMF has mostly benefited from the inauguration of Christine Lagarde to strengthen the code of conduct of the Director of the IMF, from the document signed by Dominique Strauss-Kahn in 2007. It is now clear that the new director should "avoid even the appearance of improper conduct," a phrase that was not before.It will also, as now all members of the IMF, training in ethics-the very word was not included in the document of 2007. Another addition, the French will see banned from participating in any political meeting, although it may remain a member of a party if it so wishes.

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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. "

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Before settling in a small apartment in St. Cloud, just steps from the Seine, has Lagneau Lawrence thought he would never be able to leave Saint-Ouen. At issue: a "preemptive right" exercised by the mayor Audoniens when selling his old studio in 2009, and who has earned more than a year of court proceedings.

This right of preemption makes it possible for local authorities to be given priority when selling a property on any other potential buyer, and at a price generally below the claims of the seller. To exercise this right, the community must demonstrate a specific urban project (renovation, rehabilitation, etc …).But in Saint-Ouen, as in other suburbs of Paris run by municipalities left (Saint-Denis, Bobigny, Bondy, Montreuil, Les Lilas, Nanterre …), the right of first refusal is now held up for the sole purpose of discourage owners from selling their property at a price above the market, otherwise they would face lengthy legal proceedings …

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