The panic would still blow time on banking stocks on an exchange. In any case, what predicts Frederic Oudéa, CEO of Societe Generale, in an interview with Journal du Dimanche. The latter ensures that "nervousness can last at least until early November," that is to say at the time of publication of third quarter results.

This period will provide an opportunity for banks to prove to investors that they are doing well. Starting with Societe Generale, whose share price has further declined by almost 16% last week."We will have the opportunity to communicate to the market that the bank has no liquidity problem, its activity is healthy and that its investment capacities are intact," says Frédéric Oudéa, who had made similar remarks after that his institution has been a rumor about his health.

Wait and see

According to the head of the French bank, the sector is the first victim "of downward revisions of global growth prospects" and "doubts about the debt of the euro area". Markets therefore expect political decisions from the United States, France and Germany. But these "slow" because of the elections in these countries prepare themselves."You can see a waiting period," warns the leader then.

This will be even greater that there is a lag time between taking a political decision and its implementation, said the head of Societe Generale. For Europe in particular, "the area in need of economic convergence, integration of tax policies. That will not happen as fast as the markets want. "

According to Frédéric Oudéa, global stock markets in any case "slipped into excessive pessimism." The fear of a global recession, which shook investors, moreover, has no place: "What we see confirms our expectations. The second quarter marked a break. We said that growth in developed countries would be moderate. Things will balance but it will take time. "

No takeover bid for SocGen on

In this interview, Frederick Oudéa also ensures that the bank he heads will not be the subject of a takeover bid, despite the sharp drop in its share price. "I see no looming strategic move," said he. "It will happen in Europe if the bank nothing is happening in Europe at all. Industry consolidation will not intervene if the situation does not change. There should be no movement before attending two or three years. "

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American billionaire Warren Buffett wants his share of sacrifice to help America reduce its budget deficit. In an article published in The New York Times, the head of Berkshire Hathaway investment fund called on parliamentarians to raise taxes on Americans with annual incomes exceed a million dollars, and even more taxing those who earn more than ten million dollars per year.

He said it does not hurt to use or for investment, while helping to clean up the country's finances. "Our leaders have called for shared sacrifice, he writes. But when they did ask, they spared me. I checked with my friends to see which mégariches sacrifices they expected.Them either were not affected. "Warren Buffett has led his small survey: last year's tax rate accounted for 17.4% of its taxable income, while that of 20 workers in his office was between 33% and 41%.

"While the poor and middle class fighting for us in Afghanistan, and while many Americans are struggling to make ends meet, we, the mégariches, continue to benefit from special tax exemptions," says the American billionaire.

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"Lunch with Buffett sold $ 2.6 million

A cold shower! Well than expected by economists, the announcement of a French no growth in the second quarter 2011 is a very bad surprise. The surge of 0.9% of GDP in the first quarter is no longer a distant memory, the stagnation of activity between March and June changed all that in full preparation of the budget in 2012. Because the government now sees its growth forecasts for 2011 and 2012 seriously undermined.

The cold snap of the second quarter mainly due to a decline of 0.7% of household consumption. "This is the highest in fifteen years and the third largest drop in consumption in fifty years," notes Laurence Boone, chief economist for Europe Bofa Merrill Lynch. The end of the scrapping weighed heavily on automobile purchases.But the damage is deeper: "Households have reduced their spending in all positions in industrial goods," notes Catherine Stephan, at BNP Paribas.

Now, with an asset growth of 1.4% since early 2011, observers doubt the capacity of France to meet its objectives over the next two years. Jennifer McKeown at Capital Economics, expects no more than 1.5% in 2011, far from the 2% of the government. BNP Paribas, it is hardly more optimistic, showing 1.7%. "To achieve a growth of 1.8% throughout the year, it takes a minium that GDP grew by 0.5% in the third and fourth quarters," said Philippe Waechter, Natixis AM. This is exactly what INSEE predicted in June, before the market crisis.But "given the surveys suggesting a slowdown in July, balances that are a priori not unique and shock the financial markets, an increase of 0.5% in the third quarter was the highest of the range, "he says.

Tax loopholes

Under these conditions, the forecast of 2.25% of GDP growth for 2012, on which the budget was to be built next year, is totally obsolete. "This year we will be online," however, assured Baroin RTL on Friday, saying that "this second quarter, disappointing that the first course, which was far ahead was anticipated."For the Minister of Economy, therefore, "it does not change the matrix on which we are working on the budget."

This position should change Aug. 24, at the meeting at the Elysee, presided over by Nicolas Sarkozy, to wedge the new budgetary decisions. At that time, many expect a downward revision of growth forecasts that will involve … an upward revision of cost savings! "We will no matter what the objective of reducing the public deficit to 5.7% of GDP in 2011 and 4.6% in 2012 to reach the 3% in 2013," insists there be tireless in the entourage the budget minister, Valérie Pécresse. The equation is simple. "A lower growth of 0.25 points in 2011 will not prevent Bercy to meet its objectives for the year. However, at current rates, the deficit is moving more towards 4% of GDP in 2013, "calculates Laurence Boone."To return to the 3% target should be achieving 20 billion in additional savings over two years."

So far, the government planned to cut 3 billion in tax loopholes. He will have to change gear. Philippe Marini, rapporteur of the budget in the Senate, calls for 6 to 10 billion in additional savings. If the final figure is not stalled, the method is refined: there will be a general plane of the tax loopholes, coupled with the removal of some of them, for the sake of "tax justice" according to Bercy. Niches affecting corporate tax for large companies are in the sights and the tax on real estate gains could be reviewed upwards. No question, however, to one year of presidential, touching the 5.5% VAT in catering. A niche that cost 3 billion each year and the economic effects, however, uncertain.

While European stock markets, starting with Paris, still closed on Friday decreases, Baroin called to remain calm. The Minister of Economy, which had cut short his vacation to "take stock with his teams," according to the Elysée, stressed the need to "keep a cool head and not make a tracing paper of the excitement that can be observed on a given market. "

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers payday loans in one hour. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

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The difference is certainly on the thickness of the line but it still twists his neck to popular belief. An evaluation of the Ministry of Labour with the redeployment of unemployed Le Figaro has obtained, employment center gets better results that private placement (OPP) to which the accompaniment of hundreds of thousands of job seekers job was outsourced. In other words, the public would be more effective than the private sector to find new jobs for the unemployed.

This assessment focuses on two categories of job seekers who have benefited, in November 2009 and March 2010, a reinforced support: the unemployed far removed from the market (long-term, seniors …) and CTP-fired economic CRP (devices for one year guaranteeing a subsidy equivalent to 80% of the last gross wage). Just under 5000 people were interviewed.In both cases, the rate of return to work thirteen months after the start of the support is higher for employment center.

47% of retrenched in CTP-CRP followed by public service employment benefit and employment (employed or not), against 43% for those followed by a private placement (employment agency, company … reclassification). Less than one in three point still unemployed after thirteen months, against 38% for a PPO. The private sector, which offers support more regular and reinforced, in the end proves better than the public service on one point: the rate of CDI won, higher than 5 points to the result displayed by employment center.

More CDI

The difference is greater for the second cohort of unemployed: the unemployed far removed from the labor market.49% are employed and thirteen months after the start of their employment center for support, against 43% for those followed by a PPO. Unlike the retrenched, the CDI rate is even higher in the public service (44% against 39%). Worse, the number of unemployed, thirteen months after the start of the accompaniment, are higher in PPOs (45% against 41%).

These results revive the controversy over the use of OPP – the cost of an unemployed investment returns twice as expensive (2200 euros on average per year, against 1100 at employment center) – to relieve the crews of the public service of employment in case of downturn. The popular option is to use only an "outsourcing of specialty", on a more targeted, less numerous and where the added value of OPP is proven. Should, in this case, review their terms of payment by paying more in income.PPOs now affecting half of their performance in support of an unemployed, 25% when in use and 25% if there is still six months later. The idea is often put forward to move to a 35% share in the care and placement for 65% effective (against today 50/50). A useful discussion since the OPP always accompany nearly 150,000 job seekers.

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Barack Obama sought Monday to change the tone of the negotiations on reducing the budget deficit. "I am ready to face criticism from Democrats for an agreement that allows to raise the debt ceiling," said Monday the president of the United States, before resuming discussions with congressional leaders have fallen into the impasse. "We will reach agreement before August 2," promised the president at a press conference.

Placing himself as an arbiter between the two factions partisan, Barack Obama said: "The Republicans are going to have to compromise, as the Democrats." He hoped that the negotiations continue "all day", "until a solution is found."

Their challenge is twofold. The first is to adopt a compromise that reduces the medium to long-term U.S. budget deficits.But the compromise also depends on the adoption by August 2 of a law that raises the ceiling for the debt of the United States. Otherwise, the U.S. Treasury would no longer issue the bonds needed to honor the debts of Uncle Sam was general such a defect of the United States would have catastrophic consequences for the entire global economy.

Avoiding tax increases

During the weekend negotiations have stalled or even declined. Democrats accuse Republicans of blocking any agreement by refusing the principle of tax increases. For their part, Republicans reject the approach proposed by Barack Obama on an ambitious four trillion dollars in savings over ten years.They are rather a compromise of around 2 trillion, thinking to keep their campaign promise to block any tax increase.

To complicate matters, the elected Democrats have their doubts about the path traced by the White House. Barack Obama asks them, in fact, painful concessions in the form of savings in programs popular pension and health care. Yet the Democrats do not want to pay the price in the November 2012 legislative concessions that make a great historical compromise personal serving the cause of Barack Obama but not his party.In addition, the recent rise in unemployment leads them to reconsider their promise to reduce government spending made a few weeks ago as part of negotiations led by the then vice president, Joe Biden.

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Waive the RSA, no, perfect it, yes. After the turbulence caused by Laurent Wauquiez, the government has found his line of conduct. Or rather found, since it is the mission entrusted weeks ago in UMP Marc-Philippe Daubresse, which must balance its work in July. The minister in charge of the case, Roselyne Bachelot, already offers a line of improvement: "Simplifying the system horribly complex," she said yesterday on RTL. For example by creating a "single window" for beneficiaries, shuffled to the General Council in family allowance fund, through the employment center.

Another track, "merge" the Solidarity labor income and employment premium (EPP). This device, too, intended to encourage work, but passes through tax (reduction of income tax or check the state of the taxpayer when it is exempt).Benefit those whose homes have reached a certain level of resources the previous year, while drawing a minimum income from work … his "merger-acquisition" with the RSA had already been considered in the creation of this last.

PEP has indeed several flaws. First, its effect is limited. Because it is paid with a lag of two years and is sprinkled over 7.7 million homes: Some recipients receive only a few dozen euros. Then this is one of the costliest tax loopholes: nearly 3 billion expected in 2011.

Strengthened support

These defects did not disappear with time. And with the RIAA, has added a problem of readability. The two devices are not cumulative, but the better of two applies to the beneficiary.Example given by the Ministry of Solidarity: A single mother working a full year at minimum wage full time receives 23 euros per month from RSA … then at the end of next year, 912 euros in EPP. For the same cost, it would have been simpler and more incentive to pay 99 euros every month from RSA. This was always called the "father" of the RSA, Martin Hirsch. He had opposed Pierre Mehaignerie. Chairman of the Committee on Social Affairs of the Assembly was concerned that the beneficiaries of the EPP – tax measure – feel "downgraded" through the RSA-welfare. He now considers a merger EPP / RSA "tenable, provided it is controlled in a decentralized manner, as close to the ground."

In the spirit of Roselyne Bachelot, things are clear: if the PPE was merged or restructured, recovered the money would finance a strengthened support for job seekers or strengthening the "RSA-activity" (that paid working poor). In no case would go to higher RSA-base, that is to say the old RMI, the epitome of the assistantship for much of the right. A close case highlights a problem to be solved rather supports the RSA part-time workers, PEP workers full time. Please do not forget them in the operation. The project, if realized, could be voted in accordance with the laws of finance, at the earliest in the fall.

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That's Numericable hiding behind the mysterious "mobile revolution" that holds the net in turmoil in recent days. The operator has designed this teaser campaign, devised by the communication agency and lobbying to bring attention to his news conference Wednesday morning at the Pershing Hall in Paris … A place where Free has the habit of arrange their own press conferences!

Numericable to announce the launch of a mobile offering unlimited calls to all operators to "less than 35 euros per month," said a source familiar with the matter. But it will not be a quadruple play (Internet access, IP telephony, television and mobile telephony). This offer will go through the network of Bouygues Telecom. Numericable was launched in May 2010 in the mobile but very timidly, history of testing the market. Its number of mobile subscribers currently remains insignificant.This time, the operator believes it will launch a real stir in the mobile. Info ou intox? Competitors remain skeptical: "An MVNO (mobile virtual network operators), because he does not own its network, can never offer truly aggressive. Whatever he does, he will always be unavoidable costs. Or do asterisks to limit the number of subscribers, restrict supply etc. … "Said one trader. "At 35-40 euros monthly you can do with a mobile offering unlimited SMS, unlimited voice and not too much data. Below, we lose money, "said another operator.

In any case, the teasing was successful: in angering Free, who feels robbed and parasitized by the use of the term "Revolution" (the name of his new box) and the use of its code red ( while the color is green Numericable usual), "larevolutiondumobile" has generated a real buzz.More than 50,000 messages were posted on Twitter, affecting over 300,000 people, and the Facebook page of the site has recorded more than 2000 fans in less than a week. Meanwhile, the server is larevolutiondumobile.com victim of attacks. "It was hacked by computers whose IP addresses are located in the heart of Paris," said a source familiar with the matter. No doubt if piracy is proven to be a very serious thing – Numericable file a criminal complaint.

Union leaders had expected that the 1 May 2011 be a little raw. It is clear they have struggled to mobilize. In Paris, the procession was attended by 12,000 people Sunday, against 21,000 in 2010, told AFP the police headquarters. Organizers say 30,000 people joined them.

The secretary general of the CFDT Francois Chereque was present at the head of the cortege left shortly before 15 hours instead of the Republic, like that of Luke Berille UNSA and FSU Secretary General Bernadette Groison. The general secretary Bernard Thibault of the CGT, which was also manifest, was ultimately unable to move "because of major back problems," said his entourage told reporters.

Leaders of the Left also participated in the parade: Francois Hollande Olivier Besancenot through Eva Joly, Jean-Luc Melenchon or Marie-George Buffet.The spokesman of the Socialist Party, Benoît Hamon, the number two party, Harlem Desir, or members Bruno Le Roux, Sandrine Mazetier and President of the Ile-de-France, Jean-Paul Huchon were also behind the banner PS.

The leader of the Socialist Party, Martine Aubry, has, meanwhile, marched in Lille. "We do not have to be in the streets to celebrate International Labour Day," said the first secretary of the PS about the sparse parades, saying that employees would demonstrate "in 2012 at the ballot box."

Attendance was up for the parade FN

In the regions, the mobilization was also low.In Marseille, among 2000 people by 5000 according to police and organizers, marched through the streets between 1200 and 3500 people in Toulouse between 2200 and 3300 in Lyon, between 2200 and 3000 in Bordeaux between 1200 and 3000 in Strasbourg between 700 and 1000 in Lille and between 450 and 1000 in Rennes.

It was also shown to Pau (800 to 1200), in Angoulême (500), Besancon (500 to 1000), Brest (250 to 300), Nancy (700 people according to the unions) and as at Dunkirk, in Orléans and Caen.

These figures were more than expected from a trade union unity has disintegrated somewhat. "The character of this holiday is both less said, the day falls on a Sunday," observes Marcel Grignard, number two of the CFDT.In 2009 the protesters were much more likely because of the crisis, and in 2010 the fear of the pension reform, just before its unveiling, had been a factor in turnout.

On the other hand, the parade of Marine Le Pen Paris, focusing on the workers and popular classes, has mobilized more than expected among 3200 people according to police and 20,000 according to the FN (against 2000 and 8000 according to the police according to the FN last year).

"May 1st, we are the popes of the earth"

Besides purchasing power – the secretary general of the CFDT, Francois Chereque, called on Europe 1 radio on Sunday increased the minimum wage beyond the 2% rise tentatively scheduled on July 1 – the themes that defended Unions are talking years' support for the Arab peoples who rise to the dignity and freedom, "and" equal rights "between French and foreign workers in response to" national preference "advocated by the National Front , a rise in the opinion polls.

Winks comedy peppered some processions. "May 1st, we are the popes of the earth", alluding to the beatification of John Paul II. But also slogans in opposition to the FN, as in Rennes' French workers, immigrants, same bosses, same battles. "

The player has to use default in the articles of figaro.fr.maj1

Although the third French construction group is heavily in debt (14 billion euros of net debt), Peter Berger hopes to increase the operating margin of 2% to 4% within four years, according tothe Echosce Thursday. The former director of Vinci Construction Grands Projets, aged 42, will assume the role of CEO on July 1, according to Les Echos on Thursday. Jean-François Roverato, president of Eiffage, will keep his duties until September 10, 2012, the year he reaches the age limit for this function.

For Peter Berger, the group's prospects are good. "At the end of March, our backlog is at record levels, and without the project Britain Pays de Loire, which will be included in July." For the new director general, larger sites, whose contract LGV Bretagne Pays de Loire exceeds 1 billion euros per year, less than 10% of sales."They are only the visible part of the iceberg front of 40,000 medium and small projects that we conduct every year. In the longer term, I believe in the structurally carrying the construction sector, even if only for demographic reasons. Between 2006 and 2011, the French population grew by 1.7 million people, representing nearly 40 billion more for the building market, "said Peter Berger.

Refinance Debt

For Pierre Berger, debt Eiffage no problem. "The goal is to reduce our debt from 300 to 400 million for each of the years 2011 and 2012. We do not anticipate any problem in 2013 to refinance the debt of 2 flexcheck cash advance.7 billion Eiffarie (consortium of Eiffage and Macquarie, whose group is a subsidiary APRR).Upon redemption APRR (Autoroutes Paris Rhin Rhone) in 2006, the debt highways accounted for 11 times its EBITDA, and currently, this ratio fell to 8 and should be reduced to 6 in 2013, when we completed its refinancing.

Optimization of large projects

The new CEO of Eiffage has also identified three areas for improvement to achieve a margin of 4% registered within four years, against an operating margin of 1.5% to 2% currently. "We must improve our productivity in public works and energy, including better integrating recent acquisitions, as and Crystal. Finally, we must optimize our steering of very large sites. From 2006 to 2010, Eiffage has conducted four abreast Stade de Lille, the Highway 65, the Perpignan-Figueras Hospital and South Paris region. Some have experienced cost overruns.On these very large operations, we must work as a team, establishing multidisciplinary project teams, close to the ground. "

"The group regularly conducts world premieres," said Peter Berger in his interview with Les Echos. He concluded: "Eiffage is the construction of high fashion, and we must capitalize on this strength with high value added projects."

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