Employers can say a big thank you to the Social Chamber of the Court of Cassation. The judges of the highest court in the French judicial system will in fact reject the judgment of the Court of Appeal of Paris in September 2010 had invalidated the social editor of a banking software, Viveo the grounds a lack of economic incentive. "This decision could not be clearer, says Malik Douaoui, partner in employment law at Taj. The lack of economic incentive does not justify the invalidation of the redundancy. Its validity is independent of the reason for dismissal. "Even in terms of Virginia Devos, a partner for his share in August & Debouzy:" We had a sword of Damocles that the magistrates of the Supreme Court have raised strictly applying the current law. Their commentary is clear: it can not have judgment without text. "

Current legislation does not in fact authorizes a judge to cancel, before it was implemented, a social plan for any reason whatsoever. The only people qualified to vote are the industrial tribunal that councilors may have to decide, ex post, the lack of or inadequate backup plans implemented. And with this, the key, generally, heavy damage compensation as a benefit for employees who brought the case to court. "This decision removes the freedom of judges to interfere in the a priori social plans", and welcomes Nicolas Sauvage, member of the influential lawyers' union in labor law, Avosial, which in February had alerted all the presidential candidates on this sensitive issue during an election law to dismissal on line pay day loans.

"This decision does not alter the political debate of layoffs but said equity rule the legal issue," says Devos, however, Virginia. In due. Francois Hollande has indeed committed, in a letter to the union Avosial mid April, if elected to make "an appropriate response" to social plans "of pure convenience announced by successful companies" while acknowledging that they represented only a tiny minority of cases in France. "We are not immune to the legislature shortly text files to allow judges to interfere in the management of enterprises and thus thwart the decision of the Court of Cassation," Devos fears Virginia. 'E wish them courage to write this text especially good for the principle of free enterprise under pain of being censored, as in 2002, by the Constitutional Council, "abounds Nicolas Sauvage. "The whole question is about the place we want to give judges in controlling redundancy plans," explains Malik Douaoui. There is therefore perhaps not heard the last of this case Viveo

.

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The International Monetary Fund will have an additional $ 430 billion, that he will agree about forty of its 188 member countries. Christine Lagarde did not hide his satisfaction at the conclusion of meetings this weekend in Washington, first at the G20 then the policy committee IMF policy.

"This almost doubles the Fund's lending capacity. This really shows the determination of the international community have the tools to resist and defend against the attacks, "said the CEO, relieved to have obtained a strengthening of the" firewall "of the IMF it deemed absolutely necessary.

In addition to the States in the euro area, which had announced in December 2011 their stake to 150 billion euros (nearly $ 200 billion), other countries of the European Union bring their mite, including the United Kingdom (15 billion). Japan (60 billion) will be the largest individual contributor, while Saudi Arabia and South Korea will contribute 15 billion each. In total, $ 340 billion that was pledged by name. What to add 90 billion from a number of emerging countries, including China, Russia, India and Brazil. But they prefer to "talk first to their publics the number of their contribution," said Christine Lagarde.

From this list, the United States and Canada are conspicuous by their absence. Washington had previously stated that he was not opposed to a process of strengthening the IMF on a voluntary basis, but he would not participate. As for the Canadian Finance Minister Jim Flaherty has said aloud what many feel a whisper: "We believe that the Fund has adequate resources to meet immediate needs. The reality is that European countries are relatively rich … They must take the bull by the horns and solve this problem with their own resources, "he said at a news conference.

Expanded powers

The euro zone's balance of payments surplus is globally vis-à-vis the outside world should not in fact need to be rescued by the IMF, confirmed privately one of his top officials. But Europeans are reluctant to help each other themselves as necessary, and they need the funds as a policeman to impose unpopular reforms programs, as is the case for Greece, Ireland and Portugal.

Vice Minister of Finance of Singapore, Tharman Shanmugaratnam, who chairs the committee that guidance of the Fund, did not mince his words nor his vis-à-vis the Europeans: "The firewall is necessary, but far from enough. The real solution lies in the fiscal and structural reforms to address the real causes of the crisis. "

Emerging countries, by the voice of the Brazilian Finance Minister Guido Mantega again requested an extension of their power within the IMF, and they got satisfaction. The G20 communiqué pledges to "a comprehensive review of quotas by January 2013." Moreover, the central bankers of the G8 countries, who gathered in Washington specifically too, were willing to facilitate "access to capital markets' five state" Arab Spring ".

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800 000 000 000

"The euro area markets worried again

 

For the second consecutive month, the fuel consumption in France is declining. According to statistics released Monday by the French Union of Petroleum Industries (UFIP), according to data of the Professional Committee of oil (PDCC), fuel shipments in March were down 3.5% from the month of March of last year, reaching 4.2 million cubic meters.

The unleaded fall of 9.1% and diesel, which now accounts for 81.2% market share in France, 2.1%. In February, fuel deliveries had fallen by 1.6% YoY: -7.3% for super, -0.3% for diesel.

This decline in consumption is observed when the pump prices hitting their highs. 1.6619 euro at the average price of a liter of unleaded 95 (SP95) April 6 calculated by the government sprays the peaks of summer 2008 (1.4971 euro June 20, 2008), while the SP98 s' flies to 1.7121 euro per liter.

The euro weakened against the greenback

Gas stations in Paris, who occasionally exceeded the symbolic price of 2 euros per liter, have recently attracted national publicity which they would be well spent business card templates. The preferred fuel of the French, the diesel was selling for an average of 1.4347 euro per liter on April 6, just below the record 2008 which corresponded to a barrel to $ 147, against about $ 120 currently.

The pump price multiplied records while crude oil is trading for less than four years ago, because meanwhile the euro weakened against the greenback, currency exchange gold black. Expressed in European currency, the barrel is the highest.

Consumption of petroleum fuels in France fell by 1.6% from 2007 to 2010. Within this time, the evolution of cars, which account for new models increasingly sober, has had an impact on demand.

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If Air Mediterranean, the French company in difficulty which had relocated to Greece part of his job by creating a local structure, is the perfect illustration of what is wrong with the management of aircrew in France, according to members of the Federation National aviation market (FNAM). Thursday, members of the employers' organization presented a dozen proposals to candidates in the presidential election.

The first of these is to reduce labor costs in the airline industry for companies based in the Hexagon. "Once a company is engaged in a third country with fiscal conditions of the country of origin, the competition promotes the competition governed by social charges and taxes lower," regrets Pascal de Izaguirre, president of the Economic Committee of FNAM. The French sailors cost 20% more on average than elsewhere in Europe, according to Lionel Guerin, President of FNAM.

To restore the French flag in the skies over Europe, members of FNAM require "a shift in the social security contribution base of other taxes and a reduction of employers' costs especially for the sailors, pilots, hostesses and stewards. " Clearly, the French companies require a social framework "harmonized" to address critical gaps between European countries. "In return, we could expand our business and create jobs," says Pascal de Izaguirre.

Maintaining night flying

Air France made its accounts if the company was based in Amsterdam, it would save 750 million euros due to the difference between the tax and benefit systems between France and the Netherlands. "The goal is to avoid seeing happen in the air what happened in the shipping industry where employment is now completely relocated," says Lionel Guerin, also CEO of Transavia, a subsidiary low -cost airline Air France. The answer candidates for this proposal is surprisingly consensual. Nicolas Sarkozy's advisers have estimated that this track orally should be studied. For his part, Francois Hollande replied in writing that "state aid and tax breaks" should go "to companies that invest in our country, who will locate their operations. However, it is clear that future developments should respect the need to balance our accounts. "

Among other proposals, the decrease in security tax, currently borne by passengers; the establishment of a European regulatory framework facing international competition to avoid the payment of state aid in favor of certain carriers, maintaining night flights, easier access to hub airports, but also investing in research to prepare energy developments.

Members of FNAM, who had already launched similar proposals five years ago, hoping this time to be heard. "At the time, Air France and other companies were going well, the price of fuel was half the price … Today, we take the alarm. In five years, we can not say that we had nothing planned, "says the chairman of TUI France.

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SNCF is mobilizing to appease the discontent of its users. It has just six new commitments, collectively called "guaranteed trip", to improve the service provided to them. Applicable on March 31 and the TGV intercity trains, the new device, designed with consumer groups, will have a budget of 50 million euros.

The "guarantee travel" includes minimizing the impact of the delays complained of increasingly frequent travelers. In case of delay of over an hour and whatever the cause, the SNCF is committed to providing its passengers two options: either full and immediate refund of the return ticket, or can borrow another train at the same price within 48 hours. In the event of contingencies, the SNCF to fund those it has not been resolved transport travel by taxi or a hotel room.  

History of punctuality

The railway company will also make an effort in terms of information. To help customers make their transport choices knowingly, the site will release a historic infolignes.com punctuality of trains and intercity TGV last 60 days. The exact cause delays of more than 15 minutes will also be shown the next day on the internet.

In an interview in Le Parisien – Aujourd'hui en France, the CEO of SNCF Voyages, Barbara Dalibard, said that more work will be provided to inform travelers of their late train, by SMS or email. For this, 30,000 field workers will be equipped with smartphones that will allow them to trace information more easily.

A new "guaranteed seat" finally improve the service offered to passengers overbooked. The skipper will help them find a place, and if necessary outperform the first class. If no seat is still available, the station will offer the customer who had to make his journey standing financial compensation "in the form of travel vouchers of 10 €, 20 € or 30 €.

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In these times of crisis, fuel prices at the pump are endlessly to climb. New records were achieved in France last week. Diesel, which represents about 80% of fuel sales in France rose to 1.4584 euro per liter, according to weekly surveys posted by the Ministry of Sustainable Development. It has surpassed for the first time his previous record dating from 2008 to 1.4541 euro.

As for gasoline, a liter of unleaded 95 (approximately 15% of French consumption of motor fuels) euro jumped to 1.6451 and that of unleaded 98 (5%) to 1.6883 euro, beating and both of their records dating back to the previous week, respectively 1.6211 and 1.6610 euro euro.

These sales prices at the pump are national averages calculated by the Directorate General for Energy and Climate (DGEC) from data provided by service stations. But they largely already exceed these levels in some places. Thus, the price per liter of MS 95 has already surpassed last week the symbolic threshold of two euros at the pump of a Parisian park payday advance online.

Since late 2011, gasoline prices beat record after record in France, powered by a dual effect of geopolitical tensions in the Middle East that keep crude oil prices at very high levels, and weakening of the euro against the dollar, which boosts the cost of black gold once its converted value in the single currency.

The surge in fuel prices, motorists hitting the portfolio, has elicited numerous comments and proposals from the candidates in the presidential election. The socialist Francois Hollande wants to block temporarily the price of gasoline, as an incumbent President Nicolas Sarkozy has described as "populism" and "demagoguery."

(With agencies)

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The atmosphere is still gloomy at the New York Stock Exchange on Wednesday. The Dow Jones was down 0.68% in early trade to 11,494 points and the Nasdaq 0.83% to 2499 points. Signs of slowing global growth are increasing for several days. On Monday, the downward revision of U.S. growth in the third quarter, Wall Street had won. U.S. markets would still blame the shot after the announcement of a further slowdown in the Chinese economy my credit score. Preliminary PMI Manufacturing activity in China, issued by HSBC this morning, recorded in November, its biggest drop since March 2009, to 48 against 51 in October. An index below 50, resulting in fact a contraction of activity.

Slowdown in China …

The country's dependence on exports is the main cause of this fall, analysts said HSBC.

For the first time since the outbreak of the sovereign debt crisis in Greece, in November 2009, the EU will apply directly to other states and their sovereign wealth funds. Norges Bank Investment Management (NBIM), which manages the Norwegian fund (397.5 billion euros), has already applied for, according to Reuters.

Technically complex and politically inglorious to the extent that members of the euro area rely on foreign savings failing to show solidarity with each other, the project outlined this weekend in Brussels would be a real barrier fire.The strike force "would be the height of Spain and Italy," said Gilles Moec, an economist at Deutsche Bank in London.

The proposed scheme is to leverage both the capabilities of the European Financial Stability Fund (EFSF) and to mobilize capital from financial surplus. First and foremost, China and emerging countries but also in advanced economies such as Norway and Japan. These contribute in trusts, administered primarily by the IMF, which will not put himself in the pot, says we are.

The highlight of his EFSF 440 billion euros, which have been entrusted by the countries of the euro area – the envelope will remain unchanged – no longer be content to make its guarantee to the issuance of securities, as it has already done for Ireland and Portugal.It will also play the role of "credit enhancer," according to a model used in the United States, for better or for worse, for local authorities and housing loans. This type of intervention will return to ensure a certain percentage of potential losses to purchasers of government securities guaranteed payday loan. A new role for the EFSF: "He was supposed to guarantee loans, it would ensure ex post losses," said Bruno Cavalier, economist at Oddo Securities.

Assembly at several levels

Klaus Regling, the director of EFSF, was responsible for establishing an assembly at several levels in order to create a maximum leverage. According to the recipe holdings cascade in private groups.

On one level will be set up special funds supplied in part by the EFSF, which would bring its security, and other states.On a second level, you will find a special fund involving purely European private capital, always with the guarantee of EFSF. A third channel is considered, on the same principle, but this time shareholders will be provided by non-European states, in a "trust" administered by the IMF – what others call a "special investment vehicle". Note that the IMF has experience of this device, through the Poverty Reduction and Growth Trust, which raised $ 13 billion for the poorest countries.

No one seems yet able to determine the exact allocation of funds that could be offered. Knowing that it is 250 billion euros of capital available, according to a diplomat, the EFSF would likely raise at least five times that amount on the basis of an insurance rate of 20%. Many technical issues remain.In particular the involvement of such a system on the debt of the guarantor countries, including France and its "triple A".

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The Paris Bourse on Wednesday will try to stop his downward series. The CAC 40 is at least on track to: the opening, it increases from 2.45% to 3038.57 points. Same movement in Frankfurt the Dax gained 2.74% and in London the FTSE-100 was up 2.20%.

The Paris markets were closed yesterday on a third round of consecutive decline, to the lowest of the year and still under 3000 points. This time, operators mimic their movement on the Asian markets who have chosen to embark on a bargain hunting.

Closing slightly lower on Wall Street also reassures the markets. The New York Stock Exchange, which remained very cautious, however, has not panicked by the announcement of a good non-manufacturing ISM index.All good news about the health of the U.S. economy are highly valued in a context of fear of a recession in America. As such, investors are waiting to know the details of the Fed's Beige Book, which will be announced tonight. Tomorrow, Thursday, will also be a crucial day in Congress with the speech of President Barack Obama on employment. The CNN already believes that it will propose to spend $ 300 billion to new posts. These new expenditures should be fully offset by budget cuts.

Germany at the center of attention

Side the euro area, all eyes turned to the German Constitutional Court which shall decide on Wednesday on the legality of the financial contribution of Berlin plans to help Europe.The observers could never imagine, however, that the Court considers illegal contributions already provided by Berlin, which would cause a cataclysm in the euro area. Chancellor Angela Merkel plans to comment on the decision of the Court in a speech to the Bundestag in the morning.

The European Commission has also expressed his relief after Tuesday night's decision by the Italian Government's plan to strengthen budgetary discipline, while financial markets doubted the real will of Rome to reduce its deficit. For its part, the Spanish Prime Minister Jose Luis Rodriguez Zapatero, acknowledged Tuesday the difficult economic situation, highlighting the problem of Greece, and "tensions" in the markets, but said that Spain 's will not need help.

The single currency was this morning up 0.34% to 1.4055 dollar.It is particularly supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro. Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

Values ​​to follow on Wednesday

• Banking

Countries in the euro area have no plans for financial support to banks beyond and above what was planned for the financial sector rescue packages in Greece, Ireland and Portugal, have sources said Tuesday the euro area. For its part, Greece wants to extend the powers of its central bank to strengthen bank supervision, hoping to put the sector in the shelter of a worsening debt crisis, according to a bill presented Tuesday.

• Air France-KLM

The company reported passenger traffic up 7.6% in August, a load factor of 85.7% on the month and stability of cargo traffic (-0.2%) with capacity up 2.8%.

• Pernod Ricard

The group said they did not consider major strategic acquisitions before next summer at least.

• Scor

The reinsurer expects to achieve a volume of gross written premiums, equivalent to sales of 10 billion euros in 2013, against 6.7 billion in 2010, according to a statement posted Wednesday on the occasion of a day devoted investors.

• Sodexo

The group, a global leader in catering, has announced the acquisition of Puras do Brasil, Brazil's number two industry, in a statement.With this self-financed operation, Sodexo will become number one in Brazil, a rapidly growing market where Puras do Brasil realizes a turnover of half a billion euros.

• Valeo

The group announced its intention to repurchase up to 670,000 of its shares to a maximum of 22.5 million euros in connection with operations authorized by the General Assembly in June These shares will be allocated for the implementation of any plan of options to purchase shares in the allocation of shares in respect of participation or implementation of any company savings plan.

• Biomérieux

The group released a consolidated net profit up 3.7% to 75 million euros in the first half and said forecast for 2011 organic growth in sales of around 5%, against a previous target of +5% or + 6%, in a context of weak European economy and the U.S..

• Boiron

The specialist in homeopathy said the uncertainties in the economic environment for caution in its annual outlook after a deuixème trimesre marked by a 3.3% decline in sales. This decline in activity, combined with an increase in personnel costs and a continued investment in advertising, led to a fall of 92.5% of operating profit in the first half of the year.

• Transgene

The specialist therapeutic vaccines has announced a net loss dug to 17.7 million in the first half, against -14.5 million a year earlier, but said he expected a second part of a year rich in results and starting clinical trials.

As for recommendations:

The UBS analysts raised their recommendation on the title Accor to "neutral" against the "sell" previously.Analysts at Morgan Stanley in turn have lowered their recommendation on the title PPR to "neutral weight" against "overweight" previously, said market sources Wednesday.

LE FIGARO. – Are you satisfied with the performance of Pernod-Ricard during the exercise?

Pierre PRINGUET. – Congratulations to the teams of Pernod Ricard. The group has an excellent performance, with both a strong acceleration of growth of our business and our operating profits. For the first time ever, our net income exceeds one billion euros. These figures show the relevance of our premiumisation strategy and innovation. Our high-end bottles account for 71% of our sales, against 69% last year. Our new products (Wild Tea Absolut, Malibu cocktails …) our limited series and our innovations in advertising and packaging met with success.With a new bottle of Ricard sales increased 5% in France, a market of aniseed stable.

You get ready for a worsening economic environment?

No, I fear neither slowing growth in emerging countries or return to recession in mature markets. The world faces a problem of public debt, with a unique in Greece, the country most fragile. But the political dimension is at least as important as the economic dimension. Everyone was betting on an acceleration of growth in mature markets: the targets are scaled down, but countries will experience low growth in 2011 (1.5 to 2%). And there is no reason for the dynamic growth of emerging countries is slowing. For 2012, the objectives are still serene. IMF sees faster U.S. next year. You can always play to be afraid.But the psychodrama of the summer on the state of the banking system has nothing to do with the situation of 2008 and the general crisis of debt at the time. It is a political problem, but not macro-financial.

There will be no effect on the growth of your business during the current year?

We expect continued moderate growth in mature markets for the fiscal year beginning in July (1.5% last year) and continued strong growth in emerging countries (17% last year) . These will drive our growth: built on solid economic fundamentals, these markets are naturally attracted to our premium brands.

The tension in the markets makes it more difficult to manage your debt?

For our bank debt, we have no due before July 2013.We have an active management of our debt, with two bond issues last year to EUR 1 billion and $ 1 billion respectively. Interest rates remain particularly low, we will seize every opportunity to issue bonds. We will continue our debt reduction, with the aim of achieving 30 June in a net debt / EBITDA of close to 4.

You will be able to resume your acquisition policy …

Does not expect to purchase several billion on 1 July. In the meantime, we will conduct no strategic acquisitions. However, we can make tactical acquisitions, such as tequila Avion in July. It is both a start-up and a brand ultrapremium, sold between 40 and 60 euros a bottle, which allows us to expand our portfolio in the United States.This is the type of operation we will focus in the immediate future. Acquisitions of Brazilian cachaça or baijiu Chinese are possible options. In our business, this is not the type of product that counts, but the brand. Pernod Ricard could also create one from scratch. This is one of the objectives of our internal team called BIG (Breakthrough Innovation Group), whose current head of our German subsidiary, Alain Dufossé, just take the lead.

This summer, Patrick Ricard, non-executive chairman of Pernod Ricard, said at that point the group should aim for first place in the spirits market. What is your strategy to achieve this?

This is the purpose of our project Agility. The goal is not size for size, but the growth momentum. Our sales have grown faster than our competitor's last year. We must repeat that performance this year.We take the market, we are the most innovative, we are well placed to achieve this.

Alexandre Ricard was promoted a few weeks ago. It is well positioned to succeed you …

Two things are certain. One is Alexandre Ricard has an excellent track. That's why I named Executive Vice President in charge of distribution networks. The second is that I leave my post January 31, 2015, when I turn 65, according to the statutes of Pernod Ricard.