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This Monday has been the day of surprises. A few hours after completing the rescue funds to the euro, the European Union president Herman Van Rompuy announced Monday night that the EU finance ministers agreed that the Commission consider their national budgets. An agreement all the more unexpected given that some hours before the meeting between Nicolas Sarkozy and Angela Merkel to be held on Monday evening was canceled at the last moment. Every indication that this was yet another sign of the tension between France and Germany. And even if both sides because they advanced the calendar.Markets do not make mistakes: Shortly after the cancellation, the CAC 40 lost more than 1%, while it had managed to return to balance in mid-session.

Budgetary discipline

Anyway, this agreement will enable Europe to invent a new fiscal discipline. This is especially good news that Germany and France had openly opposed on this issue. We remember especially about the government spokesman, Luc Chatel, who said "this is not the European Commission to approve the budget of the French nation."

The EU finance ministers have also agreed Monday night to create new sanctions against countries too indebted to strengthen the Stability Pact.The agreement envisages the possibility of sanctions even when the current limit of 3% of GDP by the Covenant for public deficits has not yet expired, said President of the European Union, Herman Van Rompuy, at a press conference. The idea would be to trigger the excessive deficit procedures earlier for countries whose debt is not declining fast enough low fee pay day loans. It also put more emphasis on the future monitoring of the overall debt deemed not exceed 60% of GDP, and not just the annual deficits.

A modification of treaties is not excluded

The ministers have asked the European Commission to make proposals to define new sanctions.Brussels thinking, for example the suspension of payment of certain subsidies from the European Union for uncooperative countries. Germany also advocates for the suspension of voting rights at European ministerial meetings in Brussels. "We talked about but everyone is aware that financial sanctions not require a treaty amendment," said Herman Van Rompuy.He added: "We have not ruled out a treaty amendment, but has concentrated on what can be done at short notice and under the current treaty that does not have to go to the ahead and impose sanctions, non-financial, "he added, however, ensuring that there was" no taboos "for the future.

These sanctions, which remain to be defined, could be decided whether a country has ignored warnings from its partners on the drift of public accounts, or if the overall level of debt swells too fast.

In an environment where markets are concerned about the financial situation now in Hungary – which is not part of the Euro-zone, this agreement, which follows the completion of the rescue funds of the euro, should enable bring some stability to financial markets that really need it.

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Malta takes a very dim view of the opening of the French market paris online and does everything to slow the process. This is the poker from the first to pay the price. Indeed, the opening to competition of the French market of online poker is postponed for one month, until late June because of an obstruction of Malta under EU rules, said the Agency France Presse (AFP) the entourage of the Department of Budget and confirming information site Challenges.fr

"We can not publish the implementation decree (for poker online) before June 28 It postponed a month because we are forced Malta, "says one with services Françoise Baroin.

A French law "relating to the introduction of competition and industry regulation of gambling and online gambling" was promulgated on May 13, followed by a dozen decrees.This legislation relates to sports paris, the paris horse and poker.

The Regulatory Authority online games (Arjel) should issue next Tuesday fifteen licenses to operators of online games, especially in order to start the paris during the FIFA World Cup (June 11-July 11 ).

Problem European procedure

The government had sent there over a year to the European Commission's draft legislation on online gaming, then notified Brussels implementing decrees, said the Budget Ministry. "Member States (EU) had three months to make their comments and Malta has chosen to do May 27", ie the last moment. France is obliged to meet in Brussels and Malta before issuing his decree. Paris now has one month to respond.

Malta, already established on the market for online games, contests a provision of the French law requiring players to register with an approved operator. This is contrary to the EU principle of free movement of persons and property.

"There is no problem on the merits. It is simply a procedural problem in Europe, as it has been commented at Bercy, stating that the grant Arjel as planned on Tuesday for its amenities paris sports, horse and poker. For the latter, many traders will await publication of the decree in late June. Still, the situation is embarrassing for the operators. Bwin, Unibet and Unibet already offer online poker. And waiting for regulatory approval to regularize their situation.

The De Beers diamond bet on a shortage of diamonds in the long term. To prolong the life of its mines, therefore he wants to reduce its production. Such a decision could have an immediate impact on prices, with an increase of 5% according to some analysts, De Beers alone representing 40% of sales of rough diamonds throughout the world.

The world provides a stabilization of its production to 40 million carats in the next two years, against 48 million carats in 2008.The predicted shortage should be accelerated by new demand from Asian countries, including China, where these stones are very popular online cash advance.

In twenty years, no site has been discovered that can compete with the mines operated by De Beers in South Africa or that of Alrosa in Russia.

After a difficult 2009 which resulted in losses, the diamond table on profits this year, and until 2014. Some analysts see the move as a preamble to a re-IPO of the group.

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lefigaro.fr / jdf.com: carbon tax rejected, disagreements at the Copenhagen summit. These events would not they have a negative impact on Socially Responsible Investment (SRI)?

Alain Zeitouni: I think, however, that these cons-time advocate of SRI. They illustrate the inability of states to agree on what policy to adopt and highlight companies that have a real socially responsible approach. Investing in SRI is an investment in a well-run company with good governance and employability positive and more likely to see its share price appreciate.

AFG (French Association of Financial Management) will also require management companies by July 31, a code of ethics which they must answer a series of questions about their SRI policy.Management companies will therefore have an obligation to be transparent with investors in our case, we will put this code available to our customers on our website.

Why did you choose the multi *? How do you reconcile with SRI?

As a society, we believe it is more appropriate to rely on several topics related to SRI, rather than a team with SRI extra-financial analysis.It is well known that our SRI funds Alphastar Barclays profit pricing that allows investors to actively contribute to social awareness, with 20% management fee will be donated to support local civic projects through our structure Barclays Solidarity.

SRI funds are they more efficient than conventional investments?

It is difficult to measure but what is certain is that SRI is more resistant in the phases of market correction and presents a more defensive profile, if uptrend. In other words, there is an outperformance in the market phases. SRI is not a barrier to the market performance. Instead, he must give value added to the fund compared to a traditional investment.The management team should also bring in funds through the performance of traditional criteria such as the revaluation of securities and its prospects.

How do you select your values?

Our management approach is based on a "best in class", that is to say that we select the best titles in their class, whatever the category. In other words, we do not exclude sectors that initially do not appear to be consistent with the ISR, such as the automotive and oil industries, for example.

While values have a real socially responsible approach, we keep them. For example, some car values are investing heavily in R & D to reduce pollution from their vehicles or oil stocks investing in renewable energy. The purpose of a product is primarily SRI performance.We believe it is unnecessary to have a debate about whether a particular value or not SRI.

Why is it your portfolio as concentrated (Barclays Alphastar SRI consists of 13 funds, Ed)?

Our portfolio consists of only 13 funds, because we were not convinced of the other approaches SRI funds, and we believe this issue to make it more readable, it is not necessary to invest in more funds . Accordingly, we are heavily invested on each line, because we have strong convictions on certain themes (sustainable development, corporate governance) that we identify as a source of added value.

Amund and Natixis are historical actors of SRI investing in this topic for many years. They have a database of the oldest of the place.We also returned UFG shares Sarasin Euro Mid-Caps, while our investment universe is large caps. The idea is to identify mid-cap stocks that are concerned with the theme of SRI, but that hardly communicate, because they do not face the same pressure as the major media values.

What is the performance of your fund?

Our fund outperformed the MSCI Europe since its creation of 1.5 basis points (-19.18% against 20.73%) and the underperformed since the beginning of the year (2.98% against 3 57%). This reflects the fact that our portfolio is too concentrated on European values. Because of the difficulties of Greece, the euro has sharply d?sappr?ci? and our portfolio with him. Thus, more than one reason for the market for a reason related to the SRI we underestimate performons index.We therefore decided to refocus on Europe in integrating the England and Switzerland in our portfolio.

That is why we returned OFI leader who is a fund invested in European companies considered in a leadership role within their industry and their competitive universe. We also selected HS Europe, which is invested in European companies also meeting the constraints on environmental, social ethics and governance. We believe that given the pressures on the euro, the single currency will continue to depreciate.

* Multi-management is a technique that selects the most experienced managers and more effective and provide access to larger customer base through a single medium (CPF unit trust or life insurance contract).

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The new car sales rose 12% in March over a year in France and 14.5% since the beginning of the year, blew Thursday Olivier Veyrier, marketing director of Peugeot France. His brand has simply grown over the past month 21%, he added.

Remember that vehicles registered in the first months of 2010 were ordered in the previous months, some before the end of 2009, when the scrappage rate was still full. That is to say, 1,000 euros for a replacement of vehicles over ten years.

These numbers confirm the information published this morning Parisian No fax cash advances. The newspaper, which states that brands have started a race promotion in March to try to attract motorists who do benefit more than 700 euros a premium, Citroen would increase the order 12%.

The Committee of French (CCFA) will release the official results at noon with details.

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While MPs this week to discuss the transformation of the company public limited company (now scheduled for 1 March), The Post takes this Thursday its board of directors last year. The estimated results for 2009 and the 2010 budget will be presented. One and one witness to the difficulties experienced by the Post Office. Reportedly, the net income group share estimate was 387 million euros this year, against 529 million in 2008. Operating income is below the targets: he would go below 500 million euros after a profit of 886 million euros in 2008. As for turnover, it is down 2% in one year. In 2008 it was 20.8 billion euros.

All the lights are red while the core business – mail – is severely mistreated. This year, volumes were down 6%. From never-seen.The spread of Internet exchanges is for many. The crisis has exacerbated the problem, mail is closely linked to changes in the gross domestic product (GDP).

"Divided by Three"

Next year does not reserve any good for the mail whose erosion is structural. Jean-Paul Bailly, President of La Poste, acknowledges. In June the group announced it expected a drop in volumes of 30% between 2008 and 2015, an assumption made by most major posts.

In his speech opening the general discussion at the National Assembly, Tuesday, Christian Estrosi, Minister of Industry, was even more pessimistic: "The volume of mail from Post diminish every day," said Minister.There is already – 10%, we will be – or even 50% – 60% in just three years! Again, this is not easy for a postal operator whose business is the heart of e-paper, to cope with the sharp rise of the Internet! "The consequences can be read in the accounts:" The benefits could be divided by three in just two years! "

However, the decline of mail could be offset next year by the growth of other business group, the bank and the package. The 2010 budget, presented on Thursday, would in any case this hypothesis. It builds on strength of sales in a very small increase.

The Post: Besancenot play the spoilers at the Assembly

The change in status of the Post in March rejected

As the end of appointment of Pierre Gadonneix head of EDF had fed the speculative discussions for several months, the succession of Didier Lombard, head of France Telecom should not give rise to so many vicissitudes. St?phane Richard, the current number 2 of the French incumbent operator, has already announced its intention to become the new CEO as soon as the mandate of Didier Lombard will end in 2011."If the board is willing, if the shareholders agree and if the little pigs did not eat me by then I will become CEO at that date," he said in an interview with the daily Progress on Friday.

"Organizing the systematic mixing of people didn't make sense"

Asked about the atmosphere prevailing within the group after the wave of human tragedies that rocked France Telecom in recent months, St?phane Richard hopes that "the pressure was released (…) with the possibility for employees to express themselves . The Director General in charge of France operations has also qualified as "inept" the principle of mobility managers every three years."Organize brewing methodical individual has no meaning (…) this represents significant costs for interest difficult to collect," he said.

In early December should be made public the results of the survey on psychosocial risks launched by France Telecom with its 102,000 French employees. The firm Technologia, which was assigned to the case, expects a turnout particularly high 75% or about 76,000 responses.

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"The management of Eid is a real headache," says the manager of a transportation network. "Half of my bus drivers are Muslim. When they ask everyone to leave that day, how do you ensure 100% service? "

To anticipate these pressures, some companies now distribute a calendar of all religious festivals with their team leaders. While others repeatedly objected to "absences for religious reasons." "Each company designed a place for Allah. If employees are many Muslims, they dictate the standard. Otherwise, it's very random, "says anthropologist Dounia Bouzar, which today publishes the results of an extensive investigation into the working world. (Allah has a place in the company? Albin Michel).A textbook which we regret the anonymity of managers who tell on a daily basis, rising claims.

One third of French companies have expressed their concern, primarily in Ile-de-France, but also in the north-east and south-eastern France, in the areas of trade, services and construction, according to the results of Ifop poll of April 2008. "Can you dismiss an employee who gets to wear the headscarf?" Questioning often responsible when using Dounia Bouzar to conduct an audit. Or "the great festivals of Islam have to be considered holidays?". To guide companies, the High Authority against Discrimination and for Equality (Halde) had issued a notice last March. In essence: the religious claims can be denied only where they penalize the service.Rules of procedure shall be invalidated by the courts if the headscarf banned without real reason. Since the association IMS-Business for the city, who gathered around Claude Bebear very large companies, held, also, to illuminate the subject with a guide. For applications beyond the working class now. "In banking, where the number of frames is important, there is a rise of religious claims. And in the automotive and construction, the question wins the administrative headquarters, "says Benjamin Blavier, IMS. This new visibility fueling fears of an escalation. "Soon, everyone will arrive with skullcaps, crosses and display Christ around the office," predicts an HRD to Dounia Bouzar."If I tolerate any application, it will grow," worries he.

The scarf is very badly perceived

If the anxiety is widely shared, the rules applied in the field vary widely. Paradoxically, Ramadan, though very visible, "is rather well accepted in the business" where he is something of cultural tradition, and say Lylia Dounia Bouzar. In the construction sector, "the HRD are particularly concerned about the risk of accidents because employees who do not eat are weakest. They usually adjust schedules when their employees are many practitioners, "say the authors. In retail, "long breaks" are provided to break the fast and not at noon. "The restaurant business is open later and offers halal soup, milk and fruit, a kind of vital smic what 'reflects an official.However, some executives of North African origin regret communautarisation facies: "I am an atheist. Yet, I always offer to leave earlier, "protested Faycal. "It's like you said, today we commemorate the ascent of Jesus to heaven so we all end up to 15 hours."

If Ramadan is tolerated, prayer in the firm bristles, however most employees and managers. Symbolically, pray at work seems like an act of "proselytizing." "The prayer is at home," repeated most of the respondents. "There is no question he asks while others bossent, a senior judge. While elsewhere, ignites an employee: "Why do we let pray while I was refused a development schedule to pick up my child in the manger."

In large companies, prayer rooms have been created yet.Especially in the automotive industry. A French manufacturer has even built changing rooms. Conversely, a large Japanese brand "to the employee to sign an undertaking not to practice his religion on his place of work" in defiance of law, "said Dounia Bouzar.

As for the headscarf, it is still very poorly understood. Except for junior positions, companies would like the outlaw. But the case back "to the criteria of common law," says the anthropologist. "The mere contact with the customer does not prohibit the headscarf." We must demonstrate that it contradicts the rules of safety, it can hurt the convictions of the entourage that night or the performance or commercial interest.The general management rules, which apply to religious demands.

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A decline in new listings in unemployment in the United States and the optimistic forecasts of telecoms equipment manufacturer Cisco has propelled the Dow Jones-immediately above the 10,000 points, a day before the report on employment in October the government. The flagship index of the NYSE is 2.08% at 10,006 points and the Nasdaq Composite jumped 2.40% to 2105 points.

New entries in weekly unemployment in the United States declined to 512,000 new applications for benefits, while analysts predicted 522,000. Moreover, the productivity of U.S. companies (excluding agriculture) increased in the third quarter, 9.5% annual rate. It is the largest increase in six years. The market expected a 6.3% increase. These publications, better than expected, reassured investors.

On Wednesday, the Dow Jones gained 0.31% Wednesday, while the Nasdaq Composite lost 0.09%.

Summary of values

Net earnings from Cisco down 15% in first quarter (ended in late October), $ 2.1 billion. The group said however that he thought back to growth of its business to the next quarter.

Qualcomm posted a profit of $ 803 million in the fourth quarter, down 9%.

Microsoft will cut 800 additional positions, plus the 5,000 announced in January. These cuts will take place in the world.

The media group News Corporation has announced a profit in the first quarter of fiscal 2010 of $ 571 million. Earnings per share amounted to 22 cents against 18 cents expected by analysts.

JPMorgan has an agreement with the regulator of financial markets, the SEC, to terminate proceedings in a case of influence peddling to local elected officials in the United States.JPMorgan will pay $ 25 million and 50 million dollars to the local authority, county of Jefferson.

The Iraqi Oil Ministry has awarded Thursday to a consortium led by Exxon Mobil exploitation of oil field west Qourna-1.

Research in Motion announced a buyback program of action for an amount up to $ 1.2 billion. It will start on November 9th and will be valid for a period of twelve months.