EU leaders Thursday night put on the table a series of measures to help Greece, but also to convince that there is solidarity in the euro area payday advance lender.
Save Greece
Jean-Claude Trichet, President of the European Central Bank on Thursday. Photo credits: Georges Gobet / AFP
Overtax businesses too generous with their leaders. The idea was launched by Prime Minister Francois Fillon in an interview published Saturday in Nice Matin: "With the government, I think about a device that is to overtax the companies issuing exorbitant fees."
The head of government is responding to the proposal of Xavier Bertrand, Minister of Labour and Employment, to "tax" or "frame" the "extravagant salaries." It lampooned in an interview published Thursday by Les Echos code of conduct drawn up on the subject of big salaries. "Write a code of conduct is good. The enforcement is better, "he said. Considering that some large companies did not comply with these principles, the Minister has threatened to legislate on the issue.
Shocked by some earnings
In Nice Matin, François Fillon rejects such an approach in trying to punish companies through a tax rather than the bosses through a ceiling unsurpassable. If it says "shocked" by some remuneration of senior executives, the Prime Minister "not [believe] not the regulation of wages for some totally disconnected from economic reality of the business and wage negotiations." However, he called the companies to regulate themselves. If they do not, the government will make decisions, he added.
The salaries of officers of the CAC 40 rose 19% in 2010 compared to 2011 according to a study of the expansion. Their average salary was 4.2 million.And increases do not always correspond to performance industrial markets.
No revaluation of the minimum wage
François Fillon said in the same interview in Nice morning that there would be no boost given to the minimum wage at its next revaluation. "Today, it would be an economic mistake. This will overwrite the hierarchy of wages and would drive up labor costs and thus unemployment, "he justified.
François Fillon has argued that "before 2000, the labor cost of products manufactured in France was on average 15% cheaper than in Germany."However, "since the 35 hours, this advantage was lost in some sectors such as agriculture and services, we are overtaking Germany," he said.
According to the Ministry of Labour and Employment, the next automatic adjustment of minimum wage-price inflation when the achieved 2% since the previous revaluation, "could take place" in August.
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U.S. stock markets open up on Tuesday. The Dow Jones advance of 0.32% at 12,126 points, the Standard & Poor's 500 and NASDAQ 100 respectively go up by 0.43% to 1292 points and 2713 points to 0.39%. On Monday, Wall Street has ended sharply lower. Markets are always hampered by bad macroeconomic indicators published U.S. these days who are fears of slowing growth overseas and the crisis of public finances in euro area continues to produce their effects.
Operators have very few indicators to follow this week to get a clearer picture of the economic situation. To 21 hours, however, U.S. investors will read the digits of consumer credit.U.S. carriers like their European counterparts, should be particularly attentive to developments in the crisis of public finances in Europe. Aurel BGC specialists also worry about the constraints of increasingly heavy burden on U.S. banks that ultimately risk, according to them to make them more restrictive in the distribution of credits. The real estate sector, already in bad shape for many years could suffer. The U.S. Treasury Secretary argues in favor of new rules to all U.S. financial world. It aims in particular the derivatives market.
On the foreign exchange market, the euro is rising against the greenback at 1.4666 dollar.The dollar is under increasing pressure since the announcement late last week to disappointing figures on the labor market in the U.S., where the economy has created three times fewer jobs than expected in May, and where unemployment rate went up against all odds. And the oil markets, a barrel of losing 25 cents in New York at 98.76 dollars while that of Brent North Sea fell by 41 cents to 114.07 dollars in the morning. Investors await a meeting of OPEC in Vienna tomorrow could decide to increase production.
The side of values, the paper group American International Paper (30.88% to 4.15 dollars) on Monday launched after the close of Wall Street, a hostile takeover bid for rival Temple-Inland for $ 3.3 billion in cash. International Paper has 30.6 dollars per share for 108.3 million shares floating.This represents a premium of 44% over the course of Monday afternoon, which was 21.21 dollars. Temple-Inland said that its board of directors rejected the offer of International Paper "after careful consideration" because it "grossly undervalues Temple-Inland and is not in the interest of its shareholders" .
Apple Monday unveiled two new versions of its operating system Mac OS and IOS, and the novelty icloud should still be surrounded by very Bourse.
Sales of General Motors (+0.76% to 28.78 dollars) in China in May decreased by 2.7% over the same month last year, according to an AFP calculation based on Figures released Tuesday by the American manufacturer. The first global car market, GM has passed 190,674 vehicles. The group emphasizes that its sales in China for the first five months of 2011 reached a record of 1.079 million units.In 2010, General Motors was up 2.35 million vehicles in the Chinese market.
Also in the automotive industry, Ford Motor (1.87% to 14.17 dollars) is preparing to announce ambitious production targets, setting aims to sell 8 million vehicles a year by the middle the current decade, said on Tuesday the New York Times. The group, which currently produces 5.3 million vehicles per year, ranking it among the major automotive.In 2011, the global leader Toyota has sold 8.42 million vehicles.
The U.S. company RSA Security said Monday evening that information in connection with its products, recovered during a cyberattack, had served in another cyber attack against the defense group Lockheed Martin (-0.12% to 77.29 dollars), and proposed to replace its equipment.
The French group Mersen (ex-Carbone Lorraine), specializing in high performance components for industry, today announced a cooperation agreement "long term" with the U.S. manufacturer of glass and advanced ceramics Corning.
Walt Disney Studios (0.66% to 39.66 dollars) would consider dismissing 250 employees, or 5% of their staff around the world, especially at company headquarters in California (West), said Monday U.S. media specialist.
The British oil group BP (0.93% to 44.35 dollars), listed on Wall Street has informed the co-shareholders of its Russian joint venture TNK-BP that it might sell shares in it at Russian oil giant public Rosneft to boost its proposed alliance with the latter, says the Wall Street Journal on Tuesday.
The Portuguese prime minister resigned, the socialist Jose Socrates, was not reappointed after the parliamentary elections held Sunday. The President of the Social Democratic Party, Pedro Passos Coelho is now leading the country, winning 105 seats of the 230 elected members of Parliament against a backdrop of record abstention to 41.2%. Shortly after the results, the chairman of the Social Democratic Party, Pedro Passos Coelho wanted to reassure its creditors. He said Sunday night that his country would not be "a burden" for them, promising to "do everything" to "honor the commitments" of the Portuguese State. "We will do our best to honor the agreement between the Portuguese State, the European Union (EU) and the International Monetary Fund (IMF), to regain market confidence," he added.And to avoid political instability, the leader said he would form "as soon as possible" a "majority government headed by the DSP (…) with the CDS-PP, the minority party the right.
Analysts estimate that the net result of the election will be welcomed by investors, who had deserted the Portuguese debt market in recent months. In addition, the government will now hands free to discuss with the EU and the IMF to implement the bailout of 78 billion negotiated by the government resigned in exchange for a program of fiscal discipline and reforms economic over three years.The future government, which could become operational in late June or early July, will help reduce the government deficit of 9.1% of GDP last year to 5.9% this year and drop to 3% by 2013 .
The election comes as Greece, she received a new support plan in exchange for increased rigor in Athens. This second program of aid could exceed 100 billion euros are to believe the German newspaper Der Spiegel on Monday, and would aim to keep the country who still could not borrow in the medium and long term contracts, on a drip until 'in 2014.
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It is a revolution as important as the emergence of the credit card there are more than thirty years! Within a few months, the mobile phone will be used to pay for purchases, store loyalty points, get discounts … It is a certainty, while Google announced yesterday the launch of its electronic wallet from that Google Wallet been to San Francisco and New York.
Mobile payments, we talk a long time. Japan had taken a step ahead. European operators will all work. The French have even launched last year in Nice with success, and Eric Besson, Minister of Industry, has promised that 9 other cities would quickly adopt it. But the announcement of Google reshuffles the cards and give a real boost. For three reasons.
First, its strike force.It is a global leader enters the market with other global giants MasterCard and Citibank, bank side, Ingenico payment terminals and telecom operator like Sprint. He wants to generalize his service in 20 U.S. cities by the end of the year. And already negotiate with major European operators to launch in Europe next year. Second, to pay with his mobile, it is that traders are also equipped with readers. Now Google will subsidize the market by financing the equipment traders.
Thirdly, Google goes far beyond the mere payment: the Google Wallet is a real vacuum services: it helps make couponing, store loyalty points and activate automatically. "It's awesome in terms of promise and customer value creation.Mobile payment alone is not profitable, what counts is the whole ecosystem of services around, "said Stéphane Dubreuil, director of the firm Sia Council.
Specifically, Google knows, thanks to Google Search, a search engine, you went 20 times on the Internet sites of course. He knows with Google Maps that you walk near a golf shop. He can with Google Wallet send you a promotion that will make you enter the store. Then you will pay and store your loyalty points. "There is a side Big Brother, which can be a hazard if struck public opinion, but the attractiveness and ease of product should forget that aspect," said Virginia Laz, associate director at Bryan Garnier.
The delay of Apple
This is the first time a giant web between and walk-in retail."Google returns to the brick and mortar and will potentially be able to receive a commission on all transactions in the physical world. It's huge! , "Says Stéphane Dubreuil.
The arrival of Google, if it gives a boost to mobile payments, is also dangerously compete others. From yesterday, eBay and its payment subsidiary PayPal, which represents 20% of traffic off the credit card payments over the Internet, filed suit against Google, accusing it of stealing trade secrets, especially in recruiting one of its leaders.
Apple, far behind mobile payments, is obligated to respond. Even if the future iPhone 5 allows to make payment, their model risk is still very closed to show its limitations.
Launched in 2007, the iPhone gave the kickoff of the mobile Internet revolution. The proliferation of smartphones and the launch of the free operating system from Google, Android, did the rest. Today, 37.2% of French people equipped with mobile use their phone to access the Internet. And their uses have an economic impact, the French Association of Mobile Multimedia (AFMM) sought to evaluate.
According to a study conducted on its behalf by Solucom, the mobile market has reached a business volume of 1.2 billion euros in France, in 2010. The share generated by the distribution of digital content and services on mobiles, produced by publishers from the Internet, mobile operators, $ 800 million. In addition, there are 300 million euros investment in application development and mobile services.Finally, mobile advertising and direct marketing accounted for 130 million euros in revenue.
This market should grow by +50% over three years, says the study, to 1.9 billion euros at end 2013. "The market for content distribution and mobile services is already fairly mature. But business investment in the mobile, for the promotion and customer relationship services, will experience sustained growth in double digits, "explains Isabelle Chapis, Associate Director of Solucom. "In parallel, the number of smartphones will continue to grow," said Frank Abihssira, president of the AFMM.
"In this market, several economic models and cohabiting relationships are balanced between publishers and operators, says Franck Abihssira. We have created an ecosystem that creates value and jobs. "According Solucom, 10,000 jobs are directly related to the mobile.1500 others should be created in the next three years, an increase of 25%. "The jobs are highly skilled, high value, in engineering, but also design, ergonomics, marketing and sales," says Isabelle Chapis.
Market consolidation
The study estimates 500 the number of companies that make up this market. They are young: more than half are under five years of existence, fifty less than a year. They are also rather small: 70% of businesses have fewer than 50 employees. Unsurprisingly, 80% of players polled by Solucom anticipate a change in their capital by the end of 2013. An asset for potential targets of consolidation movements: 80% of companies operating in the mobile are profitable.
Finally, the sector should benefit from the emergence of shelves and connected televisions."The mobile sector is being opened to irrigate all the digital industry as a tool for authentication, payment and personalization," Isabelle Chapis analysis.
The ousted leader of the Michelin and Danone takes top spot in 2011 salaries of bosses Cac 40 prepared by Les Echos. Michel Rollier has received compensation of 4.5 million euros for 2010. Frank Riboud, head of Danone, he pocketed 4.4 million euros last year and takes the second spot on the podium, followed by the CEO of LVMH, Bernard Arnault, who won 3.9 million euros in total compensation. In total, the Cac 40 bosses have affected more than 98.3 million euros in compensation. The average CEO salaries Cac 40 amounted to 2.46 million per officer, up 24% compared to 2009.
The first of the three managers sponsored by Michelin also holds the record for pay increases: salary soared 505%.This increase is directly related to the rise of the findings of Michel Rollier as not receiving a fixed salary but only secured a bonus based on the results of the giant tires.
This peculiarity makes his annual compensation very volatile from one year to another, as in the previous ranking, published in 2010 and based on total compensation patterns in 2009, the envelope of Michel Rollier displayed in downturn 303% compared to the one he had seen in 2008. He then pocketed 743,000 euros, which was then the lowest pay of executives within the Cac 40. This end up filing returns this year to the CEO of STMicroelectronics, Carlo Bozotti, with 903,000 euros.Penultimate winners of 2011, the CEO of Renault shows a total compensation of 1.2 million, unchanged from last year: Carlos Ghosn has in fact waived his variable compensation following the fiasco caused by the false case of espionage.
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Spain calmly observes the release of financial assistance to its neighbor Portuguese. The Economy Minister Elena Salgado has ruled out any risk of contagion. The facts give him reason for now: the Spanish treasury was placed yesterday, four billion euros good for three years from 3.601%, a decrease compared to the issue of March 3.
Two new reasons for this positive market reaction. "On one hand, the European Union now knows how to respond to financial crises of its members, analysis Giada Giani, an expert on Southeast Europe at Citigroup. Moreover, Spain has implemented reforms that Portugal is just beginning to discuss on the labor market, fiscal policy and the banking sector. "
For Brussels, "Spain is facing significant challenges, but it is on track to meet its objectives."It would be "totally inappropriate to compare Portugal to Spain," said Secretary General of OECD, Angel Gurria.
"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market," Jean-Claude Trichet shade no faxing 1 hour payday loans.
The position of savings banks also remains fragile. In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.
"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market …" Jean-Claude Trichet shade situation Savings Bank also remains fragile.In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.
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The Irish banking crisis broke on Thursday, a new step, long awaited by Brussels, and markets. The Irish Central Bank revealed the results of resistance tests carried out over several weeks out of four banks: Allied Irish Bank (AIB), Bank of Ireland (BoI), Irish Life & Permanent and EBS. Needs additional capital to face a new crisis, amounted to 24 billion euros, or 15% of GDP in the island! – A sum higher than experts expected.
On Thursday, shares AIB, BoI and IL & P, have been suspended from the Dublin Stock Exchange and London, on rumors of nationalization of industry.The bancassurer Irish Life is the latest Irish lending agency not to be nationalized, while the share of the State Bank of Ireland is 36%.
Immediately known the results of resistance testing, Finance Minister Michael Noonan announced in Parliament a tough restructuring of the banking sector, which will be reduced to two entities, and will pass under state care. The minister also urged the private sector to share the burden of this rescue banking, that is to say to accept capital losses on debts "senior". Irish bank plan must now be approved by the European Union.
This assumption of private sector participation thrilled markets since the arrival of the new center-left government, less agreeable with foreign investors.The debt holders are covered by Dublin big German banks, the UK, but also some Belgian or French establishments.
The government wants to spare the taxpayer primarily Irish, who has already paid 45.8 billion euros for its banks in 2010, the price of a deficit of 32% of GDP. If we add 24 billion to pay the bill for the banking crisis in Ireland stands at 70 billion euros, or 43% of Irish GDP …
Support Berlin
In his tussle with bankers in Dublin on Thursday received the support of Germany noted, highly exposed to debt in Ireland. "We must stop signing blank checks to the banks!" Weber said Thursday, the outgoing president of the Bundesbank.While the Irish banking bill will ultimately influence all European taxpayers, including German, Axel Weber insists that private creditors bear some responsibility.
Chancellor Angela Merkel is on the same wavelength. "It would be terrible for the acceptance of the social market economy, if banks should not count on automatic support from governments, simply because of their systemic importance," she said, echoing Weber.
To recapitalize its banks, Ireland will inevitably make use of its European neighbors. The bailout of 85 billion euros to Ireland, the island which contributes up to 17.5 billion, includes 35 billion euros for the banks, of which 10 billion is available immediately.The remaining 25 billion euros are stuck in a reserve fund, which was not supposed to be liquidated this year. Ireland, however, should pay its share for the recapitalization: 10 billion euros. Europe will provide 15 billion euros through a bond issue launched by the European financial stabilization.
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In Paris, "a huge chunk of land is common property and land opportunities map does not exist," warns Michael Korsakoff, General Secretary of the Club property developers and land in Ile-de-France (CDIF). If the local development plan (PLU) gives clues to the land of gators, the mutation sites remains difficult to predict. So when a nugget of land is finally identified, "we all meet, as sponsors, on the same projects," says Veronica Guillemin, President of the CDIF. The bidding has become very difficult to measure … "In addition from 3000 € / m2 GFA (Gross Floor Area Net, that is to say actually building), the price of land flies. In a recent vast wastelands of Paris, in the heart of the new district of Batignolles (XVII), the City of Paris ceded the end of 2010 to Cogedim land to 3 800 € / m2 floor area.There are apartments sold off-plan more than 8000 € / m2. Their delivery is expected in 2012, this eco-neighborhood in saving energy. Some buildings will peak at 50 meters, 37 meters beyond the date authorized. The future high court will reach even 200 yards on the ground of a former station. Altitudes deemed inefficient, but that may be authorized by the latest changes in the local plan, currently subject to public inquiry.
In Paris, the property is seeking a future in height. Future but also social. In the eleventh, boulevard de Charonne, 8000 m2 of a former industrial site will give birth to 100 housing units in 2014. Meanwhile, in the thirteenth, a EcoZac flourish on the site of the former goods station at Rungis, which will combine offices, housing and social amenities.In the hunt to land, the BIA (concerted development zones) is cut, it will be understood, the lion's share. Social housing too. Yet in 2001, only the wide range of Paris left bank was a planning area. Teams of the Deputy Mayor of Paris responsible for Housing, Jean-Yves Mano, are on the lookout for the slightest bit. The intervention service division of the Directorate of Planning does not hesitate to preempt. "Provided that motivate the right of first refusal by a social housing project or general interest, it says there. In 2010, 11,831 declarations of intent to dispose (DIA) have been investigated. But only 2736 cases were studied with a magnifying glass, which led to 68 preemptions. "It is far less than in 2009 (93), and especially in 2008, where 146 pre-emptions had been decided …The City Council did, too, the cost of soaring prices, despite an annual budget of preemptions for 100 million euros. In the eighth, the response service to acquire land abandoned building, too expensive.
Paris could catch up by 2014 its backlog in social housing, with six years ahead of schedule. "10% of the space are changing urban Paris, Jean-Yves Mano evaluated. But a hundred other plots may be subject to negotiations, which we could consider 15,000 homes … "The City Council has established in recent years, the list of forty car repair garages … Rue de la Pompe in the sixteenth century, Renault has sold one at Sodearif, a subsidiary of Bouygues. Another avenue Mozart, should follow the same path … Each time, the City negotiates affordable housing, at least half of the program.Private developers and public donors, however, working in concert. Despite political tensions in the sixteenth century, several other sites, blocked for years by the use of residents, should result in parallel, such remedies being depleted easy pay day loans. In the key housing, particularly social services.
Committed to a policy of transfer tax, the state adds its contribution to the transformation of land in Paris. According to Jean-Martin Delorme at the regional and inter accommodation and housing (DRIHL), "in 2009, the state has allocated so that the land can be built 329 homes, including 194 social.In 2010, participation has increased, so that 1302 units are produced, of which 859 social. "In 2011, the state has spent on housing in Paris a bigger budget (100 million) for the regions and Rhone-Paca Alps combined.
Buildings over bus depots
Nothing would do but without the SNCF and RATP Réseau Ferré de France (RFF). Heritage Land SNCF? 156 hectares. That of RATP? 260 hectares. As to RFF, the second landowner in France with 103,000 hectares of land. "The RATP has today more than empty land," assures yet Rémi Feredj, director of space and heritage of the RATP, which helped in the 90s, building programs Montsouris, in the nineteenth, in the seventeenth and twentieth. And yet today, boulevard Jourdan, RATP still collaborates with the City of Paris for 200 housing units and 350 students.The buildings rise above a bus depot. Technical prowess. "Here in the twentieth, opposite our office, we will bury another repository, then build on top of offices, a school and a nursery," said Remi Feredj. RATP therefore maintains depots and workshops in Paris, but imagine a new land, while overlays and juxtapositions. Street Desnouettes (fifteenth arrondissement), 47 units will emerge behind a business unit of the metro line 12. According to a performance contract with the state, RFF is committed to mobilizing its land for 1.2 billion euros over five years between 2008 and 2012. Goal: Create 15,000 units in France. A private operator, Pitch Promotion, for example, already won in late 2010, a site RFF Street Castagnary (fifteenth arrondissement). Other rail sites could still mutate, in the twelfth, eighteenth, and nineteenth arrondissements.In all, "1 million square meters of floor area to fifteen years," we are assured at RFF. Meanwhile, in the nineteenth century, a new station-Gospel Aeolus will come with the added bonus of 27,000 m2 of offices and 1000 m2 of shops.
Meanwhile, to release more land more quickly, experts, to the State, reflect on fiscal measures. They are looking to reverse the plan capital gains and taxing landholders refusing to sell them. Tax on undeveloped land is not very effective. "We could consider increasing the property tax on developable land," suggested Poirot Pascale, president of the National Union of developers developers (Snal). Some suggest a tax on the minimum density.More iconoclastic imagine "to add another floor to Paris buildings, because very sparsely protected," recalls Henry Buzy-Cazaux, honorary president of the Institute of Management of real estate services.
The city of Haussmann has long obeyed an ideal city less dense, difficult to reconcile with the height of land planners in the twenty-first century. "You could also consider a rationalization of action, often abusive, hampering construction projects", he explains. An idea that engages players from all sides of the ruthless world of land development.