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The firms play the game of real recovery? Their profits are excellent on both sides of the Atlantic in the second quarter. At the same time, growth remains too low to reduce unemployment and the specter of a double dip recession. Economists blame the companies responsible for this widening gap between profits and growth.

"The companies have not shared enough of their profits with their employees, and this could dampen the recovery," says Aneta Markowska, economist at Societe Generale CIB. In the U.S., the share of corporate revenues redistributed to employees has dropped from 59.8% in the second quarter, its lowest level since the Second World War.

Recruitment at half

Paradoxically, "the companies that have entered the crisis with little debt and thus did not need to rebalance their balance sheets, accumulate cash and threaten the recovery," says Aneta Markowska. Their cash is now nearly 6% of their assets, against less than 4.5% before the crisis. A level not seen since the 50s, according to figures from Societe Generale CIB. The most obvious translation of this strategy, they block the hiring.

Natixis, the head of economic research, Patrick Artus, made the same observation. In a classical revival, the increase in profits resulting from investment, thus creating jobs, which in turn produce growth. But this time it's different.'Distortion of revenue sharing to the detriment of employees led to the weakening of wage and salary income, thus accentuating the weakness of domestic demand, "says Patrick Artus in a note. In the U.S., it will need more time to households in debt up to his neck to clean up their finances before eating again.

Uncertainty

If companies are ants and jealously guard their cash flow, because a great uncertainty surrounding the economic outlook. Because of fears of fallout in recession, "they do not know what will be their future profits and (in the U.S., Ed) they have difficulty in measuring what the impact of tax measures on the viability of their projects investment ", according to Societe Generale economist IPC.

Growth at half-profits on the rise, "he will have to get used to the difference," said Patrick Artus, who believes this is a trend. First, large groups are investing in emerging markets with high potential, which boosts their results. Then the credit market freeze that followed the bankruptcy of Lehman Brothers has scalded. They now want to finance their own investments and not to depend on external funding.

For the first time since 1980, the number of three public (state, territorial and hospital) have stagnated in France in 2008. Specifically, they rose only 1800postes. From never-seen since 1980. At 31 December 2008, according to report data annually on the Public Service published yesterday, the Hexagon were almost 5.3 million employees, or 20.5% of total employment, and 656,000 more than a decade ago.

The virtual stagnation of 2008 is largely to the credit of the state civil service has continued to decrease in population from 2006. It has eliminated 77,000 jobs last year, including through non-replacement of a staff of two who retire and to continue the policy of transfer of powers to local authorities. This represents a decline of 3.1% of its workforce in a year.France, employs 2.4 million civil servants, 69.5% and 14.1% of holders of soldiers. This total is 1.4% lower than in 1998, representing a decline of nearly 35,000 agents in a decade.

The numbers have declined in 2008 across all departments, with the exception of Justice and the prime minister. The portfolios of Education and Ecology have been most affected by the cuts with cuts respective 43,000 and 23,000 agents. Finally, almost a two-state official now works in education, one in five of Defense and Interior to eleven.

2328euros per month for a state agent

Another finding of the report 2009-2010 on the state of the public service: local authorities have continued to recruit with a vengeance with nearly 70,000 new jobs in 2008.The local civil service now employs 1.82 million people. A total of 3.9% higher than in 2008 and, especially, a surge of 40% compared to 1998. This dramatic increase is partly related to the second law of decentralization occurred in 2003. The regions – which employs only 4% of all local officials – have been particularly intensive public sector jobs as they saw their numbers jump over a decade, from 22.5% on average each year and even 49% per year since 2005. In more than one in four cases, recruitment occurred three years prior to 2008 had nothing to do with transfer of responsibilities from the State.

The public hospital has, meanwhile, was more reasonable since the increase of its workforce in 2008 was four times lower than that of local authorities: 1% over one year or more 10000agents.At December 31, staff of public hospitals accounted for approximately 1 million people. Those numbers have increased, on average ten years, 1.8% each year.

Pay later, an officer of the state received an average of 2328 euros net per month in 2008. An increase of 3.7% in current euros a year and 0.9% after allowing for inflation. Territorial Agent earned nearly 600 euros less and a hospital, 150. In both cases, the territorial and hospital officials have seen their wages decline in net income a year, by 0.6% and 0.1% in constant euros.

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Washington announced Friday it had cleared the merger between United Airlines and Continental Airlines. The Department of Justice indicated that the two U.S. companies had responded to his objections to their merger, leaving a number of slots for landing and takeoff at Newark International Airport near New York.

Downstream Europe in July

United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United. The European Union, the guardian of competition in Europe, had already given its approval to the transaction at the end of July. In a statement, Brussels stated that his investigation confirmed the complementarity of the two companies' networks for Transatlantic routes, since they operate hubs in different U.S. cities."So there will be a marginal increase in market share," concluded the European Union. But a refusal of the United States was to be feared, as authorities in 2001 vetoed a previous merger between United Airlines and U.S. Airways on the grounds that it would reduce competition in the transport sector to the detriment of the public.

Fusion 1 October

The U.S. Department said it had closed its investigation as a result of the merger between the two companies, which gives them the field libre.Dans a statement, the two companies said they expected to complete their reconciliation of by 1 October. By marrying, they hope to better withstand the difficulties faced by the industry today, including the rising cost of fuel and competition from low cost airlines.Together they serve 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.

During the month of August, when all friends are gone on vacation, a feeling of loneliness can soon make its appearance. That's why the site RentaFriend chose the summer to offer its services in the United Kingdom and France. Since last July on the other side of the Channel in recent days on the canvas hex, this website offers to rent an American friend in the true sense of the word.

For a subscription of 19 euros per month, or 54 euros per year, the site provides access to a database containing the profiles and contact information of 283,000 men and women worldwide. These people, they register for free, detailing their name, age, place of residence but also hobbies and passions. The 2500 subscribers can then contact them by email or telephone to offer them to accompany them to the restaurant, cinema, for a stroll, a VIP or travel.

The company to 8 euros per hour

If no tariff is imposed, the friend offers to rent usually a base price of 8 euros per hour. The latter, for which all costs are borne by the person who contacted him, pocketed the entire sum at the end of the day. The site itself, survives financially through paid subscription for access to the base coordinates. "The site is profitable," says founder Scott Rosenbaum.

According to the American version of RentaFriend, launched in October 2009, it has been the rental of their friendship their daily livelihood. "If you charge $ 20 an hour and you work three days a week, you can make $ 1,920 a month. If you work full time at the same hourly rate, you can reap USD 3,200 a month, "promises the site. "There is no obligation to be friends with anyone.You decide which bind with a friendship, how much you charge and how long you want to work. You make all the rules! You're the boss! ".

"A new way to meet people"

This type of site is already paying friendlies in Japan, where the archipelago are at least a dozen. RentaFriend exports so the project in Europe. From what to wear uncomfortable associations fighting against loneliness. "The idea of connecting people who feel alone with others is positive because the latter do not occur. But it would be better if it was not paid. The danger in this scenario to be in a relationship distorted trade, while the need to promote human relations, "says Peter Villelongue, association, St. Vincent de Paul who fight against the phenomenon.

"I think people do not fully grasp the concept.Nearly 90% of members are not alone, or depressed. The evidence shown, "defends Scott Rosenbaum facing controversy. "The most common use is that of finding a local friend to play the guide during a trip or looking for dialogue for learning languages. People buy the company, they lease time another person for a specific purpose. Scott Rosenbaum said he also "stunned" by the debate provoked by RentaFriend since its launch in Europe: "I thought the U.S. was prudish and that other countries were more relaxed," wryly creator of the site.

Pinned on the risks of sexual abuses, Scott Rosenbaum scans again the critics: "Every profile is manually checked and we have a system of alerts that words allow us to act. Anyway, there are thousands of website offering sex on the Internet.There is no reason for an individual to try on RentaFriend.

For the rest, Scott Rosenbaum is confident. "I was approached by organizations and private funds but for now, I'm not looking for investors. However, if someone is interested in buying, I'm willing to listen to offers, "he says. Meanwhile, the young man of 30 years is an international coverage by the end of the year. "People should open their minds and see the benefits they can derive rather than judge, consider til.

Having finished sharply higher Monday, the U.S. markets followed their European counterparts in the red. On Tuesday, the Dow Jones coward 0.36% 10,636 points at closing. The Nasdaq and the S & P retreating respectively 0.52% to 2284 points and 0.48% to 1120 points.

Markets were waiting for signs of solid U.S. recovery now but they were not reassured. The Commerce Department announced that consumer spending of U.S. households remained unchanged in June In addition, the consumption figures in May were revised downward: they no longer show a rise of 0.1%, against 0.2% previously announced. Economists had forecast an average increase of 0.1% of consumer spending in June

Household income is also unchanged in June at 0.1%, while economists had estimated the increase at 0.1%.The savings rate has reached 6.4%, up a tenth of a point, its highest level since June 2009.

Prices are down 0.1% in June and inflation falls to 1.4% a year.

Furthermore, he promises the sales on the U.S. housing market suffered an unexpected drop in June The index of the federation of Realtors NAR is thus fell to a new record low 75.7. He had fallen from 29.9% in May after the expiration of a tax credit for first-time buyers. In one year, the show promises to sell a drop in June from 18.6%.

In addition, industrial orders fell 1.2% in June, while the market was expecting a decline of 0.5% only. In May, these orders had fallen 1.8% (revised from -1.4%), posting a second consecutive month of decline.

Dow Chemical and Procter fall

On the corporate side, Dow Chemical (-10.06% to 25.48 dollars) and Procter & Gamble (-3.50% to 59.89 dollars) derive the score down. Both companies have disappointed the markets by their results published before the market opens. The first was reported earnings below expectations in the second quarter to $ 566 million, or 50 cents per share, after posting a loss of $ 486 million (47 cents per share) the previous year. Excluding items, earnings totaled 54 cents per share against 56 cents expected by analysts. The second has announced a profit drop of 12% in the fourth quarter of its fiscal year lagged below expectations at 2.185 billion dollars. The turnover is also lower than expected, growing by 5% to 18.926 billion dollars against 19.1 billion dollars expected.

In contrast, Pfizer (5.56% to 16.34 dollars) flies. The pharmaceutical giant reported earnings up 9% year on year to 2.475 billion dollars against 2.261 billion a year earlier. Earnings per share excluding exceptional items stood at 62 cents while analysts expected 52 cents on average.

RIM (-2.54% to 55.53 dollars) on Tuesday introduced its new BlackBerry. No officer of MDR was available after the presentation of the Torch, a touch screen device and slider to evoke the "discussions" going on with the authorities in countries like the UAE and Saudi Arabia worry about the barriers to safety that arise messaging services on the BlackBerry.

Morgan Stanley (-0.72% to 27.48 U.S. dollars) has decided to split the fund FrontPoint risk investments, acquired in 2006 by U.S. TV network CNBC that the transaction would be completed within three months. This split would allow Morgan Stanley to comply with new requirements of the Dodd-Frank legislation on financial regulation, which limits the bank's own brokerage and speculative positions.

Sanofi-Aventis has sent the U.S. biotech group Genzyme (-0.23% to 70.20 dollars) a letter citing his interest in American society, said Monday a source close to the deal, adding that both companies were discussing supply.

The automotive sector also changed on Tuesday after the publication of sales of major manufacturers for the month of July.Ford (-1.75% at 12.93 dollars) despite rising sales of 5% as its competitors, disappoints. Toyota is doing well (1.07% to 72.81 dollars) after avoirqui has reported a 6.8% decline in shipments in July.

Place the masons and painters! Members of the Committee on Social Affairs of the National Assembly completed late Thursday afternoon, discussing the draft law on pensions, with a few hours ahead of schedule. Members will now leave the Palais Bourbon completely delivered to artisans who have already begun the usual summer work. Return scheduled Tuesday, Sept. 7, even on Monday night at 6 for a special session will begin by examining the same text, but this time in the Chamber.

"It is in times of transition, summarized perhaps one at the Elysee. The real battle will take place from September. "The for Sarkozy are well aware that this first parliamentary stage was a formality. Not surprisingly, the debates have been looped smoothly."The Socialists have just wanted to make a coup by breaking the lock-in twitter discussions with their phone," is a counselor. What the left willingly admits. For now, she preferred surf the weakening of Labour Minister Caught in the case Bettencourt. Godsend for the Socialists, who are careful not to request his resignation.

Paradoxically, the majority seemed more worried by the progress of the case and its component Bettencourt Woerth that by the turn of the debate on pensions. "The left is going clubbing Woerth in September. He held up? "Wonders already a minister. The Elysee hopes that the summer break will reduce the pressure. Nicolas Sarkozy and François Fillon reiterated that Eric Woerth defend indeed the text on Sept. 7. In other words, he will not be driven to resign by then."It is quiet because we know there is nothing in the record," says the Prime Minister.

"Everything will be decided in September. We are ready for battle. But it also depends on the mobilization in the streets, "says one seat in the PS. Clearly, the left hopes to build on part of the public. Even if the opponents and proponents of reform are divided into two shares more or less equal faxless cash advance.

Unions united

Unions, too, prepare to maturity. For September 7 will also be a new day of strikes and protests against the reform that SF has, once again, on Thursday asked the "withdrawal". In reality, most organizations do not believe and do not even dream to win concessions on key points, beginning with the postponement of the age to 62 years.However, they have not conceded the changes on other aspects of the text during the parliamentary debate.

They rely for that on the "pressure" of the street. Will they exceed the threshold of two million demonstrators, after 1.9 million announced on the evening of the last day of action – successful – last June 24? Not easy to mobilize massively, just days after school starts. Therefore plants have continued their campaign all summer, touring the beaches to the CFDT distributed a booklet "educational" on reform and its "alternative" possible, the CGT.

The unions will have an advantage: their unity restored. Having refused to sign for months, FOR has joined its competitors, and the CFE-CGC has done the same.It is the only organization to accept the decline of legal age, but she believes that the conditions there pose – including a strong financial closure of the reform – are not met.

Faced with this united front, the government has chosen to keep the ballast drop. He has done at this stage, no specific proposals on issues which he is willing to develop: difficulty, and long careers polypensionnés.

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The regulation of the financial world is big today. In the U.S., the proposed revised financial regulations would be voted on today in the Senate after the House of Representatives has given its go-ahead in July. Some measures have been abandoned over the debate, as the proposed tax credit, but the final text is still the biggest overhaul of financial regulation since the 1930s.

Meanwhile, a meeting is being held in Switzerland and covers the establishment of new prudential standards proposed by the committee of "Basel III". The objective of these measures is to raise the level of capital requirements at banks to limit to reduce the risk of bankruptcy of these establishments, and limit the risk of traders in the market, including products derivatives.But even the regulators and central bankers seem to make concessions against their original objectives, under pressure from banking lobby. They are afraid that a new credit crisis since experts believe that these new rules would force banks to raise more than 1.000 billion in new capital. The final text must be presented at the G20 summit in Seoul in South Korea, 11 and 12 November.

Reform in Europe delayed

And in Europe, the Twenty-seven have found common ground on how to conduct stress tests that will be published July 23. However, the reform of financial supervision has been delayed over disagreements between the Parliament and the Council of Europe. It should not come into effect before September, according to the Wall Street Journal.

J-1. That Tuesday morning Eric Woerth will present his Cabinet bill on pension reform. This text provides for the postponement by 2018 the legal age of retirement at age 62 (as against 60 now) and increase by 2020 the contribution period for a full pension at 41 5 installments. It also proposes to raise over 10 years to 10.55% of gross salary pension contribution rate of employees.Meanwhile, the government plans to introduce draft consideration – unprecedented – the strain at work to enable employees who have had a difficult career to continue to retire at age 60 but also extend the system "long careers "which allows people who started working early to liquidate their retirement before age 60.

"Unjust and unacceptable"

Trade unions, traditionally opposed the reforms they consider "unfair and unacceptable" because it would further inequalities have already planned to protest during the presentation of the Council of Ministers."The proposed reform does not respond to questions of employment, particularly youth and seniors, or the reversal of gender inequalities, or to the recognition of the hardship … It refers to the uncertainty of future generations sustainability of pension secured by the division, they were justified in a statement. They also criticized the closure of financial reform that puts "more than 85% of efforts" to employees only and require "a different distribution of wealth produced, particularly through higher taxes than expected capital income and senior income.

Eric Woerth's proposal to improve the bill at the time of the examination to the National Assembly from September 7 on three aspects of the text (strain at work, and long careers polypensionnés) has yet not had the desired effect.Even the beginnings of a better consideration of the prevention of the hardship brought up by the entourage of the Minister of Labour at a meeting with labor, has left them unmoved. "We want a broader discussion, said Friday Eric Aubin, the negotiator of the CGT, after an interview Rue de Grenelle. The position of the government that it seeks to show a continued dialogue. But we ride seriously and it confirms our intention to build a strong mobilization on September 7. "

On this day, the unions have scheduled a new day of strikes and unit mobilization, hoping to do better than June 24 when 800 000 people (and by 1.9 million CGT) had beaten the streets across France to protest against the postponement of 60 years. And thus weigh more on debates in Parliament.They do not despair, no longer convinced by that number of MPs to amend by Social Affairs Committee – where the text will be examined from July 20 to 22 – the bill. The CFDT has also planned to "harass" the summer MPs in their constituency. Act II of the 2010 pension reform does so may just be beginning.

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The Paris Bourse, which sailed around the equilibrium in the morning suddenly stalled in mid-session, disappointed by U.S. employment figures and worried by the fall of the euro.

At the finish the CAC 40 plunged 2.86% to end the session very much below the threshold of 3,500 points to 3,455.61 points exactly. On the whole week in Paris index shows a decline of 1.7% bringing its losses since the beginning of the year to more than 12%.

Reflecting investor nervousness, activity was sustained, with almost 5 billion euros traded on the great values of the Paris stock exchange. Other stock markets in unison dévissaient London lost 1.63% and 1.91% Frankfurt, Milan and Madrid 3.79% 3.80%.The Euro Stoxx 50 index dropped 3.20%.

Investors skeptical of increasing the strength of economic recovery plans for fear that strict hindering growth, obviously await any excuse to sell. They took advantage Friday of a disappointment on the job market in the United States to pass the act.

The euro under $ 1.20

In the U.S., unemployment fell in May to 9.7%, but the net new jobs (431 no teletrack payday loan.000) were significantly worse than expected. The NYSE has also reacted badly to this statistic, always closely watched by the markets. Wall Street was changing rapidly decline with the approach of the close of European stock exchanges. The Dow Jones lost 2.16% and the Nasdaq 1.80%.

In Europe, a new front in the crisis began in Hungary.The local currency, the forint, the Budapest Stock Exchange, and covers the failure of Hungarian debt (CDS, credit default swap) tumbled after the alarmist statements about the economic situation on the part of politicians, from the majority place.

Those fears pushed investors to the traditional safe havens like the dollar or Swiss franc. And for the first time since March 2006, the euro fell below $ 1.20. In Paris, financial stocks were once again the front line. Societe Generale lost 7.5%, BNP Paribas and Crédit Agricole over 5%.

The Gaza Strip, a narrow sandy strip with about 370 square miles are home to 1.6 million people, is subject to a strict blockade by Israel since its takeover by the Islamist movement Hamas in June 2007, during a coup against the Palestinian Authority of Mahmoud Abbas.

The World Health Organization (WHO) has called last May 18 that Israel end the blockade, in a resolution adopted at the annual meeting of its members. A month earlier, during a visit to the Palestinian enclave, the UN Secretary General Ban Ki-moon had said that the Israeli embargo was "not sustainable".

The last European Commission report on the Gaza Strip, published in March 2009, estimated the damage caused by the blockade on the territory's economy, all economic and social sectors together, to 514.3 million euros.GDP in the Palestinian territories has dropped 5% in 2006 to 3% in 2007 and 2.7% in 2008.

• Unemployment

The unemployment rate stood at 38.6% of the workforce in 2009, according to the Palestinian Bureau of Statistics. It was 37% in 2008, according to the CIA, which places the Gaza Strip in 188th place worldwide in terms of number of unemployed.

• Poverty

70% of the population of Gaza lived below the poverty line in 2009, according to the CIA. UNRWA (UN Relief and Works Agency for Palestine Refugees in the Near East) has estimated that the number of refugees living in extreme poverty in Gaza has tripled since the beginning of the blockade in 2007 of about 100,000 to about 300,000. On the other hand, food insecurity involved 60.5% of households last year, against 56% in 2008, according to the Food and Agriculture Organization (FAO).In its report, the Commission stresses that more than 90% of the population depends on food aid from UN agencies. In February 2009, the UN had launched an appeal for emergency aid for the Gaza Strip, aiming to raise 613 million dollars (479 million euros) from the international community.

• Agriculture and fisheries

According to the report of the European Commission, 46% of farmland in the region were deemed "inaccessible" or where production was interrupted in late June 2009. Agricultural workers accounted for only 7.4% of the workforce in the fourth quarter of 2009, against 12.7% in the second quarter of 2007, according to the Palestinian Bureau of Statistics.The commercial organization Palestine Trade Center (Paltrade) said in a recent report that, without the restrictions imposed on the transport of goods, agricultural exports from the Gaza Strip could represent 2,300 tons of raspberries, 55 million cut flowers and 714 tons cherry tomatoes per year. Fishing has also suffered. Since January 2009, the areas accessible to fishermen were again reduced, to 3 nautical miles offshore. Consequently, the total fish catch has dropped by 47% between 2008 and 2009, according to the Palestinian Ministry of Agriculture.

• Industry, trade and services

According to the report of the organization Paltrade, 95% of 3750 plants in the Gaza Strip have been closed or destroyed, putting some 40,000 unemployed workers (94% of their employees). In 2009, the industrial sector weighed only 5% of the workforce, according to the CIA.Paltrade adds that the 5% of factories still operating in the Palestinian territory that does not rotate between 20 and 50% of their total production capacity. The food industry, for example, has recorded losses of $ 37.1 million in 2009 due to a complete halt to exports. She had only 16 factories last year, against 30 in 2008 and 100 in 2005. Other sectors have been severely affected, particularly the construction, energy, transport and telecommunications. Thus, some 10,000 subscribers have seen their fixed telephone services interrupted, while 330,000 mobile phone users have been affected by these cuts, notes the European Commission.

• Infrastructure

The infrastructure of Gaza has been devastated by lack of materials and construction equipment.A lack which stems directly from the blockade imposed on the territory, "said United Nations Program for Development (UNDP). More than a year after the military operation Cast Lead conducted by the IDF in the Gaza Strip, three-quarters of infrastructure damaged or destroyed are still not rebuilt or rehabilitated, says a UNDP report. The UN program was estimated last year that the cost of damage caused on the roads and bridges in the Gaza Strip rose to 18.6 million euros. His report also highlights that 82.5% of schools are still in ruins.

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