Current News Headlines

Angela Merkel changes course. Reluctant for months about the idea of "muscle" financial rescue fund for the euro, it is now endorsed. But it sets the conditions by imposing Germany as a model for future European discipline and embracing the method – dear to Nicolas Sarkozy – an "economic government" to own the euro area.

The price of rallying German competitiveness is a pact designed and detailed in Berlin on behalf of European integration. It grows stronger and far beyond the code of conduct economic, fiscal and social Europeans update every bout of weakness of the euro.Implicitly, the Chancellor and his finance minister, Wolfgang Schäuble, stressed what passes for evidence in Germany: if Germany pays for others, it is entitled to set the rules of the game

Wages, pensions, deficits

The new pact, finalized Wednesday by the German coalition government, promises to be the decisive contribution to political debate, far more technical, the strengthening of the European financial stability. To counter the next market turbulence, Berlin agreed to increase the capacity for effective intervention to 440 billion euros, against 250 billion today. But it would be at the cost of a course of orthodoxy Pan: indexation of wages, raising the retirement age, leveling of taxation and the establishment of constitutional limits on deficits of the German model.The whole may be accompanied by penalties.

Berlin can claim to have weathered the crisis better than others instant payday loan lenders. She also cleaning the support of Paris for the first time Angela Merkel gives up his plan to enroll within the EU to twenty-seven. Left to cringe at Brussels, Germany opted for the euro area, even the few major countries that are prepared to follow. This is precisely the approach that the French president had in mind when it launched in 2009, the idea of an "economic government" of the euro, considered more effective than injunctions Brussels.

Angela Merkel and Nicolas Sarkozy will defend the new assembly line Friday at an EU summit in Brussels. The German pact is subject to ongoing discussions, confirm what we in Paris. It will be discussed between Angela Merkel and Jose Luis Zapatero on Thursday in Madrid.The long awaited return of "directorate" Franco-German, could be expanded to other large euro as Spain or Italy, cast already concern in the ranks. Belgium, champion of the indexation of wages, fear of having to waive such as Luxembourg, Portugal and Malta. Ireland and Slovakia are concerned about having to raise taxes on corporations, their weapon of seduction in the eyes of multinationals.

The puzzlement is especially palpable in the Barroso team, always convinced that it must prevail in the recovery of the EU and the euro in the period. "Wanting to act outside of established European institutions is clearly a step backwards," said a senior Commission official.

The situation becomes more blurred in Egypt and a barrel of oil rises. On the only day on Friday, the price of a barrel of light sweet crude for March delivery gained 4.32% to 89.34 dollars in New York as they leapt from 2% in London, pushing Brent a hair of $ 100 (99.74 dollars). A threshold has been crossed over from 1 October 2008.

On Monday, the rise continues. In morning trading in Asia, the "light sweet crude gained 37 cents to 89.71 dollars and that of Brent North Sea has appreciated by 18 cents to 99.60 dollars.

The Suez Canal in the heart of the concerns

This rise of prices, after several sessions swales, reflects the fear of the markets to see the routing of oil through the Suez Canal impacted by the events.Since the early disruption, port operations are slow and some employees can no longer reach their workplace. In addition, ships can no longer find in the port of Suez capable of military escorts to protect them while crossing the Gulf of Aden, whose waters are crisscrossed by hackers.

"No ship has been delayed for two days but no responsibility for immigration and customs has come to give permissions for security teams to shipments, said a coordinator of a freight company Suez. Crew changes have also been disrupted and some supplies, like food and water, are no longer transported to the port, "he added.

Nervousness

The situation is even more problematic that about one million barrels per day pass through the Suez Canal.In 2009, the latest data available, more than 34,000 vessels passed through the canal, including nearly 2,700 tankers carrying approximately 29 million tons of crude free online credit report. "There is some nervousness about supply and this could affect Europe more than the U.S.," said Tom Bentz of BNP Paribas.

Now, ships calling at ports in neighboring countries like Turkey or the UAE for their supplies. "If the shipping lanes closed, it will be a detour of 6,000 miles (almost 10,000 kilometers) in order to ensure deliveries," warns Rich Ilczyszyn, Lind-Waldock.

Also concerned about the situation, OPEC said that a "shortage" of oil is possible. The secretary general of the organization, Abdullah El-Badri said, however, that OPEC stands ready to increase production if necessary.

"A blip"

Some observers, however, take the situation into perspective. "Investors are speculating on the situation of the channel but it has very little chance of getting stuck in the light of financial challenges it poses to Egypt," said Djillali Hacid, technical analyst at XTB France. Remarks confirmed by the Egyptian official media said on Monday that the Suez Canal works "full capacity".

"For now, the impact of Egypt on the course is not so huge. This is just an excuse for investors to speed up that takes place from August but stumbled on the psychological threshold of 100 dollars, "adds the analyst XTB.

Evolution of a barrel of Brent since February 2010. Source: XTB France

"We must make sure that this crisis does not become a social crisis, it is in some countries," Klaus Schwab recently launched, presenting the 41st edition of the World Economic Forum, taking place from this Wednesday and until 30 January in Davos. The founder and patron of the great rout of globalization, has always denied being the apostle of unbridled liberalism. He claims to share the values of Rhineland capitalism, its country of origin, with the aim of tarnishing account "all parties involved (stakeholders), and not just shareholders (Shareholders).

After the horrors of the great economic depression that had dominated the discussions in January 2009, then questions about the strength of the recovery in 2010, this year will define an equilibrium point."Changes in economic power from west to east and from north to south have created a completely new reality," said Klaus Schwab. "Standards for a new shared reality" is the theme of Forum 2011. The "new reality" is "a world with centers of power multipolar, characterized by a high degree of volatility and the entrance (and exit) of actors in a global race for competitiveness."

Besides the 1400 big bosses of companies, mostly multinational corporations, the Forum is proud to host 35 heads of State or Government. Only absences table those of Barack Obama and Hu Jintao, who met last week in Washington in a G2 singular.Davos organizers acknowledge privately that the date of their summit in Graubünden (1500 m) does not encourage the Chinese to travel (they celebrate their New Year on February 3), any more than Americans.

Barack Obama absent

Obama will deliver a speech on Jan. 25 State of the Union, even more important for the American political class that the majority of Congress has just changed. Still, "nineteen governments of the G20 will be represented at ministerial level at least," (with Timothy Geithner, U.S. Treasury Secretary, and Chen Deming, Commerce Minister of China). Only Argentina will default as a member of the G20. As the president of this institution, Nicolas Sarkozy, who will travel for the second consecutive year in Davos, he will deliver his speech on "the state of the world" and his proposals to make it less volatile, January 27, exactly.

Dmitry Medvedev, the president of Russia, as originally planned should open the World Economic Forum. This meant that the time of his speech. Monday night, the spokesman for the Russian head of state announced that Dmitry Medvedev had postponed his departure for the station grouse in the Swiss Alps after the attack that is 35 dead in Moscow Domodedovo Airport.

According to experts, Dmitry Medvedev, if he confirms his coming, it will redouble its efforts to ensure against the hundreds of great business people and bankers that Russia will not allow another disaster like that which befell the airport Domodedovo. He will try to convince most that the country remains a safe place for foreign investment that it hopes to attract.In any event, the question of "terrorism" that Moscow describes as a greater "threat" should invite themselves in dozens of debates planned to dimanche.dor

Kremlin economic advisor Arkady Dvorkovich has acknowledged that the investment climate in Russia might also suffer from the recent second conviction of Mikhail Khodorkovsky, the former oil tycoon. "I think at least a substantial part of the international community will ask serious questions and concerns about the risks of working in Russia will increase," said Dvorkovich, the Russian gazeta.ru website, which remarks were reported by AFP.

The U.S. stock market should open slightly lower on Wednesday. Futures on Standard & Poor's 500 index retreating into effect from 0.73% to 1256.10 points and those on the Nasdaq 100 2231.25 0.63% in points. Tuesday, the U.S. indices finished piecemeal. After reaching the highest since the summer of 2008, the Dow Jones rose 0.2% to 11,691 points, but the S & P 500 fell 0.1% to 1270 points and the Nasdaq lost 0 , 4% to 2681 points.

On the foreign exchange market, the euro continued to fall Wednesday against the dollar raised by renewed optimism on the resumption of the U.S. economy, while continuing concerns about sovereign debt in the eurozone continued to weigh on the single currency.About 11:00 am in Paris, the euro stood at 1.3256 dollars against 1.3303 dollars late Tuesday.

New round of macroeconomic indicators

On the macroeconomic front, investors will be watching especially this Wednesday, the ISM index on the services sector. This figure is actually much more representative of the U.S. economy as the ISM manufacturing index released Monday. Investors also await the start of the afternoon counts of the ADP survey on employment in the United States. Statistics scrutinized by investors because they often foreshadow those of the monthly report on employment expected Friday, a major indicator to assess the strength of U.S. recovery.

For its part the U.S. central bank (FED) said yesterday in reporting its last meeting that the European crisis is one of threats to the recovery in the United States.U.S. growth should, however, experience a burst in the short term.

Also on the macroeconomic front, according to Retail Metrics, retail sales in the U.S., rose 3.4% in December over a year. This is their strongest growth since 2006 and the best month of the year for U.S. distribution. The snow storms that have occasionally affected sales, purchases by households after Christmas, were very dynamic.

Another good new real estate office would have experienced a slight improvement last year. For the first time in 3 years, rental prices have increased slightly in the fourth quarter 2010 vacancy rate remains high (17.6%, the highest since 1993) and the prices are low (they were $ 25 average in mid-2008).But the stabilization or even slight recovery, employment benefits to this area.

Facebook and Goldman Sachs in the crosshairs of the SEC

The side of values, Constable U.S. stock, the SEC has decided to focus on investment bank Goldman Sachs in Facebook, to ensure it does not circumvent the rules governing non-listed companies, says Wall Street Journal. Under the current rules, dating from the '60s, when a private company reaches a threshold of 500 shareholders, it becomes compelled to disclose certain financial information. Many commentators saw in the investment of 500 million made by Goldman Sachs with the Russian group mail.ru a way for the community site to gain access to customers of the prestigious U.S. bank, while remaining below this threshold, and freeing itself from any limitations of transparency.Depending on the outcome of its investigation, the SEC could recast the regulations in force, according to the Wall Street Journal. For the regulator, the newspaper said, the challenge is to find a compromise between protecting investors and unlisted companies will have access to sources of capital.

Also note, the year 2010 has been very positive for automakers and marks the return of the Big Three U.S. automakers General Motors (GM), Ford and Chrysler, according to figures released yesterday after the close of Wall Street. A total of 11.6 million vehicles were sold in the U.S. last year, up 11% year on year, according to provisional figures from Autodata. Manufacturers should respond to these figures.

Always on the side of values, also after market, the manufacturer of fertilizers Mosaic, released its results for the second fiscal quarter.The group's profits climbed to over $ 1 billion, well beyond analysts' expectations. Turnover was up 59% to $ 2.7 billion is also above expectations. Gross margin was 29% against 18% last year. A note in the margins phosphates rose 24% with an average price of $ 461 per tonne against $ 287 last year. Production capacities are rapidly recovering (88% on American soil).Sales prospects are positive according to the company.

In addition, the American designer of components for mobile phones Qualcomm on Wednesday announced the acquisition of its partner Atheros Communications, a specialist in wireless and Bluetooth connectivity, based on an enterprise value of $ 3.1 billion dollars.

Annual gathering of consumer electronics in Las Vegas

The world of consumer electronics is preparing the opening Thursday of its big annual event in Las Vegas. This market is in full recovery is expected to reach almost one trillion dollars this year. Moreover, the Chinese computer manufacturer Lenovo introduced on Tuesday in Las Vegas a new hybrid version of its IdeaPad computer, a laptop running on Microsoft Windows 7, the screen can become detachable tablet Android (Google ).In the same sector, the U.S. Court of Appeals reinstated a verdict quashed in September who thought the software giant Microsoft guilty of patent infringement against rival Uniloc, but has not confirmed a significant financial penalty $ 388 million.

In Europe a heavy presumption weighs manipulation on Google. This is evident first of questionnaires sent to European players of the Web by the European Commission as part of its antitrust investigation on U.S. Internet group.

Port reform was to restore the competitiveness of French ports. It is killing them slowly. One hundred employees of the Grand TMC Sea port of Marseille (GPMM) blocks since September 27 and the oil terminals, intermittently, the container terminal and inland basins of the city. The majority union refused the application of the reform passed in July 2008 which provides for the transfer of private operations of ports, mostly cranes and their drivers. The CGT union wants to maintain its majority in the GPMM and therefore his power over the port. Yet the reform, by transferring to private operating activities, will deprive the biggest battalions unionized.Hence his insistence on claiming that the 220 employees who must be transferred to the subsidiary created to gather oil terminals retain payroll of GPMM.

Therefore, approximately sixty boats and their crews at sea are blocked And Friday, in reaction to the release by the SRC of an oil depot blocked by strikers, the CGT has closed the access road to the port. These actions substantially disrupt economic activity in the region. According to the CMU, the union bosses of the port, they lose three direct jobs and 350,000 euros per day on the container terminal at Marseille and 1.5 million per day on oil terminals. $ 30 million in three weeks. For shipowners, the detention of a container costs more than 50,000 euros per day.

Containers blocked

"It's been over thirty years that it lasts.The state should not let a handful of CGT destroy the port, "Storm Jean-Luc Chauvin, president of the Employers' Union of the Bouches-du-Rhone cash advance to savings account. Dellaporta Christian, owner of ERS, a company specializing in the removal of expatriate managers, has seen its business drop by 40% over the last three months. "I have clients who have been waiting for their summer move to America or Asia, says he. Containers are stranded in ports and other owner does not come at this time in Marseille. "The paint manufacturer Thierry Fabre hoped to refloat the vessel after a difficult 2009 thanks to a big contract with the United States. His first container remained on the docks for a month and the second, to avoid Marseille, had to be transported by rail to Havre, where he was going to sea Alas, the strike has blocked the railway in Paris. He must have it shipped by road.Total: an additional cost of Euro 1300 with a cargo of 40,000 euros. Thierry Fabre plague of "being delivered to the whims of 36 crane overpaid blocking economic activity of an entire region."

Some employers are turning their backs on the port phocéen. "We had already decided in late August to spend two thirds of our flow through other ports and today it all, sorry Metadier Christian, executive vice president of Canavese, a leading French fruit and vegetables costs. Marseille is ongoing strike is unmanageable. Freight rates are 20% higher than in Antwerp. And besides, the cost of unloading the container is 15% more for a service that can take up to four hours a week against Antwerp! "

The second to fourth place in Europe

Click on the thumbnail to enlarge the graphic.

After rebounding in August (six points), the moral frameworks remained stable in September (-41). But this overall result conceals a very significant development for employment. The percentage of white collar saying that unemployment will increase in the coming months (55%) has indeed fallen by 8 percentage points from August and 19 points compared to May.

"For the first time since the bankruptcy of Lehman Brothers and the crisis erupted in September 2009 that a drop of this magnitude is recorded," said Francois Miquet-Marty, president of ViaVoice. Among 18-29 year olds, it's even optimism that prevails: only four in ten expect a rise in unemployment.

"These results are the translation is good news both macroeconomic and microeconomic said Francois Miquet-Marty.Second quarter growth was 0.7% and 24,000 jobs were created. In some areas the activity is directed upward business card. Finally, the intentions of business leaders on investment are less negative. "

Degradation of three indices

If the prospects for better employment, three other indices deteriorate. Thus, only 11% of managers (-5 points) think that the standard of living in France will improve, 15% (-2 points) that their personal financial situation will improve and 32% (-4 points) believe that their Employees are motivated. In contrast, 18% (+3 points) believe that opportunities to advance their careers in the coming months are "important." Asked about the action of the Minister of Economy Christine Lagarde, the frames are divided.One in three does not rule, one in four believes that this action "going in the right direction for the French economy" and 42% otherwise. Commented Chairman of ViaVoice: "It is not easy to measure flexibility Christine Lagarde in the definition of the economic policy of France."

The Irish low-cost airline Ryanair, subject to a judicial inquiry opened in April by the prosecutor of Aix-en-Provence, was indicted for "clandestine work", said judicial sources quoted by Agence France Presse. French justice he is alleged to have said in Ireland 120 employees working in Marseille.

The indictment, issued Monday, also covers the loan illegal labor, illegal use of aircrew, obstructing the operation of the works council to delegate functions of staff and the exercise the right to organize and operation of the HSC (committee on health, safety and working conditions), indicates, this source.

The pilots' union remains vigilant

The judicial inquiry was opened following an investigation by the Central fight against illegal working following a complaint attached to the Unac (Union of Seafarers of Civil Aviation), the SNPL (National Union airline pilots) and the Retirement of seafarers.

Employees residing in France have been declared on French territory, while Ryanair has made his first French base in Marseille in November 2006 with four aircraft based on the low-cost terminal MP2 airport Marseille Provence.

In a statement, the SNPL welcomed the indictment while ensuring to remain "vigilant about the consequences that will be given."

For the company, contacted by AFP, it was not immediately available for reaction.

Ryanair employs 120 workers in Marseille

On 20 May, the CEO of the company, Michael O'Leary, known for his provocations, had threatened to leave Marseille if legal proceedings were instituted before the French courts instant payday loan lenders. "If the prosecutor pursues us (…), we will close the base and too bad for jobs and passengers," he had launched at a press conference held in Marseilles.The 120 employees of Ryanair Marseille "pay their taxes, payroll and retirement in Ireland, according to European legislation," he said. "The only winner will be Air France, which has yet eliminated a competitor, while 1,000 jobs will be lost and local passenger traffic is going to collapse."

The company denies the decree of November 21, 2006 submitting the flight personnel of foreign companies operating in France to French law. Dismissed in 2007 by the State Council, it has approached the European Court of Human Rights. The day after the intervention of Mick O'Leary in May, the Marseille Provence Chamber of Commerce expressed its support for Ryanair, which, she says, "is no social dumping"."For us, Ryanair is an effective enabling us to bring more than two million tourists here in the territory Marseille-Provence", said Chairman of the CCIMP, Jacques Pfister.

Ryanair, which has 7,000 employees worldwide, is the second carrier of low-cost terminal MP2 Marseille, with nearly 1.5 million passengers in 2009, behind Air France.

(With AFP)

ALSO READ:

"The pilots of Air France ready to do battle with Ryanair

"The slow reform of Chambers of Commerce

"Ryanair: the state must enforce the law to the CGT

In a time where the image of France is seriously scratched in international opinion, there are forums should not be overlooked, and the UN is part of them. By acting in a summit on Millennium Development Goals (MDGs), Monday in New York, Nicolas Sarkozy was even less to ignore the issue of Roma that he had forty minutes to speak with Angela Merkel of the controversy – described as "derisory" by the Elysee Palace – which was opposed last week on the dismantling of camps travelers. A few weeks before the French presidency of the G20, in mid-November, it became urgent to clean up the ground and draw priorities. The Head of State has applied to do so, calling for a general mobilization against poverty and extolling the exemplary efforts of France's development.

"While we are the second largest contributor to the Global Fund to fight against AIDS, malaria and tuberculosis, we decided to increase our contribution of 20% over the next three years," said Chief state. In eradicating major epidemics, one of eight goals that the UN has set the annual budget of France will rise from 300 to 360 million euros per year over three years. The subject was also raised during the discussion with Angela Merkel, attended by Carla Bruni-Sarkozy, Ambassador of the Global Fund, but also Louis, the youngest son of the president. The French first lady was invited to Berlin by the Chancellor.Germany should also control certain files during the French presidency of the G20, said on Monday indicated at the Elysee, without further specification.

"If all the contributing states followed our example, a breakthrough would be achieved to eliminate malaria annually kills one million children in Africa," he said. Similarly, if France was followed by the number of AIDS patients supported by the Global Fund would increase from 2.5 to 4 million, says the head of state.

Accompanied by his wife, Nicolas Sarkozy met with Angela Merkel. Photo credits: AFP

Deutsche Bank moves ahead of the competition. While the formalization of the adoption of new standards of solvency, known as "Basel III" is expected in the evening, the first German bank will increase its capital by at least 9.8 billion euros. Objective? Redeem the 70% stake in Deutsche Postbank lacks. In a statement, Deutsche Bank announced it will offer between 24 and 25 euros per share.

The German bank will reduce its dependence on investment banking activity, as recommended by the Basel Committee III. For this, Deutsche Bank plans to issue 308.6 million common shares at a price of 31.8 euros.The stock closed Friday at 47.70 euros, after losing about 5%, after the information from this capital increase was filtered.

The largest capital increase, Deutsche Bank

To consolidate this year Postbank, Deutsche Bank says it will reassess its current shareholding of 29.95%, which will incur a charge of 2.4 billion euros in the third quarter payday loans. The bank also will conduct a repurchase of 3.1 million shares at the September 13 to September 16.

This capital increase is the largest that ever operated Deutsche Bank, and perhaps the biggest made in Germany since the 11 billion euros from Deutsche Telekom in 1999, according to Thomson Reuters data.

Last Monday, the German bank had revealed that the ten largest German banks, including Deutsche Bank, will raise 105 billion euros to meet the requirements of the new measures of solvency.

ALSO READ:

"The structures of banks are not quite healthy"

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.

ALSO READ:

"An official ruled four months for a pamphlet

"The wages of the public in 2011 frozen

"Performance appraisal removed