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The state last year paid 46.6 billion euros in pension pensions to former civil servants. 13% of its running costs! This amount is however lower by almost 1 billion forecast. Two explanations for this, says an "annual performance report" posted by the Department of Budget: lower inflation than expected, so a smaller pension increases, and fewer than expected new retirees.

Only 70,100 civil servants have retired last year, where an assumption of 77,800 was used. In 2009 already, the 68,000 starts recorded (after 81,000 in 2008 and 2009) were below projections. But a "behavior change" occurred in mid-2009 that Bercy attributed to three phenomena.First, the 2003 reform, which requires officials to work longer for a full pension (since 2008, they have validated many quarters that private sector employees: 40 years for those born in 1948, which term will gradually raised to 41 years and a quarter for those born in 1953 and after). Then the crisis, which could push workers to postpone their departure – those whose spouse or children working in the private sector therefore at risk of unemployment, can you imagine, for example. Finally, "pending categorical measures": the revaluations of this or that body have increased since the beginning of the quinquennium, under the promise of Nicolas Sarkozy to "give back" to staff the savings generated by the non-replacement one out of two.

The end of "ages cleavers"

The Superannuation is calculated on their six months salary, a "nudge" decided during this period may lead to a significant increase in pension, they will benefit throughout their retirement!

Ultimately, the age of retirement from 58 years and 8 months in 2004 to 59 years and 9 months and a half (he is 61 years and 7 months for private sector employees). This average excludes the disabled and mothers of three children, likely to leave at any age. However it covers the categories of "active" (firefighters, police officers, prison guards, air traffic controllers, who can go so far from 50 or 55 years), who quit work an average of 56 years and 7 months, and other agents who remain in office until almost 61 years. For the military, the departures were a little higher than expected (13,000 instead of 12,000).The average retirement age rises too, but since 2006 only: it is past 45 years and 3 months to 46 years and seven months last year.

Finally, another report indicates that the reform of special diets in late 2007, also produces its effects, especially at the station with the late "ages cleavers" causing a retreat setting automatically "only half of the agents SNCF able to retire in 2010 actually did. "

Anne-Marie Gaignard: spelling kill me Cadremploi

We used to say "spelling is the science of donkeys." Perhaps, but in the business, at work, in exchanges of emails and documents, some errors go to the giddiness, but others are a social marker discriminating. Woe to those whose superiors are watching. A deal done wrong can they play tricks and sometimes cost them their jobs. Anne-Marie Gaignard help senior executives and sometimes to correct their deficiencies or improve their level.

Anne-Marie is a passionate Gaignard. Her stories are excessive, removed, scarcely credible, but they say the plight of those who played a spelling trick. She knows whereof she speaks.It was no spelling, if it has no disabled until it takes the bull by the horns and decides to invent a method to remove the mistakes and never fall into the traps. She speaks with passion and sometimes by a common emotion, because behind the adult who is wrong, there is often a child who did not understand or who has missed an explanation. His method, Anne-Marie Gaignard uses today in its courses and broadcasts with the rage of a convert. It comes from afar and never forget.

The prospects of a new drug from Sanofi darker. Marketed in France since October 2010, and reimbursed at 65%, the treatment of cardiac arrhythmia Multaq may no longer be reimbursed in France. The Ministry of Health will decide in coming weeks.

Following severe liver failure diagnosed in the Multaq users in Germany and the United States, the Transparency Commission launched a process of reassessment of the medical benefit (SMR) by this treatment and issued end April 1 project a negative opinion, according to La Tribune. If the final notice of this proceeding is unfavorable, the drug will logically be delisted.

Previously, however, a hearing requested by the laboratory of Sanofi will defend his product.Health authorities should also expect that the European authorities, leading in turn to a study on the risk-benefit ratio of Multaq, vote before taking sides.

The delisting in France of one of the few new drugs Sanofi – the Multaq is on the market two years – would lead to a sharp drop in sales. However, this treatment is not essential for laboratory, industry watchers nuance. "It is designed for uncommon diseases, its development and launch were complicated and it is unlikely, anyway, to become a blockbuster, that is to say a drug generating more than one billion in sales, "said one of them.In the first quarter of 2011, the Multaq reached 63 million euros in sales in 29 countries including the United States and key European states, Sanofi said.

Few new treatments

The laboratory has tricolor few new treatments to market quickly alongside Multaq. Its pipeline of only three drugs pending approval of marketing and a dozen products in phase 3, the last stage of clinical development. In addition, most of these treatments are not very innovative, because they are made from molecules that have been used by Sanofi. Chris Viehbacher, Director General of the sixth world laboratory, then put on activities other than drugs from traditional research.

Among the pillars of growth: emerging markets, animal health, self-medication, vaccines or diabetes.All areas which have contributed in 2010 more than half the turnover of the pharmaceutical group. Will be added in 2011, the potential of the U.S. biotech Genzyme acquired earlier this year.

The rigor is no longer appropriate for the big bosses of the banking sector. Aid paid by the state and now repaid their business reaping the effects of recovery, there are incentive bonuses, considering the annual reports and press reports, clearly an upward trend for 2010. While many top executives of French banks had waived their bonuses the previous two years, 2010 has signed the back of generous salaries.

In addition to a salary of 1 million euros, up from last year, the head of Societe Generale, Frederic Oudéa, reaching his first bonus since he took office and the Kerviel affair.Bank boss of the highest paid, he will receive a variable remuneration amounting to 598,400 euros paid immediately in cash, plus a paid deferred until 2015 to comply with European Directive CRD3 applicable since 1 January 2011. In total, the variable compensation paid for 2010 could reach up to 3.2 million euros, according to the calculation of Echos.

It's a little more than Baudoin Prot, CEO of BNP Paribas, which in turn will receive a fixed salary unchanged from the previous year, but a sharp rise in bonuses. About 1.67 million awarded in total, 60% will be paid in deferred over two years with conditions. His total compensation could reach 2.47 million euros as well. Last example, the boss of BPCE, former deputy secretary general of the Elysee Perol, who waived his bonus last year easy payday loans.According to AFP, he will receive 1.05 million euros to this title, for a fixed salary unchanged at 550,000 euros.

Variable pay "balanced"

If the amounts received are variable up substantially, however, banks have generally respected the requirements of European directive adopted in 2010. Transposed into French law by the end of last year, it sought to control the compensation of employees of banks that may affect the risks taken by their institution. To get them interested in long-term results, a fraction ranging from 40% to 60% variable compensation should be paid for example over several years, subject to results.

But according to the directive CRD3, this variable compensation should be "balanced" with respect to the fixed remuneration. And that's where the shoe pinches.As said the European Commissioner Michel Barnier to services in the columns of Liberation on Saturday, "behaviors have not changed as much as you want. The banks have not complied with the spirit and letter of our directive. " If French banks do not face good students, British officials are still better off. The new boss of Barclays saw himself awarded a bonus of 23 million pounds.

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Lefigaro.fr – Moral and household consumption in U.S. economic growth and lowered down. Yet financial markets are up sharply since the beginning of the year. How do you explain it?

Francis Mouté – The morale of Americans is not really half-mast. They are even more optimistic, despite rising gasoline prices. Getting back to your question, several factors explain the rising trend of U.S. exchanges: the zero interest rate, the excellent corporate profitability, liquidity held by many investors, the tension on the bond markets. U.S. investors have no other choice but to invest in the shares.

U.S. companies generally show very strong first quarter.What should we expect for the second quarter?

In the first quarter despite soft U.S. growth, U.S. companies that have operations in Europe and around the world have benefited from a favorable currency impact, due to the sharp decline in the dollar. We are more cautious on U.S. equities by the end of the year. We believe that the ticket of green should stabilize or even rise against the euro. And then this exchange will not make a favorable economic growth will remain weak.

What are the priority sectors?

Our portfolio is structured in the context of sluggish growth and high inflation. Thus, we are overweight the oil companies, gold and agricultural products.While rising oil prices do not impact the market price of oil companies due to additional costs (staff, investment, energy) and the next taxation imposed by governments, but the shares remain attractive valuations.

Despite what the President of the U.S. central bank, Ben Bernanke, the dollar remains weak. Is there a risk of the dollar crisis?

Certainly, but the weak dollar also arranges the U.S. for their growth. Hear the Fed saying otherwise is a joke. Given the depreciation of the dollar as investors rush to protect assets such as gold or real estate. U.S. monetary policy remains too loose. The proof is that interest rates are zero in the short term, while inflation is at 2.7%. Ben Bernanke's speech Wednesday was disappointing.Financial markets were expecting a change in language from the last meeting. It is clear he has not changed one iota. He merely found a decrease in growth prospects and rising inflation. Ben Bernanke does not surely expect that U.S. growth is still too soft.

The end of "quantitative easing" * In June he announced a hot summer in the financial markets?

It is not certain. On the one hand, doubts remain about the ability of the U.S. economy to get by without the injections of liquidity of the U.S. central bank (900 billion), which still represent almost 60% of the U.S. budget deficit. Secondly, financial markets know the conditions of release. So do not expect a collapse of financial markets from June.

The continuation of measures to support the U.S. economy is feasible?

Everything will depend on U.S. growth in the second quarter and oil prices. If the upward movement of black gold will continue, U.S. growth will remain sluggish in the second quarter. At this point, anything is possible including further measures to support the economy. The proceeds from maturing U.S. bonds held by the Fed, could thus be used to finance the acquisition of new Treasury bills. Conversely, if U.S. growth in the second quarter is high, the Fed will end its policy accommodation and financial markets will adapt.

The "quantitative easing" Is not the only way to revive the U.S. economy?

The "quantitative easing" is not in any way to revive an economy but to inflate the balance sheet of the Fed.The U.S. central bank can not indefinitely pursue a lax especially when we know that the debt of the United States own more than 30% by foreign investors. If monetary policy remains accommodative for too long, the risk of a bond crash is inevitable but by default support the equity markets. The U.S. financial situation is not very strong. Degradation by Standard and Poor's at the prospect of debt the U.S. is justified. However, the fact that the rating agency has dared to tackle this "monument" that are the United States, is surprising. So much so that the equity markets and bonds do not much mind. Investors do not believe a country like the United States may be degraded. They make it too confident for that.

* The "quantitative easing" (QE) is a monetary policy used by some central banks to increase money supply by increasing the excess reserves of the banking system.

At Kiriko, a Japanese restaurant in the ninth arrondissement of Paris, this chef is adamant since the disaster Fukushima, "attendance has dropped from 20 to 30%. A few yards away, in Yokohama, the conclusion is the same. Another borough, figures identical to Kyotori between Place de la Bourse and the Opera, "we lost a third of customers." Even if he refuses to disclose its revenue, the head of another Japanese restaurant says: "In recent days, a lot of customers are asking for certificates on the origin of the fish we use in our sushi. "

Aurelian, a young 26 year old Lille, is one of many suspicious. "Even in normal times, when you see the television reports on Asian restaurants, it makes you skeptical.Where do the fish, seaweed, sauces, rice …? We do not know anything. "

Few Japanese fish imported into France

The ignorance of consumers about the origin of the products they use, just that battle Alain Bailly, Director of Counter ocean, a company based in Rungis, providing no less than 300 sushi restaurants. "The lack of communication and transparency creates among consumers a deep sense of doubt and anxiety, when in reality, almost nothing is anywhere in Japan cash advance." What pushed this company to send a communique to all its customers, recalling that "the salmon comes from Norway, tuna in the Indian Ocean, the Mediterranean sea bream, mackerel and mullet from France …». A reminder that some restaurants have not hesitated to affix labels on their windows.In fact, among the products commonly used in Japanese cooking, only some wasabi and seaweed from the country of the rising sun. "And yet, one can easily find from the USA, China or Korea," says Alain Bailly.

When contacted, the European Commission recalled that on his side since the end of March, all food products from the area near Fukushima are subject to health checks reinforced from Japan, and are re-examined upon arrival on European territory. As the Ministry of Agriculture and Fisheries, services stressed that only 450 tons of marine products in Japan have been imported into France in 2010.

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One morning, Veronique Skalli has been cutting hair in the subway on her way to work at the Hopital Saint-Antoine in Paris. "I got up and I did not like my head, so I decided to make a cut and I was very happy," she says. The living room (so to speak) Beauty Bubble is installed since Christmas in a row RATP at Gare de Lyon, between metro and RER. 80 000 people pass by every day.

Born last year, the chain offers cut or blow dry for 10 euros in ten minutes flat. This new low-cost hairdressing case prices even further as the sector's pioneers. In recent years they have multiplied. The leader, Tchip, aligns more than 400 rooms, followed by Styling & Co (about 200) or Self'Coiff (37). Their packages range on average from 14 to 21 euros.

Beauty Bubble goes further and distinguishes itself from traditional competitors city.To practice his prices low and ensure returns, he bets on volumes, in places with very high attendance. His first six sites have sprung up in stations (Montparnasse), airports (Lyon-Saint Exupery), malls (Part Dieu) and even hypermarkets, Carrefour Planet in Lyon.

The concept was devised by a young business school graduate, Nicolas Langer, 27 years after a first experience in the cosmetics industry with L'Oreal and Coty, supported by his father, a former marketing specialist in the pub and supermarkets one hour payday loan.

"The market of hairdressing is one of those who have slipped the most in terms of price, said Patrick Lang, the father.We offer a quality, quick delivery. Like easyJet, we have removed a number of parameters to focus on the heart of the trade: the cut. "

No shampoo

Beauty Bubble does not shampoo and we ask our customers to come clean hair, which saves about a water supply, space and time bins. In Self'Coiff, you get yourself a blow dry after cutting. No appointments, no wardrobe, coffee or scalp massage. We go to the essentials.

The Beauty Bubble hairdressers are trained in a dry cutting technique imported from Britain. "They make refreshments, but also a complete change of style, some customers tell us they had the same thing for 45 euros usually" welcomes Ouis Lekhtari, one of ten hairdressers Gare de Lyon .In this space without a door or wall, open from 7 am 30-19 am 30, a hundred cups per day are made.

After its promising start, Beauty Bubble goes into high gear and provides fifty openings this year, including in partnership with the RATP, SNCF and Carrefour. The company is also open to membership by offering contractors a fair concept "turnkey" for an initial investment of 25,000 euros and an annual turnover of 150,000 euros per outlet.

The decision of the Bank of Japan (BoJ) was taken unanimously. All members of the institution wished to act, having raised their estimate of the quake's impact on the Japanese economy. They decided to inject into the Japanese economy 1000 billion yen, or 8.22 billion euros. Several similar actions have been taken since the natural disaster and nuclear, which killed at least 28,000 dead and missing, totaling tens of billions of euros.

The measure taken Thursday morning, along with maintaining its zero interest rate policy, designed to offset declining business prospects of Japanese companies and the slowdown in consumption.

However, the BoJ said it expects Japan's economy revives a "moderate pace to recovery."As for financial markets, the Bank of Japan has been a "relative stability" of the markets after the disaster of 11 March.

She is worried that the 'weak financial positions of some companies, mostly small, since the earthquake. " Despite these statements Thursday morning, the benchmark index of the Tokyo Stock Exchange remained flat.Shortly before the close, the Nikkei displayed indeed close to balance, but still in the green, up 0.15% to 9599 points.

The Nikkei is resistant compared with other exchanges in Asia

If progress is not straightforward in the Nikkei this morning, the comfort that the announcement of the BoJ have given to Japanese investors this morning is measured by comparison to developments in other financial centers in Asia.

Several major exchanges in the region appear to have eased slightly: The South Korean Kospi fold from 0.54% to 2115 points, the Australian ASX was down 0.19% at 4903 points and the Indian BSE dropped 0.31% at 19,550 points.

In contrast, the Taiwan TAIEX index ahead by 0.25% to 8874.28 points.importantly, the Chinese places continued to grow, which seems immune to all events that affect investors worldwide, whether issues related to the situation in Japan, or those that pose debts Sovereign European countries in difficulty, such as Portugal, who admitted last night needing a European aid. Thus, in Shanghai, the CSI 300 rose 0.3% to 3321 points. In Hong Kong, the Hang Seng is in equilibrium (-0.04%) to 24,275 points. The Chinese financial market took a breather on Thursday, but it remains very dynamic and attractive, thanks to the influx of new companies in this market. Indeed, it has recorded no fewer than 37 applications for IPOs for the month of March.

The final agreement on supplementary pensions Arrco (all private sector employees) and Agirc (frames) had been signed by all unions, CGT except in 2009. Certainty, after the last negotiation, yesterday, lasted a dozen hours: the new rules proposed by the employers do not collect the same consensus. The conditions under which they come into force (at least one signature of association and not more than three opponents) are nevertheless likely to be met. In extremis.

CFDT – even if it has refrained from announcing a decision before submitting the text in its internal bodies – proves rather part but would prefer to avoid signing one. She appreciates such as FP, the draft agreement ensures the continuation of the supplemental until late 2018 – the renewals do not exceed two years of habit.In addition, new integrated text yesterday to wipe out a ten billion in savings over twenty years, he proposed a week ago! The deficit-Agirc Arrco accumulated from 2011 to 2030, should reach 117 billion euros without pension reform. With the decline of legal age to 62 years and the full rate at age 67, the "hole" is reduced to 43.6 billion. The application for the proposed project would result yesterday substantially the same result.

Consequently, the reserves will be consumed by 2030. Hence the requirement of most unions to raise contributions. "It was our only prerequisite," said the CFTC, while acknowledging having obtained satisfaction on the part supplements for children. The employers did not want to hear about it, he stood, agreeing just in the final stretch to consider "potential resources" extra … 2015, when accounts very degraded."Laurence Parisot spends his time asking the government not to raise premiums, it can not sign herself up, decrypts a union negotiator. The chamber knows that, once the accounts will not be balanced unless the legal age is raised again in 2018, after the current reform. It is his bet. " A framework was actually the employers' organization that reasoning to hint, a few days ago …

The CFE-CGC unions among the most virulent. The union accuses the executives of employers … CFDT and their "egalitarianism obessionnel" about the alignment of returns between managers and non-managers (see below). CFDT contends that it is not "defend a union or institution" (understood the CFE-CGC and Agirc) "but the employees."She chose to stop for four years, erosion yields.

Unsurprisingly, the CGT will not sign "probably not". "Unfunded commitments, these are promises that will not be required," warned the union, whose leader does not play to his right to object.

The verdict likely Unions

CFDT will sign

FOR: Signature or forbearance

CFTC: Forbearance

CFE-CGC: opposition or abstention

CGT: opposition or abstention

The CGT has released all the stops to win the elections on March 24 at the station. The railway union has commissioned an advertising campaign of 1939 panels in France, mainly near the passenger terminals and marshalling yards. This campaign highlights the strategy that management has reduced the supply of "wagon" of the SNCF deficit for many years to refocus on more profitable routes.

Our records indicate that buying, with a gross value of 1.5 million euros, 300,000 euros has been negotiated by the union. These posters are a lot of noise in the railroad world, but not the one expected by the majority union. They have not actually been purchased by the CGT, but by the central committee (IAC) of the SNCF, which is supposed to finance the social works of the railway."Even though legally there is no diversion of funds, the transaction appears to be with the purpose of the EAC and includes, within its operating budget," says a senior counsel to several committees company in France.

"Awareness Campaign"

The other unions, who denounced the campaign of communication, could therefore sue for appropriation of funds from the CEC for political purposes. "It's scandalous, a union official insists. The CGT has punctured some form of additional salary and deferred railway to lead his own campaign. "

Many unionists tell when he discovered that poster appeared in the streets of Paris, February 14. It is however mentioned in the advertisement that "this campaign" was conducted "on the initiative of the CEC and CE SNCF Fret SNCF.""This is false, the works council was not consulted Freight, says Gilles Desfrançois, elected in FO-setting committee of the freight station easy payday loans. It looks like an ad campaign for the CGT. The color coding of displays, including the conspicuous presence of red, tends to confirm this. "The majority unions, the CFDT, UNSA and SUD, which sit alongside the CGT at the office of CCE, are hampered in the armholes. The CFDT said to have "validated this with reservations." "Nobody dared to oppose a campaign on the future of freight a month before the elections, says a union official. Furthermore, when we do not follow the majority union on some of its decisions, there are penalties. "

Complaint for "defamation"

Contacted by Le Figaro, no CGT or the direction of CEC were willing to comment on the situation.Even silence on the direction of the station, where you do not wish to incur the wrath of the majority union. The company is not entitled to complain about the allocation of subsidy, however, assigned the CEC referred to "smear" and damage his image before the Tribunal de Grande Instance de Paris. The case will be heard Friday morning.

This latest incident just adding to the list of questionable practices of the CEC of the SNCF. The Court of Auditors is conducting an inquiry into the management of this institution and on 6 of its 27 school committees (EC). The CTE of the key station each year a grant of 92 million euros and employs nearly 1000 employees.

CE Lyon is, meanwhile, the subject of an investigation by the financial police. Several executives of the institution were interviewed at year end.The origin of these investigations: the funds allocated by the public company under the Trade Union Training allegedly used to finance the operation of trade unions.