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The counters are not all in the green, but the press, which has been undergoing a serious crisis two years, experiencing an upturn in sales. According to preliminary estimates by the OJD, the controlling body of publishers, the evolution of the diffusion of France paid the mainstream press has fallen only 1.6% in the first half of 2010 compared to the same period of 2009. Over the whole of last year, she had accused a withdrawal of more than 3.2%.

Better on the 967 papers reviewed by the OJD for the first six months of 2010, "340 titles are up compared to only 110 in 2009," notes Patrick Bart, the director general of the organization. "The first half of last year turned out horrible, the second being marked by the first signs of stabilization, but with results still down," he recalls.However, the first half of 2010 shows a slight recovery that I would call "substantive". The rebound is not accidental, although the path of recovery remains difficult for publishers. "

Family First Releases to enjoy this trend reversal, national newspapers have their paid circulation in France climb 2% in the first six months of the year. According to affidavits provided by publishers to OJD, the increase rises to 2.4% for titles only for information, a segment in which Le Figaro (+0.5% to 321,830 copies) confirmed its first place in the first national newspaper to The Team (+4.9%). However, the regional daily press and the press called the "seventh day", that is to say Sunday, remain in the red, with decreases of – 1.9% – 3.1%."This family had been brought in 2009 by creating new titles, particularly in the north of France, for example in La Voix du Nord," said Patrick Barter.

Decline Press TV

If the magazine knows, too, a first semester back, but it limits its fall to – 1.2%. In 2009, it had reached – 4.4%. Two families are spared the game: women (+4.6%), stimulated in part by new weekly Grazia as upscale and Be, and the press house decoration (+1.3%). The decline in television news (- 3.1%), which alone represents nearly 800 million copies annually, weighs heavily on the development of sales of all magazines, where some families like the male (- 16.1%) and economic security (- 6.2%) have a rough start to the year.

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Formality. Unless disaster, Laurence Parisot should be re-elected Thursday as head of MEDEF for three years. The boss of bosses is the only candidate to succeed him and won the support of 40 members of the executive board present at the May 31 (out of 45 members) in a secret ballot.

The boss of bosses was the only candidate to succeed him (photo credits Jean-Christophe Marmara to the Figaro).

Ten months (June 2009, Ed) that the government was waiting for good news on the employment front! The number of registered unemployed at the employment center in group A (unemployed who have not worked at all during the month) has in fact declined by 0.2% in March, representing a decrease of 6,600 people on a months. In total, 2.7 million people were registered in late March in the reference category, an increase of 9.8% over one year.

But the thinning stops there because the number of jobseekers registered in the four other categories increases. And sometimes significantly: +2% in group BC (24,700 unemployed persons who worked more or less than 78 hours in the month), 2.4% in category D (6200 unemployed in training, education or health) to +3 8% in group E (11,400 unemployed in assisted contracts). Worse, over one year variations ranging from 18.3% (Class BC) to + 36.4% (Class E).

"The increase in categories C, D and E reflects both the recovery of Acting as an employment policy more active, more job seekers in training and subsidized contracts," Marie-grade Claire Carrere-Gee, President of the Advisory Council for Employment which welcomed the "significant slowdown for several months" the number of unemployed.

In other words, the social treatment of unemployment is running at full output during the crisis. Difficult, therefore, welcome a decline in unemployment in France (including overseas departments) where 4,130,000 people "required to make positive job search" was recorded at the end of March employment center. 0.5% more than a month ago and 12.5% a year ago.

As usual, most 50 year olds still have suffered in March, with growth still disturbing number of entries: +1.1% in group A and +1.5% in ABC."Without strong political will, these jobseekers were statistically unlikely to rush out of trouble, consider Marie-Claire Carrere-Gee. Passed the fifties, it is very difficult to find work, moreover in an economy that barely found his breath. "And, even more than" half of the unemployed over 50 years are unemployed Long-term, "she insists. Conversely, young shoot for the fifth consecutive month hold their own while benefiting from a decline of between 0.5 (Class ABC) and 1% (A) enrolled.

Lower radiation

Another black spot: the share of jobseekers in employment center for over a year continues to increase (+0.7 percentage points in one month and up 5.1 in one year) to represent 35.3% of registered voters. As for seniority, it reached 415 days on average, an increase of 29 days in a year.In fact, only the registered unemployed for less than a year benefit from the upturn in March with a decline of 0.7% of their enrollment and reduced to 4.1% increase over one year.

As grounds for release of employment center, march to a significant reduction in the number of radiation administration (-7.9% in one month) and a stagnation of terminations for default updating entries (0.8%). The collection of jobs is up 2.9%, including the jobs of more than 6 months were up 7.4% in a month.

It is an alliance that giant Credit Agricole is poised to build in the business of brokering, with China's Citic. Corroborating sources, the two groups, whose discussions began a year ago, will announce in the next few days their entry into exclusive negotiations.

Before yesterday, the Bloomberg spoke of the creation of a joint venture in Asia. The project is actually much broader. Cr?dit Agricole and Citic were preparing to share all of their brokerage activities, with the ambition to offer a comprehensive worldwide.For the Bank Green, this means that it will bring in the trash marriage the two flagships, CA Cheuvreux in Europe but also CLSA Asia inherited his nugget of the former Credit Lyonnais and the ex-Indosuez, which strike force in Asia is comprised of over 1 300 employees.

"An entry by the front door"

The negotiations will refine the assembly operation. It seems, however, have articulated a pattern in stages. Globally, the respective contributions show an economic weight of about 70% for Credit Agricole, 30% for its Chinese partner. In Asia alone, the ratio is 50-50.

In China, finally, market still very restrictive with regard to foreign players, the Green Bank would of course be a minority, but Citic would offer "an entry by the front door," said a source familiar with the matter.Both groups have the ambition to create a unique platform for implementation to the world. A strategy that sticks to the explosion of capital flows to and from the Asian region, particularly China. She also accompany the rise, very fast, of IPOs on the Asian markets for new local giants, but also of foreign cash advance. Western companies are increasingly likely to be tempted by either a dual listing-West Asia, either through public offerings in part of their activities in emerging markets.

In 2007, Citic had wanted to attempt the adventure of large-scale partnership in market activities. But the Chinese had backed the wrong horse by selecting Bear Stearns, number five on Wall Street, which was the first major victim of the financial crisis in March 2008.The company was swallowed by a weekend, for a pittance and under pressure from the Fed, JPMorgan.

By marrying his "brokerage" than CITIC, Cr?dit Agricole replicates the strategy already implemented in the field of asset management and derivatives: Green Bank has established two joint ventures with Societe Generale, Amund and Newedge . In both cases, there is access to the critical size. The problem applies to the brokerage, a business in which the challenge is to offset the costs of research teams and infrastructures, galloping amid technological revolution on the market.

Finally, the operation comes at a strategic refocusing of the Cr?dit Agricole group. The Green Bank in 2008 has imposed a severe weight loss at its investment banking subsidiary, which came early and suddenly in crisis.Now, CA IPC (Credit Agricole's Corporate and Investment Banking) is focused on three areas: structured finance, capital markets and brokerage. The planned offensive alliance with CITIC confirms this last job.

New rebound in the case Lagard?re / Wyser-Pratte. Guy Wyser-Pratte, said the activist investor who hold 0.53% stake in Lagardere, has won the support of governance expert RiskMetrics Group (formerly ISS Proxy Advosry Services) in his critique of the structure of the media group.

Support size, because boards of RiskMetrics are followed by institutional investors. But they represent 78.51% of the capital of Lagard?re (50,51% of foreign institutional investors and 20% French).

Rejection of proposals by the management and the board

But on Monday, the general partners and managers of Lagardere SCA voted against the amendment of articles of the company – a company limited by shares to a company – in a proposed resolution before the next general meeting Guy Wyser-Pratte.A decision that is "not surprised" to advise shareholders of the activist. "The opposite would have been more democratic," he quipped.

Last Friday, the group's supervisory board had rejected outright the two main proposals of the Franco-American investor to relax the sponsorship of the Lagard?re group. For now, Arnaud Lagardere, the manager-partner of Lagardere, which holds all powers of decision with 10% of capital payday loans no teletrack. Partnership status allows to use external financing without losing control of the company.

RiskMetrics 'agree' with Wyser-Pratte

Thus, the shareholder advisory firm RiskMetrics looking for arguments Guy Wyser-Pratte: "We agree with his criticism of the sponsorship per share.

"The presence of dissent to the supervisory board of Lagard?re would be beneficial to the long-term shareholder value," she said in a statement. In any case, any election "reflects the intention of the limited partners to adopt a different status," said the company. Verdict on 27 April at the general meeting of shareholders.

On Monday, the shares are granted Lagard?re 0.46%, to 31.51 euros in a market equilibrium.

Wyser-Pratte had accused Mr Lagardere's "mismanagement", accusing him of preferring to "go play tennis in running the company." Arnaud Lagardere leads the group since the death of his father Jean-Luc Lagard?re in 2003.

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Transport For leaders of the SNCF, the return to growth seems to square the circle. The public company announced Wednesday a net loss of 980 million euros in the year 2009, due in large part to impairment of assets (966 million).

Like every year, this underperformance is attributable to the business of transporting goods, whose loss has reached 520 million euros. The new deficit makes reform urgent cargo, which should lead to staff reductions and abandonment of the activity of individual wagon. "Our results for 2009 are that the amount of translation necessary restructuring of the industry, analyzes a senior officer of the public company.

To make matters worse, the TGV activity hitherto adjustment variable numbers of the group earned less money in 2009.For the first time this decade, its sales declined, while its operating margin fell by 422 million euros.

The company does not conceal its concern about a phenomenon of substance in addition to the impact of economic crisis. "Behind the difficult environment, we perceive a structural trend of slow decline in our margins due to higher expenses," e ect a part of the company. Trains said the planning has reduced from 120 million in operating margin. Another example: the TGV activity saw its personnel costs rise by 1.8% and tolls increase by 5%.This erosion of margins has boosted the group's debt rose from 6 billion euros in 2008 to 7.1 billion in 2009.

In undertaking the debate is not over

The station believes that these results raise the question of its business model and expectations of its shareholder, the state. If he waits her performance, the company will dispose of 20% of freight operations and close many unprofitable passenger lines. On the contrary, if the role of the station is to promote rail freight facing forward and contribute to the planning, the state should support it.

The state addressed the first issue in September by announcing a plan to support cargo of 7 billion euros. For now, its position is different on the passenger.In December he was called to order Guillaume Pepy, the chairman of SNCF, who said that higher tolls threatening the economic model of the TGV. In late January, he had clearly returned the station on the ropes when it was left leaking rumors of closure of unprofitable lines such as Paris-Arras, Lille, Strasbourg and Nantes and Strasbourg.

At the station, the debate does not seem closed. "The TGV is a system of equalization between internal profitable lines and those who are not, said a company executive. How can we maintain our Paris-Charleville-Mezieres if we levy more charges and more than a private competitor arrives on the Paris-Strasbourg, which is profitable? That the public to make a choice. "

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2009, year of diet employees. According to figures from the Labor Department released Friday, wage growth was even lower in Q4 2009 than the previous quarter. The index of the basic monthly wage for all employees rose by 0.2% over the period against 0.4% in Q3. Worse, since the price index rises from his side of 0.4% is a loss of purchasing power be registered by the employees on the last three months of 2009.

On a year however, the employees recorded a slight increase in their purchasing power, increased the price index of 0.8% was not enough to cancel the increase of 1.9% of base salary. The Dares note that all sectors recorded an increase of wages in constant euros, although the increase over one year is more important in construction (+1.4) than in industry (1 point).The tertiary sector is in contrast to the average, rising 1.1 points guaranteed high risk personal loans .

Figures released Friday by the Dares confirm that 2009 was particularly difficult for wages. According to the firm Mercier, increases in median compensation of executives ranged between 1.3% and 2.3%, the lowest figures in decades. And even if the recovery is the rendezvous, the year 2010 should not mark significant break, companies still keen to contain their wage bill. While wage disputes multiply – Thales and Safran to present two recent examples – Laurence Parisot Wednesday deplored "the weakness of the flexibility of firms in this field. The mandatory annual negotiations may well be strained.

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"Surprising." "Moved". "Not yet" … The reactions of economists and analysts to interview with the Financial Times by Christine Lagarde is unanimous. The Minister of Economy French expressed doubts about the durability of a German model which penalizes it believes other European countries.

While Germany has deliberately chosen to stake everything on offer to boost its exports at the expense of domestic demand and of exports and other European countries, "it's still hard to criticize a countries, which introduced considerable reforms over the past ten years and whose discipline enables him to get away well, "said Marc Touati, economist at Global Equities.

France has no lesson to give Germany, and especially could receive, say analysts."It's fun for a country that lacks the courage to take the steps it must take to address a friend and partner, accusing him of being just too good student," quipped Marc Fiorentino, Euroland Finance.

"The remarks by Christine Lagarde is a form of displaced unmanageable," according to Marc Touati, that reservation, however, about the conditions of the interview and the return of his remarks.

Christine Lagarde Where does she come?

"I'm not sure that the German model based on the downward pressure on labor costs is sustainable over the long term," said Christine Lagarde, criticizing the trade surplus in Germany. She called Berlin to develop its domestic demand for the good of all Europe.

For Olivier Bizimina economist at Credit Agricole, these remarks are not really the place to be."There is a structural difference between Germany and France: the German household consumes less than the French household," says he. The Germans, when they have more money, save more and invest more. The French consume.

Moreover, the criticism of the Minister does not seem justified in the sense that "it's not as if there had been a competitive devaluation," he says bad credit payday advance . Germany as France, have in effect the same currency: the euro.

A very contrasting Europe

Christine Lagarde continues to advocate solidarity and convergence between European countries, when Germany chose to focus on its competitiveness and displays its austerity facing European countries in difficulty.In other words, Marc Fiorentino, France asked the European harmony, but that will take place in Germany drawing down "to less jealous, rather than setting goals to the height its neighbor. A vision he considers "pitiful."

The meeting on Monday afternoon, the finance ministers of the euro area in Brussels on aid to Greece, following the joint conference between Gordon Brown and Nicolas Sarkozy in London promises to be stormy. The Franco-German tensions would be increasingly felt, according to some analysts, and contrast with the cordial political relations displayed by Nicolas Sarkozy and Angela Merkel with the media.

SOS eurozone

In a crisis, while Europe is expected to weld, "such criticism" has no meaning and could "put in pole position the idea of a Europe increasingly heterogeneous," says Marc Touati .It is time the European harmony, reflection on a European "with clear rules for all countries with a federal …», continues bubget economist. Otherwise, "in 2020, the euro area has disappeared.

Marc Fiorentino, in an editorial on BFM radio this morning, has sanctioned the remarks of Minister of Economy of the verdict without appeal: "It is time that we have a cabinet reshuffle. It speaks of Christine Lagarde Foreign Affairs. This is good news, "he quipped.

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A charge "unusual". The Financial Times estimated that about Economy Minister Christine Lagarde, for a change in the economic policy of Germany, he reported on Monday, just break a "taboo" between the two countries . Christine Lagarde believes that Berlin should change its policy of reducing labor costs, which allows Germany to achieve a trade surplus, but that is not tenable: "I am not sure whether a model sustainable in the long term and for the whole group (euro area). It is clear that we need a better convergence.

Changes in labor costs between 1996 and 2009 has soared in Europe, except Germany.While labor costs have jumped on this period by 35% in France, 45% in Spain and 65% in Greece, they rose by 5% in Germany.

Christine Lagarde welcomes the good economic performance of Germany. But the Economy Minister said that Berlin would benefit from encouraging the development of demand on its domestic market. According to the Financial Times, she sees this as a salvation for indebted countries in Europe, which could well return to competitiveness and consolidate their public finances.

These statements may elicit a quick reaction at the meeting of finance ministers from the eurozone to be held on Monday to discuss the conditions for support to bring to Greece to help it cope with its debt of 300 billion 'euros.On this point, Christine Lagarde said that members of the euro zone must ensure the implementation of commitments of Greece in fiscal austerity before granting assistance, the form must comply with EU rules force. The Minister of Economy invited his counterparts to show "a little creativity and innovation" to describe the form of aid.

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"Greece: The Europeans will release 20 billion euros

130 000 138 000: the number of managers who should be recruited this year, according to the annual survey of the Association for the use of frameworks (APEC). A decrease between 10% and 4% compared to 2009, the year already with a disastrous 28% decline in recruitment.

For if France was recovering from recession, the economic outlook remains uncertain. So, most leaders, including major groups, which at the height of the crisis have tightened the bolts in terms of wages than new hires, no plans, for now at least, change policy.

In this gloomy climate, the most affected will be like last year's graduates (bac + 4 and above). "Their situation will be the worst ever," said Jacky Chatelain, director general of APEC. The figures speak for themselves.Post engineering schools, business schools or university, they will be 120 000 to enter the labor market. But according to Pierre Lamblin, Director of Studies and Research of APEC, 21 000 to 23 000 only, 000 against 29 last year and nearly 45 000 in 2008, will be recruited with the status under this year, the lowest figure since … 1993. In addition, at the time, the number of graduates was much lower.

This further deterioration due to several factors. First, the longer the duration of the contribution of assets born after 1948 to receive a full pension, which mitigates the effects of "aging population".Second, firms prefer hiring young professionals and executives confirmed mostly (five years minimum experience) that represent more than half of the hires in 2010.

Improvement from 2011

By sector, after a sharp decline in 2009 (- 34%), recruitment in the industry are still in decline (between – 14% – 23%). The construction and trade are also strongly affected. In contrast, services (banking, insurance, specialized distribution, engineering …) will be resistance and could stabilize the level of recruitment.

Finally, little sign of optimism, though short-term horizon of the job market for executives is quite stuffy in the medium term it is expected. Forecasts of APEC, recruitment would increase steadily from 2011 to regain a high level in 2012.And in 2014, companies would hire more than 240 frames 000, which constitutes a record.

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