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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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The results fell on the strength of major European banks, is to know the verdict of the markets. Since Sunday morning, the stress tests are found in the test and the final verdict remains suspended from financial operators who often weigh heavier than the official figures and insurance.

Only 7 of the 91 banks have failed this test of strength, five Spanish, one Greek and one German. Their capital needs are estimated at 3.5 billion euros. We must add three who crossed the barrier but the recapitalization seems inevitable: the Italian Monte dei Paschi, Allied Irish Banks, Irish and German PostBank.Finally, the majority of European banks, the British and French in particular-seem to have redressed the balance.

The question now is whether the test can, as desired by the European authorities to lift the remaining mortgage, reboot, and finally the pump in credit to promote growth. By Friday, the European Union had welcomed the exercise as a vote of confidence. From Washington, the Treasury secretary, Timothy Geithner, hailed "a major effort towards greater transparency" on the health of the banks of the Old Continent. In markets, the euro rebounded to finish just below $ 1.29 after the close of European markets. Wall Street ended higher.

Consolidating banks at fault

Yet many continue to doubt the severity of the European round or its completeness.Unlike other countries, Germany has refused on Friday to force its banks to publish the figures on a main line of their balance sheets: assets in government securities, ie their exposure to the European budget crisis. In the coming days, a first return to the trust will be the willingness to consolidate the banks at fault.

Weighing his words, the IMF Managing Director Dominique Strauss-Kahn described the stress tests as "the promise of a considerable strengthening of the European financial system. It remains to implement. Greece and Spain have promised for the end of the year. Germany, she announced a major restructuring. This is the interbank market which will provide the second element of discretion. The situation has eased since the beginning of the summer.But lack of confidence, many institutions do not always manage to borrow in the interbank lending market, considered one of the keys to sustainable economic recovery in Europe.

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The euro area returns in the red. Ten days after France's trade deficit widened to 5.5 billion euros, the euro zone on Friday issued a trade deficit of 3.4 billion for the month of May, after a surplus of 0.3 billion in April, according to a first estimate from Eurostat. In May 2010, seasonally adjusted exports rose by 1.6% and imports by 4.2%. In May 2009, the euro area recorded a surplus of 2.2 billion euros.

This was due to the decline of the euro against the dollar in the spring, pro-European exports, but bad for imports, which are to higher prices.

All countries of the European Union, namely sixteen of the euro area and the eleven who did not belong, recorded in May a trade deficit of 15.1 billion euros free instant credit report . It widened from April (-11 billion) and over the same month of 2009 (-7000000000). In May 2010, exports of "27" rose 0.9% and imports by 4.1%. One area where the deficit was more accentuated for the "27", the éenergie (-91.5 billion euros against a deficit of 76.1 billion a year ago).Conversely, manufactured products emit a surplus of 50.5 billion euros (ocntre a surplus of 34.7 billion).

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The fireworks on July 14, is sacred in many municipalities, but not Mennecy. This town of Essonne is indeed one of the few to have made the choice to give up for budgetary reasons. "This is the third consecutive year that we do not celebrate the national holiday, says Elizabeth Vasseur, deputy mayor. It is a decision we made when we arrived responsibilities. Given the state of public finances, we have chosen to focus on building maintenance, or renovation of two schools being. Because we do not want to raise taxes, "she argues. The savings amounted to ten thousand euros. If people have stayed up Mennecy perhaps no worse the other 364 days of the year, few cities, however, he followed suit.

For the celebrations of July 14 remains a symbolic moment for which the municipalities continue to invest in broadly stable, despite the severity of wind hovering at the national level. In Paris, the budget devoted to one of the biggest fireworks of the Hexagon is constant since 2001. An investment of € 500,000 by July 14 to 30 tons of powder and 30 minute show. "In the current economic climate, we did not want that expense increases, say to the City of Paris. But it seems important to properly celebrate this national event. " Same story in a smaller city, Chalon-sur-Saone (71), where the budget for fireworks is roughly the same from year to year, despite a desire for renewal: "Our budget is constant for 5-6 years, explains Cédric Sementi, responsible for the event.But we chose this year to remove the sound of fire to prolong the duration of the show. " In total, 14 July festivities will be spread over five days in Chalon whole through the operation "Summer Sonatas" paydayloan.

The fireworks, creator of the social bond

Jacques Couturier Organization, which has won this year's market fireworks in the city of Paris, his explanation for this relative constancy: "The fireworks created a social bond that we all need in times crisis, analyzes its founder. Increasingly, we are asked to create fireworks outside the July 14, for example recently at the Championnat de France cyclist Vendee. Especially since the resources allocated to the festivities usually remain small relative to the overall budget of Commons.In Sceaux (92) – which does more than fireworks on July 14 for 10 years, preferring the fires of St. John – the various festivities cost about 200,000 euros to the municipality, with a total budget of 30 million. "This costs in a city hall, which is most likely to suffer from the crisis, are the social or educational expenses," said Philip Lawrence, Mayor of Sceaux.

Among Europe's leading fireworks, Lacroix-Ruggieri, there is however a slight decline in budgets. The amounts invested were stable in 2009, but budgets have contracted by about 5% this year. "All budgets ranges from 2000 euros to 500,000 euros, have been involved," says Jean-Michel Dambielle, Director General Operational Group. And if the national holiday of July 14 is still with us, removal of business tax still worried the bomb."The fiscal autonomy of municipalities will decrease their budgets might be affected, analysis Picard, CEO of Group F, creator of the fireworks in Paris in 2008. Will we still saved? We'll see next year. "

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Click on the thumbnail to enlarge the graphics.

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).

Human error is not finally rise to the "flash crash" that Wall Street plunges 9% for 20 minutes, 6 May last, and cleared up almost $ 1,000 billion market capitalization.

According to a report from the futures market operator Chicago Mercantile Exchange (CME Group) that has acquired Reuters, the manager Waddell & Reed Financial has happened during those twenty minutes, a sales order of 75,000 contracts' e -mini ". What are they? The highly liquid futures that allow investors to manage their exposure to the Standard & Poor's 500. In other words, the company has bet heavily on the index drop. Other companies – Jump Trading, Goldman Sachs, Interactive Brokers, JPMorgan Chase and Citadel Group – have also made such transactions. A total of 842,541 contracts were traded on the e-minis, according to document CME.

Waddell loses more than 5% at the NYSE

Waddell, whose share lost 5.67% at the New York Stock Exchange Friday at 21:30 (Paris time) after the news from Reuters, responded by saying that he had been "one of the more than 250 companies who treated the title 'e-mini "during the period of time during which the market fell" flexcheck cash advance.

Tuesday, Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), the supervisory authority of derivatives markets in the United States, said at a hearing in the Senate have shown that a single transaction was accounted alone is about 9% of total "E-minis for diving indices. He said that there was no evidence that the operator concerned had breached the rules by placing selling orders.

Observers, as reported in Fox Business News, was believed to be a mistake to a trader at Citigroup, who wanted to sell forward $ 16 million on the S & P 500, but spent his order on Procter & Gamble for 16 billion dollars.

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The card was launched on May 3 to allow punters to play without cash.

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.

Rio Tinto and Google. In recent months, two cases have come spectacularly recalled that the business climate here was much celebrated its "Chinese characteristics", more often worse than the best payday loan !!!???!!!??? !. And he even tended to become increasingly harder for foreign companies, with limited access to market, a heavy political interference and opaque legal system.

Queen of fiscal orthodoxy, Germany wants the EU to acquire a European Monetary Fund, modeled on the International Monetary Fund (IMF). Such a body in the euro area would cope with crisis situations, such as it is currently because of Greece.

"For the stability of the euro area, we need an institution that has the experience of the IMF and similar powers to intervene," said Sunday Wolfgang Schauble, Minister of Economy in the newspaper Welt am Sonntag.

The European Commission said in the wake it supported such a proposal. "We are working closely on this issue with Germany, France and other member states of the EU," said European Commissioner for Economic Affairs Olli Rehn in the Financial Times Deutschland published Monday.

A "FME" (European Monetary Fund) would most Europeans treat their own problems. The Germans, like other member countries of the euro area, in fact, reject the idea of an IMF intervention in favor of Greece. "The euro area tends to be able to solve its problems alone. Accept financial aid from the IMF would, in my opinion an admission that the countries of the euro can not solve all their problems alone, "said Wolfgang Schauble argued in the German Sunday newspaper.

Above all, Berlin, traditionally hostile to an integrated European fiscal policy, said a WEF would finally impose its partners more lax fiscal discipline any Germanic."According to the German conception of the thing, the plan [to reform European economic policy, Ed] could include significant penalties for countries in the eurozone would fail to discipline their public finances," writes the Financial Times, which is based on statements by senior European officials.

"Effective sanctions'

Alexander Dobrindt, general secretary of the CSU, the Bavarian wing of the German Conservative Party, says the same thing. "We must now consider how we are going to better control the future state of the eurozone as Greece and to make sanctions effective," he said in the Bild am Sonntag, dated Sunday.

Other proposals for European economic government move. Belgium proposes the creation of a European agency debt.This institution could issue and manage debt of member countries, giving rise ultimately "a single European market for government debt," wrote Prime Minister Yves Leterme in an article published in Le Monde and the Financial Times Deutschland. Luxembourg offers his hand to the establishment of a European rating agency.