"What cynicism. Even Tunisians do not want these jobs, "growls the CGT delegate Xavier Mathieu, charismatic leader of the revolt of the" Conti "last spring. It is with astonishment that 600 of 1120 employees of the factory Continental Clairoix, dismissed for economic reasons in 2009, have indeed received Monday by letter a proposal for reclassification to Bizerte in Tunisia, paid 260 dinars per month, or 137 euro for work production operator.
"This is a provocation for the leadership against workers' protests Xavier Mathieu, who still disputes the validity of redundancies delivered last year. For its part, the management who had already offered 240 jobs to the "Conti" Clairoix, denies having voluntarily submitted to its employees offers reclassifications shocking."We have a legal obligation to offer any position available internally to employees dismissed for economic reasons," replies one of the leaders of the group communication. In May 2009, the manufacturer of socks Olympia had indeed been ordered to pay 2.5 million euros in compensation to former employees for not having their proposed reclassification in Romania.
"We are caught between the hammer and the anvil," argues he said. "The company is liable to prosecution in court or at the outcry" no credit check payday loans. In February last, the management of Philips had also provoked outrage by suggesting positions in Hungary, "with practice of the Hungarian language required," according to the communique.
"There is a general principle, and good faith"
But if the Labor Code does provide an obligation for the company to propose a reclassification of its workers, under penalty of being condemned for termination "without cause real and serious", the legislation also establishes a hierarchy of offers to propose Me says Lopes dos Santos Ravisy cabinet. The company has an obligation to seek first an equivalent position within it – not in one of these subsidiaries as is the case for employees Clairoix – and in France. It is a last resort, if no vacancy can be found under these conditions, the company can offer a post abroad. "In this area, there is a general principle, and the good faith belief that the judge is also able to take into account," said Mr. Lopes dos Santos.
ALSO READ:
"Clairoix: a possible plant sale
"Continental: golden handshakes revised upwards
The crisis in the eurozone, triggered by the financial woes of Greece, does not discourage candidates for membership. Instead, the accelerated deadlines. Next on the list, Estonia – a member of the European Union since 2004, like its Baltic neighbors – has become in January the 17th state to adopt the single currency when it emerges just one of the worst recessions its history. The small Baltic state announced Friday a fiscal deficit and public debt for 2009 well below the limits set by the European Union, respectively 1.7% and 7.2%. These exemplary figures are enough to make the envy of the major European countries even if they hide a decline in GDP of 14%.
With these results, the government intends to pass his entrance examination in May for publishing the report in Brussels in June and especially in the political verdict Finance Ministers."I do not see how they could refuse," said Estonian Minister of Foreign Affairs Urmas Paet. Most countries in the euro area far exceed the criteria, "Bill Thomson, OECD, grade:" One can always interpret in one way or another, especially on the sustainability of public finances. This is a political decision. "As such, the entry of Estonia into the OECD in late May it provides proof of credibility.
Yet a year ago, few experts would have bet on the country joining the single currency. After years of euphoria, the country has suffered serious setbacks: the collapse of the housing bubble, crash consumption, falling exports … and unemployment rising sharply, to 14%.
Unlike most countries that have tirelessly to revive the machine, the strategy here was quite different, based at the end of 2008 on the restrictions.Salaries down, the tax burden to rise, spending freeze … In 2009, savings accounted for 9.2 points of GDP. All without protest or strike extent. "If we compare the living standards of the time (prior to its independence from Russia in 1991) and today is the day and night. Wages have increased significantly between 2005 and 2008, justifies Rein Minka, vice president of the central bank. "Estonians do not complain, it is not in their nature. They have not forgotten the rationing of the Soviet era, reflects Stecken Antoine, a French importer of cosmetics no fax cash loans . They are also followers of the liberal model."There is a consensus policy, including public opinion, to deny recovery by the public debt," said Maris Lauri, chief economist at Swedbank.
Meanwhile, the newspaper in Tallinn is very difficult. In the image Meeli Lass, 39, 4 children, opera singer, who supports her family with a salary of 13000couronnes (around 830euros) – good pay, judge the young woman. Her husband was fired, and his eldest daughter graduated last nine months looking for a job. "It tightens belt: no output, no new clothes. This winter, heating costs have soared because of very severe cold, they make up half of our budget. We still have potatoes that my husband grows outside the city. "What can we expect Does the euro? "This will be worse, answered Meeli with fatalism. Prices will rise as in Slovenia.And the country loses a little more independence. "
Flexible economy
According to surveys, almost 55% of the population believe the contrary to the virtues of the euro. He starts by removing the specter of devaluation ruinous for the country. Despite the fixed exchange rate regime, many rumors have circulated at the height of the crisis, the contagion of a Latvian lat devalued. The government also relies on the euro to attract investors. "We have a diverse economy and a very flexible system of single tax to 21%. Moreover, if the company reinvests it pays no taxes, "argues the minister of Economy, Juhan Parts.
For Maris Lauri, the only apparent in the short term will come from exports, which have already started to leave. "Estonia has a large network of SMEs that can adapt and produce in small quantities," said the economist.The close cultural, linguistic and geographical Finland is an undeniable asset. In two hours by ferry from Helsinki to Estonia, which produces a third less expensive, has become the preferred subcontractor of Finland. It cultivates its differences with its two Baltic neighbors: Latvia leaded by a banking crisis and real estate and Lithuania dependent on markets in Germany and Poland, which has seen its market collapse.
ALSO READ:
"Estonia is ready for the euro by Tallinn
"Only 47% of Estonians want the Euro
NRJ Group may blow. In a difficult economic environment in 2009, the broadcasting group announced on Thursday a return to the green with a net profit of 6.8 million euros against a loss of 4.6 million euros in 2008. Revenues excluding exchange operations declining slightly by 0.4% to 330 million euros. The news, however, may not be appreciated by the markets. These projected a net profit of 15 million euros.
For its part, NRJ Group is satisfied with these results. The group managed to improve its operating performance with a net operating profit up sharply from 38% to 25.4 million.Operating income for the handset business, which had sealed the results of their 2008 deficit of 9.5 million, were not disclosed.
Cleopatra and the TNT derive results
NRJ Group finds particularly strong improvement in the poles and television shows. The first saw its revenues rise by 75.6% to 43.9 million euros through the two channels of the TNT NRJ 12 (third string DTT) and NRJ Paris. The group managed to reduce its operating loss in this sector to 15.8 million against a 22.7 million.
The cluster performance makes the best performance with an increase of 712% of its revenues in 2009 to 26.8 million euros against 3.3 million the year before us fast cash !!!???!!!?? ?!!!."This strong growth mainly due to the success of the musical Cleopatra whose contribution to consolidated sales amounted to 25.0 million euros in 2009 compared to 0.5 million euros in 2008" , the company said.
In contrast, the pole Media music has suffered a fall of 15.7% of its revenues to 197.9 million euros.International operations also saw their incomes fall by 9%.
The title leads the DTH
For 2010, the group was cautious in a "fragile economic environment" and a "visibility remains low.
But positive signals are detected including "an improving trend on advertising revenues in March, thanks to sales growth in Radio France, which could therefore register growth in the first quarter of 2010 compared 1st Quarter 2009 ".
"In television, the trend remains strongly positive since the beginning of the year," the statement concluded.
At the Paris Stock Exchange, Friday, NRJ shares rose 12.01% to 7.18 euros, the largest increase in DTH in a market that yields 0.10%.
ALSO READ:
"Baudecroux" NRJ be more competitive this year "
After Greece, Portugal? The degradation of the note by the rating agency Fitch on Wednesday placed the country under the Lusophone market attention. But nothing is to fear the worst: Portugal is not Greece, although the weakness of its economy worries for the future.
"Comparing Greece and Portugal is really too simplistic," wrote economists at the outset of IPC BNP Paribas in a note. Take note first of the country. Greece, with a "BBB +" is two categories below Portugal, rewarded for his share of "AA-". The degradation of the note Portuguese did not, moreover, resulted in a panic on the markets.Shortly after the announcement of Fitch, the cost of insurance on the Portuguese debt increased by only 5 points early Wednesday afternoon, with 139 points, according to Markit data.
If Portugal has a higher score, mostly because its debt is less severe than that of Greece. It should reach 90% of GDP in 2010, when the Athens peak at 123.3% of GDP, according to the OECD.
Reform and credibility
The best that Portugal has maintained its accounts in large part to the reforms already carried out social security and pensions. Result, expenditures related to aging, reaching 16% of Greek GDP between 2010 and 2060, will be limited in the case of Portugal to 2.9%, calculated the European Commission. "The impact of these reforms will be felt in the future, limiting the burden of an aging population," noted economists at BNP Paribas CIB.
Having made these reforms in Lisbon has guaranteed a much greater credibility than that of Greece. Apart from a National Statistics trusted, the country should not face great opposition to social reforms, as demonstrated by the fiscal consolidation undertaken between 2003 and 2007 are essentially the economists.
Concerns for growth
The Portuguese public finances so little to do with those of Greece. But the economic prospects are not rosy, however. "Our concern is growth," says a note Gilles Moec, economists at Deutsche Bank. "We believe that the likelihood of a return to budget deficits of 3% by 2013 (against 9.3% in 2009, Ed) is low."
The country's lack of competitiveness, exports depend mainly on its neighbor Spain, very bad shape.Especially, the level of indebtedness of households and businesses has reached alarming levels, thus jeopardizing any hope of quick recovery in domestic demand and investment. According to Eurostat, household debt represented in 2008, 105% of GDP, and the business 134%. Cons respectively 61% and 62% in Greece.
The mobilization will she go in this Tuesday, two days in a large loss of the right in regional elections? Six unions (CFDT, CGT, FOR, FSU, UNSA, Solidaires) called on employees of public and private to a national day of action aimed at influencing government policy on political and social. If it comes shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions.
Tuesday afternoon, thousands of demonstrators began to march throughout France. If the number of participants were not recorded in Paris, 10,000 people marched in Nantes by the CGT, the police still had no figures available. They were at Le Mans 7000, according to police, 2000 in Vannes, according to unions.In Rennes, the mobilization seemed weaker. Also according to police, Lyon accounted as 10,000 demonstrators, Grenoble 5000, and Saint-Etienne 4400.
The strike of civil servants was also relatively followed in mid-day. The department estimated that 21% the proportion of striking teachers, estimated at 40% for the SNES-FSU, a rate higher than the previous mobilizations. 11.45% of the postal employees were also mobilized by the leadership. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT. At RATP, it would amount to 14% depending on the direction, the CGT-RATP not yet have figures to communicate.
Pension reform crystallized discontent
Two main points today crystallize opposition from unions, following a government reshuffle.
• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for a reform that reduces inequality. "Of course we must change our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics" best payday advance !!!???!!!?? ?!!!. Therefore, it could "be the sport at a social level," he warns.Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy. "If we follow this logic, women live longer should work longer," he argued. As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted. Probably heard a speech by the new Labor Minister, Eric Woerth, who insisted on Tuesday on the need to "protect" the current system "an equitable reform.
• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment. The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said. A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee.The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.
ALSO READ:
"SNCF: traffic estimates for strike
Berlin turncoat. The German government has officially informed on Friday that he was open to assistance from the International Monetary Fund (IMF) for Greece, after long vigorously rejected this option. However, observers believed the case heard earlier this week. The Europeans had a specific plan, they said. Today, the hypothesis of an intervention of the International Monetary Fund (IMF) in favor of Greece resurfaced.
"The situation is confused, everything changes constantly," says an observer of the market in Frankfurt. "We came out of the Eurogroup, on Monday, with the idea of a specific action plan for Greece in case of need, but since patterns are changing." The markets reacted Friday to the renewed uncertainty .The yield on the 10-year Greek climbed nine basis points in early morning, reaching 6.44%, the highest since February 26, reports Bloomberg.
If Berlin exchange of views, the European Central Bank and Paris rejected an IMF intervention. "Bringing an external actor in the system is to acknowledge that lack a brick to the edifice of the euro area, as has long denounced the Anglo-Saxons," says Gilles Moec, economist at Deutsche Bank. For Jean-Claude Trichet, President of the European Central Bank, admitted this weakness is beyond question. This institution would be missing other than the European Monetary Fund recently proposed by Berlin.
The eye of Washington
Moreover, "the France and the European Central Bank fear of losing some control of European monetary policy by allowing the intervention of an international player," Peter Westerheide analysis, an economist at ZEW (Center for European Economic Research) payday loans! !???!!!???!!!. The largest contributor to the IMF is the United States, leave the international organization for Greece is to give Washington the right to inspect the functioning of the euro area.
This argument is however a double edged sword. "Leave the IMF to pay back the United States to repair the crisis they themselves have caused," said Peter Westerheide. "Overall, the IMF is fed by many countries, the coup European countries pay relatively less in each case of assistance to Greece.This last point was what to seduce Angela Merkel, embarrassed by public opinion strongly opposed to any aid to the Greeks.
The IMF also has expertise in this kind of crisis. And for good reason: to help the country to the brink of bankruptcy, it is his job. The argument is advanced on the European scene, the Italian Finance Minister Giulio Tremonti: "Do not see the IMF as an external organization that meddles with what does not concern him, but rather as a bank offering … its capital and experience. "
These arguments, which seem to convince Berlin, partly defuse the blackmail of the Greek Prime Minister George Papandreou, if European aid too slow, it threatens to turn to the IMF. "Anyway, Greece can hardly resort to the IMF without the backing of other European capitals," said Peter Westerheide."His partners have enough pressure, especially through the many aid it receives from Brussels."
See also:
"SPECIAL – Greece, a challenge for Europe
After two days of contacts with the new CEO of France Telecom, Stephane Richard, and Chief Financial Officer Gervais Pellissier, the Oddo Securities analysts draw conclusions rather reassuring: the new management team "has the qualities needed to improve the social climate within the group, without deteriorating financial goals.
Stephane Richard, who replaced Didier Lombard on 1 March, has confirmed giving priority to the alleviation of social relations within the group.Oddo Securities said in a note published today have felt the new management as "very attentive, controlling well the great social, financial, and fellows of the group and sector, and wishing to show more transparency and sense that commercial shine.
Social criteria are taken into account for the premiums
Among the concrete steps, variable pay (bonuses) for a little over a thousand leaders in France will now be indexed to 50% on financial criteria (against 80% previously), to 20% on quality criteria Services (unchanged), and 30% on social criteria (non-existent before), if possible, quantifiable as absenteeism.
Furthermore, agreement with unions was recently signed to the senior part-time and mobility.And an action plan is provided, internally, to "motivate all the teams around unifying themes, they add, such as quality of service, accountability teams decentralizing some decision-making, improved working conditions, etc..
Management believes these new devices n'impacteront hardly the finances of France Telecom, which has already made "significant restructuring since 2002," says Oddo, who adds that the cost of social concessions is already integrated in the accounting 8 billion euros of cash flow in 2010.
The operational track
Besides the social side, management has raised a dynamic business "still very strong in the mobile in France and Great Britain. The target of 35% ADSL market share in 2010 is maintained.
Investments should be under control, "the group had no problem of saturation of its mobile networks. France Telecom does not accelerate but rather the deployment of 4G from mid-2011 if necessary, "says Oddo.
Considering all this information, the team of analysts expressed confidence in the ability of France Telecom to maintain its dividends "beyond 2011".
Acquisition strategy shy
No big acquisitions in sight. While St?phane Richard wants to promote growth in the long-term actions to respond to the stock market rising, it remains on the defensive. A shift could occur if a major consolidation movement was born.
France Telecom remains focused on some inexpensive targets outside Europe or purchases "in market" in the Old Continent.Oddo suspected a connection between Telenet and Mobistar, or rallying with a fixed player in Spain. In Britain, the broker anticipates that the joint venture Orange / T-Mobile UK will seek a buyer for its fixed network. Ultimately, it is also possible that the joint venture includes a British MNVO (MVNOs) like Virgin Mobile.
ALSO READ
St?phane Richard, an atypical reinvent France Telecom
"The inspection work overwhelms France Telecom
End of suspense at Heuliez? The Turkish investor Alphan Manas, including Industry Minister Christian Estrosi announced at the end of February, the nomination was finally signed Tuesday a memorandum of agreement for the purchase of automotive equipment. According to the Ministry of Industry, the agreement which provides for a capital increase of 30 million euros – which should also involve the Poitou-Charentes region and the state – should be finalized next March 31, for the greatest relief of employees Heuliez. Three million have already been provisioned by Brightwell, the fund's investment Alphan Manas.
The recovery of the industrial problem is a political problem, just days before the second round of regional elections.Given the impotence of the original buyer Bernard Krief Consulting to bring the 15 million that was promised to the court, S?gol?ne Royal, president of the Poitou-Charente, had itself announced in February the arrival of a new candidate , Macif payday loan . But it was another disappointment for the 660 employees Heuliez, the mutual has announced some time after its withdrawal. The Minister of Industry, also on deck for the placement into receivership of the supplier, assured even at the beginning of March to be sure "99.99%" of the future agreement with the investor Turkish. "It's a businessman recognized and valued," he then pleaded. The decision to do it Alphan Manas is not made less wait.
Christian Estrosi, who receive 16 hours Tuesday at the union of automotive, therefore welcomed Tuesday the decision "great news for Heuliez and its employees", while calling for vigilance. "By this date, it is important nonetheless, given the historical record, to remain cautious until the transaction is not finalized legally.
ALSO READ:
"BLOG – Heuliez Turkish flag?
The large loan can be used to finance part of the additional costs of the Airbus A 400M? More precisely, the envelope of 1.5 billion dedicated to aeronautics of the future. No, says Jean Arthuis, the centrist chairman of the Committee on Finance of the Senate. "It would contradict everything we have voted, because the credits were for the green plane of the future and that the A 400M, this is not the plane of the future," he said.
This track is actually considered by the government must find a solution to finance the share that goes to France in support of the additional costs of the program. EADS, Airbus' parent company, and seven states customers have agreed on a share of the 7.6 billion financial slippage.The countries have agreed an extension of 3.5 billion euros.
For France, the bill amounts to 950 million including 550 million to cover the rising price of the unit and 400 million in the form of repayable advances on future export sales. The Department of Defense will draw from its budget to fund the increase in price but not advances. Because they are not granted an extension for Airbus to plug a hole but a loan with a rate of interest which the State should pay heavily. As far as the A400M carries a fine international career where his potential is estimated at between 300 and 400.
Another track
The 400 million will be financed from departmental funds, has already said Herv? Morin, Minister of Defense. For supporters of the use of large loan, the A400M is a good candidate.They said it meets the eligibility criteria because it is an aircraft of the future – will be commissioned in 2013 and his life revolves around 40-50 years – it allows Airbus to develop a new range of 'aircraft, it uses 25% of composite material of the future in aerospace, it is still under development, it combines technological innovations that will have benefits in civilian industries, it will create 12 000 jobs in France.
Finally, highlights a very good judge of record, it is mentioned nowhere in the eligibility criteria that excludes borrowing large military aircraft. Technically, the proponents of the use of large loans have a strong case but respects he mind? It is less certain. It will be Rene Ricol, Commissioner General for investment, to judge.
Unless another solution is chosen.It would transfer into the basket of large loan funds research before its adoption, were housed in the general budget of the State. Then, the flexibility found would be used to finance repayable advances from the general budget.
The arbitration shall be made by Matignon in the coming months. But, says one, there is no urgency because the funds will not be paid to Airbus before one or two years.
As expected, the increase in U.S. indices is very shy. Investors are always in effect evidence of caution before the publication of several major macroeconomic indicators. In early trading, the Dow Jones and Nasdaq 100 advanced 0.04% to 10,572 points and 0.01% at 2340 points. Tuesday after a turbulent session, the U.S. stock markets finished slightly higher, the Nasdaq has shackled its tenth session in the green.
The next U.S. statistics are expected Wednesday, with the traditional weekly report on unemployment, wholesale inventories in January and after closing the federal budget in February.Weekly Market in the United States, will then be placed under the sign consumer with the publication tomorrow of the sales details for the month of February and the preliminary estimate of consumer confidence.
Oil finished down slightly on Tuesday on the New York market, falling from a high of eight weeks, the April contract closed down 0.5%, to 81.49 dollars, penalized by a stronger currency U.S..
AIG rise another 12%
On the side of values, the insurance giant AIG, which forced march to advance its restructuring was awarded 13% Saturday and climbed again this Wednesday, from 12.57% to 36.89 dollars. Traders welcomed the efforts made by the insurance company to reimburse the state aid, a shareholder at 80%. The group conducted a series of steep cuts to enable it to garner around 25 billion dollars.
Citigroup allows itself for its 4.19% to 3.98 dollars after yesterday awarded more than 7.5%. The state could sell shares in the bank.
United Airlines has announced a growth of 18% of its turnover in passenger transport on February. The president said the group observed clear signs of renewed activity. Note, however, the snowstorms have affected the company announced a loss of 40 million due to the cancellation of hundreds of flights. The securities are 3.69% on Wednesday to 18.83 dollars.
Facet Biotech Corp. has accepted the takeover offer made by Abbott Laboratories, priced at $ 27 per title, a cash offer totaling $ 450 million. Direct impact on the stock market: Facet Biotech Corp. explodes from 66.19% to 26.94 dollars.Abbott remains in equilibrium.
Cisco on Tuesday claimed a major milestone in the conquest of Internet connections at very high rates, presenting a new router overkill.