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Ministerial salaries reduced: UMP denounced a sham

"If I am elected, I do not gèlerai, but I stoop down the salary of the president and ministers of 30%." By November 2011, Francois Hollande had made the campaign promise very symbolic, while Nicolas Sarkozy marked the spirits in increase of 172% net salary (of 7,084 to 19,331 euros) on arrival at the Elysee. Presented at the first cabinet meeting on Thursday by the new prime minister, Jean-Marc Ayrault, the measure was formally adopted, confirmed by several cabinet members. Accordingly, the president and ministers will have their wages fall by 30%. "This is exemplary," explained Jean-Marc Ayrault Wednesday on France 2. This measure will be a decree. But this law, which will not be adopted before June and the election of the National Assembly, "will be retroactive," said the spokesman of the government, Najat Belkacem-Vallaud. It is therefore effective "as of May 15" date of the nomination of Francis Holland as president.

The gross monthly salary of Ministers will therefore decrease of 14,200 euros per month, to 9,940 euros. That of the Prime Minister will also be trimmed from 21,300 euros to 14,910 euros gross. Like, finally, the compensation of the President of the Republic which is equivalent to the Prime Minister. With a plane that has a surprising consequence. Ex-Ministers continue to earn more than their successors for another six months. Indeed, each team member Francois Fillon retain his salary during this period. A privilege granted to all former ministers, who lose their theory, however, other benefits.

In the camp of the UMP, the reactions to this first measure of government have not kept waiting. Jean-Francois Cope, the party's general secretary, described the pay cut of "deception" on Twitter.

I denounce the imposture, the clannishness and demagoguery are the appointment of the first steps of @ fhollande ump.org / news / esp

. – Jean-Francois Cope (@ jf_cope) May 17, 2012

It explains, in a statement, the government has Ayrault "14 members of more" than the first Fillon government. "We go from 15 ministers, four secretaries of state and a High Commissioner to 34 ministers and deputy ministers, an increase of 65%. Wage cuts of 30% can not hide this fact: the government of Francois Hollande will be far more costly to the taxpayer. "

Largest decline in Europe

If they come later than in other European countries, this decline in compensation of government is by far the strongest. One of the first to take this measure, as he tried to impose on his country a vast austerity plan, was the Irish Prime Minister Brian Cowen. From 2009, he had reduced his salary and that of his ministers by 15%. In the process, in May 2010, Spain followed the movement by announcing a 15% reduction of salaries of its ministers. In the UK, the British prime minister, David Cameron, newly installed in power, his ministers imposed a 5% decrease in their pay. A dry diet made subsequently by Italy and Portugal, among others.

In Europe a constraint to fiscal Germany still appears a prosperous island. While the German economy grew by 2% annual rate in the first quarter, Angela Merkel and her ministers were granted for the first time in twelve years an increase of wages. The Cabinet decided on Wednesday to a 5.7% increase in three stages by August 2013, bringing the salary of Angela Merkel to about 17,016 euros gross per month and those of his ministers to about 13,795 euros.

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The Crazy Horse dancers on strike

The Crazy Horse dancers déhabilleront did not tonight. According to RTL, the famous cabaret troupe voted to strike Monday almost unanimously, in the hope of getting a raise. The management has so far "refused or rejected" any negotiation, the performances Tuesday night and tonight were canceled.

The dancers however, were present Tuesday at the Crazy Horse, near the Champs Elysees, to explain their movement. One of them, Suzanne, told RTL micro "be paid at a rate more than deplorable," which does not take into account the constraints imposed by the cabaret. "We are asked to work 24 days a month. The Crazy Horse is not any cabaret. This is an exceptional place where the show is completely naked payday loans for bad credit. These features are not included in our earnings. "

The Crazy Horse dancers indeed work six days a week and take the stage twice a night, not counting repetitions. A meeting is planned with unions in the day. If social conflicts are rare in this area, Lido dancers had also expressed wage demands in 2003. They complained, according to Liberation, paid less than men and work in difficult conditions.

In a recent documentary, "Crazy Horse", the American filmmaker Frederick Wiseman revealed behind the scenes, sometimes less glamorous, the famous Parisian cabaret. Here's an excerpt:

Crazy Horse

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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

Unemployed, mutual choose what?

Coverage through the mutual company

Since 2009, the law allows employees to unemployment benefit for 9 months of maintaining its mutual after her dismissal. The former employer continues to bear its part: it can contribute to a cost lower than most comparable personal contracts. This is an interesting solution for the short term if this mutual offers individual coverage. However, if coverage is "family" imposed and that the recipient is single, a mutual personal can then be cheaper.

Mutual sharing

If the spouse or PACS itself has a mutual group, you can usually be associated with it, sometimes even for free during the period of unemployment and no medical formalities. If it is a personal health insurance underwritten by the underwriter, the attachment is also possible, but will then undergo a medical questionnaire (often oversimplified).

Namely: companies often offer a discount of up to 20% on the second contribution.

Keep or take out individual mutual

Unemployment does not affect the mutual: the insurer can not exclude the beneficiary. It is recommended to note the change of status, it's part to provide information. Some also provide mutual free contributions for the period of unemployment of their members, subject to seniority and within certain limits. For those arriving after the hold period of hedging business, better not to wait until the last moment to buy, because of waiting periods.

What guarantee should you subscribe?

If it is not necessary to provide very high coverage on dental and optical period of unemployment, we must not overlook the medical expenses and hospitalization. If the new employer imposes a mutual company, it will then suffice to terminate this mutual personal at any time.

Note: the new mutual company may provide a waiting period. Better to wait until the end (and that of the trial period) to cancel his personal health insurance.

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Stages of Euro 2016, a bet for majors in construction

Finally, the new stadium in Lille will be delivered on time. "We'll play mid-August our first game of the season at home," says Michel Seydoux, chairman of the LOSC which evolves in Ligue 1. But behind the scenes, the standoff is not over. Reportedly, Eiffage who built this house demands a hundred million to his client, the urban community of Lille. Concerned, administrative delays that forced the construction group to leverage teams to meet deadlines.

With the organization of Euro 2016, France has decided to rejuvenate its fleet of stages. Four out of the ground and go four or five others will be renovated. Operations treacherous. Especially for construction groups that often lead these operations as a PPP (public private partnership-). Clearly, they build these speakers with their own funds and bank loans and are remunerated by the operator of more than thirty years. Vinci will manage this formula with the new stadiums in Nice and Bordeaux, Lille and Eiffage that of Bouygues Stade Velodrome, Marseille being renovated.

The obstacle course begins with countless appeals to justice. They can block the project because if they are serious, banks may freeze their loan. A random number taken seriously in view of the foregoing. At Valenciennes, the new stadium was delivered in July 2011 with a year late. The work was interrupted several months due to legal proceedings.

In Bordeaux, the partnership agreement itself, which is contested before the Administrative Court. "The process is ongoing but does not prevent us from pursuing studies prior to construction should begin in a few months," said Fadi Selwan, development director of Vinci Concessions. The Group therefore maintains delivery in 2015.

Disappointment at Le Mans for Vinci

In Nice, there is an appeal against the building permit. But banks have tried without real danger. They finance the construction site so that advances at a good pace. And the stadium should be finished, as agreed in the summer of 2013. Same optimism to meet deadlines in Marseille while the renovation takes place in the Velodrome stadium where an OM continues to play its games. "The major work is completed and a forum of four is remade," Bruno slips Botella, Bouygues support to manage this grant. Result, the Velodrome, in its new configuration, scheduled to open in June 2014.  

Once completed, the hard part begins for construction groups responsible for operating these speakers. For this brand new business may be of surprise, as was discovered by Vinci, dealer of Le Mans stadium, inaugurated in January 2011. This enclosure was configured to seat 25,000 for a club in Ligue 1, or the home team is behind the bottom of the standings in League 2. "We have significantly reduced the rent charged for the Le Mans FC matches and the club did not make the 6 million to the concessionaire as planned," says one at Vinci.

The risks are smaller for stadiums built in large cities. But several questions remain. For example, to maximize their operations, construction groups expect all of revenue related to the organization of concerts and shows in addition to games of the resident club. The stage is betting on Lille from 20 to 25 such events. The Velodrome in six. Remains to be demonstrated that there is enough events could fill a stadium area.

Finally, all expect finding a group willing to pay five million a year minimum to give his name to the stadium. But for now, nobody has found a generous patron.

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The German left reopens the debate on the ISF

Inspired by the French Socialists, the German Social Democrats just put a swing to the left. The SPD has decided to revive the wealth tax. Four German states, ruled by the great party of the Left, have announced their intention to submit before the summer in the Bundesrat, the upper house of Parliament, a bill for the reintroduction of a "Vermögensteuer" (ISF) modernized.

"The SPD has never hidden its emphasis on social justice. We can not simply cut down spending to meet the golden rule. That is why we are determined to pave the way for the reintroduction of the wealth tax, "said Carsten Kühl (SPD), Minister of Finance of Rhineland-Palatinate. Led by the SPD, Rhineland-Palatinate, North Rhine-Westphalia, Baden-Wuerttemberg and Hamburg will present, before the summer break, their text in the Bundesrat, which are represented the German regional states.

Their proposal includes a tax rate of 1% for individuals and businesses. This should apply to people whose heritage is over two million and save the middle class homeowners. Calculated by the SPD, this FSI could relate to the federal state between 8 and 10 billion euros per year. However the text is unlikely to be adopted in the Bundesrat, where Angela Merkel has lost its majority, but where the SPD does not have an absolute majority cheap business cards. And it would still be ratified by the Bundestag, the lower house of parliament, dominated by the center-right coalition of Chancellor.

Elections

Whatever. For the SPD it is to lay the groundwork for the legislative elections of 2013. The German Social Democrats had considered the proposal outrageous tax to 75% of the very rich made by Francois Hollande. The reluctance of the socialist candidate against the golden rule also raise the misunderstanding of the German left. But she sees the ISF a good opportunity to stand out from the Chancellor on matters of taxation.

Across the Rhine, the income tax is capped at 42% with a special 45% said "tax the rich", for those whose monthly income exceeds the 250,731 euros. The Constitutional Court in Karlsruhe ruled in 1995 that the income tax could not exceed 50%, whereas beyond this was a confiscatory measure contrary to the fundamental law. And the federal government, which has never carried out the modernization demanded by the Court in Karlsruhe, has stopped collecting the tax on capital in 1997.

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Taxes: what lies ahead!

"Ask the fiscal program of Sarkozy!

"Ask the fiscal program of Holland!

It speaks only of "it": family, friends, in shops, on leaving school … Less candidates in the presidential election evoke, he obsesses over the French. "It" is the higher taxes will fall on taxpayers in the coming months. For if not all are promised the same tax hell, few people are certain to escape. ISF for VAT through the income tax, local taxes or the CSG, all candidates for president – without exception! – Promise to raise taxes. More than seven in ten French expect, according to our survey Opinion Way – Fiducial.

Recognizing the need to redress the public accounts, the French are frankly skeptical about how go about policies. According to our survey, 83% believe it would be better to start by addressing the reduction of public expenditure. Las … Both favorites of 6 May, Nicolas Sarkozy and François Hollande, have detailed these days their tax proposals, which leave little doubt about their intentions.

Click on the thumbnail to enlarge the graphic.

Side of the president candidate, it is argued that the rebalancing of accounts goes to three quarters by controlling public spending. Higher taxes will do that for one quarter. Moreover, it adds in the entourage of the head of state, the bulk of tax increases has already been voted. In recent months, 32 billion in new revenues were indeed acts by Parliament and began to take effect. It is largely due to the increase in the tax burden that France was able to record a deficit lower than expected in 2011: 5.2% of GDP instead of 5.7% originally expected.

The reduced VAT rate increased from 5.5 to 7% in late December (except for staples). Social charges on savings have been identified, tax loopholes, planed, and an outstanding contribution is requested with the highest incomes. A total of 11 billion euros of additional levies on households' most-favored "have been decided," because the solidarity required "at this time of crisis, Nicolas Sarkozy justified in his Letter to the French. How to respond to the argument of "tax giveaways to the rich made" repeated by his opponents to long speeches.

Conspicuously absent from the count of the president candidate, rising by 1.6 percentage points of VAT, already passed, is expected to come into force on 1 October. "It is not a levy increase, as it will be fully offset by reductions in social charges on low wages," says one of his entourage. Not sure this is enough to convince the French, skeptical of this "social VAT" (52% opposed, according to our survey).

Nevertheless, it remains to be Nicolas Sarkozy another 8 billion euros to find to meet its goal of a return to 3% deficit next year. But the UMP candidate has promised if re-elected, "no tax increase will weigh on households', except the famous" tax on tax exiles, "which he expects 500 to 700,000,000 euros year.

tax reform is the No. 1 priority of Holland

With Francois Hollande, however, taxpayers will not have completed the tax increases. If elected, the Socialist candidate wants to make tax reform the "mother of all reforms" of his five years. He warned that the tax burden would contribute half the recovery of accounts of the country and announced a forty billion of new taxes, of which 16 billion would weigh on individuals, especially the "most affluent". The team of the socialist candidate is careful to note that these increases would be added to those of M. Sarkozy … because, apart from the increase in VAT on books (from 5.5% to 7% since April 1) and the "social VAT", the PS candidate does not come back on measures already enacted.

By the summer, according to its "road map" published on April 4, Parliament would be asked to vote shock measures announced during the campaign, such as capping of tax loopholes to 10,000 euros per year, great tranche of 75% for revenues of over EUR 1 million, but the end of the tax exemption of overtime.

Despite this clarification in the calendar, remains a big blur of headlights more ads. For example: measures of higher taxes on income, such as super-slice or ceiling niches, would come into effect this year or January 1, 2013? The tax on millionaires would it apply to income tax or the home, such as tax practitioners presentiment, by hand? What about the ISF – payable in June – that Francois Hollande plans to burden? Would it be postponed until September? Is there a tax shield to 85% of income as suggested by the candidate? His entourage of these questions is swept out of hand: "These are questions for a budget minister, not a candidate as president." Tuesday, Michel Sapin, in charge of the socialist project, said the super slice to 75% would last "as long" as the recovery of the finances of France require.

Beware of leaving headquarters

Meanwhile, it was panic. Tax consulting firms claim to be inundated with requests for expatriation. "There is a before and after 75%," says a Parisian tax. Unprecedented fact, artists stamped on the left as Jamel Debbouze have spread in the media against proposed tax of Holland. Francoise Hardy has even been suggested (Paris Match 5 April) that it would move to London if they win socialist. Not sure that her friend is still a rose … Especially as the Socialist candidate, in reply, accused the stars of "whining" about their taxes! But the Dutch team, in private, multiplies the reassuring statements. The super slice? This is to "send a signal to the bosses of the CAC 40 and their extravagant salaries," they say. Everything will be done to protect athletes and artists (how? Mystery, equal taxation is a constitutional principle sacrosanct).

And for everyone else? For the Socialist tax plan, if passed as is, would increase the rating of millions of taxpayers, far beyond a few hundred privileged, as shown by simulations that we have asked the Cabinet Delsol Lawyers. Certainly, large estates and high income are at the forefront. But they are not alone.

Take the alignment of taxation of capital income on those work. This provision "could have important implications for public shareholding," warns Mathieu Le Tacon, Delsol of Lawyers, which states that dividends are already taxed once at the corporate income tax (33.3%) in the company before being taxed at the shareholder. The taxation of overtime? It will affect many employees, and 235,000 teachers who have won, thanks to them, additional one billion euros last year.

Poker legend behind the "Whale of London"

Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.

The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.

This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.

Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.

An aberration of market

Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.

Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.

The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .

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SFR has to reinvent itself quickly

This is the first interview with Jean-Bernard Levy, CEO of Vivendi, since he took over the reins of live SFR, after the departure of Frank Esser end of March. Jean-Bernard Levy happening every day at Defence Headquarters SFR. Including Saturday. Then he joined the headquarters of Vivendi, avenue de Friedland, near the Arc de Triomphe.

At 57, this X-Telecom – who began his career at France Telecom and Matra, before being chief of staff of Gerard Longuet, Minister of Industry under Balladur – knows that his time is short. It should give fresh impetus to the second largest French mobile, thrown by the arrival of Free Mobile and convince the supervisory board of Vivendi to preserve its trust. Some accuse him of having bought at full price – € 8 billion – the 44% stake held by Vodafone SFR yet, just a year before the arrival of Free Mobile does not strongly affect the margins of SFR.

21 million mobile customers

Today, Jean-Bernard Levy must reinvent SFR, which weighs 12 billion in revenue and has almost one in two French among its customers: 21 million mobile customers and 5 million subscribers to Internet broadband no fax payday loans. Faced with the loss of 200,000 customers in six weeks, the operator has responded by lowering prices of its offerings classic "Square" and its low-cost offerings sold online "Red". An adjustment that will weigh on margins in 2012 but in 2013, gradually as current customers under contract will reach the end of engagement. The margin of EBITDA (EBITDA) and should decrease by 12% to 15% in 2012, representing a shortfall of around 500 million euros.

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Penly: a reactor to stop the

The center is operated by EDF Penly low interest rate personal loans.