All World

Brussels denies the existence of a contingency plan in case of exit of Greece

From our correspondent in Brussels

Between doves and hawks her, Euroland barely keep a cool head on Greece. In a sentence, the European Commissioner Karel De Gucht has upset all the Friday speech intended to persuade Greek voters to make sacrifices if he wants to keep the euro.

"The ECB and the European Commission (…) study of emergency scenarios if Greece does not recover," dropped Karel De Gucht Belgian daily De Standaard. It was enough that a news agency transforms the event into "emergency plan" to exit the euro as markets become inflamed Friday.

Brussels later denied, against all probability, the very existence of the crisis scenario, whereas it is the role of staffs to anticipate. The ECB itself does not exclude it. Known for his outspokenness, Commissioner De Gucht is not the first to trip in the contradiction of speech.

The weekend is its chief Jose Manuel Barroso, who set fire to the powder by saying that "better" than Greece leaves the euro if it refuses to play the game President Committee had to make amends, just before reaching Washington, ensuring that Athens "is part of the family." Monday, it was the turn of Maria Fekter, Austrian Minister of Finance, a slap on the wrist because she wanted to leave Greece to the euro and the EU, even then readmit him.

To impress the Greeks, the European discourse can not ignore the scenario of rupture. The problem is that whenever the "bogeymen" open their mouths, they also wake up the specter of a breakup of the euro markets.

Profitable strategy

In Greece, the radical left Syriza, credited with 20% of votes in the polls, seen in the parliamentary elections of 17 June a referendum for or against the austerity, the euro should remain in the table. Europe, tired of paying to no avail, distills a message more complicated: June 17 it will be a referendum for or against the common currency, knowing that the rejection of the euro would lead to bankruptcy even more expensive for the Greeks.

The approach – now responsible Greek, European solidarity later – was agreed in Athens with the two traditional parties, the conservative New Democracy and PASOK socialist, says one in Brussels.

Without interfering officially, Europe wants to make clear to the Greeks that they can not pull the cake and eat it too. In return, Europeans are showing their commitment and offer a promise of better times. These days, were so bent on the exercise for Jean-Claude Juncker of Eurogroup, Mario Draghi for the ECB and Francois Hollande and Angela Merkel in Berlin: "Greece must remain in the euro."

Despite these boondoggles, the strategy can pay off. The conservative New Democracy (ND) replicate the advantage over their rivals Syriza recent days, according to surveys, in Athens opening the prospect of a majority in favor of austerity. Karel De Gucht said himself: the endgame has begun and the question "is whether everyone can keep his cool" to the end.

Trichet's plan to save the euro

.

To avoid the breakup of the euro, the former ECB President Jean-Claude Trichet claims to have a plan: put the financially troubled countries under the tutelage of Brussels, if it is unable to implement policies budget approved by the EU. It would operate a federal mechanism "outstanding", when fiscal policy of a Member State slips to threaten monetary union.

"Federalism exception seems not only necessary to ensure a strong economic and monetary union, but it could also adapt to the true nature of Europe in the long run," said the former president of the ECB to Peterson Institute in Washington. The idea is not new. It was proposed by German finance minister, Wolfgang Schäuble, who wanted to entrust the finances of Greece to a "supercommissaire". Interference rejected by Athens as deemed "undemocratic".

ALSO READ:

"Eurozone: Obama urges Europe to act

"The vote of the Greek on June 17 will be a referendum on the euro

"Mario Draghi evokes the release of Greece to the euro

"The vote of the Greek on June 17 will be a referendum on the euro

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

"Words mitigate a brutal reality"

Le Figaro – Why this book?

Christophe Chaptal de Chanteloup – The elements of language management has always struck me and amused. However, this language becomes troublesome in times of stress: flowery and poetic, he is far from making abrupt dismissal and restructuring that we know. And the action is more brutal, more vocabulary is elliptical.

This shift is also embarrassing for those who lead the game for those who are its victims. I campaign for the use of simple terms: "I dismiss you," instead of "we urge you to consider a track external developments."

That reflects the use of these words?

They may reflect a lack of strategy: one says anything to occupy the space. Conversely, the strategy may be clear, but the manager did not dare express it because it is politically incorrect. Attenuate the words then a brutal reality, as the "backup plan for employment", which saves only the use of those left

free credit score online.

What are the risks of this fuzzy language?

The weight of political correctness, the fact of wanting to be inclusive of as many of the sensibilities and finally make the speech unintelligible.

By disconnecting the language of reality, that reality is no longer included. This practice is detrimental to individuals and organization, which in the long term, lose their bearings. By dint of saying anything, you end up doing anything.

ALSO READ:

"Do away with the jargon of management

"The best of the worst expressions of office. With Cadremploi

SERVICE:

"Job offers in France and abroad with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

Fuel: rising employment pummel

What relationship between soaring pump prices and unemployment? According to economist Etienne Wasmer, Professor at Sciences Po Paris, of high fuel prices could deter some French to take a job: "Rising fuel prices, draping in the cost of traveling between home and work, could have a negative effect on employment. "

Difficult to say how many people are in this case. But it is possible to draw a sketch of the ideal victim of rising fuel prices. "It affects rather low wages, those who have little hope of earning more by working away," says Régis Bigot, Research Center for the Study and Observation of Living Conditions (documentary credit). In sum, the French low-skilled, paid at minimum wage, usually working part time.

These American rappers become entrepreneurs

"I'm not a businessman, I'm a business, man! *". This sentence from Jay-Z – the title Diamonds From Sierra Leone Remix by Kanye West – sums up the prevailing situation in the world of American rap. At the head of a fortune respective $ 450 million and $ 100 million, the two artists will be performing in Paris-Bercy in June, are real business men. And they are not alone. P.Diddy, 50 Cent, Dr. Dre or Pharrell Williams, these rappers are also producers, composers, actors sometimes but mostly contractors.

For most self-made men, from disadvantaged backgrounds, the American rap stars today are wealthy. In addition to the income they derive from the music is by increasing business partnerships, equity investments or launching their own brands that they have become real cash machines. The latest example, Snoop Dogg released in April his trademark cigars Executive Branch. P.Diddy expected him to launch his own tequila.

Jay-Z, entrepreneur model

Investing turns to alcohol, clothing or food, these artists have become multimillionaires. Thus, the famed producer Dr. Dre has seen the brand of headphones he had founded in 2008, Beats by Dr Dre, being acquired last year by the Taiwan-based HTC for a whopping $ 300 million.

Thanks to its partnership with Diageo, the world of spirits, P. Diddy could become the first billionaire rapper dollars if we are to believe Forbes magazine. Ambassador of the Ciroc vodka brand, it also supports its development. Marketing, management, the rapper takes care of everything and receives 50% of profits. His fortune is now estimated at $ 475 million.  

But he who is cited as an example is Jay-Z. Author of a biography of the rapper from Brooklyn, Empire State Of Mind, the reporter Zack O'Malley Greenburg of Forbes sees in him a model for ambitious of any contractor to build a business empire. In 2007, the sale of his Rocawear clothing line, had allowed him to pocket $ 204 million. Label boss, he is also a minority shareholder of a NBA basketball team, the New Jersey Nets and co-founder of the chain of clubs 40/40.

French rappers go at it too

To advertise their own brands, they can rely on themselves for long references in their rap songs. They also benefit from their address books thick and artists they produce to make a perfect product placement in their videos. The ambition and the cult of success are perfectly claimed. They are even in the heart of their brand. The rappers are betting on the fact that in addition to consuming their music, fans will adopt, and therefore buy, their lifestyle. "My brands are an extension of myself, Jay-Z told the magazine Men's Health. All my things are a part of my culture. " His music is inseparable from his business.

American rappers are not the only ones to diversify their incomes, French rappers go at it too. Like Booba who launched his clothing brand streetwear Unkut in 2004. Precursor, was created in 1998 JoeyStarr brand Com8 (Come-Eight) with two partners. It has benefited in its early stages of the promotion by both members of NTM.

Some fans will blame these rappers emblematic of a new kind of move away from the original message of the rap genre protest denouncing the inequalities and injustices. Still, in 2010, Jay-Z was the one of Forbes magazine along with the American billionaire Warren Buffett. A form of consecration.

* "I'm not a businessman, I'ma business"

ALSO READ:

"The rappers richest Americans

"Jay-Z and Kanye West, Neither did the video for In Paris

The final closure of Florange looms

"We will put patterns Florange unemployed by taking control of the plant." Edward Martin, representative of the CFDT EWC ArcelorMittal, wants offensive. The occupation of the site, scheduled for tomorrow, is a direct consequence of the extension until 30 June of the closure of two blast furnaces Florange, the last of Lorraine. "The direction we to understand that, barring a miracle, this closure would last all year," says Edward Martin.

For several months, the largest producer of steel has many announcements to reduce its production capacity. Spain, Belgium and France but also Romania and Czech Republic were affected. Today, only the blast furnaces in Liege never reopen. Other closures are for the moment, temporary.

A temporary measure reaffirmed to the minister, Eric Besson

Bourrier Hervé, President of ArcelorMittal France, reaffirmed that "temporary" to Eric Besson, Minister of Industry, last week. Employees such as trade unionists fear yet more than this closing becomes final. The clues that point in this direction are beginning to be numerous.

"A blast furnace is designed to run continuously, says an industry expert. It degrades when it is not the case. "The first blast furnace Florange is closed since June. The second since October. Investment and maintenance are reduced. Some were made late last year but "there is nothing for a month and a half" notes François Pagano, CFE-CGC delegate. "The industrial base is deteriorating, laments Edward Martin. With the cold, some lines broken. "Worse:" The founders began to be reclassified in the group. Leaders do not take it otherwise if they had close Florange. "

The recovery of orders has not changed all that

The recovery of orders failed to revive the plant. Aditya Mittal, CFO of ArcelorMittal, said on publication of results in 2011 that "shipments are much better than the fourth quarter of 2011, but we are still far volumes 2006, 2007 and 2008." What does surprisingly, these years being excellent.

Francois Pagano explains that "the business unit North, including Dunkirk, Florange, Benelux and Germany, recorded 3.7 million tons of orders for the second quarter of 2012 while its production capacity is 3.8 million . So the plants are running at 97% capacity. At this level, it would be possible to reopen Florange to avoid a potential bottleneck. "

Finally, the closure would be consistent with the group's strategy to focus on very large production units in coastline at Dunkirk and Fos sur mer in France and Bremen in Germany Same day payday loans. The justifications for the closure of Liege seem perfectly applicable to Florange. "ArcelorMittal is considering a gain of 56 euros per tonne, which would be credited to the closure of Liege and transfer the production of slabs (Note: raw material for the manufacture of sheet metal) to Dunkirk," says the firm Laplace Council A study commissioned by the Walloon region. The forward gain is identical to Florange: "The leaders explain that ArcelorMittal bring slabs from Dunkirk saves 50 euros per tonne," confirms Francois Pagano.

With increased action "punch", although some have put Florange in the heart of the current election campaign. "Getting a formal commitment of a private company seems complicated," admits to the entourage of Eric Besson. A conclusion which adheres Francois Pagano whose only solution is to "convince Lakshmi Mittal's economic interest Florange".

"Ulcos" or last resort

All actors in the Lorraine steel cite Ulcos project, the acronym for "steel making process at very low CO2 emissions," as salvation for Florange. Launched in 2004, this is a program to find new techniques to produce steel with less carbon dioxide (CO2). Investments for carrying out are huge: 650 million euros! The French government has already pledged 150 million euros of funding. And Brussels could bring 250 million additional. ArcelorMittal leaders have vowed to launch Ulcos, and bring the balance of funding, if EU subsidies are granted.

Except that many obstacles have arisen in recent months. First techniques. The processes developed by Ulcos involve capturing and storing carbon. But experts are beginning to question this technique both for environmental reasons and efficiency.

Then the price of CO2 allowances collapsed in recent months, making plans to reduce CO2 emissions less urgent to implement. And nothing suggests that prices will go up quickly. In difficult economic times, as is currently the case, companies may be reluctant to invest in such technologies if there is no immediate financial implications.

Finally, there is little doubt that ArcelorMittal will decide to raise, or not, Florange on the basis of the only economic criteria. "The management of ArcelorMittal has told us clearly that Florange restarted if the market justifies it, and not only if Ulcos born," stated Michel Liebgott recently, area MP Florange.

ALSO READ:

"France will not abandon the steel

Management-finance salaries in hiring on the rise

Many of vacancies, but demanding industry on skills and candidates who sought are upping the ante: all the ingredients were there in 2011 to boost wages for employment.

Indeed, according to the latest study by Robert Half, executive compensation in finance and accounting have increased 5 to 10% compared to 2010 on trades in vogue as management control, financial control and audit internal. A management controller with three to five years of experience and could expect between 40,000 and 63,000 euros gross per year. Accountants, whatever their level, have also benefited from the situation. Now, the gross annual salary of a single accounting with five years experience ranges from 30,000 to 34,000 euros gross. That of an accountant suppliers or customers is between 22,500 and 27,500 euros, depending on experience.

Offer prospects for premium

According to the annual survey of salaries Expectra 2011, the highest salary increases related to the management controller (+10.8%), the administrative and financial (+9.3%) and the Financial Analyst (6 + , 5%).

All companies have not yet joined the trend. At risk for more cautious, to see quality candidates decline their offer. No doubt they will be more flexible on wages to convince the best. Even suggest the prospect of premium for not going out of the pay scale. But in these trades, the variable portion rarely exceeds 10 to 15% of fixed salary.

ALSO READ:

"The corporate finance recruitment continues

"SPECIAL CADREMPLOI – the audit industry consultant

SERVICE:

"Find the latest jobs with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

Aid to Greece: an important vote on Thursday in Germany

The green light from Germany, expected today, will be symbolic and decisive. The expansion of the powers of the European Financial Stability (EFSF), with 440 billion euros, as decided on July 21, is one of the keys to the debt crisis in Europe. But it requires the agreement of seventeen members of the euro area.

After France, Belgium, Spain, Greece, Ireland, Italy, Luxembourg, Portugal and Slovenia, the Finnish Parliament yesterday approved the building.But Finland has still not clear what the additional security that it intended to apply to Greece in return for future loans could be guaranteed in the country.

In fact, while the European Commissioner for Economic and Monetary Affairs, Olli Rehn, said two weeks ago that all States in the euro area have ratified the project at the end of the month, the cacophony in the field is law.

Slovakia has postponed its vote on October 25. His prime minister supports the expansion of missions of the Fund, but are still strong disagreements within the governing coalition. Member of the euro area since 2009, was the only country to refuse to participate in the first loan to Greece last year. And the head of Parliament is prepared to "torpedo" the project."My goal is to ensure that Slovakia will lose billions of euros ( business card…) The European Union does not need our money," he said.

The specter of bankruptcy

Because Greece is still afraid. Czech President Vaclav Klaus, interviewed by American television outside of the last UN General Assembly, said without hesitation that perfectly imagined that "a country so in the euro area." He added: "I'm afraid that European leaders are still spending lavishly to Greece."

An opinion widely shared by Austria, which must meet its Parliament on September 30, and whose foreign minister recently said that one could legitimately "consider bankruptcy of Greece."Like all small countries that have not voted – Cyprus, Estonia, Malta – he ensures that he wants to rely on the results of discussions between Athens and the Troika (ECB, Commission, IMF). But the finance minister said although this ultimate solution is "better than a rescue too expensive."

ALSO READ:

"Barroso scratches Berlin and Paris on governance

"The calendar extension to the euro area

"Rescue of the euro: Paris ready to go further

"Greece" no alternative "to the second aid plan, according to Baroin

Bank: call to order de Lagarde

Declarations of Christine Lagarde at the Jackson Hole conference in the U.S. have caused confusion. Concerned about the deteriorating global economy, the executive director of the International Monetary Fund said before the central bankers that European banks' need urgent recapitalization. " The former economy minister added: "This is the key to cut the chain of contagion."

Thus, for the IMF, "the most efficient would be a substantial recapitalization mandatory European banks with private funds in the first place but also of public funds if necessary." Christine Lagarde has called for research by the policies of a common vision for the future of the continent.

But the executive director of the IMF gave no indication about how to get there.Thus, Sebastian Bartholomew, credit analyst for Louis Capital Markets believes that the statements of Christine Lagarde is "a call to order IMF but do not provide concrete solutions." The specialist also wondered what private funds would be inclined to give money to banks, "who wants to bring money to the banks unless the States?" Support from private funds, wanted by the former tenant Bercy seems to be excluded.

Regulators want details

Thus, fearing that such a disadvantage about the banking sector already affected by the stroke of tobacco stock this summer, some regulators would consider asking the IMF chief to clarify his remarks, reports the Financial Times.Indeed, while Europe is mobilizing to try to reassure investors on the health of major institutions of the old continent, reports Christine Lagarde could undermine their efforts credit reports free. The stress tests were particularly aimed at reassuring the financial community. French Banking Federation (FBF) was also stressed that French banks "have passed the stress tests in July European and ACP, the national supervisor, performs regular checks to ensure the smooth operation of banks' .

As such, the FBF reiterated this morning that the French system has full confidence. The Federation reiterated, like what she wrote on August 19, that 'capital levels are well above regulatory requirements and programs for refinancing in the medium and long term are conducted under conditions quite satisfactory. "

And the banks themselves have reiterated they do not need to raise new money. In early August, to mark the publication of its results, Societe Generale has reiterated that it has strengthened its financial strength, and for BNP Paribas. August 25, Crédit Agricole has also sought to reassure. The bank, whose accounts the second quarter suffered a heavy burden to Greece, said it had to end in July of more than 120 billion of liquid reserves immediately available. Jean-Paul Chifflet, general manager of the bank, had also told the BBC: "We have no difficulty in funding us."

In exchange, banking stocks are holding up well CAC40.Credit Agricole advance of 1.1%, 1.3% BNP Paribas, Natixis and Societe Generale 1.7% against an increase of 1.3% for the CAC 40.

ALSO READ:

"Greece is less than expected in the Crédit Agricole

"Chifflet:" We have no difficulty in funding us "

"Obama, Lagarde, Bernanke for another stimulus

Wall Street ends on a rebound after Fed speeches

A disappointment, yes, but short-lived. After opening down moderately, Wall Street initially widened its losses after the speech, as expected, Ben Bernanke. This involved the measurement of the Fed to support the U.S. economy at annual meetings of the Fed's Jackson Hole (Wyoming). But the New York indexes were quickly taken: at the close, the Dow Jones gained 1.20% to 11,283.17 points. The S & P 500, wider, takes 1.49% to 1176.57 points. The Nasdaq dominated by technology advance on its side of 2.47% to 2479.44 points. Over the whole week, the Dow gained 4.3% and the S & P 500 4.7% and the Nasdaq 5.9%, reversing some losses last week.

The Fed chairman did not communicate further decisions to boost growth, leaving the possibility of a new monetary easing later.Yet he managed to reassure the markets by stating that "the foundation of growth" were still there in the United States. "It is clear that the recovery after the crisis was much less robust than we had hoped," he acknowledged, however,

He also announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money. Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

Just in Europe, the indices sank after the speech of Ben Bernanke: The CAC 40 ended the session on a drop of 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%.Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke. This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

As for currencies, the euro is regaining ground against the dollar after the speech of Ben Bernanke. To 22h (French time), the European currency was worth 1.4486 dollars against 1.4378 dollars on Thursday night.As for the oil markets, U.S. crude oil ended up slightly, and snapped a series of four weeks of losses. Since Monday, oil gained 3.11 dollars or 3.78%. On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of 7 cents to 85.37 dollars baril.Dans the same time, Brent advanced 0.61%, or 68 cents to 111.30 dollars.

Wall Street should open normally by Monday morning as Hurricane Irene is expected to reach the East Coast of the United States this weekend. The New York Mayor Michael Bloomberg on Friday ordered the mandatory evacuation of more than 250,000 New Yorkers living in vulnerable coastal areas before Saturday 17 hours. "We intend to be open for trading Monday.We have a device to respond to such events, to the market to function while ensuring the safety of our staff, "said a spokesman for the New York Stock Exchange AFP.

Values ​​of the day

On the corporate side, Madison Square Garden (1.31% to 23.14 dollars), Frontline (-0.15% to 6.47 dollars) and Royal Bank of Canada (-2.69% to 49.89 dollars ) must be published.

Tiffany (9.35% to 69.01 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars. (Consensus: 3.56 dollars per share).

HollyFrontier (7.17% to 70.73 dollars) has reported a dividend increase of 17% to 8.75 cents.MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (9.31% to 8.57 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Boeing (-2.78% to 62.80 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation.The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.