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Hesitant, Wall Street closed on a small rise

The U.S. stock markets in the green close an arduous one session on Tuesday. After starting down, the Dow ended with a gain of 0.40% to 11,105.85 points while the Nasdaq climbed 1.49% to 2532.15 points and the S & P 500 by 0.91% in 1172 , 87 points.

Investors had eyes turned to Europe, where each new about the problems of sovereign debt is analyzed carefully. Like yesterday, the news that Rome had asked Beijing to make significant repurchases of its sovereign debt, has indeed done so. While Italy has been completely denied the reports, the fact that China could get involved gives some confidence to operators.

Similarly, another new fueling hope the five emerging BRIC (Brazil, Russia, India, China, South Africa) should discuss next week the opportunity to assist the EU in turmoil the debt crisis. They could increase their holdings of bonds denominated in euros.

Finally, the announcement of a conference call Wednesday between Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor feeds market recovery. Some investors have been dreaming of sensational announcements.

The United States involved

U.S. operators, such as Europe and Asia, remain very concerned about Greece. They fear it will not be able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe.An output of the euro in Greece is also now considered by many economists.

This morning Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF), said on iTV that Greece may have to undergo further restructuring of its debt than expected. German side, Angela Merkel is trying to catch up about his Economy Minister Philipp Rösler, who spoke Monday the event of a default of Athens.In a radio interview BBB, the Chancellor found it necessary to "avoid any uncontrolled process in the euro area."

The United States also stressed that they became involved in resolving the crisis in the eurozone, as the Treasury secretary, Timothy Geithner will participate Friday in the meeting of Ministers of Economy and Finance Union European Poland.

The U.S. deficit rises again

On the foreign exchange market, the euro was down slightly Tuesday against the dollar and the yen on Monday after falling $ 1.35 for the first time since February and the lowest for 10 years against the yen, and the voltage was strong, the markets fear more a possible failure of Greece.At the opening in New York, the European currency was worth 1.3673 dollars against 1.3624 dollars.

As for oil prices, they ended up sharply Tuesday, the market betting on a sharp drop in crude inventories in the United States, despite pessimistic forecasts of consumption of the International Atomic Energy Agency (IEA). On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery ended at 90.21 dollars, up 2.02 dollars compared to the previous day.

On the macroeconomic front, the prices of imported products in the United States had started to decline in August, according to figures released by the Washington Department of Labor. The price index for the ministry declined 0.4% from the previous month, after rising 0.3% in July. This is its second decline in three months.It is lower than in June, where import prices have declined for the first time in a year (0.7%).

The fiscal deficit of the United States it is increased again in August after four consecutive months of decline, according to figures released Tuesday in Washington by the Treasury Department. The negative balance of public finances of the federal state stood at 134.152 billion dollars for the eleventh month of the fiscal year 2010-2011, 48% more than in August 2010, the ministry said.

Samsung attack Apple

The side of values, Hewlett-Packard (0.53% to 22.70 dollars) announced on Tuesday that 41.62% of the shareholders of Autonomy UK (1.63% to 39.85 dollars) had supported its bid.The U.S. group also announced it was extending its offer until Oct. 3.

The giant South Korean Samsung Electronics Electronicsa complaint in France against its U.S. rival Apple (1.23% to 384.62 dollars) for a litigation involving three patents relating to UMTS technology. "The complaint focuses on three technology patents, and not the design of the shelves," as was the case during a recent trial in Germany, said a spokesman for Samsung.

Rating agencies could worsen them. Moody's (3.29% to 30.46 dollars) has indeed said yesterday that it planned to degrade the note by the McGraw-Hill (3.01% to 41.471 dollars) has announced its intention to focus on rival rating agency Standard and Poor's division after educational activities.Fitch has already passed the act.

For his part Nordson Corp. (5.39% to 42.59 dollars) yesterday announced after the close had authorized a share repurchase program of $ 100 million.

Note also the U.S. internet group AOL (-2.47% to 14.39 dollars) has appointed a new editor for TechCrunch, the site of information on technologies he had bought in September 2010, after 10 days controversy over the fate of the former owner, Michael Arrington. The new editor is Erick Schonfeld, Associate Editor edited by Michael Arrington. AOL announced that Michael Arrington, founder of the site, decided to leave TechCrunch and AOL to devote to investment funds that it recently launched.

Moody's ready to break down the French banks

Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency Moody's could increase to act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook was indeed clear the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.And because of their exposure to Greece amounted to 4 billion euros to BNP Paribas, Société Générale 1.6 billion and 320 million to Crédit Agricole (June 2011 figures).

With the crisis of government debt in the euro area, to which Europeans are struggling to meet, investors are increasingly worried about the strength of the European banking system. The situation has become such an outflow of Greece in the euro area is openly discussed by senior politicians in Germany and the Netherlands. In exchange, banking stocks suffered a pounding in order. Since the beginning of the year, BNP Paribas, Credit Agricole and Societe Generale have lost between a "large" third and 60% of their value.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's by saying that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is now rated "Aa1" by Moody's, and BNP Paribas and Societe Generale are rated "Aa2". S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

Xavier Bertrand: "There is no question of fatalism"

LE FIGARO – The decline in unemployment in the early years seems to have forgotten. Are you discouraged by the new bad number?

Xavier Bertrand – Unfortunately, it is in the same line as the previous two months. Not surprisingly, with growth at 0%, not to mention that July is traditionally bad (9 increases in the last 11 years). But this does not detract from my belief that unemployment will go back down. Social plans are declining. Redundancies do not go back. The acting, which is always a precursor, is good. Job creation is strong even though they are largely absorbed by the increase in the labor force. And new measures we have taken in recent months, including learning, will begin to bear fruit. Nadine Morano, we hope to be many more such apprentices in September.There is no question of fatalism.

Where are we on assisted contracts?

On assisted contracts, CAE 222 435 (non-profit sector) were signed in late July, there are still 200,000 to be filled by the end of the year next CIE (businesses) there are still 34,000 of the 62,000 expected this year. Many assisted contracts co-funded by the departments will also be released in the second half. I also expect a significant commitment of councils and they play the game totally! Gard, where I was Friday, has proposed assisted contracts to 2.1% of recipients of RSA, it increased to 10%, which is our national goal, it would make 1500 people out of unemployment! Or it would cost the department 411 euros per month, against 467 for the current RSA.

Employment center director must change and adopt a more decentralized operation no later than the end of the year.Should speed things up?

We can not wait until the end of the year. Each agency will have a "drawing rights" on training, will be delegated more funding, allowing it to be much more responsive. The administrative part will be lighter with fewer indicators to inform. I remember the beginning of September the social partners and all those involved for me they confirm their agreement for the implementation of this new roadmap.

You loaded earlier in the year the sub-prefects to ensure the "connection" between job seekers and business leaders who, in the same area, have difficulty recruiting. This gives does it work?

Where there is a total momentum, the results are undeniable, even if it is too early to give figures.This coordination also involves the activation of the "local public service employment" in a pool which includes employment center, local missions, houses of employment, communities, business leaders … It's not necessarily spectacular, but it's effective. I meet again all the sub-prefects of France in September to set up action plans in each employment area, and next week I will hold a video conference with regional directors of employment center and the regional prefects quick cash.

A new device, providing better compensation and enhanced monitoring to retrenched, will be in effect on September 1. But it is the purpose of fixed term and temporary employment that increase.Is it necessary to invent devices for these cases?

We will be attentive to the suggestions of the social partners, the Prime Minister receives these days.

The budget for the job will he planed, given the savings measures announced Wednesday by François Fillon?

Tradeoffs are made by the president and the prime minister: he will be fully preserved in 2011 as in 2012.

Is it time to reduce the Employer contribution rebates on overtime, which amounts to increasing labor costs?

For the employer, the trigger, it is not the exemptions is the fact of having more work. And I remember that employee side, the logic of buying power is fully preserved, the changes will not remove one euro cent for employees in overtime.

The tax on very high incomes will be 3%, from 500,000 euros. The government will leave there to tighten the criteria, as part of the majority want?

Parliament will have to discuss, this is normal. Simply ask the question shows that the principle of this tax, which I defended from the beginning, is now widely accepted. The demand for justice is understood by all. For the same reason, I support the approximation of taxes on labor and heritage announcements Wednesday also go in this direction.

The complementary health are likely to raise their rates after being taxed more than one billion additional …

Nothing have to. A number of them are private companies that show significant benefits and therefore have room to maneuver.It is indeed a tax on insurance contracts, not the insured, in contrast to an increase in user fees such that we did not want.

The anti-deficit plan provides ten times the revenue increases that additional savings. Can we make more efforts in that direction?

We remove the tax loopholes. There is no general increase in taxes, as advocated by the Socialists and the way they do it is a real brand in the local communities they lead. This would be a policy that would break the prospects for growth. But it's true, France is a country with a high level of public spending and taxes. Pension reform, the non-replacement of an official two … reduce public spending.I am confident it will go much further in the coming years, do not hesitate to come back some expenses by asking systematically question: what people really value for money? The efficacy and justice must be the two criteria of the expense.

Tour of Europe's austerity plans

In an attempt to reassure the debt crisis, the austerity is accelerating in Europe. States as markets in the sights they will have to convince the date of 2013 to bring their deficit below 3% (a year later to the country under the rescue plan), as agreed with the European Commission . The great unknown is the impact on growth, with figures for the second quarter are published on Tuesday in Brussels.

Italy

Rome adopted Friday a drastic austerity plan to recover 45.5 billion euros by 2013, based in particular on tax increases, massive loss of seats of local administrations and combination.

For the first time, a solidarity tax on the highest incomes was introduced, up to 5% for incomes over 90,000 euros per year and 10% in excess of 150,000.Parliament had already voted in July an austerity plan of 48 billion euros over three years. But Italy has no choice its massive debt (120% of GDP) in place at the forefront of possible victims of the debt crisis. The surge of his bond yields to record levels last week had forced the ECB to redeem itself from the Italian debt in exchange for strict conditions on the hardening of austerity.

Sunday, the president of the European Council, Herman Van Rompuy, welcomed these measures "critical" for Italy, but also "for the euro area as a whole."The Europeans know that, after the bailout for Greece, Ireland and Portugal, the fall of Italy would push the euro into unknown territory paydayloan.

Spain

Seen as another weak link by investors, Madrid about to vote in late August a tightening of discipline, to bring back 4.9 billion euros in additional funds. This new turn of the screw completes the plan adopted in 2010 drastically to save 65 billion over three years.This time, it is health insurance and big business that would be utilized.

Greece

Athens, whose budget woes have catalyzed the debt crisis, the end of June adopted an austerity plan providing for severe savings of 28.4 billion euros in 2015 (divided equally between tax increases and decreases public expenditure) and a wave of privatizations to bring 50 billion euros. This was the condition imposed by the IMF and the European partners to unlock their help.

Portugal

Lisbon, also forced a bailout, wants to go beyond the expectations of international donors. To counter any slippage in public finances, the government announced in July drastic measures: special tax of 50% of the fourteenth month of incomes above the minimum wage, increase in VAT from 6 to 23% …These cuts are in addition to a package (15% increase in transportation rates, primary school closures …) has already been decided despite their unpopularity.

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Lessons learned from the accident of the AF 447

The report was eagerly awaited by the victims' families as well as the entire aviation industry. The Bureau of Investigation and Analysis (BEA) released Friday its third report on the crash investigation of Flight 447, the first after the study of black boxes fished in the spring in the South Atlantic. This report confirms all the information published on Thursday evening lefigaro.fr. It is a mistake of the crew due to icing of the Pitot probes that resulted in the dropping of the device and fall into the ocean. The report describes a crew where responsibilities were not clearly defined between the two co-pilots and in the absence of the captain gone to rest pay day loans. At first the captain, there has been no "explicit distribution of tasks between the two co-pilots."It is then that pilot error was caught, inadvertently, the altitude at the aircraft, did win (lose lift) and then drove down to the ocean. The findings of the BEA is overwhelming for the crew of Air France. "Neither pilot refers to the stall alarm" that sounds, however, continuously for 54 seconds, and "neither pilot formally identified the dropout situation."

The player is used by default in the articles of figaro.fr. Maj7

EDF and Areva will strengthen their partnership

After months of tensions, the thaw begins between Areva and EDF. Luc Oursel, the president of the giant nuclear, will perform this afternoon its first official release by hosting one of its plants in Chalon-sur-Saone, the chairman of EDF Proglio. The symbol is more powerful than the two heavyweights of the team of France's nuclear plans to sign three agreements "technical and commercial." The information, which was unveiled by the Tribune was confirmed by the Minister of Industry, Eric Besson, who will also visit the website of Saône-et-Loire.

These agreements clarify the relationships that must maintain the two groups. They should focus on "the pursuit of optimizing the EPR, increased maintenance of the park" or "strengthening industrial cooperation on the storage of radioactive waste."

These agreements will be "historic in some ways," said Eric Besson on France Inter and will "ensure consistency throughout the French nuclear industry."

"A willingness to cooperate more»

A fourth agreement should include the development of medium-power reactor Atmea which EDF would not participate. The date of its signature was not specified by Eric Besson, but it should occur in September. Which will complete the strategic partnership, called by President Nicolas Sarkozy in July 2010.

According to the Tribune, other issues will be discussed later, as the organization of supply for export or supply in the long-term uranium for EDF. In the latter case, a stake of the electrician in the future subsidiary of Areva mines will be considered. The hypothesis is "neither foreseen nor ruled out," according to Eric Besson."There is a current subsidiary of the Areva mining activity that had been recorded and we will see who will enter the capital," he said.

The latter, however, said on France Inter does not "feel" at Henri Proglio will "particular" to enter the capital of Areva. "I feel from Proglio a willingness to cooperate more with Areva, what we today RECORDED agreements very important, but I do not feel particular pressure at home to enter the capital of Areva" said he.

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Calmels, "In television, there is also room for error"

150 million euros in turnover, to 140 employees. The French subsidiary of Endemol, the television production giant, is doing well. What I do not deny, at the end of the season, his many projects. Endemol France has developed and produced two games that will stand this summer, by the autumn. First "No one had thought," the adaptation of the format 'Pointless' on the BBC UK, a weekly game presented by Cyril Féraud, to be launched on July 16 France 3, every Saturday at 17:15. French adaptation of a concept to international success, "Money Drop", presented by Laurence Boccolini, install, meanwhile, in August on TF1 in access prime time. "An exciting game combining both general knowledge questions, emotion and tension generated by the potential loss of 250,000 euros.Grids operating in the summer breaks, it's an interesting time to launch new products. We did years ago with the "Wheel of Fortune," which began in early August before being extended for the rest of the season. "Money Drop" has already been successful in 20 countries, there is no reason why he did not know one in France, "notes Virginie Calmels, formerly of Canal +, became CEO of Endemol France in 2007 , which she joined in 2003 as CEO.

Partner of TF1, Endemol produced including "The 12 strokes of noon", the game launched in June 2010 which was attended by an average of over 3 million viewers and 29% audience share over the 4 years and over, on the first half of 2011.Mainly known for its reality shows like "Big Brother" or "Star Academy", the production company it is nevertheless broken teeth with the failure of "Square VIIIP," the challenge is to renew this type of format. This calls into question it's partnership with TF1 Endemol? "No, not at all. If you look out the media landscape, broadcasters and all major producers have had some accidents, especially during the past 12 months. We have the right to make mistakes, the failure to feel the public at a given time. What is important is that it works hand in hand with TF1. And with an editorial vision and common goals very clear, it helps to reconnect with the success, as evidenced by that of "Secret Story 5" which is taking shape.With this success, we also invented in this field of new writing, most modern, why not mix genres like docu-reality we already know, or more generally of the "Factual reality", mixtures of magazines and reality. We are working with TF1. "

If, by far, the reality is most of Endemol discuss, yet it represents "less than 25%" of its business volume. "We are very active in gaming, entertainment and, since 2007, I developed a policy of diversification-oriented fiction and new media. Fiction allows us to work with all broadcasters with whom one did not work or very little flow. " Endemol sold to France 2 TV movie "Kanak, history forgotten" about the life of footballer Christian Karembeu, whose distribution is planned for 2012.The production company also will complete on July 19 shooting of "Once Upon a Time … Maybe not," a drama adapted from the novel by Akli Taj, for France 3.

"Wonderful success of TNT"

The free DTT channels have made 23.9% of national audience share in June, according to Médiamétrie. These chains are gaining 0.4 points from May and 4.1 points year on year. How to analyze this new record? "There were two stages: first the installation of decoders and equipment of French households and that they get used to the content and go get him. Suddenly, the DTT channels are now living their explosion.It is a magnificent achievement and the opportunity for viewers to find a multitude of programs, "said Virginie Calmels, even if that success comes at the expense of historical terrestrial channels.

Endemol has also embarked on the communication market with the "brand content" or "branded content". "Our operations have generally been successful. We even won this year the price of the brand content in the area of ​​clothing, with what we have done for Canal + and Adidas through a retrospective of 40 years of the Blues. Not only that was 100% financed by the advertiser Adidas, but that has not had an outlet in television and the Internet. It's part of our diversification and our new business model. "

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Crisis in the euro area: what risk for your actions?

Equity markets continue to remain under pressure as they consider the problem of public finances in the euro area will not be solved for the long term. The public finance crisis is dangerous for shareholders? Expert answers.

Alain Bokobza, Societe Generale, "Yes, but the leaders of the euro area are working to limit damage to the holders of the assets of the peripheral countries. We do not expect heart of contagion to countries in the euro area if credible policies to restore the overall balance in the long term public are in place. Spain seems to us on track, which should help the Spanish index. "

Patrick Moonen, ING Investment managers: "A default risk uncontrolled in Greece would be very detrimental to shareholders.The stock market has not taken a negative outcome for Greece or further deterioration of public finances of the other peripheral countries. We see no quick fix and the level of uncertainty is very high, but time is a key that would recapitalize the banking sector and other peripheral countries to stand out from Greece in a positive way. This is necessary to limit the contagion. In short, we expect that governments can save time by delaying tactics. "

Pierre Sabatier, PrimeView "Yes, and it has only just begun. Historically, we find that growth slows sharply when the public debt ratio exceeds 90% of GDP.This will happen in many countries in the coming years (due to the continued deleveraging private is far from finished), leading to sluggish growth in most industrialized countries. This environment will eventually be negative for earnings growth, which is a function of GDP growth and inflation, and consequently to the equity markets. "

Wilfrid Pham, Natixis AM: "The crisis of public finances can be potentially dangerous for the banks if not handled properly by the institutions in charge of this problem problématique.Le liquidity crisis and confidence between financial institutions could be topical.Also, global economic growth could be negatively affectée.Les equity markets have a habit of reacting rather negatively to these events. "

Ginguene Olivier, Pictet Asset Management "course, but this risk seems already built into prices depressed the shares. This is especially for holders of debt (bonds) that this risk seems more and more dangerous now. Preferred shares of large non-financial corporations, less sensitive to local conditions (higher taxes, deficit reduction, regulations, slow growth …) and more exposed to international markets. "

Philippe Mimran, UFG-LFP: "Arguably, the public finance crisis is dangerous for shareholders. It stands at the end of fiscal restraint and thus slow growth. In addition, short term, the impact of market volatility.Finally, the financial sector is particularly undermined by the risks of insolvency of the States. "

Alexandre HEZEZ, Convictions AM: "It is illusory to think that the fiscal crisis will not affect businesses. The rationalization of fiscal policy is paradoxically a very good sign for long-term growth, so for equities. Consumption depends on expected future income rather than current income. This means that any measure that will give confidence in the sustainability of the health system and pension system will be good for confidence, so good for drinking so therefore the companies for shareholders … "

Francois Chevallier, Leonardo Bank: "Yes, but the damage is probably done for the shares in favor of safe havens such as gold, stone, the Swiss franc no faxing pay day loans.The drift of public finances and State debts would be the main explanation for the extraordinarily high level of risk premiums and historically low earnings multiples. "

Matthew Grouès, Lazard Frères Gestion, "Support for peripheral countries will probably continue for some time. A fault is a very unlikely scenario. The governments of developed countries must reduce their deficits and have begun to do so. As for the impact for shareholders, depending on the method: for the moment of corporate taxation has been little hard compared to other tax and spending cuts. "

Jean-Louis Mourier, Aurel-BGC: "Not directly in the short term.It is however an overall risk that affects more clearly the banks but is likely to lead to a tightening of global financial close to what was observed following the bankruptcy of Lehman Brothers (freezes interbank markets and bond, blocking the distribution of bank loans, negative wealth effects …) "

Nuno Teixeira, Schroders France: "Governments Greek, Portuguese and Spanish, in spite of social protest, have recently confirmed their determination to control the situation of public finances. The first two were given the means to fulfill the conditions required by the EU and the IMF to substantial assistance to enable them to meet their liquidity needs more immediate.While the problems are not resolved in the medium term, but we are heading towards voluntary efforts refinancing from the European banks, which are expected to find a more permanent solution to debt problems. "

Catherine Garrigues, Allianz GI Investments Europe: "There is no major risk to shareholders who invested in international companies non-financial, unless they have strong activity in Greece, Spain or Portugal. Companies in these countries are experiencing rising spreads and is therefore difficult to find financing at reasonable rates. "

Antoine de Salins, Groupama Asset Management: "The answer is yes in any case for investment in developed countries: the crisis feeds market volatility who do not like uncertainty, especially those that attach to the assets deemed safe … ..It also weighs so heavy on the valuation of banks changing just like those of the debts of the peripheral countries. "

Bertrand Lamielle, B * capital: "The subject deserves full attention granted to him but is now analyzed in terms risk only. But a stock market perspective, the financial sector is capable of a strong rebound when the market considers that the solutions offer the senses. "

Frédéric Jamet, State Street: "The fiscal crisis will affect primarily government bonds (in case of default or restructuring), then only the shareholders, primarily in the financial sector and other sectors.This impact is already in stock prices. "

Mauro Ratto, Pioneer Investments: "The shareholders of the CAC 40 will be affected, because banks represent a significant share of the market capitalization totale.Ceux holding U.S. securities will not. U.S. companies are not dependent on this region, and generate profits in other areas. "

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The success of conventional ruptures

Breaks conventional still face a huge success in business. Since the introduction of this device in 2008, their number continues to grow at a rate of 20,000 to 24,000 per month, according to a recent memorandum the Ministry of Labour. After a strong scalability driven by the crisis, the number of monthly requests has indeed stabilized since the fourth quarter of 2009, so as to exceed the threshold of half a million to break out of court last February. In total, conventional breaks accounted for 11% of CDI in 2010 after 7% in the first half of 2009 and 10% in the second half.

Small businesses are particularly in demand of this device. In the second half of 2010, three quarters of conventional ruptures have been signed in companies with fewer than 50 employees, while they represent only half of total employment.Overall, more than one company is big, and the less it tends to resort to conventional rupture. In establishments with more than 250 employees, the break is only conventional and 5% for contracts, against 13% in establishments with fewer than 10 employees. In contrast, the amount of compensation increases with the size of the company. The amount paid per employee in 7430 was certainly high euro in 2009, but half of the employees has actually received little more than the statutory redundancy payment, below which firms can not fall .

Disguised early retirement

If smaller firms are attracted by the flexibility of the device, breaking "friendly" is also not without pitfalls. The high proportion of employees over 50 years involved calls for a diversion of the rupture conventional at the expense of Unedic.In the second half of 2010, the breakdown was 23% of the conventional reasons for termination for employees aged 58 to 59, against 8% of those under thirty years … so companies would use this system to be financed by the Insurance which is similar to put in early retirement.

In some cases, break "friendly" is also related to a dismissal. The report by Mathilde Lemoine and Etienne Wasmer on the mobility of employees said that the profile breaks conventional evolves quite parallel to that of redundancy. This observation would argue, according to the report, for use of the device in lieu of redundancy at the expense of employees.If the Ministry of Labour is responsible for control conventions and to avoid abuse, the lack of support for employees during the preliminary interviews, often in small businesses, not easy by regular use of the device.

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The Paris Bourse remains in positive territory

Follow the mixed trend on Wall Street and Asian markets optimism? The Paris Bourse has made his choice on Tuesday. The CAC 40 begins trade up 0.63% to 3830.79 points. Same atmosphere elsewhere: the DAX index of the Frankfurt Stock Exchange opened up 1.13% at 7165.14 points while the FTSE-100 index of London Stock Exchange gained 0.55% to 5805.08 points .

Yesterday, U.S. markets, which started in the green, finally ended on a stable tone, troubled by a further deterioration of three notches of the rating agency in Greece by S & P. Conversely, the Asian stock rose in unison this morning, buoyed by the announcement of the Bank of Japan maintained its key interest rate near zero to support the growth of the archipelago.

Markets, however note the acceleration of inflation in China to 5.5% yoy in May, more than expected by analysts.This rate, the highest in almost three years, should still push the country's authorities to tighten the monetary and thus assist in the deceleration of economic activity in China. The monetary tightening measures taken by Beijing to curb inflation have led to a decline in new lending by Chinese banks in May and a monetary growth slowed to a low of 30 months.

Still on macroeconomic, the current account deficit in France widened somewhat in April, to 4.8 billion euros, against 4.1 in March, due to the increase in the balance of trade in goods, according to figures released Tuesday by the Banque de France (BDF). The day promises to be as charged across the Atlantic. Program: sales details, the price index for production and business inventories.

As for currencies, the euro continues to rise against the greenback at 1.4437 dollar.For its part, oil declines, affected by the downgrade of the long-term debt of Greece and the publication of inflation figures in China. In morning trading, a barrel of light sweet crude for July delivery lost 24 cents 97.06 dollars while that of Brent North Sea crude for delivery same retreated 17 cents to 118.93 dollars.

Values ​​to follow

The banking sector

Banks are sensitive to the Greek news, do not react negatively to the further deterioration of the country's debt that one step closer to the fault. BNP Paribas (1.75% to 52.31 euros), Societe Generale (+1.65% at 39.65 euros), Natixis (+1.64% to 3.52 euros), Axa (1.46 % to 14.95 euros) and Credit Agricole (1.25% to 10.13 euros) rise.

Axway Software: 26.28% to 23.50 euros Sopra: -2.88% to EUR 63

This Tuesday will be the first day of trading of the company, the shareholders of Sopra has given the green light last Wednesday to the proposed demerger and listing of the software division of group counseling and services.

Capgemini: 2.27% to 38.27 euros (largest increase in the ACC)

The group announced on Tuesday that in "exclusive negotiations" to acquire the operator Prosody.

Neopost: 1.37% to 59.05 euros

The group said growth in its expected sales of between 3 and 5% excluding currency effects in 2011, instead of the range of 2 to 4% previously expected. The manufacturer of franking machines for mail said it has completed the acquisition of GBC-Fordigraph.

Suez Environment: -0.53% to 14.02 euros (largest decline of ACC)

The group, through its subsidiary Degremont, has won a contract for the extension of the treatment plant and wastewater recycling in Qatar Doha West, for a total of 35 million euros, "he said Tuesday in a statement.

L'Oreal: 1.16% to 85.45 euros

Liliane Bettencourt should be placed under curatorship enhanced seen his health, according to doctors appointed by a judge of guardianships that have not examined directly, however, announced Tuesday a source familiar with the matter, confirming information site lemonde.fr .