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The CGT said it was "scandalous" the vote Wednesday night in committee in the Assembly, a provision to relax the modulation of working in a company … following an agreement with the unions. "An employer may require the employee to work 48 hours one week and 10 hours the following week without it being able to challenge" the critical and central Montreuil.

The Ministry of Labour – that supports this section of the bill of UMP Jean-Luc Warsmann on the simplification of the law – has meanwhile another interpretation. "A decision of the Supreme Court provided that a modulation of working time resulting from an agreement with the unions needed to be implemented, the authorization of each employee, reported a near Xavier Bertrand.With this arrangement, such a collective agreement shall not affect the employment contract and may be applied without risk of blocking. "

At the CFDT, the bell sound is different. If the union does not have a problem on the philosophy of the article, it criticizes the wording and lack of precision. "The fact that a collective agreement on the organization of work does not change the contract of employment is rather in the right direction because it legitimizes the agreements with the unions, says Marcel Grignard, the Secretary-General fast payday loan no faxing. Would have had the law specifies the amplitude modulation acceptable.Acter even by collective agreement, a passage of 35 hours to 38 hours a week on the other has a different impact on the lives of employees that decide to make them work at night or the weekend. "

Night work is not affected

Argument dismissed out of hand by the government for that night work or Sunday is the subject of specific provisions in the Labour Code and is therefore outside the scope of the law Warsmann.

For the CFDT, the problem of this law to be voted on first reading Tuesday by deputies, is elsewhere. "It's a catch-all text contains hundreds of articles, and unions have been consulted on those relating to labor law, while many others have an impact on the lives of the employees' discontent Marcel Grignard.The parliamentarians have in fact since 2009 the requirement to seek their views on unions before any bill affecting only the Labour Code. But not on other areas of law.

Long relegated to playing second fiddle, women are playing an increasingly active in economic life. They upend the established positions and make their voices heard, as evidenced by the seventh edition of the Women's Forum which runs through Saturday in Deauville. Notably, they enter the highest levels, for example by investing the boards of large listed companies with the Zimmermann-Cope Law, which requires 20% of administrators by January 2014 in the groups listed on Paris and unlisted companies employing over 500 people. Anticipating that date, the giants of the CAC 40 they received from this year 20.99% of their directorships, according to Ethics & Boards, the first international observatory board and monitoring of listed companies, chaired by Alexandra La Martiniere.But women are only 15.21% to hold this type of responsibility in smaller listed companies belonging to the SBF 80.

Even the state is beginning to apply the principles it imposes on the private sector. Saffron, which is a shareholder, allowed him finally to have the first three women's representative in a large group when he joined the CAC 40 index in September.

Support networks

The verb "undertake" is combined also becoming more feminine. Women represent an entrepreneur in three. Some embark necessity. "After working twenty years as product manager and then as marketing director, I was forced to give up my profession for family reasons. When my husband died, I had 50 or more years of employment.The idea to set up my own business has become a highlight and a necessity, "said Agnes Terrillon who created Voskel, an art gallery for young talents. Others launched by personal desire. "I always knew that I would one day own guaranteed fast personal loans. The trigger came from a personal need for which I could not find a solution. I could not rent equipment for childcare for the birth of my children. Separated with two children, I also wanted to take a new turn in career almost 50 years, "says Florence Pouzergue, who created Louli & Go Kids, a site that offers baby equipment. Younger do not hesitate to give up the comfort of well-known companies.

"I created the Factory Design to 24 years at HEC," explains Emily Gobin.Women can especially make the attempt and assert their professional ambitions that support networks are increasing. InterElles, Women's Network, O'Pluriel, Action'elles help them win in businesses. Force Femmes, EPWN, the first European network of women executives and entrepreneurs, and encourage others to take responsibility and develop their society. Martine Liautaud, founder CEO of investment banking Liautaud & Co., launched in September 2010 a mentoring program called Free WBMI, including BNP Paribas is a partner. "I met by chance WBMI at a time when I was at a standstill. With my mentor, I found the keys to move, "said Martine de Richeville, head Svelt'Coaching, now in Paris, Brussels and Milan. The financiers also are mobilizing.Women Equity, founded by Dunya Bouhacene, loop a fund raising 100 million euros for investment in growth SMEs run by women and made his first investment. With an aim to discover the female champions of tomorrow.

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The general crisis of confidence in the financial system can benefit the socially responsible investment (SRI), this offer of investment products which, in the traditional financial measures, add the dimensions called ESG (environmental, social / societal, governance) ? At first glance, yes. Assets invested in SRI in France have soared in recent years. End of 2010, they reached 68.3 billion euros, against 50.7 billion in late 2009, an increase of 35%. And the year 2011 looks very good. According Novethic, a subsidiary of Caisse des Dépôts, which publishes research and analysis on the SRI market since 2001, these assets had already reached 47 billion euros at the end of June.

Small flat, struggling to win these investments from individuals.Institutional clients (pension and insurance plans, public pension funds, private insurance companies, mutual companies, etc..) Still accounted for 70% of SRI assets in late 2010. A study conducted by Ipsos agency for non-financial rating Eiris * 60% of French investors, however, now give prominence to environmental, social and ethical issues in their investment decisions. But 64% of respondents have never heard of SRI, and only 9% are on the page.

Latent demand unsatisfied

"There is a latent demand unmet in a number of individual investors now significant," says Marion de Marcillac, responsible for developing the French office of EIRIS.This view is shared Bertrand Fournier, president of the Forum for Responsible Investment (FIR): "The offer is not visible and distribution networks do not talk about SRI." For Nathalie Kosciusko-Morizet, Minister Ecology and Sustainable Development, however, the context is conducive to flight. "SRI is probably an answer to the financial and banking crisis we are experiencing," said the minister during the presentation of the study, on October 6. "Reconnect citizens with finance is a vast undertaking, which requires industrial issues to reconnect with the financial issues and give concrete meaning to financial products," she said.

Therefore Nathalie Kosciusko-Morizet calls to market players, foremost among banks and insurers, to commit themselves to "promote a responsible offer of financial investments."She stressed the need to provide transparent information to individuals, especially as the multiplicity of approaches to SRI in Europe scrambles some tracks. In France, the multi-criteria approach called "Best in Class" prevails. This is to select the best companies in each sector according to the famous ESG. Anglo-Saxons and Scandinavians, in turn, prefer a strategy of exclusion. In this case, certain industries such as armaments or tobacco, are simply discarded SRI funds.

The French approach in question

According to EIRIS survey, 36% of French investors said they were very tempted by an approach that would exclude certain companies because of the nature of their activities or practices such as child labor. Only 19% of respondents say they are, however, very tempted by the method of "Best in Class".Nathalie Kosciusko-Morizet, "no subject is taboo. The 'Week of SRI' * is an opportunity to initiate discussions, particularly on the definition of criteria for responsible investing. "

* Survey conducted among a sample of 1040 French adults aged 16-64 years from 16 to 19 September 2011.

* The second edition of the "Week of the Socially Responsible Investment" will run from October 10 to 16, under the Ministry of Ecology and Sustainable Development.

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The contours of the nationalization of Dexia emerge. When Nicolas Sarkozy and Angela Merkel discussed the rescue of banks in the euro area in Berlin, Prime Minister François Fillon, his counterpart Yves Leterme and representatives of Luxembourg have them addressed this issue in a summit to looks like a marathon. And this morning, after a council of ministers, Belgium has decided to take control of 100% of Dexia Bank Belgium, the Belgian entity of the institution present in retail banking, with an investment of 4 billion euros. A price at the bottom of the valuation range expected by shareholders, who were betting on an amount of between 3 and 7.5 billion euros. The Belgian Finance Minister Didier Reynders believes that this amount is "reasonable."Belgium intends to remain for several years proprietor of the bank in order to "continuity" before the network to lean a private actor.

The board of directors supports the offer of Dexia in Brussels, saying it is part of the "social interest" group. It also ensures that the 600 employees of the Dexia holding will be reclassified to the various subsidiaries promised a recovery.

Meanwhile, states have agreed on the allocation of guarantees to make to the future "bad bank" that remain after the dismantling or the defeasance structure to isolate the assets at risk. "States have agreed to divide this guarantee in proportions similar to those of 2008 (during the rescue of Dexia), 60.5% for Belgium, 36.5% for France and 3% for Luxembourg," said the Belgian government.

For its part, the French state must create a new bank dedicated to communities, both owned by the Postal Bank and the Deposit CDC. The Board of Directors has appointed Dexia director Pierre Mariani to conduct these negotiations. His copy to a detailed plan of recovery of the industry is expected "in the coming weeks."

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Controllers return to work gradually. After La Rochelle and Paris Sud Est (Gare de Lyon), several sites have voted Friday morning to return to work, like Bordeaux, Reims, Chambery, Dijon, Lyon, St Etienne, Toulouse or Besancon. Other websites should take a similar decision at general meetings planned in the afternoon. The management of the SNCF

Many controllers SNCF had exercised their right to withdraw on Thursday afternoon to work after the announcement of the attack on a colleague on a train on the Corail Lyon-Strasbourg. In an interview with Figaro.fr, the president of the SNCF appealed to the coolness of the railway to resume work soon and would discuss with the unions to turn.Management has undertaken to present an emergency plan with the security services.

Traffic TGV, Corail and TER is still disrupted, although the situation has improved significantly over the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2. To find out if their train is running, users are encouraged to consult regularly Infolignes site, or call toll free (free from a landline) 0805 90 36 35 credit score.

Toll and information site

SNCF always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket. Good news however for users Transilien (train network in the Île-de-France), the Thalys and Eurostar.Traffic on these lines is normal according to SNCF.

"There is no point in penalizing travelers"

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night. According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

Febrile atmosphere around Dexia announced the dismantling of which is to organize. On Thursday afternoon, the rating on the stock exchange was suspended at the request of the Belgian regulator: the action was losing more than 17% amid rumors that many French-Belgian bank was forced each time to confirm or to reverse. It will again be listed on Monday.

Dexia has confirmed to be entered into exclusive negotiations "with a group of international investors that the government of Luxembourg will attend" to sell its subsidiary private bank, the BIL (Banque Internationale à Luxembourg). This discussion has actually been mainly engaged with the sovereign fund of Qatar, several sources indicate.The Luxembourg Finance Minister, Luc Frieden, for his part justified the participation of the Grand Duchy as a "minority shareholder" in the name of "systemic" to his country of BIL's 12 billion euros of deposits and forty traditional bank branches.

The first assignment could be raised on Saturday by the Board of Directors of Dexia, intended, according to a close case, to "calibrate the overall strategy of the division of Dexia."

This strategy is already known in outline. This is to sell every major business or large branch. Dexia will gradually emptied of its substance and its assets down to the most difficult to sell, mainly the bond portfolio of 95 billion euros and a life of thirteen years.The State guarantee French and Belgian finance Dexia and ultimately apply to "cantonment" business card templates.

On this basis, negotiations, under pressure from the markets and financial authorities who fear a confusion between the case of Dexia and the rest of the European banking sector are extremely complex: in addition to buyers interested in a particular asset, discussion involving the management of Dexia, its shareholders and the Belgian side the French side, and the states.

Mutual distrust

However, the pattern holds only insofar as the current shareholders of Dexia are collectively responsible. The centrifugal forces exerted, especially in Belgium, must be curbed. Thursday, pushing the Belgian regions, according to local press, a scheme of demerger of the retail DBB (Dexia Bank Belgium).

Seen from France, the idea goes wrong, since the ultimate goal of the operation is that the sale of assets – DBB is a price – reported enough money to build the hive and absorb as much as possible losses that would otherwise eventually be collected by the states.

The mistrust is mutual. On the Belgian side, Prime Minister Yves Leterme has hammered yesterday that his country did not intend to be alone with Dexia on the arms. "We must continue to fund all the past, and we will not do it alone," said the Finance Minister Didier Reynders. On this side of the border, negotiations continue on the transfer of the portfolio and lending activities to local authorities in the Deposit and La Banque Postale.

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The concern continues to dominate in Asia, where major stock markets were down on Tuesday. Shortly before 7 am (Paris time), the Nikkei yield 1.31% to 8433.27 points, the Hang Seng in Hong Kong 1.59% to 16,554 points and the Shanghai Composite Index 0.26% to 2359, 22 points. The South Korean Kospi falling 4.97% to 1681.82 points while the S & P200 was down 0.64 Australian% to 3872.10 points. The MSCI Asia Pacific for its yield 2.1%, the lowest since July 2009.

The day before, Asian stock markets had already declined, lead-talk statements of Greece announced that it would lack its fiscal targets.In the process, Europe had closed down, followed by Wall Street where the Dow Jones dropped 2.37% to 10.655 points and the Nasdaq 3.29% to 2336 points.

Monday evening, the finance ministers of the Eurogroup have pushed the "the month of October," a decision on a new tranche of EUR 8 billion, needed to Greece.Despite the announcement of new measures by Athens deficit, the markets fear more than ever a default of Greece.

Oil down and the yen at the highest for ten years

"In addition to the growing European concerns, there are also fears about the level of the yen and its impact on the results of Japanese companies," said Hiroichi Nishi, a broker at Nikko Securities SMBC fast payday loans.

Nippose currency, considered a "safe haven", is indeed at record levels: about 7 o'clock this morning, the euro bought 101.21 yen against 102.6 yen on Monday morning. During the day Monday, he even reached 100.96, yen, lowest in a decade. The dollar also declined against the Japanese currency to 76.59 yen against 77 yen on Monday morning. The rise of the yen penalizes income from Europe of Japanese exporting companies.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

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The Paris Stock Exchange began the week in the red, as at the close Friday. The CAC 40 plunges 2.28% to 2 914.30 points in mid-session. The debt crisis continues because of European concern the markets, and lead the outlook for global growth. The fear of lead and impact in China Asian stock markets are in the red Monday morning, dropping the Hong Kong Stock Exchange by almost 5%.

Elsewhere in Europe, falling 2.03% London, Frankfurt and Madrid 2.54% 2.34% 1.75% and Milan.

Greece announced Sunday night that it would lack its budget deficit targets. The second Country Assistance Plan will be on the menu for more discussion this week: Monday, finance ministers of the euro area will meet in Luxembourg to 17 pm and Tuesday, those of the entire European Union.This will then be the turn of the Franco-German Nicolas Sarkozy said he expected to meet German Chancellor Angela Merkel "in the coming days in Germany" to discuss in particular "ways and means to accelerate economic integration the euro area ".

The private sector activity in the euro area at its lowest for 25 months

Also note, the new car registrations in France are divided down in September after the brief respite in August, returning to the trend observed since the disappearance of the scrapping, according to figures released Monday.They were down 1.4% unadjusted and 1.4% also comparable number of working days from September 2010 to 167,600 units, according to the Committee of French Automobile Manufacturers (CCFA).

The private sector activity contracted in September in the euro area, the PMI purchasing managers' standing at 48.5 points against 50.7 in August, according to a second estimate released Monday. This is the index the lowest in 25 months, Markit said the company, which publishes the index.

In this context, oil prices have opened lower. A barrel of "light sweet crude" for November delivery lost 50 cents to 78.70 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 77 cents to 101.99 dollars.

As for currencies, the euro lost ground and is worth 1.3315 dollars and 102.6 yen, against more than 104 yen in the middle of last week.

Dexia degraded by Moody's

The title of the Franco-Belgian bank collapsed Monday in the Paris Stock Exchange, after rating agency Moody's Investors Service had threatened to lower its rating, because of fears about its liquidity personal loan for poor credit. In early trading, the value lost 11.54% to 1.28 euro, after being briefly suspended for dropping too fast to open.Halfway through it limited its losses slightly receding 8.78% to 1.32 euros.

In the wake of Dexia, BNP Paribas let go just under 6% in mid-session, Credit Agricole and Societe Generale 4.9% near 6.5%.

AXA (-4.14% to 9.49 euros)

The first offers for Axa Privaty Equity (AXA PE), the division of equity sold by Axa, must be filed early next week, according to sources familiar with the matter.

Renault (-2.67% to 24.40 euros)

The group announced Saturday the construction of a new plant in Brazil and the expansion of another existing site to boost its presence in the fourth global automotive market.

France Telecom (-2.24% to 12.02 euros)

European Commissioner Neelie Kroes digital strategy is expected to announce on Monday that the EU wants to reduce the revenue that incumbents derive copper telecommunications networks to boost investment in fiber optics.

Air France-KLM (-3.28% to 5.36 euros)

Alexander Juniac could take the management of Air France in January in favor of a reorganization of the Air France KLM with Pierre-Henri Gourgeon retain the reins, according to La Tribune published on Monday.

Steria (-3.96% to 12.14 euros)

The computer services company was awarded a public contract with the French Ministry of Budget, Public Accounts, the Civil Service and State Reform, to ensure the implementation of the Information System (HRIS) to several departments that will ultimately pay more than 3 million employees of state.

Hermes (-4.23% to 216.30 euros)

The group currently finds no sign of spending restraint to its customers despite a darkening economic outlook, said Sunday the manager of the French luxury group on the fringes of Paris Fashion Week.

Carmat (18.20% to 102.82 euros)

The designer of the total artificial heart on Monday announced that preclinical data will be presented at the 25th Annual Congress of the European Association for Cardiothoracic Surgery in Lisbon on October 4.

The entrance to the rugby in the professional world is not always without its pitfalls, far away … Proof of this is the last statement from Steve Tew, the CEO of the Federation of New Zealand rugby. Wednesday, the leader has put his foot in it by suggesting that his selection would be deprived of the next World Cup in 2015 in England. A heresy in the land of rugby!

Bluff or not, this threat reveals the uneasiness of the Federation kiwi affected financially by the organization of the current World Cup. Certainly, the event is almost historic land of the long white cloud. But the financial benefits expected from this great mass of world rugby is limited. In the end, New Zealand will lose even money (about 39 million New Zealand dollars, or 22.33 million euros).The New Zealand government will pay part of the losses, but the federation itself will also put their hands in the pocket to the tune of two thirds of the money lost.

Shortfall of 7.5 million euros

However, these losses are organizing a one-time difficulties. Because the real malaise lies elsewhere. Steve Tew, it's participation in the competition itself that is the problem. Every 4 years, federations qualified in the northern hemisphere and the south need to change their schedule (suppression test matches, shortening the Tri Nations tournament …). What cause a shortfall in terms of result and television advertising revenue and ticket sales. This year's Tri-Nations tournament, in which compete each year in New Zealand, Australia and South Africa, for example, was reduced from nine to six games due to World Cup.In Europe, the fall tours were also canceled.

In a World trade rules of the International Rugby Board (IRB) also prohibit the presence of the sponsors of the national federations. This accentuates the downward pressure on commercial benefits. In the end, the Federation of New Zealand (NZRU) said the shortfall related to participation in a 13 million New Zealand dollars (7.5 million). Great on a budget of around 55 million euros. A price she can afford all four years, according to Steve Tew.

If they win the All-Blacks, the players would receive such a bonus of 55,000 euros, depending on the site sportune.fr. Barely more than the French players to touch the earth just move in New Zealand (45,000 euros).If they win the XV of France, the French would also reward of 180,000 euros extra.

Australia to support

In his threat to boycott, leaders of New Zealand have received support from their neighbor Australia. For its part, the Australian Federation (ARU) said the losses associated with participation in the World Cup to 16 million Australian dollars (about 11.5 million euros). All federations combined, the overall shortfall would reach between 35 and 40 million pounds (40 to 16 million euros). "As noted by Steve Tew, the current economic model is unacceptable and can not be encouraged," said the general manager of the ARU, John O'Neill.We ask the IRB to resolve the problem quickly, because as a national federation, the ARU can not afford to have huge losses every four years. "

For many, the threat of New Zealand is not serious, its national team can not really do without the visibility provided by the participation in the World Cup. But the argument did fly, the IRB had promised the opening of discussions after the World Cup to avoid a radical decision.

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