International News

The financial and economic crisis in full swing throughout the world, with its procession of bankruptcies, plant closures and layoffs? But lo and behold, it does not stress CEOs unduly: this is certainly the result of a study conducted by the audit firm and consultancy, Grant Thornton, with 6000 companies worldwide .

According to figures from the International Business Report, the rate of business leaders saying be stressed has never been so low for seven years at the global level, 28% (it reached 45% in 2010). The phenomenon is identical to the European level, with a stress level in company from 40% in 2010 to 22% in 2011.

Another lesson for the least surprising, who would have thought that France is part of the least stressed in the world: this is a reality, says Grant Thornton. It is indeed in France found the rate of the lowest stress patterns, with 29% against 34% at EU level.

For Jean-Jacques Pichon, partner at Grant Thornton, "these figures are encouraging but the stress level within companies is still high. However, satisfaction and well-being of employees are important data for growing businesses, "says he.

The Southeast Asia is the region of the globe where we find the highest proportion of employers stressed (44%), however, a figure lower than in 2010 (58%). And large countries, the study highlights a perfect correlation between the worsening economic crisis and soaring job stress, "the three European countries have undergone the recession and the biggest increase in stress level in 2011 are Greece (67%), Spain (37%) and Italy (32%), "she says No teletrak payday loan. In contrast, only 5% of Danes and 8% of Finns said they had been stressed during the year.

Need a holiday

The causes of stress are varied but the primary concern of business leaders is "to achieve the performance goals." Then come the workload, the internal politics of the company and the balance of work life / personal life.

To evacuate "the evil of the XXI century", which still costs € 20 billion for European companies, the International Business Report recommends several remedies: play sport regularly, delegating tasks, better organize the teams, keep pace regular work … and take more vacations!

Countries with rates lower the stress are those in which firms make the most of holidays. This is the case of France, but also Denmark, the Netherlands and Russia. "Obviously, with employees who feel rested, better about themselves, who can control their stress and make decisions with a clear vision, performance for the company is considerable," says Jean-Jacques Pichon.

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Deezer is seeking to raise between 50 and 100 million euros, showed Les Echos. The site for listening to music online is doing the rounds of investment funds to continue financing its ambitious international expansion strategy.

Orange, who had taken 11% stake in Deezer in August 2010, should not call the pot. For the telecom operator, the integration of a range of music in its subscriptions is essentially a "marketing advantage", says a close case.

Deezer, however, sees its financing needs explode as it launches in new countries or new terminals. Each time, the service must make further advances to the music majors, who often index their demands on the size of their partner.

This is also why the Swedish Spotify, Deezer competitor in France, seemed to leave in search of money, in the last Midem, just a year after raising $ 100 million on a valuation of $ 1 billion.

Valuing Deezer should not reach such heights. According to Les Echos, the site expects a value of 500 million euros, "ten times its 2011 revenues." The latter is however mostly generated by subscriptions of Orange, who had entered the capital on a valuation of Deezer … 80 million euros.

Saturday accused by Marine Le Pen to slaughter according to halal "all meat" distributed in the Ile-de-France, industrialists defend themselves. President of the National Association of interprofessional Livestock and Meat (Interbev), interviewed by France Info, the judge charged the president of the National Front "absolutely false".

"In the Ile-de-France, a vast majority of meat is not slaughtered according to halal or kosher," which involves killing animals without stunning, ensures Dominique Langlois. "It may be that parts or pieces of meat from carcasses are slaughtered according to these rites, but that does not change the quality of meat and it does not change at all the qualities of the product," adds Will it.

For professionals in the meat, the charge of Marine Le Pen "is meant strictly political and did not match the reality of things." "It's a debate that can only be detrimental to both the meat industry to French and French production that does not need it," warned the president of Interbev.

The animal rights groups mobilized

This debate is not new. Last year, six associations have denounced the increasing proportion of animals slaughtered according to Jewish or Muslim rites. According to the Foundation Brigitte Bardot, who had made an investigation in slaughterhouses, more than 60% of sheep and goats, 28% of adult cattle and 43% of calves were then killed without stunning, but that consumers are warned.

In France, however, requires the slaughter, since a decree of 1964, the stunning of animals before killing, thereby mitigating their suffering. But European legislation provides an exemption, "when stunning is not compatible with the ritual prescriptions under the free exercise of religion."

Approval before waive stunning

Two bills were filed in late 2010, the Senate to the Assembly, without success, to obtain a specific labeling of meat slaughtered without stunning. "The consumer has the right to know what he eats. He has the right not to eat meat slaughtered in a ritual which does not believe him, "argued the UMP deputy Nicolas Dhuicq. A new amendment, introduced in September 2011, was also rejected.

On 29 December, a decree was published in the Official Journal, however, requiring slaughterhouses to obtain, on or after 1 July 2012, before an official authorization from the rule of stunning. "It does [may] be granted only to slaughterhouses in favor [...] of a registration system to verify that it is used to slaughter without stunning as a result of justifying the commercial orders, "said the Ministry of Culture.

Marine Le Pen wants to complain

The animal rights groups have expressed quite satisfied with this text. "Being able to justify a ritual slaughter is a specific order is important because, currently, most of the meat of this kind of slaughter is found in conventional circuits without any indication to consumers," recalled Christophe Marie, spokeswoman Brigitte Bardot Foundation.

Marine Le Pen was not in favor waiting for the entry into force of the decree. On the sidelines of the convention of his party, being held this weekend in Lille, it announced its intention to attack "a few major retail supermarkets in Ile-de-France for misrepresentation of the product." She said wanting to file a complaint with a civil order for a judge to be seized, which could lead to an investigation of several months.

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Sudden weakness of the single currency. The meeting between Nicolas Sarkozy, German Chancellor Angela Merkel and the new Italian Prime Mario Monti yesterday in Strasbourg has not convinced the markets. Shortly after their meeting, the euro fell against the dollar: it fell from 1.338 before the dollar to 1.332 dollar tripartite summit after the conference. And the single currency falling off again this morning it is trading at 1.3309 against the dollar, its lowest level since Oct. 6.

Same movement in the markets. European shares erased their gains shortly after the summit and the moral is not looking good this morning in Asia. In addition, the cost of borrowing countries in the euro area rose: Italian rate to 10 years treated with 7.1%, a level considered unsustainable in the long term for highly indebted countries.

In June 2001, less than a year before the presidential election of 2002, left and right united voted in favor of a major fiscal reform, that of the organic law on public finance laws (LOLF). This text made more transparent accounts of the state. Driven by Didier Migaud at the time of the general rapporteur Socialist Finance Committee of the Assembly, and Alain Lambert, President of the same centrist Committee in the Senate, the reform has been a consensus.

Such a consensus is lacking today to the golden rule, the constitutional reform that would lead to a zero deficit.Yet it is, as LOLF, only to reform "technical", which does not tend to lead policy (tax increases or spending cuts) to balance the books saving account payday loan.

In addition, France is now bound by a commitment: EU leaders decided to adopt in their country a golden rule by the end of 2012. At a conference held for ten years LOLF Thursday, François Fillon regretted blocking the left. "In the deep crisis in particular the euro area, (the Golden Rule, Ed) is an extremely strong sign of the will of all political forces of our country to achieve the goal of zero deficit" he said.

With LOLF, France produced a decade of budget information better. Previously, Parliament voted the new spending next year. It is no longer the case since the draft budget for 2006.

An oil close to $ 100

Oil markets have returned to their highest in the summer of last week. In New York, a barrel of light sweet crude for December delivery ended the week and to 93.32 dollars, pocketing 11.5% in five days, while in London, Brent crude gained 4% over the same period at 110.02 dollars. These levels were no longer observed since last August.

This surge is due to the euphoria that followed the agreement on a plan to end the crisis in Europe. As the equity markets, the announcements of European leaders were welcomed by a jump in current operators rejecting the idea of ​​"economic calamity," said John Kilduff, of Again Capital. In addition, China's second largest consumer of oil in the world, issued a manufacturing PMI at highest level in five months.U.S. GDP also rose by 2.5% yoy in the third quarter and increased consumer spending by American households has accelerated in September to 0.6%. Another factor is bullish: "There are investors who claim that the Americans withdraw from Iraq, it will add to the volatility in the Middle East. It was also the new regime in Libya during a test, "noted Rich Ilczyszyn, MF Global no faxing payday loans.

The higher prices could have been even stronger if there had been publishing a weekly report on bad stocks Wednesday. Surprised, analysts questioned the causes of such weekly increase, especially imports have continued to slow in recent weeks. Phil Flynn, analyst at PFG Best Research, put forward a hypothesis: "the oil accelerated their pace to arrive before the hurricane Rina.The metal was also supported by the ongoing tensions in the global supply. Thus, the American Freeport-McMoRan said Wednesday the "force majeure" for its Grasberg mine in Indonesia (site producing between 3% and 4% of world supply), paralyzed from mid-September by a violent strike.

Aluminium was supported by a decline in world stocks (5% in September, its lowest level since December). The course is finished in 2221 dollars per tonne (3.6% for the week). Tin is always paid by the interruption of exports from Indonesia (30% of world production of tin), decided in early October by domestic producers in order to trace the course. The stocks of this metal on the LME have since decreased by 21%. Classes end at 21,870 dollars (0.55%).

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

The rebound posted the day before continuing carefully. After closing the session in the green, with a gain of 1.87% to 2949.14% points, the CAC 40 index opened his session by small increase of 0.69% to 2969.46 points, in the wake of Wall Street and Asian stock markets. Investors cautiously welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou during a conference call Wednesday night to Athens out of the crisis. Same upward trend in other European financial centers: the FTSE-100 wins from 0.67% to 5262.05 points, the FTSE Milan Mib rose 0.69% to 14,264 points and the Dax in Frankfurt rose by 0 , 87% to 5386.86 points.

For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country are lacking, and is forced out of the single currency. At the end of their conference, the Franco-German and was convinced "that the place of Greece is well and truly in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff. Meanwhile, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe.It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe. In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans "has the capacity" to resolve the crisis, seeing as a good thing that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours. While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, figures on employment in the euro zone for the second quarter are expected, and inflation in August.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos.

For its part, Spain on Thursday to conduct a bond issue.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro appears down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said.In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (0.29% to 17.43 euros), BNP Paribas (1.04% to 27.18 euros) and Credit Agricole (1.80 to 5.31%) will be once again scrutinized by investors. The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources. In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (1.25% to 113.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (2.68% to 13.23 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.04% to 21 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, said its president of dirctoire in an interview for Echoes.

• Publicis (0.56% to 30.66 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (0.53% to 24.86 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (0.76% to 67.89 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.02% to 5.99 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.

Having started a rebound on Tuesday, Asian stock markets appear again in the red, concerned the debt crisis in Europe. At the close, the Nikkei declined 1.14% and so on 8518.57 points, against the current Wall Street has ended the session little higher on Tuesday. Markets are awaiting a decision by Beijing to buy-or-no Italian sovereign debt, "China will continue to increase its investments in Europe," said Premier Wen Jiabao, at the opening of the "Summer Forum" Davos in Dalian (north-east) on Wednesday.But he is hopeful that the leaders of major European countries consider their relationship with courage to China a strategic point of view. "

Another new fueling hopes of a crisis: the five emerging BRIC (Brazil, Russia, India, China, South Africa) should discuss next week the opportunity to help the European Union by increasing their holdings of bonds denominated in euros.

Growth outlook gloomy

On the macroeconomic front, the growth of emerging economies in Asia will be less pronounced than assumed in 2011 and 2012 as a result of a decline in exports to the United States and Europe and high inflation, said on Wednesday a report by the Asian Development Bank.Thus, economic growth in Asia (excluding Australia, New Zealand and Japan) should come out to 7.5% in 2011 and 2012, respectively, against 7.8% and 7.7% estimated in April. As for values, values ​​Japanese exports remain under pressure. Canon Inc. falling 3.64% to 3,310 yen and TDK Corp. of 2.28% to 2828 yen.

Other Asian stock markets follow the downward trend of the Nikkei: The Kospi index in Seoul falling 2.95% to 1759.46 points, the S & P / ASX 200 in Sydney down 1.21% at 4023.50 points, the Hang Seng Index of Hong Kong 1.34% to 18,775.39 loose points, and the CSI 200 Index of Shanghai down 0.67% to 2702.08 points and the FTSE Singapore Straits Times Index down 0.26% at 2722 , 20 points. Only the BSE Sensex 30 Bombay rose 0.24% to 16,506 points.

On the foreign exchange market, the euro was down at 1.36 dollars (-0.30%).Oil prices were also down Wednesday in Asia, markets still worried about the debt crisis in the eurozone and a possible bankruptcy of Greece, analysts said. In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 71 cents to 89.50 dollars per barrel of Brent North Sea crude for October delivery 9 cents to 111.80 dollars. "With the danger hovering over the Greek market, prices are highly volatile, very nervous," said Nick Trevethan, commodities analyst at ANZ Research in Singapore.

After the increase in VAT on the inputs of the theme parks last week, the elimination of rebates on real estate gains promises to be the main divisive issue of the week opens. This provision, very criticized, only affects second homes and rental investment (principal residence remains, as before, exempt from taxes). But it is radical: since August 25, the capital gain on resale is taxed at 32.5%, regardless of the length of detention of the property. Previously, the taxable gain was undergoing a reduction of 10% per year from five years in prison, which made totally exempt from taxes in fifteen years.Delete this reduction is therefore a true revolution that will represent, in 2012, over 2 billion euros in additional revenue for the state budget!

For many members of the Finance Committee, the government was wrong to brutally suppress the abatement system. "This chopper's austerity plan is absurd, asserts the centrist MP Charles de Courson. It will freeze sales. Transfer taxes, which are sitting on real estate transactions and represent a significant tax revenue departments and municipalities, will collapse. "The deputy also fears an increase in under-the-table, in order to limit the most capital gain to report.Many also fear a destabilization of the market for rental investment.

Members of the Finance Committee, under the aegis of their rapporteur UMP Gilles Carrez, have decided to table an amendment that will restore an allowance of 5% per year after five years free online credit report. What can a total exemption from capital gains tax at the end of twenty-five years. They also want to refer to 1 December 2011 or January 1, 2012 implementation of this measure.

But there's a catch: Bercy awaiting the removal of allowances 200 million savings in 2011 and 2.2 billion in 2012. The restoration of a 5% reduction would cost 900 million full year. Aware of the need to preserve public finances, Gilles Carrez proposes to increase the tax on patents."This is a measure anticompétitivité," retorted Bercy where people still say "open to discussion as long as the deficit does not widen."

A gesture is expected

Reportedly, the Budget Ministry is prepared to make a move on entry into force of the measure on second homes (which could be a little delayed) and would eventually restore a favorable tax abatement in the time, based on a total exemption from taxation of capital gains after thirty years rather than twenty-five as proposed by Gilles Carrez. Between last-minute negotiations and uncertainties on the position of Members who are not part of the Finance Committee, voting in the National Assembly is uncertain. Not to mention that it could be unraveled in the Senate."No decision of economics can not be accepted in the general joy," says Philippe Marini, the UMP rapporteur of the Committee on Finance of the High Assembly, which considers the extent of the government "justified".