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

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

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

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

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

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

Largest decline in Europe

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

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

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Decidedly, this championship spares nothing to Olympique de Marseille. After a disappointing season sportingly (OM is currently 10th in the league), players of the club will play their final game next Sunday of the season against Sochaux with a misspelling in the back! That is the conclusion yesterday after the presentation of the shirt "Third" of the OEM Adidas club, created by singer Akhenaten – leader of the rap group IAM-1990s – and the Argentine sculptor Pablo Reinoso. A tunic dedicated to the European Cup, having the distinction of being reversible: when you turn the black jersey, it turns orange.

"The grammatical rule is not obvious"

Orange, it is thus that the error happens. Worms designed by the rapper star of Marseille have a spelling mistake. They are found enrolled in upper back: "And our hearts are orange, as are the waves at sunset." However, the word orange agrees, except when used as an adjective. This is the case here. This departure from the French language cover only one of three new models and is invisible to a spectator from the stands. It must indeed look very closely intertwined worms to distinguish this "S" too. "We assume that fault, reacted Emmanuelle Gaye, spokeswoman for Adidas. This grammatical rule is not obvious and I guess it was not known to all French no fax cash advance. " He added: "As in any international company, the production line is long between the designer and product manager. We are looking where the error occurred. The most surprising is that the first prototype did not include error. "

Already on sale

Still, this error is a problem, the shirts have already been sold in shops of the club. "From the moment the product is not defective, it remains for sale, says Emmanuelle Gaye. We are considering how to correct the error. " Adidas, an estimated "tens of thousands" tunics with the misspelling, knowing that the OM annually sells 400,000 jerseys.

Already mocked by fans for its color, away from the traditional blue and white OM, so the shirt could see his popularity decline even further. What threatens the sales potential of these tunics. At 90 euros a basic version, some fans will likely require a perfect model. Unless an effect "collector", which would encourage them to rush on jerseys-like limited edition … "It is unclear what impact this will fault on our sales, concludes Emmanuelle Gaye. But the jersey is a favorite with players and fans. "

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Two billion euros. The Intermat 1350 exhibitors, which was held from April 16 to 21 in Villepinte near Paris, have not mégoté their investments as they exposed construction machinery and construction worth a total of 2 billion. "This very large sum shows business optimism this year," explains Maryvonne Lanoë, commissioner general of the show.

This event is the meeting point for all actors of the French markets, Southern Europe and North Africa. "The trend is quite good, says Philippe Haugenauer, Sales Director France of Japanese Komatsu. We have seen the show many people who have projects, although few orders were signed on the spot. "With a turnover of EUR 18 billion, the Japanese group is the second largest manufacturer of equipment BTP in the world.

Strong rebound of the market

Reinforces a sense that the latest figures released by manufacturers. "The aggregate producers, who are our customers, have a very good first quarter, so a little unexpected," says Michel Herr, CEO of France Sandvik, the Swedish group specializing in drills and milling machines. The reason: the great works decided by the government after the 2009 crisis. "We take advantage of highway construction and high-speed lines, including those linked to Tours and Bordeaux, Michel Herr says low interest personal loan. This allows us to benefit from a good order book for the second quarter. However, we lack visibility for the future. "

Despite its 15% growth in its European business in the first quarter, Saubot Alexander, general manager of Haulotte Group, Europe's leading manufacturer of aerial work platforms, believes that "this increase is lower than it should be given the fall market in Europe since 2009. " The activity is still far from the highest recorded in 2007 and 2008. Above all, Europe pales in terms of total growth over the period of Haulotte: 24%.

"The strong rebound in the global market for public works equipment recorded in 2010, to 17%, and 2011, 24%, is due in part because it had collapsed by 50% between 2008 and 2009" , said Maryvonne Lanoë. The activity remains well below the pre-crisis level.

"There are many projects, the problem is now often funding," says Philippe Haugenauer elsewhere. Dynamism that allows Buronfosse Renaud, chief representative of ICASA, the union representing the manufacturers of construction machinery, metallurgy and handling, be optimistic for the current year: "We envision an increase of business activity of the profession of 5 to 7% in 2012. "

Born primarily the desire to escape the influence of the United States and Europe, the group of Brics, which includes Brazil, Russia, India, China and South Africa, is still seeking an identity. For now, the five emerging economies, which account for 40% of world population and weigh almost a quarter of global GDP, have in common especially their insolent growth. A favorable economic foundation for greater integration, but that has yet to consolidate.

More ambitiously, the desire to define a common diplomacy is squarely a figment of the imagination, as are large differences within the Brics international political crises. Not to mention the simmering conflict between India and China, who have not settled their border issues.

Nevertheless, the Brics are taking shape. And the fourth summit of the five emerging countries to be held Thursday in New Delhi could lead to some concrete decisions. "The Brics are a unique group. It is not based on geography, as the European Union (EU) or the Association of Southeast Asian (ASEAN), "notes Sudhir Vyas, Secretary for Economic Affairs of the Ministry of Foreign Affairs Delhi. Adding: "Beyond their role as drivers of global growth, the five countries are united in their desire to seek durable solutions to global challenges, they can afford."

Although Beijing and New Delhi have revised their growth forecasts downwards, the two capitals show figures to be the envy of Europe and the U.S.: + 7.5% of GDP increase in China this year + 6.9% in India. According to a report released Wednesday by Knight Frank and Citi Private Bank, India could become the world's largest economy by 2050. "China will overtake the U no teletrack payday loans.S. in 2020, and will be overtaken in turn by India in 2050," analysts said.

Compete with the dollar

Wednesday, the eve of the summit, trade ministers of Brics had several working sessions in New Delhi. "The consequences of the financial crisis (in Europe) affect everyone. We must work together to overcome the problem, "said the Indian Minister of Commerce and Industry, Anand Sharma. Chen Deming, his Chinese counterpart, dearer: "It is urgently necessary to prevent the crisis in the European Union is escalating."

The agenda of the summit of Brics is vast. It only last a few hours, in a transformed Indian capital into a fortress. It will discuss food security, health, but also the puzzle of the Iranian nuclear and Syria. The highlight, however, will create a "bank of Brics", already nicknamed "South-South Bank." The project, proposed by the Indians, is still in its infancy. But the idea is timely then that the Brics seek to formalize their lives by forging institutions.

Bank of Brics would particularly called upon to finance infrastructure projects in developing countries. It is also a great way to circumvent the euro and the dollar … the benefit of the Chinese currency. This is not to please all members of the group. Brazil, in particular, complained about the undervaluation of the yuan. "This project shows that bank emerging attempt to withdraw from the World Bank and International Monetary Fund, which are dominated by Westerners," says John Mashaka for its part, an analyst at Wells Fargo Capital Markets.

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Can we judge the Heads of State or Government for their responsibility in the economic crisis that has shaken the world since 2008? To this question, the parties have used to respond that the verdict will urns – some have already experienced at their expense. Iceland is in court that the former head of government is accountable. Geir Haarde appearing before a special court – the exclusive right to try ministers – for his role in the collapse of the financial system. Adjourned in September, the trial resumed on Monday and will last until March 15. The accused faces up to two years in prison.

That's an understatement to say that Iceland has suffered from the crisis: the economy of the island with 320,000 inhabitants was literally blown away by the explosion of the global financial system in 2008. The three largest banks in the country, which held assets equivalent to 923% of national GDP, went bankrupt. Plunged into deep recession, the country owed its salvation to EUR 1.6 billion loan from the International Monetary Fund. Popular anger caused by this disaster had forced the then Conservative government of Geir Haarde to resign.

"We saved the country from bankruptcy"

But Iceland is not stopping there 0cherche guilty. In spring 2009, a parliamentary commission of inquiry concluded that the main leaders of countries have made serious mistakes in managing the crisis. The expert report specifically criticized Geir Haarde to have stifled the information leaving early in the year 2008 point to a major financial crisis guaranteed payday loans. The former head must also meet its inaction to reduce the size of banks hypertrophied.  

According to the accused, let the banks go broke "was the right thing to do" and "saved the country from bankruptcy." "The banking sector has collapsed but the real economy, the entire production capacity of the country, remained intact and continues to run," he pleaded last summer. In fact, Iceland has since returned to growth. If the state had guaranteed foreign debts of the banking system, Geir Haarde believes that Iceland would have "the same mistakes" as Greece, for example.

Beyond the merits, the defense challenges the very principle of this trial. She recalled that none of the other ministers implicated by the inquiry commission has not been charged. But among them were two Socialists, and it's socialist majority in Parliament to what income the decision to refer Geir Haarde court. The latter has a field day denouncing a "settling of accounts" policy. More broadly, the former leader sees himself as a scapegoat for the crisis: "There was a collapse of banks around the world (…) Why is there no other political leader in a court like? ".

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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%).

It is financed recapitalization to the tune of 160 million euros provided by the station, its parent company, and a loan of 99.9 million euros was also granted by the SNCF "market conditions" as Ministry of Transport, at the forefront of negotiations with the Commission.

Three candidates for the recovery

On 19 October, Brussels decided to give a stay of several days the French government for an independent investor that is able to replace the station to inject 100 million euros.This loan is indeed the point of blocking the bailout.

Allocated by the SNCF, it is similar to State aid. But the Ministry of Transport, we do not believe in miracles. "In the current situation, no bank is willing to release 100 million euros to support SeaFrance," says a close case.

Tuesday, it was the turn of the Commercial Court of Paris to decide: the liquidation or takeover by one of three candidates. In addition to a mystery buyer, called "Being Bang," Louis Dreyfus Armateurs is associated with the Danish DFDS in a consortium. Another offers more unusual is in the running. This is a cooperative production (Scop) carried by the CFDT.

512 employees have already raised a finger to enter the capital of the SCOP which will take back almost all of the employees but is seeking another 20 to 25 million euros.SeaFrance has 880 employees.

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"Investors want to invest in the debt of French local authorities, which is very safe.But they have few means to do so, since only large communities issue bonds. We offer a suitable vehicle, "said Olivier Landel, Chief Executive of the Association of urban communities in France. Communities will therefore be the primary beneficiaries.

In addition, the agency should issue bonds at a good price. Elected officials hope that, despite the absence of government guarantee, the agency will be rated triple A by virtue of the quality of local debt (the latter must have an operating budget in balance) and mechanisms of solidarity between its members. Above all, the agency lend to municipalities, departments and regions, at a rate just higher than its own cost of funds – but different depending on the risk profile of each community. Because unlike banks, it is not intended nor need to secure substantial profits."The structure is light, with just 70 people to run," insists Jacques Pélissard, President (UMP) of the Association of Mayors of France.

Shortage of bank credit

"We hope to pass the legislation before the end of the year for the agency operates end of 2012. We are confident because the government views with favor the initiative, "said Jacques Pélissard. The first year, the agency should raise 800 million to one billion euros, sixty communities. Ultimately, elected officials are hoping that a quarter of 20 billion of annual funding needs of the communities will be ensured through it.

"The evolution of credit conditions shows that the agency is essential," says Michel Destot, Mayor (PS) in Grenoble and president of the Association of Mayors of major cities in France. In fact, the problems get worse.Haute-Savoie, St. Gervais-les-Bains had to give up an investment due to lack of adequate bank credit. A survey of the AMF, the local sector banks have responded that in 30% of the total volume requested by the communities. Some German banks come to the rescue, but this is not enough. The problem is more acute than that of toxic loans, which represent only 7 billion on a debt of 160 billion community. The government plans to use the Deposit to remedy the lack of funds.

Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September suggested Ben Bernanke at a conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4537 dollar per euro.

And always in the context of the general economic meeting in Jackson Hole Christine Lagarde urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." Former Minister of Finance believes that these measures are the "key to cut the chain of contagion," New blow to the banking sector, weakened already widely during the summer.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday.Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT. A figure below the most pessimistic forecasts considered before the hurricane.

Referring to the financial crisis, Laurence Parisot said that "if Europe were attacked, not because it is weak but because it is strong, and if it is envy, because it is enviable, "In an interview with Le Figaro, the boss of bosses denounced a U.S. plot against the euro area.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption.In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.

Still on macroeconomic markets will learn on Monday of income and household consumption in the United States in July and promises of home sales.

Banking supervision

As for values, the eyes of investors should focus on bank stocks.

In addition, Ingenico said it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR observe the re-opening until September 9 of the OPR launched by Eiffage and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

In addition, ING has lowered its board to maintain, against buy Arkema on the title and reduced its price target on the value to 55 euros (as against 85 euros).

Canal + could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange would be in conflict with the American Cogent.The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. the conflict began in January when Orange had decided to grant the account drop traffic from Cogent.

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Volumes were again extremely high (nearly 7 billion euros), all displaying European stock exchanges by mid-day trading levels higher than their usual daily average.

The recovery technique recorded by Paris is divided into Europe: London won 1.89%, 2.80% Brussels, Amsterdam, 1.30%, Milan (0.52%) 0.60% and Brussels. Conversely, the Dax in Frankfurt (-0.10%) and Madrid (-0.04%) remained in the red

Pic of volatility

This new session, which was a bit of all the dangers Monday after a black market, was held in extreme nervousness. With a drop of 18% of the index in Paris in eleven sessions, the Cac 40 was defeated Monday again his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama shows that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis.European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index.From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros.

Moreover, according to figures released this afternoon by INSEE, the price of oil in dollars recovered in July (+2.3%) after declining by 1% in JuneThe price of imported industrial raw materials has, too, bounced: 1.9% in July, against 0.2% a month earlier. Same trend for raw food (+1.0% after -0.8%).

For its part, the Organization of Petroleum Exporting Countries (OPEC) also lowered its demand forecasts for 2011. In its monthly report published on Tuesday, the organization expects a demand for crude to 88.14 million barrels per day (bpd), against 88.18 million bpd set before.

The barrel still under pressure

The report is closely watched, the price of oil is very strong pressure for 15 days under the effect of the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening.In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (78.92 dollars in mid-day) while the barrel of Brent crude down $ 100 for the floor, then back to 101.04 dollars.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing. The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and when traders' confidence evaporates, "according to Jonathan Sudaria Capital Spreads.

The side of values ​​to follow:

Financials bounce (BNP Paribas takes 0.06% to 39.33 euros, Societe Generale advance of 3.54% to 26.01 euros and Credit Agricole gleans 1.94% to 6.88 euros). Natixis (+2% to 2.95 euros) goes back more vigorously the slope, as Axa (2.23 to 11.23 euros).Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

Alcatel-Lucent (9.22% to 2.42) shows the largest increase in the ACC after losing 31.5% over the past two weeks.

GDF Suez (1.01% to 20.02 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (- 5.50% to 6.87 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (12.68% to 5.60 euros) reported, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.