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In this year financially troubled employees rely on corporate savings to rebuild their nest eggs. This is apparent from a study conducted by the CSA institute for the Club of employee savings.

Over the last twelve months, more than half of the beneficiaries of employee savings invested 12% of their pay. A percentage much higher than previous years.

"Employees are concerned about the consequences of the financial crisis. 40% of them plan to evolve their total savings, "says Henry Alline, president of the Club of employee savings. More than half (55%) of respondents in this study say they are satisfied for the moment the financial performance of their business investment. But they were 59% a year ago flexcheck cash advance.

As is the case for several years, employees save for retirement.Over the last twelve months, two thirds of employees and supports a PEE (company savings plan). This device, like Perco Plan (retirement savings plan), allows to build a long-term savings. It is powered by matching contributions from the employer or employee payments can spend up to a quarter of his annual salary.

Provided they meet the minimum capital funds (5 years for the EEP and until retirement for Perco), the yields of these products (dividends, capital gains) are exempt from tax income. This explains the growing success of these formulas, still reserved for the privileged. For 70% of employees do not have access to employee savings plan.

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The Unedic Thursday sharply revised its financial projections and employment for 2011 and 2012 following the economic downturn. And the results are anything but good. While the unemployment insurance system in late May included a slight increase in unemployment this year (12,000), it is now estimated that 144,100 more job seekers through the doors of employment center in 2011.

A variation in the end, more than 130,000 people! Worse, for next year, the decline was announced before the 91,000 unemployed in 2012 should eventually turn up … 123,100. Or, this time, a delta of close to 215,000 job seekers.

Job creation in 2012 will also suffer from the slowdown by 2013.According to projections by Unedic, they will simply be divided by 2.5, to stabilize below 70 000 in late 2012.

13 billion euros of accumulated deficit late 2012

The effect on the finances of the unemployment insurance system is important easy to get unsecured personal loans. The deficit for 2011 is expected to increase to 500 million euros, 2.5 billion tangent again. And over 272 million anticipated four months ago for 2012 will turn into hole of nearly $ 1.8 billion. Result, the deficit which was initially just exceed 10 billion by 2012, also off again on the rise and be around at the end of next year, the $ 13 billion.

"These poor results do not Unedic in a dire financial situation, however, reassured the president, Gaby Bonnand. We have the means to meet our commitments and pay allowances.We just need to remain vigilant because it will be difficult to borrow in the markets, given the situation worse. "

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(Special Envoy to Florence)

The tax collectors, 1540, Marinus van Reymerswaele personal business card. (Florence, Museo Stibbert)

Angela Merkel and her government are holding their breath. Renowned for its warmth towards Europe, the Constitutional Court in Karlsruhe invite this week in the feverish debate on the rescue of the euro. The judges will vote Wednesday on the constitutional legality of financial aid given to Greece in May 2010. Their decision could affect the vote of German MPs, who must decide on Sept. 29 in the Bundestag on extending the powers of the European Financial Stability Fund (EFSF).

Already facing a rebellion of the members of his conservative party (CDU), the German Chancellor has been careful to separate into two parts the vote on aid to Greece and that concerning the adoption of the future European Stability Mechanism (SPM) .More than two dozen elected officials of the CDU threatened not to ratify the decisions taken at the European Council of 21 July, fearing that Berlin does not transfer too much power to Brussels. MPs are reluctant to help Greece, which they consider a "bottomless pit" and feel that their powers in budgetary matters were trampled. The Chancellery is concerned that the decision of the judges in Karlsruhe will come inflame the debate.

Growing skepticism

Largest economy in the euro zone, Germany is also the primary funder and many elected officials in Berlin believe that they should as such have much more say in the rescue plans in the area that other countries. If the Court in Karlsruhe decided to grant German MPs a say too much in the allocation of European aid, the mechanism could find them paralyzed.German lawmakers already ensure tooth and nail over the interests of their taxpayers from a decision of the Court of Karlsruhe, dating from 2009, in which the judges had distanced themselves from the Lisbon Treaty. The Court could also decide to set limits on the allocation of aid to countries in difficulty due to the entry into force in 2012 of the brake mechanism to the debt, the golden rule in Germany. For this aid could lead to cuts in the budgets of the Federal Republic.

Across the Rhine, the distrust of the single currency is growing. A survey of the institute Allensbach with German parliamentarians center-right shows that 76% of them have little or no confidence in the euro, against 71% in a similar poll two months ago.This was reinforced by the departure of Athens, Friday, representatives of the European Union, the European Central Bank and the International Monetary Fund have given ten days to the Greek government to advance structural reforms in the country . The parties of the center-right coalition in power have multiplied over the weekend their warnings to Greece, ordered to implement as soon as his promises of reform in return for aid to balance its budget.

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The Socialist Prime Minister George Papandreou said today to be sure that his party would leave Greece to the economic crisis and debt at the national conference of the Greek socialist party (PASOK). "We continue the battle, not only because we believe that there is no alternative, but because we trust in our capabilities in the capabilities of Hellenism, in the possibilities of our country .I'm sure we will succeed, "he said in his speech.

2013 Goals

"People will judge us in 2013, and until then, we not only managed to get Greece to the crisis, but we have also implemented many important reforms that will lay the foundation for a different evolution of Greece in the future, "he said, cutting short the rumors of early elections.

The Prime Minister also accused the previous Conservative government to be primarily responsible for the current financial crisis. The spokesman for the main opposition party New Democracy, Yannis Mihelakis, immediately reacted. "He (George Papandreou) recognizes the economic impasse, but says nothing about its policy, which destroyed the economy and society," he retorted.In a report released Wednesday, a parliamentary commission of experts also found that the debt was low rates payday advance.

"Satisfactory progress"

Last year, Athens has received an aid package of 110 billion euros of the European Union (EU) and the International Monetary Fund (IMF). At their summit on 21 July, the euro zone countries have agreed to pay a new loan, plus a share of the private sector on a voluntary basis, for a total of 50 billion euros. Representatives of the "Troika" (EU, ECB and IMF) mission in Athens Friday to advance structural reforms in the country.

Several media have interpreted the departure precipitated considered representatives of the EU, the IMF and the ECB as a clash with the Greek Government on the extent of the effort to provide rigor to continue fiscal consolidation.But such a break was denied both by the Ministry of Finance by the troika.

She spoke in a statement of "good progress" in talks, saying had "temporarily left Athens" to "allow the authorities to complete their technical work" related "to the 2012 budget and structural policies to strengthen growth."

(With AFP)

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LE FIGARO. – Economic activity appears to be a brake brutal. How do you explain it?

Laurence Parisot. – The slowdown is due to meet two sets of causes: the United States, an economic and political situation that was deteriorating, and in Europe, the States that crossed the red line in terms of debt. Once you overcome these difficulties, we find a strong growth and job creation but do not mistake in the analysis of what we experienced this summer. The situation was tense when China began to lecture the U.S. on their debt. The Americans probably wanted then iron the mistigri to Europe. There has been a kind of psychological warfare and an attempt to destabilize the euro area. The markets have overreacted, being by nature very sensitive to rumors, even organized.The moral of the story is that we should not be naive and fall for the autodisqualification: if Europe were attacked, not because it is weak but because it is strong, and if it is envy, because it is enviable.

Who was behind this conspiracy?

I call it an "orchestration" overseas challenges of Europe. See the rumors about the French banks, which were released immediately when they were absolutely unfounded. Our banks are among the strongest in the world. Some of the U.S. media yet announced the death of a particular and even the end of the euro area.We went from attacks on Spain in attacks on Italy and then France, until rumors of degradation of Germany last week! When American publications widely read by investors and financial analysts on false ads headlined drama, questions arise.

The accumulation of debts of the States, however, is a reality …

Certainly. The debts are no longer tenable. They must be absorbed quickly. As shown by the measures taken last week, the government was quick to hear the warning.

You are therefore in favor of the gold back to a balanced budget?

The principle of the golden rule would consolidate the reputation of our country and facilitate the work of any government.Many countries are engaged in it, it would be strange that we're not able to do French.

Ten billion of additional levies for a billion expenditure savings, is this the best way to fight against the deficit?

We had to quickly adjust the situation, the government has. But you are right, this is not enough, and the state must also accelerate the decline in spending. Ideally, a ratio of 1 to 2: twice as many savings on expenses for upward social and fiscal revenues. Measures such as pension reform and the non-replacement of an official two-point in this direction.Going further will require further structural reforms: focus on local communities and to decline the RGPP; work as health, including public hospitals (why does bill over to the insurance sector private for the same benefits?), and finally develop across the public-private partnerships and public service delegations. These channels have the immense advantage of not touching our social model.

François Fillon he had the "SME attitude" that you keep advocating in his anti-deficit plan?

It has indeed been attentive to small businesses but we must do more. Among the SOHO-SME-ETI today are the CAC 40 companies in 2030: they must get the best possible environment in order to grow.That's why we call for an extensive program to délégiférer and deregulate the legal system that encircles the neck to the small and medium enterprises. It should also reduce their taxes. It is shocking that the corporate tax (IS) actually paid by the SOHO-SME is (relative to the operating surplus) of about 39% against 19% for large companies. Among other reasons, the latter deduced from their result the interest on loans, while the SOHO-SME do not because of their reduced ability to borrow free 3-in-1 credit report. That's double trouble! There is also a reduced rate of corporation tax (15%) for companies whose turnover does not exceed 7.6 million euros. Medef request that the ceiling be raised to 10 million.

Sixteen top managers were willing last week to be taxed more.Do you agree with the exceptional tax on high incomes will be instituted?

We see very high incomes in athletes, actors, professionals: it is not an issue specific to some entrepreneurs. I understand the principle of a special tax to a special moment, but the tree should not hide the forest and make us forget the need for moderation in executive compensation. Also, do not confuse everything. There would be demagoguery to compare the incomparable and put in the same bag annual revenues of 250 000 euros and 2.5 million.Let us ensure that future developments of the threshold does not affect the middle class, including the upper middle classes, which are the engine of the economy.

The inclusion of overtime in the calculation of reduced charges on low wages is not likely does not increase the cost of labor and destroy low-skilled jobs?

There are of course in this action plan that we like less than others. We also deplore the passage of the social package 6 to 8%: it penalizes the profit-sharing that we want to encourage. But all part of a clear logic of debt and that, we salute.

Are you concerned about the evolution of unemployment in the coming months?

We can stop the recent deterioration. Understanding that in TPE-PME is the greatest employment potential and the fostering.Working on better employability of job seekers, integrating strong mutations trades, adapting in real time training.

The precarious employment with the proliferation of part-time, Temporary … How about it?

As part of the agreement on unemployment insurance signed earlier this year, we will create with the unions a working group on the evolution of modes of compensation. We have also provided a social debate on the labor market. I want to bring these reflections to improve the overall employment-unemployment-training. The procedures surrounding the employment contract must further progress: as such, they are blocked by their length and excessive legalism. Fear of hiring is the biggest problem for companies.Should be conducted with the collective labor disruptions that have been done with individual outs. We do not say enough that breaking conventional setup for the first time in France "flexicurity" and everyone wins.

What is the menu of your negotiations with the unions in the second half?

The priority in the coming days is to implement the employer-union agreements in the first half of youth employment. We will also continue negotiations on the value and the modernization of the peer. We will also discussions on the social well-being at work and professional equality between men and women, in which we will include paternity leave.

What is your strategy to get your ideas during the presidential campaign?

In 2007, we published a book, Need air that marked the campaign.We prepare "Need air 2" due out in early January. "Need air 2" propose structural reforms but also bring a great European project. Some time ago, it happened that I meet entrepreneurs who admitted to having voted no to the Maastricht Treaty, now I see those same business leaders confident, enthusiastic and ready to move resolutely towards European federalism economic and social development. France will remain in France if and only if Europe is united, united and powerful.

The anonymous CV will remain "a possibility among others", and will ultimately not generalized to all companies with more than 50 employees. In the law on equal opportunities in 2006, this measure of fight against discrimination is now increasingly popular. "I do not think the anonymous CV should be an obligation," said first Echos to the Commissioner of the Equal Opportunities Sabeg.

Before publishing the decrees of the device, the government had requested a progress report. By the Centre for Research in Economics and Statistics (CREST) ​​in conjunction with employment center, the evaluation was very critical.

In a note published in July and the conclusions of Crest, employment center points out that the anonymous CV does not improve the chances of access to interview candidates from immigrant backgrounds or areas sensitive urban. He even tends to reduce them: the anonymous CV, and diminish their chances by 9.6% to 4.6%.

Experimental bias

The organization provides two explanations for this paradoxical result. The first is that the anonymous CV would not allow the recruiter to put certain negative elements of the CV, such training less prestigious or less experience, according to social background or age of the candidate. Something that would naturally some recruiters.

The second reason to do more to challenge the findings.The experiment conducted between November 2009 and November 2010 would be biased as carried by companies sensitive to issues of discrimination, practices that would lead usually proactive in recruiting minorities. The anonymous CV so would deprive them of a way to diversify the profiles of their candidates.

One tool among others

Employment center stresses, however, that anonymous CV is generally less attractive to a recruiter a resume registered. Hence his concern that candidates applying via an anonymous CV will do also in turn be subject to discrimination compared to those who apply via other channels. All these observations lead the institution to question the need to generalize this scheme. A judge concluded that option "not possible".

Sabeg remember his part that "the government must decide" on this issue.But once staunch supporter of the measure, he argued today it remains a recruiting tool among many, "that some companies use successfully elsewhere," says he. To promote access to employment of diverse routes, employment center said meanwhile that other routes exist. Recruitment or without CV questionnaires skills are few.

The anonymous CV effective for women

If the anonymous CV is based on the Crest ineffective for candisats immigrant and Zus, it is however for gender discrimination. Indeed it has the advantage of counter behavior "hemophiliacs" recruiters. Behind this phrase lies their spontaneous tendency to favor the candidates of the same sex."When the interviewer is male, the probability for a woman to access the interview with a CV is registered 16.6 points lower than that of a man," is employment center. Recruiters prefer women as women, but to a lesser extent. The anonymous CV will reduce this inequality significantly, the study provides.

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CEO of TF1, Nonce Paolini, on Tuesday morning could formalize its proposed application to the Higher Audiovisual Council to bring to its free streaming news channel, LCI. But even before this request may be made, TF1 is already under the spotlight.

The subsidiary of the Bouygues group has indeed provided a strong rebound in net income increased 60% in first half year on year, to 118.6 million euros. As for further cost reductions, the television group posted a net increase in operating income over one year, 78.6% to 186.5 million euros. The cost of the grid of the TF1 channel has in fact declined by 482.6 million euros to 423.6 million. Good performance hailed by investors since the title was climbing to 11 hours of 6.80% to 13.59 euros, the largest increase in the SBF 120.One of its main competitors, M6, which must also publish its results on Tuesday but after-hours trading, climbing from 0.77% to 15.74 euros. Meanwhile, the Cac 40 was down 0.57%.

This policy of cost reductions initiated since 2008 had been welcomed on Friday by the U.S. rating agency, Standard & Poor's, which had raised a notch note of the group, believing that these savings would result in a better rentatibilité. The TF1 group has recorded a marked improvement in its operating margin, which has doubled in a year to reach 18 cash advance in one hour.8%."These statistics confirm, quarter after quarter, the effectiveness of measures taken to change positively the economic model of the group" welcomed the television group, which has however avoided giving details of its profitability target medium term.

Lack of visibility

In contrast, sales of the TF1 Group, which owns the Eurosport channel, TMC or LCI, fell slightly from 0.5% to about 1.3 billion euros. "Unlike last year, TF1 did not broadcast major sporting events (like World Cup soccer)," the statement said. But the group is satisfied with a return to growth in advertising revenues in the second quarter (+0.7%) after a decline of 2.6% over the first three months of the year. Of all the activities, the advertising revenue shows an increase of 4.7% to 905.2 million euros."The group remains more than ever mobilized to consolidate its leading position in the field of information and entertainment on the TV market and / or free," says TF1.

This slight decline in sales, however, makes the television group cautious about the stability of the whole of 2011. It evokes a persistent lack of visibility on the changing conditions.

Lefigaro.fr – What conclusions can we draw from the first published results toMember United?

To date, 27% of companies in the S & P 500 have released their interim results, ie 135 companies and 75.6% of them have announced profits above expectations. We left for a good year. This week, the big banks (Bank of America, Citigroup Wells Fargo), were quite surprised in a good way, even if we remain cautious on the interpretation of their figures. Past two years, they have spent many provisions in their accounts, and use it sometimes to beautify their results today. Only Goldman Sachs really disappointed. By sector, energy, basic materials, and technology are doing so well, with respectively 40.3%, 45.3% and 13.7% increase in expected profits for the second half.Note that the consumer sector is basic to the sentence, with an expected fall in profits by 2.1% over the period.

How to explain this performance better than expected?

It has been two years since the publications of societies are generally above expectations. The restructuring made by the companies during the crisis are now bearing fruit. It is currently for companies in the S & P500 on levels of operating profitability of 15% … levels rarely reached. We must remain cautious because the potential for improving these margins is now limited. On the sales side, the expected increase for 2011 is 9%.

The second reason for these surprises is simpler. Analysts are sometimes influenced by the companies that encourage them to be very cautious in their forecasts.This is to avoid disappointment in the markets.

These publications are good they had a positive impact on the markets?

Yes. Google, for example, jumped 12% on the day of the announcement of results exceeding all expectations. The same goes for Apple. While some feared an impact on the financial problems of supply of components of the iPhone (from Japan), the group announced record profits. In the process, his title was up 4.5%. However, always put these results in a corporate market. In the first quarter 2011, the markets were at their highest, and the announcement by a company results in line with forecasts had very little impact its share price Payday Loan for Bad Credit.Today it's different, a confirmation of expectations or a nice surprise on a publication is much appreciated.

If the earnings season continues on the same trend, then markets could leave freely on the rise?

It's not that simple. The market impact of the debt crisis in Europe and the United States is very strong. We are actually in the eye of the storm with these macroeconomic issues, with a market that has stalled in May and operators who are positioned defensively. However, there is a real potential to rebound … as long as the market wants good focus on microeconomics. We are quite optimistic on this point because the next ten days, operators should see much more clear about the solutions in place for at least partially solve the problems of debt.In Europe, the solution to Greece has already restored air markets. And the United States, we can not stay on the current status quo for removing the ceiling on debt. Once this is clarified, the market will again focus on the prospects, and we could have a good August. Especially with a price / earnings ratio of 14.2, we are still 15 to 16% below the valuation levels of 2007, while corporate profits are 10% higher than they were at the time.

What are the sectors that should perform better in your opinion?

Technology stocks seem on track to rebound in the wake of good results from Microsoft, IBM or Intel.The good news in the industry are also positive for the energy sector, which could also rebound strongly, especially the coal industry, where mergers are again more frequent. More generally, there is a return of large transactions, which is another favorable factor for the markets rebound. This is the case for the acquisition was announced, the U.S. by Express Scripts Medco Health to $ 29.1 billion.

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Among the threats to U.S. debt and the beginnings of a sovereign contagion in Europe, investors await first the responses of States to end the unbearable uncertainty. Therefore, the announcement of the holding of an EU summit Thursday and the speed with which Italy passed an austerity plan of 47 billion euros should focus the attention of operators.

By construction, the stress tests conducted by the EBA (EBA) based in London could only disappoint. While the market test, to gauge moves in risk premiums and other diving banking stocks, the scenario of a collapse of the euro, the banking supervisor did not have policy space to go very far this path.Therefore, the 11.5 billion euros of writedowns of sovereign debt simulated by 90 banks under scrutiny seem meager 194 billion against their commitments on debt accumulated state of Greece, the Ireland and Portugal. Not to mention Spain or Italy. By this standard, too, the 2.5 billion euro recapitalization needs highlighted Friday for the European banking sector border on the ridiculous.

Analysts at Credit Suisse quickly corrected this and submitted sovereign exposures of banks, published an exhaustive Friday, at their own assumptions discounts: 50% Greece, 35% Ireland, 30% Portugal, 10% on Spain and 5% on Italy.These calculations on a small sample of 49 banks show 45 billion euros of capital inadequacy! But – and this is reassuring – the "holes" always concern the banks of the countries in oxygen tent. Domestic banks in Greece, Ireland and Portugal are, in fact, between 61 and 67% of the loans of their country of origin.

Two "Lehman year"

If the credibility of the EU suffers from a fiscal laxity apparent on the front of the State debts, however it is particularly harsh on other aspects. Cumulative, testing the assumptions made in simulating the equivalent of two years similar to 2009, the post-Lehman, cost banks some 400 billion euros of provisions, plus 352 billion of additional costs of refinancing.

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