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Unheard of since the beginning of the crisis. This makes two months in July as the number of jobseekers registered in category A to decrease employment center. "One more and it will become a reliable trend," enthuses Laurent Wauquiez, the Secretary of State for Employment. The largest decline even since February 2008: 0.5%, or 14,400 fewer people unemployed in July after an initial outflow of 8600 in June "This proves we were right not to give up and focus on an active policy of employment," said Laurent Wauquiez. We must remain vigilant because the coming months will not all be as good. "

Another encouraging sign is the rising number of unemployed in class ABC (including applicants for employment who have worked more or less than 78 hours) slowed sharply in July. It was only 0.1% (5300 persons) in July, five to nine times lower than previous months.For Laurent Wauquiez, it is not just a transfer grade (from A to B and C) meaning that more and more unemployed people returning to work part time. "It is also linked to the resumption of temporary employment and job creation in the first half of IDUs," he justified. There are now between 2.69 and 4.21 million unemployed in France, according to the category selected.

The data for July also confirm the trend reversal on youth unemployment. The number of under 25 who are enrolled in July fell 2.8% in category A, on the ebb to 1.8% in one year. An exploit in crisis even if there is an increase of a level similar to category ABC showing that more and more young people carry a very part-time job until sustainable employment.Input side, the decline on a year because of enrollment for CSD (-14.5%), temporary mission (-14.5%) and redundancy (-31.1%) demonstrates that economy is indeed on the road to recovery. A feeling confirmed by the rebound of 3.6% of jobs collected in July.

Bond assisted contracts

Conversely, the social treatment of unemployment runs rampant over the past year: the release of employment center for internships have increased by 11.7%. Even finding the side of beneficiaries assisted contracts (Class E), the number has jumped from 45.5% in one year. "We remain below the number of contracts sold under Jean-Louis Borloo and Martine Aubry," qualifies the Secretary of State for Employment.

Three other flats are relative good figures for July.Senior citizens continue to register in mass (1.1% in one month and 17.1% in one year) and nearly 50,000 more to be pushed into the doors seven months of employment center. A downward spiral that Laurent Wauquiez hopes curb with the introduction in 2011 of a device "zero charge" for the hiring of a senior unemployment. On the other hand, the long-term unemployment is endless progress: + 0.8% in July, bringing to 36.2% the share of those unemployed for more than a year on average over 424 days ( 30 in ten months). Finally, the radiation increased by 7.3% in one month and 9% a year.

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The parliamentary battle begins. The proposed pension reform concocted by the government will be examined, starting today, for three days by the Social Affairs Committee of the National Assembly. An important step, because it is the text version of the outcomes of these discussions will then be discussed in plenary session from September. However, given the still ongoing negotiations between the government and social partners, members of the majority will ensure the least possible to amend the bill.Objective: To give the government leeway in August and especially September, after the union mobilization of 7 to make concessions on the subject of harsh, assets who started working before age 18, or even polypensionnés as had already suggested Nicolas Sarkozy.

If 400 amendments have already been filed, most are from the opposition, and have very little chance of being passed. Even on the 80 from the UMP, only thirty probablelement be adopted, for instance on strengthening retirement savings. This strategy, as well as the refusal of the chairman of the committee, Pierre Mehaignerie, opening the debates to the public, provoke the ire of the opposition and unions, who believe that the three-day review that will not result 'in a mock debate.

Renunciation of certain amendments

Even some members of the majority, the coming days will gnaw their brakes. According to the rapporteur of the bill UMP, Denis Jacquat, the majority party will waive provide an automatic carry the legal age of retirement from 2018, so as not to inflame the debate, "It's a good question but it is probably not yet time to respond, "Denis Jacquet justified in Les Echos.

In an interview with the Tribune, Pierre Mehaignerie believes however that such amendment would in any case had no chance of being adopted. "I think the majority within the UMP and the New Center is not conducive to the filing of such amendment. It is very difficult to predict long-term parameters such as growth, productivity, determining the resources of pension schemes, "he says.According to Les Echos, Pierre Mehaignerie would otherwise also agreed not to make provision on the establishment of a fund financing the arduous, yet he advocates.

Despite the debate to proceed in camera, Pierre Mehaignerie chose to hold press conferences after each session in order to silence the controversy about the stifling of debate. At least one opportunity for the PS to hear his voice.

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Fourth day up to the Paris Bourse. This Friday, the CAC 40 has continued to rise started Tuesday and continued Wednesday and Thursday. The key index in Paris was up 0.46% at closing.

At the end of the week, and the CAC 40 gained 5.8%, from around 3360 points to 3554.48 points exactly at the close on Friday.

Elsewhere in Europe, the LSE has been 0.54%, to 5132.94 points while the German Dax rose 0.49% to 6065.24 points.

Yesterday, the index in Paris had passed the milestone of 3,500 points, reassured by U.S. data entries weekly unemployment benefits.

The euro has weakened a bit about him on Friday, while European ald evisa Thursday passed up the psychological and technical $ 1.27.

In France, French investors have learned that before the opening of the Hexagon industrial production had rebounded strongly in May rising 1.7% after falling 0.5% the previous month, according to Insee. Economists had expected an average growth of 0.4% of industrial production in May

EADS tanker of the series continues

EADS (0.53% to 17.01 euros) said it had responded to the call for tenders for tanker aircraft to the U.S. Air Force, on the eve of the deadline for the takeover bids . In addition, the World Trade Organization announced the postponement of the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

Kaufman and Broad (2.23% to 18.14 euros) issued a revenue down 7.6% to 385.7 million euros in the first half, below expectations.But reservations are up 55% to 675 million euros and the property portfolio is up 50% over one year.The gross margin reached 17.1% against 12.9% in the first half of 2009.

Areva (5.11% to 347.55 euros) announced Thursday it would investigate the possibility of building a second nuclear reactor in the Canadian province of New Brunswick.

Mestrallet, CEO of GDF Suez (+0.4% to 24.96 euros), confirmed Wednesday that negotiations with suppliers in Norway, Holland and Russia to obtain lower prices.

The German utility E. ON has indicated in an interview with Les Echos on Friday that he would be "very interested" in acquiring a stake in EDF reactors (-0.91% to 31 euros) to help extending their lifespan.

Moreover, the banking sector with the exception of BNP Paribas (+1.05% to 50.09 euros) suffered some profit-taking, like Credit Agricole (-1.13%) or Societe Generale ( -0.98%).

Similarly, the automotive sector should still react to earnings announcements commercial Renault and Peugeot this week. Titles manufacturers earn 1.13% respectively to 33.45 euros and 1.94% to 23.09 euros.

Surprising as it may seem, the purchasing power of French households has increased more during the recession of 2009 than during the previous year. Very specifically, the increase was 1.6% last year, against 0.4% in 2008, according to figures from INSEE. Unemployment forces, incomes have barely increased in 2009 (1%). But inflation has settled down, which has given fresh air to the household budget. With a decline in oil prices and food prices, prices of consumer spending fell 0.6% in 2009, when they rose 2.9% in 2008 payday loans.

Concerned by the crisis, the French preferred to save the additional resources, including by placing life insurance. The savings rate has reached 16.2% at end 2009. Consumption has it, plus a small 0.6%. The scrappage boosted purchases of cars (+8.3%).The French bought mass televisions, went to the movies more but have less clothes and bought train tickets and plane.

Optimism on the air. The International Air Transport Association (IATA), which represents 230 airlines companies accounting for 93% of global air traffic, has revised upward its net earnings forecast for the sector, saying it would return to profit this year , thanks to his efforts to "reduce costs and restructuring, but also to promote economic recovery.

The association now expects the world's airlines recorded a profit of 2.5 billion dollars in 2010, she said during his meeting in Berlin on Monday. In March, it expected a loss of 2.8 billion. With a loss of 9.4 billion, 2009 was the worst year the industry has experienced.

Strong rebound in air traffic

"The global economy out of the depths of the financial crisis much more quickly than expected.The airlines benefit from the strong rebound in traffic and back into the green, "said IATA Director General Giovanni Bisignani. "This is the first profit since 2007," he said. According to the association, air traffic is expected to jump by 7.1% this year.

Consequently, the total revenue the airline expected to reach $ 545 billion in 2010, against a forecast of 522 billion last March. A performance well above 483 billion recorded in 2009, but always below the 564 billion revenue in 2008.

"We thought we would have at least three years to make up for the loss of 81 billion (14.3%) of revenue that we suffered in 2009," said Giovanni Bisignani, saying the airline industry has found "his levels before the crisis "at 75%.

Europe alone in the red

The Director General of IATA has bolted not yet.With a margin of 0.5%, "we are far from sustainable profitability," he warned. Especially as the expected improvement is not concern the industry as a whole. "Europe, with a weak economy, is the only region to be in the red with losses of 2.8 billion, has again warned the general manager.

Giovanni Bisignani, director general of IATA, in Berlin. Photo credits: AFP

Greece will not wait long for the counter. Two days after the formal adoption of the aid plan of 110 billion euros in its favor, Athens seeks payment of an initial tranche of 20 billion euros, according to a government source quoted by AFP. The IMF should participate in this first installment to the tune of 5.5 billion euros, the rest from member states of the European Union.

Time is short. The Greek state has to repay a maturity of 8.5 billion euros on May 19 or next week. This is not all. "We must add all refunds coupon (interest on debt, Ed) of bonds issued in May in previous years, and there have been many," said Patrick Jacq, a strategist at BNP Paribas rate. To which must be added interest on the debt issued in foreign currencies.In total, it is not ? 8.5 billion that Greece should pay by the end of May, but between 11 and 12 billion euros, according to the calculations of the strategist.

Also remains an unknown: the short-term funding of deficit cash quick. Fortunately for the Greek government, after sending his letter to the European Commission, the Central Bank (ECB) and International Monetary Fund, Athens would receive 20 billion almost immediately, or "maybe in the day" according to a government source.

Because Greece has no choice now. She can no longer fund normally markets because of high interest "prohibitive," explained April Finance Minister George Papaconstantinou.

European aid comes not without consideration.The government has defied the unions and established an austerity plan of unprecedented severity, with the aim of reducing the deficit by almost 14% in 2009 to 8.7% in 2010. Events are also scheduled for tomorrow late Wednesday afternoon in Athens to protest against the severity.

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"Conforama woke up," says Le Figaro Thierry Guibert, head of Conforama, a subsidiary of PPR, whose CEO Francois-Henri Pinault announced the proposed sale. In the first quarter, sales rose 2.6%. "Taking into account closures, the rally reached 4%, our best performance for two and a half years," said Thierry Guibert, who said "satisfied" while relativizing. "The basis of comparison is favorable activity had decreased by 10% in early 2009. But our performance is strong since January. It is the result of the strategy put in place for eighteen months to address a deteriorating situation constantly. "

Conforama cons Ikea

Better yet, "the last six months, Conforama has regained market share in furniture.This is the first time in seven years, "says Thierry Guibert, who thinks she recovered some of its behind Ikea.

Since 2002, the distributor of household goods lost a point of market share per year. His image has deteriorated, customers have turned away from the sign. Ikea also pleased to Conforama its leading position in France in early 2009.

"I was worried about the economic health of Conforama, its level of supply and its attractiveness," admits Thierry Guibert, who took the reins in 2008. Engaged in a modernization plan, Conforama renovated its stores (181 to date in France) and launched a new concept that gives more space to the world of cooking and decorating. During deployment, it is already present in 12 stores and should be applied to 15 more this year. A design space will be in place this summer in 40 other outlets."From 1 July we will be increasing our offering around the tableware and cooking utensils," says Thierry Guibert, who hopes to have 15% of sales in the decorative end of 2013, against 10% now . However, Conforama could "reduce by-case its offer in small furniture, lounge and bathroom.

Location cleaned

Conforama is also preparing to launch a new brand called Confo Deco, with shops 500-700 m2 quick cash. Located in downtown or mall, they offer a wide range of products – including a significant part in its own brand – in six worlds (night, kitchen, bathroom …). The first store will open its doors in October in the shopping center La Part-Dieu in Lyon. A second is scheduled for early 2011 at the heart of Lille."We want a real concept that will strengthen both the proximity to our customers and our legitimacy in the decoration, hopes Thierry Guibert, who plans to open 3-5 Confo Home each year.

"The goal is to boost activity in an extremely volatile," said Thierry Guibert. In 2009, the decline in sales has not stopped Conforama improve its profitability, with operating income up 6%, with 77 million euros in savings and international relief. "This year, our goal is to significantly improve our profitability," said the chief executive Conforama. Owing mainly to sales growth. "We are in running order to beat the market without watering customers tariff discounts," says Thierry Guibert, who is without mention other signs, such as Goal, which break the price.

Especially as the activity outside France (27% of sales) should not negatively influence the results. After the closure of seven stores in Italy and the Iberian Peninsula, the situation has been cleaned and sales depart.

"Conforama has passed its turnaround," says Thierry Guibert, while acknowledging that "it is frustrating to hear some suggest that we make the bride more beautiful for better sell. Instead, I explain to my team that, regardless of the shareholder, Conforama should be pretty solid for redeployment and create value. "

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Wall Street in the red. The U.S. stock market reacted badly to the degradation of the sovereign rating of the debt of Portugal. Standard & Poor's said Tuesday it has lowered the rating two levels of long-term sovereign issuer of Portugal, A-A + cons.

The rating agency also lowered by three notches note of Greece, from "BBB +" to "BB +", relegating to the category of "junk", speculative investments.

The President of the European Central Bank (ECB), Jean Claude Trichet immediately to reassure the markets by indicating that it was "no question" that Greece or any other country in the eurozone could default on its obligations. But this ad is not enough.

Around 5:40 p.m., the Dow Jones coward 1.07% to 11.1085 points, the Nasdaq was down 1.41% at 2,488 points while the S & P lost 1.49% to 1195 points.The European financial markets have tumbled at the close.

In this new addition to the opening of the hearing officers of Goldman Sachs by the Subcommittee of the Senate. Goldman Sachs (2.46% to 155.48 dollars) will continue to attract the attention of investors. CEO Lloyd Blankfein, Chief Financial Officer David Viniar and Fabrice Tourre are heard in Washington before the Subcommittee of the Senate. While the financial sector following the case closely, so the reform of financial regulation was postponed by the Senate. It remains feared by the banking sector. Concerns focus on the reform activities in derivatives that could affect the performance of the investment bank.

The bank responded in different ways. Bank of America lost 0.22%, Citigroup slumps to -2.27%, while JP Morgan Chase is 0.23%.

Confidence off again

U.S. consumer confidence improved considerably in April, reaching its highest level since September 2008 thanks to greater optimism about the job market, according to the index of employers' organization the Conference Board released Tuesday. The index stood at 57.9 in April against 52.3 in March. He had reached that level since September 2008 which corresponds to the bankruptcy of U.S. bank Lehman Brothers. Analysts polled by Reuters expected at 53.5.

For their part, the prices of residential property in the United States still slightly in February but they registered their first increase in annual rate over three years, at +0.6%.

Herz sanctioned

As for values to follow, investors will have the matter: this is indeed the highlight this week, publication of quarterly results.165 companies to sacrifice performance.

After the close of yesterday evening, several, including Texas Instruments (0.26% to 27.22 dollars), have already published. The semiconductor group has unveiled strong results. The Texan also reassured to 56-64 cents per share on a turnover of at least 3.31 billion dollars in the quarter, against respectively 53 cents and $ 3.23 billion for Bloomberg's consensus.

3M (1.96% to 88.74 dollars) announced Tuesday it posted a net profit of 930 million dollars in the first quarter, up 80%. Revenues climbed 19% in one year, 6.348 billion dollars.

U.S. Airways (1.39%) has reduced its losses in the first quarter. In the first three months of 2010, net loss was $ 82 million against a loss of 382 million a year earlier.The turnover increased by about 15% to $ 4.24 billion, above analysts' forecasts (4.18 billion).

DuPont (-0.84%) reported a net profit of 1.13 billion dollars (850 million euros) against 489 million during the corresponding period a year earlier. Its turnover rose 23.5% to 8.48 billion, against 8.06 billion expected by analysts. The chemist has also raised its forecast for 2010.

Ford (-5.81%) reached a first quarter net profit of 2.1 billion dollars (1.6 billion euros) against a net loss of $ 1.4 billion over the same period last year. Its turnover rose to 28.1 billion dollars against 24.4 billion in the first three months of 2009.

Note that the number one car rental Hertz (-2.72% 14.25 dollars) bought its competitor Dollar Thrifty (-1.07% to 42.61 dollars).It will pay 1.27 billion dollars and 1550 points will earn additional rental. A crucial task for Hertz, which remained in the red in the first quarter with a net loss of 150 million dollars.

This Thursday, September judges hear a variety of defense lawyers about a hundred "class action" (action for common name) filed against the Japanese carmaker Toyota, following the recall of 9 million vehicles.

If the judges decide to consolidate the class actions – based on grounds of complaints (brake pedal …) – into one, for examination by a court, Toyota and the plaintiffs will be invited to agree amicably.Otherwise, the dispute will be settled after a trial.

Certainly it would not be in the interest of Japanese rush into a long and very heavy in terms of image, because the press loves the American business class actions, especially when they involve a large listed group.

Between 3 and 5 billion dollars in financial compensation

Asked by the newspaper Les Echos on Wednesday, Jim Carter, lawyer and author of a complaint in partnership filed against Toyota, "the amount of damages can be assessed using a technique called" mass appraisal "based on factors known (such as vehicle age, mileage, etc.) to estimate the loss in value of their cars of all persons who filed a class action no fax cash advances !!!???!!!?? ?!!!.

He said Toyota may be required to pay financial compensation which "could reach between 3 to 5 billion dollars," he said, while acknowledging not knowing the maximum amount taxed at the manufacturer to date.

Forward, back to better

A month ago, was held hearings in Congress. On this occasion, the operations manager, Jim Lentz, apologized to his group, and acknowledged that it has "too much time to consider a rare but serious safety problems. Technical faults which he attributes in part to "a miscommunication within the company, with regulators and with consumers."

To this the CEO of manufacturer Akio Toyoda, admitted that "the pace at which we (the band, Ed) we developed was too fast.Our priorities are confused and our basic principle of listening to consumers to make better products it is found compromised.

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If these are the salaries of bosses who are the most frequently stigmatized, smaller does not make as many copies. An analysis by John Gatty, chairman of the management company portfolio JG Capital Management, is evident even in the inverse relationship that binds the market performance of the Small Business 90, and pay their boss!

Without claiming to have conducted a scientific study, the manager who invests heavily in these small caps of the SBF 250, compiled and classified statistics publicly available on the market performance of these 90 companies since 2001, and compensation their boss. The finding, paradoxical, compiled by JG Capital Management, is that, on average, over the boss's pay, the higher the stock market performance of the enterprise is low.

"Inverse correlation and shocking"

The nine companies whose stock price rose the most since 2001 (average 640% Hi-Media, Gameloft, Lacie, or VM Toupargel materials are involved) are those whose employers are paying less (203 payday loan ? .000 in 2008). While nine companies whose stock performance was the worst (-76% on average over the same period) are also those whose bosses are better paid (675,000 ? in average). They include Rodriguez, whose owner has received 1,439,000 euros in 2008, Eurodisney and GFI Informatique. John Gatty is that the observed sample (90 companies) can do together, because of its smallness, as special cases. The strength of these statistics suggest, however, perplexed.

Martin Hirsch and John Gatty have also a common platform to Echos, denounced the governance problems revealed by these statistics. For "almost all the companies in which we observe this inverse correlation and shocking claims to respect the requirements of the Code of Corporate Governance prepared by the MEDEF Adep and" they rebelled.