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The use of short will be simplified

Tuesday, February 7th, 2012

Businesses can use reduced hours for a period of two months, instead of three months minimum as far. Moreover, Unédic will compensate the employee at the first non-working hours and not from the 51st hour. Agency employment center in Nice

The social partners have completed Monday, February 6 negotiations on simplification of the partial unemployment, desired by the government, lamenting the CGT still not be reached "unification" of different compensation schemes. Following a meeting at the Paris headquarters of the MEDEF, the CFDT, CFE-CGC, CFTC and FO said they would sign the draft agreement inter-professional, the CGT had not yet made its final decision. The side of employers, the MEDEF, UPA and CGPME should also give their approval.  

Despite disagreements, all stressed the need to be pragmatic in these times of crisis, short-allowing companies to cope with downturns without fire. This agreement simplifies one of the two systems of compensation available in case of partial unemployment: the partial activity of long duration (APLD), far less used than the conventional allocation. Businesses will be able to use the APLD for a period of partial unemployment for two months instead of three months minimum as far.

Moreover, Unédic will compensate the employee at the first non-working hours and not from the 51st hour. Thus the State and indemnify the employee Unédic up to 7.23 euros in the first hour (7.84 euros for companies with fewer than 250 employees), against 5.23 currently, some welcome support for the employer.  

The company is committed to keeping the employee twice the time

The agreement "simplifies the device", especially for small businesses, said the negotiator of the CFDT Lawrence Berger. "We are still far from what is sought, namely the unification of devices for partial unemployment," lamented his side Maurad Rabhi, the CGT, the first French union. Moreover, "nowhere in this text, it was possible to the consideration that was negotiated in 2009, which was to preserve jobs," he said.

When a company uses the APLD, she is committed to preserving the jobs twice the time during which employees were to short. For example, an employee experiencing an inactivity of three months, the company agrees to keep at least six months. This agreement will be tested until September and will be given a suite "in light of experience." To set this up, Unédic will release 80 million euros, which will add 40 million remaining on a budget of 150 million dedicated to short released in 2009.

This text comes as the government announced last week the elimination of prior administrative authorization. So far an employer who wanted to have recourse to short should apply to the administration which had 20 days to notify its decision. During the "Social Summit Emergency" on 18 January President Nicolas Sarkozy announced measures against unemployment, and including € 140 million to boost part-time work.

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Portugal does not need to restructure its debt, said Coelho

Friday, February 3rd, 2012

Portugal has no need to re-negotiate or seek a new assistance would be in addition to his rescue of 78 billion euros, said Prime Minister Pedro Passos Coelho in an interview published Friday.

The country in line with the objectives of the bailout of the European Union and there is no reason that it seeks to renegotiate its debts, said the head of government to weekly Sol.

"We adhere to the objectives, budget deficits are being corrected, the deficit is being corrected, structural reforms going well, privatization has started successfully, then why should we restructure our debt? " Pedro Passos Coelho said. 

The Portuguese sovereign bond yields jumped in January to levels not seen since the creation of the euro, raising fears that some economists to Lisbon will be forced to follow the path of the Gre this and ask for another rescue or restructure its debt.

On several occasions, the Portuguese government has ruled out such scenarios and this week, bond yields fell sharply.

Friday at 1115 GMT, the yield on Portuguese bonds was part of 10 years, however, 14.84%, more than double the 7% threshold regarded as untenable.

The pressure on the secondary bond market is "circumstantial" and should diminish as the country meets its economic objectives, believes the Prime Minister. 

With the economic results achieved so far, "there is no reason to think that we need a new plan to help and we are ready to return the debt market as planned, "he adds.

According to his rescue, Portugal should start issuing debt in the medium and long-term bond markets in the second half of 2013.

The country, whose austerity was plunged into a deep recession, must reduce its budget deficit to 4.5% of its gross domestic product (GDP ), after 5.9% in 2011 – a goal that was achieved through an exceptional transfer pension funds to state banks.

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Monday, November 28th, 2011

The increase in unemployment, which should soon graze or exceed 10% of the French working population, may play a major role in the campaign for the 2012 presidential election.

The figures for October, announced on Monday at 18:00, will be bad, has already announced the Minister of Labour and Employment, Xavier Bertrand, bringing the political debate on a major concern of voters.

As bad news never comes alone, the rating agency Moody's said that the worsening financial crisis in the eurozone weighed on the outlook for sovereign debt rating of all European countries."There is instability, uncertainty is very large.

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Tuesday, November 1st, 2011

The bankruptcy of the broker MF Global Holdings, which is the subject of an investigation by U.S. authorities of regulation, its impact was felt on Tuesday the futures markets around the world.

By depositing the balance sheet if not Monday reached an agreement on sale of assets, the broker became the first American victim of the major European crisis of the debt.

This bankruptcy is now the subject of an investigation of U.S. federal regulators, who are trying to determine if MF Global misappropriated funds belonging to clients to support its activities on own account in his last moments of existence, reveals the New York Times.

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Saab denies investment contracts of Youngman

Monday, October 24th, 2011

The carmaker Saab said on Sunday evening to have waived the investment agreement of 245 million Chinese studied with the Zhejiang Youngman Auto and Lotus Pangda Automobile.

This decision casts new doubt on the future of the Swedish brand, owned by Swedish Automobile (Swan), who in June signed a memorandum of understanding providing for the acquisition of a stake by Youngman and Pangda in exchange for a combined amount of 245 million euros.

The two Chinese groups have not confirmed their commitment, Saab announced it had terminated the project.

"Pangda Youngman and submitted to the Swan 19 and October 22 certain conditional proposals for an alternative transaction providing for the acquisition of 100% of Saab Automobile, which is unacceptable for Swan", said the group based in the Netherlands Bas.

Swedish said for his part that discussions are ongoing between the parties.

Last Thursday, Swedish Automotive received a lifeline from a U.S. investment fund, North Street Capital, which provided $ 10 million in capital and a loan of $ 60 million to finance the activity Saab.

A Swedish court said last week that he had received a request for release of Saab's creditor protection regime, in which he has been since September 21.

The title of Swedish Automobile plunged 11.11% to 0.72 euro at the Amsterdam Stock Exchange shortly after 0830 GMT. The action had yielded 23.5% in the first few exchanges.

Saab went from crisis to crisis this year. It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros. In August, it was no longer able to pay salaries.

Saab was bought by Spyker, now Swedish Automobile, General Motors in early 2010, as he left a further period of bankruptcy.

Spyker brand was acquired by North Street Capital. This investment fund is managed by Alex Mascioli, reputed to be car enthusiasts.

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United Tech book profit up 10.5% in Q3

Wednesday, October 19th, 2011

American Diversified industrial manufacturer United Technologies announced Wednesday a 10.5% increase in earnings in the third quarter and raised its annual earnings forecast, citing particularly strong sales in its activities in the aerospace industry in particular.

The world of the construction of elevators and air conditioners posted a net profit of 1.32 billion dollars (952 million), $ 1.47 per share, against $ 1.2 billion, $ 1.30 per share, a year earlier.

The consensus Thomson Reuters I / B / E / S was counting on $ 1.44 per share.

Revenues rose 8.7% to $ 14.8 billion against 14.55 billion.

United Tech last month launched an offer of $ 16.5 billion to buy Goodrich.

The group raised its forecast for Wednesday annual profit to 5.47 dollars per share against a range of 5.35 to 5.45 dollars from a previous estimate.

Before the opening, the title took 1.2%. It had closed at 74.12 dollars Tuesday. He lost 9% since the beginning of the year, more than the Dow Jones (-1.6%) which is one of the components.

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Areva could shift some investment projects

Wednesday, October 12th, 2011

Areva could shift some investments to fit the context of the post-Fukushima, said Wednesday the new chief executive of specialist nuclear Luc Oursel.

The new boss of Areva, who succeeded Anne Lauvergeon in June and plans to unveil the new strategy of the company in December to include the impact of the disaster Japan, said it was "imperative" to improve the group's finances public, held nearly 90% by the state.

He was speaking at a hearing before the Committee on Economic Affairs of the National Assembly.

"In a context of uncertainty, with a market that will take off more slowly than we imagine, we are led to reconsider some of our investment programs," he said.

"We study them one by one and it is possible that we took the decision to smooth certain investments, to shift some investments to reduce risk and improve the financial situation," said Luc Oursel, noting that these discrepancies were mainly possible projects in nuclear power.

"Of the ten billion invested in recent years by the company, own financing capabilities of the company have reported that four billion euros.The rest was done by debt, capital increase and divestments, "he added.

"FINDING A more reasonable balance"

"We need to find a more reasonable balance between the development of our own investments and financing capabilities.This is a turning point, not a radical questioning. "

Once again defending the integrated model of Areva, Luc Oursel further emphasized the need to ensure the smooth running of projects the group to put the customer at the center of its concerns, to ensure a balance between nuclear and renewable and strengthen ties with EDF.

Regarding the group's mining operations, he said that in case of opening the capital of this business, he would prefer industrial partners but no discussion was initiated at this stage.

These statements come as the Finnish operator Teollisuuden Voima (TVO) has announced that delays in construction of the third installment of the Finnish Olkiluoto nuclear power plant, equipped with the EPR and built by Areva, could defer its commissioning in 2014.

According to a progress report issued Tuesday by MP Marc Goua to the Committee on Finance of the National Assembly, Areva may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Finally, Luke Oursel told the German daily Handelsblatt that Areva planned to stop certain activities in Germany after the country's decision to phase out nuclear power by 2022.

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Clarins concern for Europe in the second half

Wednesday, September 28th, 2011

Clarins sees a slowdown in the cosmetics market in Europe for the summer and feared a worsening situation in the second half, but put on the powerful relay Asia and South America to support its growth.

The group, one of the pioneers of cosmetics herbal, was delisted in June 2008, just before the worsening financial crisis.Courtin-Clarins family, tired of criticism from analysts and the yo-yo's share price related to speculation about the capital, had bought out the minority at the expense of a very high debt.

Since then, Clarins has suffered the crisis of 2009 had the rebound in 2010 and is organized to accelerate its international development.

Today, while Western Europe still accounts for half of its sales and the specter of recession beating down markets, Clarins shows his concern.

"The trend slowed for us in Europe since June (…) I am worried about market developments in the second half but for 2012," said Philip Shearer, Group Chief Executive, in a interview with Reuters.

"Some of our clients (perfumery chains) are in debt, the prospects for employment are poor and credit will become scarce," he added.

The growth of the brand in Europe has reached over 10% in the first eight months of 2011 with its product launches, in the luxury cosmetics market up 3% to 4%. Its total turnover was up 10% over the period.

Sales of Clarins currently around 1.2 billion euros, against 1.0 billion in 2008.

L'Oreal, the world leader in the industry, has meanwhile seen sales of its luxury division to increase by 6.9% in the first half of 2011.Those of the American Estée Lauder grew by 13% during the year ended in late June.

35% GROWTH IN CHINA

The red and white claim first place in the market skin care in Europe and fourth worldwide, behind the leading trio formed by Clinique (Estée Lauder), Lancôme (L'Oréal) and brand Estée Lauder.

But the real growth, as with all industry players from Asia, including China – that still only 3.5% of sales for the group but when they go up by 35% – and the flow of Asian tourists in the world.

Brazil and its affluent traveler and is also a source of strong growth for Clarins.

Being a private group does not stop to consider possible acquisitions that would accelerate the pace in new regions of the world or providing new channels of distribution.

"If I have the right target, I will find the money without any problems," says Philip Shearer, despite the financial crisis and the difficulties of access to credit that it can cause.

He said he spotted "a couple of interesting brands", without giving further details, but added that "nothing concrete in the pipes for the moment."

Heavily in debt after the purchase of its minority – for whom the family holding company had borrowed 800 million euros – Clarins claims to have paid "a very large part" of its debt.The company is particularly out of L'Occitane in the public offerings of that in Hong Kong in May 2010.

ADVERTISING BUDGETS UP

With the boom in anti-aging products in mature markets and the Asian appetite for creams, the group aims to make a global brand Clarins, targeting its development in the United States and Asia.

Across the Atlantic, he made a major restructuring of its distribution network, leaving some channels such as Macy's or Dillard to reposition themselves at Nordstrom or Bloomingdale's, where he has opened treatment rooms to its brand.

In Asia, it has revived this year to great fanfare a slimming cream for the face of women in the region, many are finding their face too round.

It is also embarking on high-end brand with My Blend only available in the spa luxury of the Hotel Royal Monceau in Paris.

In 2011, Clarins should allocate $ 123 million (90.3 million) in its advertising expenditure, against $ 96 million (70.4 million) in 2010.

For 2012, the group plans to increase its advertising budget in Asia and the United States, perhaps not in Europe.

Created in 1954 by Jacques Courtin-Clarins, Clarins has quickly made famous in the 1960s with essential oils of plants.

The group then diversified into the perfume in the early 1990s, with the license of Thierry Mugler – his "Angel" remains in the top three most juices sold in France – Azzaro, Porsche Design, David Yurman and Swarovski .

The global market for cosmetics, hygiene products out, is valued at approximately $ 140 billion. The luxury goods accounts for about one quarter of that total.

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Markets welcomed the appointment of a new CEO at UBS

Monday, September 26th, 2011

Markets welcomed the appointment of a new general manager for UBS, which will resize the investment bank after the scandal caused by the loss of $ 2.3 billion resulting from unauthorized transactions of one of its traders to London.

By 0830 GMT, the action of UBS, which has already lost more than 34% since January, jumped 2.87% to 10.41 francs after opening down nearly 3%, while the European index banking shares were up 2.78%.

UBS has appointed Sergio Ermotti, responsible for Europe, the Middle East and Africa, to succeed Oswald Grübel, a former trader aged 67 came from Credit Suisse, which had been appointed head of UBS in 2009 to try to correct the bank after its near bankruptcy in 2008.

Speculation flourished after the departure of Oswald Grübel, some citing differences over strategy.

"Oswald Grübel leaves UBS at a difficult time.Not only the new regulations will impact the profitability of investment banking in the future but it is not yet clear whether customers money management retain their confidence in the bank by depositing funds in an atmosphere of shaking due to brokerage and risk control unbearable, "said Michael Rohr at Silvia Quandt Research.

Peter Thorne, an analyst at Helvea, for its part considers that the departure of Oswald Grübel and resizing of the investment bank should be regarded as positive developments.

"Perhaps the only surprise is that Sergio Ermotti was not appointed permanently," he adds.

Sergio Ermotti, including Kaspar Villiger said it could be a good candidate to keep the job permanently, said in a video conference with reporters that UBS would strengthen its controls on risks at group level.

"We expect that Sergio Ermotti accelerates the implementation of a strategy focused on clients in the investment bank, focuses on the efficiency of capital and rapidly improving risk management," said Teresa on his side Nielsen, an analyst at Bank Vontobel.

Resizing DELICATE

"It is a powerful sign that UBS will now focus on money management, with an investment bank in support of these activities," said a fund manager who worked with Oswald Grübel to the bank of Credit Suisse investment.

The departure of Carsten Kengeter, director of investment banking, was also discussed but President Kaspar Villiger has defended him by praising the "excellent work" done to limit losses after the discovery of unauthorized transactions.

"But it is not important because Kaspar Villiger is itself the beginning," has tempered a broker based in Zurich, recalling that Weber should succeed him in April 2013.

"Grübel did not resign, he was pushed out. It might have been better if Casten Kengeter Miscovic and Maureen, the head of risk management, fraud had paid for discovery," said a fund manager UBS.

"We do not share the enthusiasm of investors for the strategic shift," said Dirk Becker at Kepler Capital Markets, for whom such an operation in the investment bank will be difficult because it employs 17,000 people and 135 billion francs in risky assets.

"The loss could also deal a blow to consumer confidence and cause new outflows in money management.We remain cautious, "he added.

Jon Peace at Nomura believes that UBS for its part should be able to succeed at the game "We do not believe the damage the image will result in bleeding, especially in an environment where their peers are affected by other problems sometimes of a judicial nature. "

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Merkel tries to calm panic in Greece

Tuesday, September 13th, 2011

German Chancellor wants to avoid non-payment of Athens, which may affect other European countries. German Chancellor Angela Merkel (Blegrade by August 23, 2011)

German Chancellor Angela Merkel said Tuesday that everything was done to prevent a collapse of Greece, feared to Washington, calming some markets that have also welcomed the announcement of a Franco-German offensive for the euro. "The first priority is to prevent an uncontrolled failure to pay because it would affect not only Greece, and because the risk that affects us all, or at least many other countries, is very high," said Merkel on Tuesday morning.

She then, along with Paris, denied the publication of a possible Franco-German statement on the crisis in Greece.But a Greek government source has announced a conference call Wednesday between Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor.

This signal of a joint offensive between Paris and Berlin was well received by markets extremely excited. Most major European markets, which have been a roller coaster all day, were quoted firm in the green to 1:17 p.m. The German Minister of Economy, Liberal Philipp Rösler, had set fire to the powder Monday citing the possibility of a default of Athens, European stock markets plunging bank stocks in particular.

"Development"

The Chancellor hammered Wednesday, following a meeting with Finnish Prime Minister, that the road to recovery from Greece would be "long and difficult." "Some believe that with powerful words like eurobonds or default we will solve the problems, but it will not happen like that," she said. "Merkel's statement must be understood as a development" after the words of M. Rösler, commented to AFP Thorsten Polleit, an economist at Barclays Capital.

President Barack Obama had earlier expressed concern. "I think we will continue to see weakness in the global economy as the issue is not resolved," said this Monday about the storms that cross the euro area. "Greece is obviously the most urgent problem," he added.

In the absence of bankruptcy controlled – Europe will be one from 2013, through the European Stability Mechanism (SPM) – Merkel's remarks amount to exclude a total failure of Athens, is is argued in Berlin. This would have catastrophic consequences, warned the German economist Peter Bofinger renamed. "If Greece does not receive aid, there will be an uncontrolled collapse, with the result that the Greek banking system collapses, and the risk of a huge chain reaction, potentially even more devastating than the collapse of Lehman in 2008, "he said.

The chairman of the Financial Markets Authority (AMF) French, Jean-Pierre Jouyet, now predicts "a more pronounced restructuring of the Greek debt", that is to say that the creditors will waive the Athens greater share large their payments compared to what was planned so far.Greece was not alone however in the viewfinder market, following closely the financial situation of Italy. The Italian prime minister Silvio Berlusconi in Brussels on Tuesday defended the austerity plan as the House of Representatives must approve Wednesday and promised that his country will account for the balance of 2013.

But neither this nor austerity plan attempts to Italy to look to China to buy its debt have brought respite in the bond market. A much-anticipated show in five years the country has seen rates soar. Beijing is not interested in the Italian securities, according to market rumors Tuesday.

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