Live News

At the edge of the wreck, SeaFrance yesterday presented a rescue plan providing for the removal of 725 of 1580 jobs in the company of French Channel ferry. Former Sealink currently backup procedure, had, initially, 482 scheduled departures. "We needed a gain of productivity is very important because the company lost 15 million euros in first four months of 2010," said Vincent Launay, Director General of SeaFrance. The situation, already tense because of strong competition and also the British Channel Tunnel, has further deteriorated after the strike in four days held during the Easter weekend. SeaFrance had lost 1.25 million at that time.

Capital contribution

The new effort called the company will probably be the last. The savings deposits are increasingly difficult to identify.Indeed, SeaFrance is no longer operating a single line (Calais-Dover) and uses more than four boats, three ferries.

"We will optimize the use of staff time based on business days, seasons, rotation, said Vincent Launay, in the service sector we do not have all the shops and all restaurants are open, then there are only a few dozen people on board. "

The company SeaFrance had placed under the supervision of the Commercial Court of Paris in April. It will soon be requesting the conversion of the backup procedure in receivership.

The situation is very delicate in April, the debt amounted to 185 million for 0.07 million of equity. Last year the company lost 36 million to 170 million turnover.

Now the future of SeaFrance through a capital contribution of its 100% shareholder, SNCF. "It would take about 190 million," says one with SeaFrance. The importance of the recovery plan is also justified by the need to convince the European competition of efforts by SeaFrance to extricate himself.

Ballmer changes speeches. Asked Thursday night during an annual conference organized by the Wall Street Journal, the CEO of Microsoft has significantly delayed its affiliates in the mobile phone. "We had the lead in software for phone" with Windows Mobile, Ballmer said. "We're not in advance. We have disappeared from the surface and we found ourselves in fifth place. This does not correspond to where we wanted and should be, "he added.

After having "missed a complete cycle," Microsoft wants to return quickly in the game. While the development of new operating system Windows 7 Phone continues, Steve Ballmer has taken over in late May, the mobile division. He wishes to apply the same revenue in PCs, where Windows 7 has managed to forget the disappointments of Vista. "The market is very dynamic, it is our chance.We have good ideas and good products coming, "he said. This new generation of phones, profoundly rethought, is expected by the end of the year.

According to Steve Ballmer, it is indeed not too late to regain seats in the mobile. The smartphone still represent only 20% phones sold worldwide, said it does Microsoft. For now, the group is activated to convince manufacturers, operators and developers to focus on its future platform payday advance. It is Orange, France, his partner at the launch. Side applications, the objective is "to first of the most popular on the iPhone," said Thomas Serval, Director of Platform and Ecosystem Division in France.

The task will not be easy.Microsoft will indeed be faced with competitors – Apple, Google and RIM – which have firmly established their smartphones to professionals and the general public. In 2007, Steve Ballmer did not seem worried. "There is no chance that the iPhone conquered a large market share. No chance, "he said. Since then, more than 200,000 applications have been developed for the App Store and nearly 50,000 for Android Market. And Microsoft needs must hurry to catch up.

Sidebar: The iPad? "A PC in fashion also questioned the iPad, and migration of users to touch pads, Steve Ballmer has clearly distanced itself from Steve Jobs, Apple's CEO. The iPad, he suggested, is a form of PC among others, only more "new and fashionable. Also, the tablets do not completely replace personal computers."The PC will change form [...], but people will always use more," said Steve Ballmer.

The low participation rate of older workers back into the crosshairs of the government. While the employment rate of 60-64 years is 17% – against 30% on average in Europe – the postponement of the next age of retirement increases the urgency to improve their employability. Lest the number of older unemployed increased significantly. In an interview in Paris, the Secretary of State for Employment Laurent Wauquiez details the tracks being considered by the government to address them.

First measure: a transposition to senior citizens, at the request of the President of the Republic, the device "zero charge" established during the crisis to boost recruitment in small businesses. A measure that was then allowed to generate, according to the government, one million additional jobs.Since, according to the observation made by Laurent Wauquiez, "companies do not hire older workers because they are too expensive," Secretary of State for Employment suggests "to enable companies who hire older unemployed to be exempt from charges. " A measure that could prove costly.

Second measure mentioned: encouraging the development of tutoring. A practice already contained in most "action plans" developed by companies with over 50 employees in early 2010, the government's request. "This creates the link between generations," says Laurent Wauquiez, a senior form a young, and so we created employment for both. Today, the device for 200,000 people.But the government wants to go further, developing the management of a portion of the salary of the guardian in order to lower the cost of funds for vocational training.

The government's proposals in the context of pension reform should not be known until mid-June But the number of unemployed over 55 years did not wait until that date to increase: in May, it still rose 0.8%.

ALSO READ:

'Retreats: the three tracks of government

"Seniors: companies in running order

Societe Generale, -6.6%, Credit Agricole, -4.9%, BNP Paribas, -4.6% … French banks weigh heavily on the Paris Bourse. The CAC 40 digs on Friday its losses (-1.8% to 3663 points to 11:00).

His European counterparts also suffer, while banking stocks enroll the largest declines, everywhere.

This reflects the renewed concern about the economic health in Europe, barely a week after the European plan negotiated the titanic last weekend. Further evidence of the uncertainty room, the euro broke the 1.25 dollar, which had not happened for 14 months. Gold coast near 1,240 dollars per ounce. Unheard-of.And oil is under $ 74 a barrel.

Banks underperforming in Europe

In Italy, while the FTSE-Eb hollow losses and was down 2.7% at 20,314 points at 10:30, the many bank stocks are at the bottom of the list: in order, loose UniBanca 4.6% to 8.1 euros, Mediobanca, 4.2% to 6.2 euros, Banco Popolare, 4% to 4.25 euros, UniCredit, 3.5% to 1.9 euro, and Intesa Sanpaolo, Italy's leading bank , yields 3.8% to 2.2 euros.

In Spain, same old story. The Ibex 35 largest market capitalizations falters 3.4% to 9639 points, and the banking sector heavyweights weigh box. Banco Santander, the second largest bank in Europe, falling 5% to 8.7 euros, and Banco Popular 4.75% to 4.7 euros.BBVA fold from 3% to 9.2 euros and 3.6% of Bankinter at 4.85 euros.

The Dax in Frankfurt, he, more resilient – the index of 30 German companies in the largest stock down 0.45%, 6 No teletrack payday loan.223 points. But again, it is Deutsche Bank, which is at the bottom, falling 2.16% to 49.8 euros. The boss, Josef Ackermann, questioned the ability of Greece to repay its debt. And Commerzbank sells 2.1% to 106.8 euros.

In Belgium, KBC retrograde 3.4% to 31.5 euros and Dexia 3.25% to 3.7 euros in a market down 1.75% at 2490 points for the Bel 20.And in Switzerland, UBS depreciates 3.35% to 16.1 Swiss francs, financial group CS Group lost 3.1% to 47 Swiss francs.

The bank still frontline

Fears of a state unable to feed its fiscal risk of lowering its rating by a rating agency. But what are the financial institutions in a country with the largest of government securities in the portfolio.

Generally, capital financial institutions required to hold an asset also depends on the "rating" (the note) of the issuer of this title. If it deteriorates, the capital required to hold a state title will be more important.

As banks are exposed to Treasury securities, profitability and solvency is lowered … hence the fall in stock.

ALSO READ:

"French banks are highly exposed to debt Greek

"France: Fitch reassuring banks

The crisis in Greek and the euro area worry the president of the United States. "I am very concerned about what is happening in Europe," said Barack Obama during an interview Thursday with the Russian television channel Rossiya and released Saturday. The nervousness in global markets and the increasing concern of investors towards the debts of states caused by the Greek problem posing "serious threats" to the United States, "said Bush.

"I think the Europeans have realized that it was very serious. Greece takes measures very difficult in any case they have put in place a plan that calls for tough measures, "he acknowledged."If we can stabilize the situation in Europe, it will be good for the United States, and it will be good also for Russia."

Realizing the gravity of the situation, the EU should announce before markets open Monday morning, creating a "Community mechanism to intervene" to save the states on the brink of bankruptcy. The European Commission was working on an emergency this weekend to present a convincing ministers of the European economy, which meet on Sunday afternoon.

Reflecting the importance of time, Silvio Berlusconi, Italian Prime Minister, and Nicolas Sarkozy, have decided not to travel to Moscow for commemorations of the end of the Second World War. The French president also meet his ministers Sunday night about the crisis in Greece.

Nevertheless, the United Kingdom has indicated that he would remain behind."We do not want to participate in a European emergency fund," said a British diplomatic source told AFP on Sunday.

Week chaotic

European shares and U.S. were closed on very steep declines Thursday and Friday. Protests against the rigor enameled three died in Athens on Wednesday, and unexplained sudden fall of the New York Stock Exchange during the day Thursday and fear of contagion from the crisis in Spain and Portugal have marked one week chaotic markets.

The statements have increased in recent days to encourage European leaders to act. "We hope to see emerge a strong and rapid European response to crisis", said, quoted by Bloomberg, the Canadian Finance Minister Jim Flaherty, who hosted the G7 on Friday."We call for an answer as quickly as possible given the circumstances," insisted the Australian Minister for the Budget, Wayne Swan.

Some central bankers have started their Sunday meeting fortnightly at headquarters of the Bank for International Settlements (BIS) in Basel, Switzerland. The crisis in Greek and the fragility of the euro should hold the debates, which will include the present President of the European Central Bank, Jean-Claude Trichet.

The Greeks accept the rigor

Nearly 55% of Greeks prefer an austerity plan to bankruptcy, according to a poll published Sunday in the daily Vima. Over 56% are even willing to accept wage cuts. Contradictory result, however, the same poll found that 53% of respondents felt the need to continue to protest against the austerity of the Papandreou government.

The scenario is perfect for a Hollywood film debut. One trader, tired and under pressure in a trading room of one of the largest banks, wants to spend a few million dollars – a commonplace in the current financial – on the S & P 500 stock index, which American has 500 capitalizations payday loans.
The Dow Jones fell to 9873 points, while he was at 10,880 points in early trading.

Unemployment is leveling off in the euro area. 10% in March 2010, the unemployment rate adjusted for seasonal variations remain in effect identical to that for the month of February. A year earlier the rate was however lower at 9.1%. The EU as a whole is a bit lower at 9.6% in March 2010, also unchanged from the same month a year earlier, Eurostat said on Friday.

So these are 15 million unemployed in the euro area accounts in March, 23 million for the EU-27. In one year, Germany is the only one EU country to have recorded a decline in unemployment, falling 7.4% to 7.3%. All other countries saw their unemployment rates increase because of the economic crisis.But are Latvia (the rate jumped to 14, 3% to 22.3%), Estonia (from 7.6% to 15.5% between the fourth quarters of 2008 and 2009) and Lithuania (from 8.1% to 15.8% between the fourth quarters of 2008 and 2009), which record the highest increases in the EU low fee pay day loans.

If it were up to now difficult to find a tandance about the evolution of unemployment figures, said Societe Generale's analysts now tend to think that the situation should improve in the second quarter.

It should be noted that the rate of female unemployment is still slightly higher than men (10.1% against 10%), but posted a much lower increase. The youth are always the most affected by unemployment, with a proportion of 19.9% in the euro area and 20.6% in the EU.Spain and Latvia beat on this sad record, with respective rates of 41.2% and 44.9%.

The National Assembly must decide on Tuesday on the bill to regulate the consumer credit. The text, which has already been approved by the Senate must pass the difficult balance between maintaining economic activity supported in part by the credit and the necessary protection of indebted households.

The number of cases filed with the commission of indebtedness that is constantly increasing. A phenomenon considered especially worrisome by the Bank of France that the population affected by the debt overhang is not the same. When creating the indebtedness committee with the law Neiertz 1989, he was helping people who had not managed their budgets: the syndrome of fever buyer where people were abusing the loan to purchase a 4X4 or high-tech products.But since the late 1990s, a new category of people are facing the problem of indebtedness, with the emergence of "new poor", that is to say who, though having a job, fail longer pay the bills of electricity or gas. And the crisis has accentuated the trend by multiplying the number of "accidents of life, including the number of households affected by unemployment, low rates payday advance. Since 2008, the Bank of France notes an increase in cases of indebtedness of approximately 16% per year.

The latest statistics released by the agency confirm this movement. 19,380 cases have been filed with the commission in February 2010. 20.5% higher than the previous month.

The Bank, however states that one should not jump to conclusions, due to some seasonality.The first months of the year are in fact traditionally the stigma of Christmas. A phenomenon in which the new text may perhaps act. It provides for a doubling of the period of withdrawal of clients (14 days instead of 7), the obligation of loyalty card stores offered an option "cash" or a limitation of revolving credit and advertising. The banks and specialized agencies should then put more emphasis on the commitment that is a credit on the ease of obtaining money.

Soaring interest rates Greeks did not leave the choice to Athens. Greece today called the release a device with the European Union and the International Monetary Fund (IMF) said the Greek Prime Minister George Papandreou. A solution to which it had previously refused, but reimbursement by the May 18 deadline for a $ 8.5 billion was forced to act.

It is now "a national need," said George Papandreou on live television."Our partners will take steps to offer a safe haven for help to put our ship afloat (…) and send the message to the markets if the Union does not play and it protects the euro."

The joint assistance of Europeans and the IMF consists of a loan of around 45 billion euros at a rate of about 5%, including 30 billion for member countries of the European Union and about 15 billion of IMF.

The area countries are taking their laws to release the funds. France has indicated Wednesday it was ready to grant 3.9 billion euros. In Germany, the situation is much more complicated. The government of Angela Merkel faces a strong challenge to the public.

Three events have accelerated the decision of the Greek government in recent days.Since the beginning of the week, interest rates on debt Greek continue to break records, preventing use of the Athens market in the near future. On Thursday, the European Institute of Statistics, Eurostat, has revised upward the Greek budget deficit for 2009 and reiterated his doubts about the national statistics. Finally, in the process, the rating agency Moody's downgraded the rating of Greece.

The markets reacted positively, the Athens Stock Exchange (Athex) was up by midday Friday, gaining 3.77%. By late morning, London gained 0.93%, Paris and Frankfurt 0.82% 1.25%.

More to come …

See also:

"SPECIAL CASE – Greece, a challenge for Europe

End of a difficult episode. The Ministry of Industry announced Tuesday evening that a premium extra-legal EUR 22,000 was given by the direction of Sodimatex for each employee.

Minister, Christian Estrosi, "finds that the return of social dialogue (…) has achieved a significant improvement with the support of employees, including funding of up to 51,000 euros for each employee Depending on seniority, with 22,000 euros in addition to compensation provided by law, "the ministry said in a statement.

Moreover, "? 700 000 for the training of employees have been made available under the National Employment Fund and Forthac, the collector organization credits the training in the textile industry, is committed to support training efforts developed by the state and the company, "the statement added.

A well kept secret

The 92 employees of the plant – which produces automotive carpet – demanded a premium extra-statutory redundancy 21com "> fast cash.000 euros.

The decision was taken on Tuesday afternoon. But no details were made public until Tuesday night. The secret had been kept to "shield the News", according to unions, which wanted the agreement does not fall into the water.

Employees Sodimatex Crepy-en-Valois, who had threatened earlier this month to blow up their factory to demand better severance pay, signed an agreement with management approach the weekend of April 3.

The unions committed themselves to "defuse" the gas tank they threatened to burn down and destroy them in exchange for "guarantees" on the smooth progress of negotiations with management, including premium extra-legal starting they demand.