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Never a newly elected president will have faced a complex situation on the unemployment front. It goes back no less than thirteen years ago to find indicators also deteriorated. The unemployment rate is nearly 10% again of the workforce, nearly one in four is unemployed, the long-term unemployed (unemployed for more than a year) adjoining 40% of registered employment center and length of unemployment has jumped nearly 20% since the crisis began, to 464 days.

Main reason: while the labor force grows, France does not create enough jobs. In contrast, the number of available positions in the economy has shrunk by 200,000 even in the last five years, a first in the Fifth Republic.

The crisis is obviously much. Nevertheless, not a head of state had signed a mandate with a negative balance. Even François Mitterrand, whose first seven were deadly with the disappearance of entire job in the steel and textiles, the odometer showed 56,300 designs in 1988.

Francois Hollande, who "give a year" to reverse the unemployment curve, in any case will be hard pressed to meet its commitment without a boost – very speculative at this stage – growth. According to the latest available forecasts of Unedic (UI), the number of job seekers expected to grow by 214,000 this year – and so cheerfully exceed the symbolic threshold of 3 million unemployed registered at employment center Class A – and the number of jobs fall by 123,000 merchants payday advance low fees.

"The year 2013, however, should be better on the employment front, predicts the new tenant of the Elysee, by improving the international situation, but also with our first steps." … ….. 100,000 jobs for the future

Among them, is a classic: the "social treatment" of unemployment. In other words, subsidized jobs. The next few weeks, 100,000 "jobs of the future" must be created in neighborhoods (50,000 more will follow on the remainder of the quinquennium). This is a version of "makeover" of jobs for young Martine Aubry: odd jobs for five years in associations or local authorities, publicly funded.

Francois Hollande also intends to create 500,000 contracts generation during his tenure. The idea, intellectually attractive but criticized for its windfall, is to link the hiring of a youth to remain in the employment of a senior until he can retire at full rate, both jobs are exempt from charges.  

The president-elect has also promised to strengthen the means to improve employment center to help the unemployed and plan to launch a green renovation of housing could create tens of thousands of jobs.

Finally, to stop the "stock layoffs," he intends to make it more expensive, give employees new ways to challenge them in court and force the relocation of businesses dedicated to repaying public aid.

For those who are searching for affordable health insurance for their families, research will be essential here as well.

Francois Hollande said today he hoped the French savings could be more "mobilized" to fund a portion of the debt, provided that the loan terms are more favorable for the country.

"I have an idea that the savings of French, which is very high (17% of our revenues are spared), can be mobilized for industry, housing and also for debt" , he said, asked about this during the "Grand Journal" on Canal +. His speech was recorded earlier in the day, due to the evening meeting in Bordeaux. "So that, the more you borrow from the French, the less you borrow from the markets," he said.

Run government bonds

When asked, "will launch on government bonds to individuals?", He replied: "I think about it. It already exists. What was formerly called T-bills, large bonds. The more we borrow in our own markets with the savings of French, it is less dependent on investment funds credit report. "" You will do it more consistently? "He replied," More systematic, yes. "….. …

Asked about the fact whether he had decided, he said: "Yes, actually. Then you have to see the conditions. It has to be a rate that is not greater than the market. Not worth paying a debt even more expensive if purchased by the French. "

In June 2009, President Nicolas Sarkozy had wanted to launch a new loan with the French. There were abandoned because the cost of a public offering would have been much higher than going market. The initiative of Nicolas Sarkozy was the first such operation in France since the famous "borrowing Balladur" in 1993.

At the end of 2011, 65.4% of negotiable government debt (in the form of securities) were held by non-residents, and 34.6% of French residents, according to data from the Agency France Trésor, which manages the French debt.

• Why the French Rugby Federation (FFR) she wants to have its own stadium?

Like the FA with Twickenham Rugby, the FFR wants to have its own sports arena in order to control the revenue generated by the sport. This is not the case today. Indeed, as part of an agreement that binds the Stade de France since 1998, and until 2013, the FFR plays its games in the Six Nations tournament in the home stadium of La Plaine Saint-Denis, as well as a part of his tour matches. Which implies to comply with a timetable and costs a lot of money: 400,000 euros per game.

Moreover, the federation does not take advantage of significant economic benefits, such as revenue from the operation of the lodges or advertising space, returning to the consortium of Stade de France. In total, between 1998 and 2008, the federation estimated 160 million shortfall. "It's an entrepreneurial logic on the part of the FFR, which aims to develop its own production, explains Stéphane Raffalli, deputy mayor of Ris-Orangis and carrying a project site. Unlike football, ticket revenues are crucial to the development of rugby. " A connection that confirms Serge Blanco, vice president of the FFR in charge of the project, and believes that the future stadium will include "recover monies, and to distribute differently between amateur and professional" * ….. …

• What are the characteristics of the speaker?

It will have about 82,000 seats. To avoid the trap of "white elephant" (these stages abandoned or operating only a few days per year), the federation wants a multifunctional enclosure. Like the Stade de France, which receives about fifty events each year, the future new stadium will be able to accommodate sporting events as well as concerts, fairs, conferences, trade shows … Another priority of the project: the retractable roof (which should avoid any disappointments such as the cancellation of the France-Ireland 11 February), and the lawn removable for holding non-sporting events. Finally, it asks the candidate sites a footprint of at least 15 acres, good access and control over land.

• How much will it cost?

The estimated cost for this stage of the fifth generation of 600 million euros. A budget of size: for example the future stage of the Enlightenment of Olympique Lyonnais, will cost 450 million euros to 60,000 seats. The FFR will bring between 150 and 200 million euros. The remaining funding will come from private partners, led by the assumptions used in naming (a practice for a brand to give his name to a sports arena). The federation wants a first opening of the new stadium grandstands in 2017, later than in 2018, a depreciation of equipment in 2024.

• Where the stadium will be built there?

Two candidate sites are still in contention: and. The design of the new stadium remains the prerogative of the FFR, which will select architects. In turn, sites must "lend credibility to the project perimeter around a living" explains Stéphane Raffalli. Sales events, accessibility, presence of businesses, green spaces, leisure village: the proposals are to develop multiple sites. The main difference is in the current environment. At Orly Thiais, we put forward a site of 55 hectares, "that already works."  

The site Thiais-Orly, also a candidate.

Too complicated and too expensive to manufacture. Boeing does not veil the face. The B787 Dreamliner, the first of which came with three years late to All Nippon Airways (ANA) in late September 2011, a program remains at risk and lost.

The device, which has passed through many vicissitudes since its launch, has new technical problems. A "calibration problem between structural elements" of the rear fuselage was discovered during tests carried out in factories in Seattle. Jim Albaugh, president of Boeing Commercial Airplanes (BCA), admitted that the first 55 Dreamliners already built might be affected by this defect. The Boeing launched an inspection campaign and hopes to address this problem in the "ten to fifteen days." Meanwhile, industrial production ramp-up "is difficult," notes one observer. Boeing has delivered five devices from late September to ANA. Under these conditions, managing to deliver fifteen more by the end of March, as the company hoped the Japanese, is an impossible mission.

Suddenly, the group announced last weekend a radical decision afresh at the industrialization of the B 787 and review its relations with its 50 partners from rank 1 to the successful ramp-up and exit the program losses .

Permutation of managers

"There is no magic formula to improve productivity on these planes. That will come from simplification of production, employment under companions and a review of the supply chain, partner by partner, "said Pat Shanahan, general manager of the development of BCA paydayloan. Boeing is a savings of $ 1 billion. It has not been more forthcoming about how to allocate effort productivity, nor on the calendar.  

He specified, however, that the boss of the program changed. Scott Fancher, who arrived in 2008 to replace the B787 on track, gives way to Larry Loftis, the boss of Boeing 777 it replaces. The switch should allow Boeing to better prepare its "organization for the challenges ahead," said Jim Albaugh. Larry Loftis brings experience in production (lean manufacturing) tested on a mature program, and Scott Fencher, its achievements in the management of a new generation aircraft with Boeing which has made several breaks.

Technology first with the massive use of composite materials (50% against 1% for the B 747). Then outsourcing industry with 70% of manufacturing with major partners in the U.S., Europe and Japan against 21% for the B 777 and 16% for the B 767. Taken to extremes, this model inspired by the automobile industry has shown its limits for a subject as complex as an airplane. Boeing has had to overcome the difficulties encountered by these partners.

For months, the group is considering the future of the Boeing 777 entered service in 1995. His successor, or a modernized 777 B that would heavily loaded with composites have much to learn from failures and successes of the B 787.

The draft budget for Social Security in 2012 began his career tonight in the Chamber of the Assembly. The text provides € 17.6 billion deficit of the general system (Old Age Solidarity Fund included), after 22 billion this year and 28 billion in 2010.

The examination of the text in the Committee gave an idea of ​​the issues that should be hotly debated in the majority, and amendments likely. The major themes: the subjugation of parental leave benefits (CLCA) to the CSG, the reduction in benefits for loss of work and the fight against fraud.

On this point, several amendments of the UMP Dominique Tian were approved by the Committee on Social Affairs. "I support and I ask the group to vote, says the boss of UMP deputies, Christian Jacob.They stem from the report of the assessment mission and control of social security (MECSS), adopted unanimously, "left and right confused.

The first is to redefine the concept of "single person", which comes into play in the payment of benefits as the single parent allowance (API, now part of RSA). "That is to reverse the burden of proof. Anyone applying for the allocation should show that it is only to take on household expenses: rent, electricity, etc.. "

Another measure supported by Christian Jacob, the suspension of all benefits in the event of obtaining a number Safely from forged identity documents."Credit unions did not have that opportunity, which of course added to criminal sanctions," said the president of the UMP group.

Recalculation of benefits sick

Former Minister for Family, Christian Jacob is also aligned with the Committee on Social Affairs to refuse to submit to the 6 payday loans.2% CSG few hundred euros a month if paid parental leave. The measure, sought by the government, must report 140 million per year.

Another controversial issue up within the majority: the new method of calculating sick leave benefits, which reduces the amount of about 6% to a gain of 220 million.The issue will be discussed at today's meeting of the UMP group.

Additional tools to fight against fraud they relate enough to give these provisions without widening the deficit? Yves Bur questioned, at least in the short term, these tools put the time to bear fruit.

"The fraud MECSS evaluates the single parent allowance in the range from 160 to 300 million euros a year, and those arising from forgery to 1.3 billion, said Christian Jacob. By definition, quantify the extent of fraud is difficult and estimates are wide.But it is important symbolically, when efforts are required from all the French, to hit hard on fraud. "

Yves Bur adds other proposals to generate more savings: lower third of the threshold for taxation of benefits breach of contract work (out of court for dismissal …) to 72,700 euros, or launch tenders for the supply of generic drugs and drive down the price as well. He hopes to gain large enough to give up the measure on sick leave … while fearing that the government, looking for additional savings, retains all final.

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The French, Belgian and Luxembourg governments announced Sunday mid-day they had found a solution for the bank Dexia, about to be dismantled. Their proposals were still to be considered by the Board of Directors of the bank has been meeting for 15 hours in Brussels.

In a statement, the three governments reaffirmed their solidarity in the search for a solution that is shaping the future of Dexia, and ensure the management of the banking group, their full support."The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals", they said, without giving more details on how they have learned.

A purchase of 100% of the Belgian branch

Sunday morning, Finance Minister Didier Reynders had indicated in an interview with the RTBF channel that Belgium did not exclude to redeem all of Dexia Bank Belgium (DBB), the Belgian entity of the bank. The price of DBB is estimated between 3 and 7.5 billion euros, and the Belgian State is priced in the low end. "The state will rise sharply in power. If we were 100% (in the capital of Dexia Bank Belgium), I do not rule, we do not intend to stay indefinitely. This does not mean that we will stay three months or six months, "he said.Given the scale of the debt crisis, the Minister of Finance estimated even possible that the state is still present in the capital of DBB in three to five years on line pay day loans.

The scheme favors dismantling of Dexia now a nationalization of the Belgian entity, Dexia Bank Belgium and in France the creation of a new bank dedicated to local communities. This would take the portfolio of loans to local Dexia's a small part comes in the form of toxic loans in the heart of the turmoil for several months. Other assets such as Denizbank, the Turkish subsidiary, Dexia BIL in Luxembourg or be sold. Quatar's sovereign wealth fund would also be interested in the latter entity. The amount of these operations is unknown.

Belgium Dexia has already saved the first time in 2008 by injecting, like Paris, three billion euros.So now it seeks to limit the bill, said Saturday the Belgian daily L'Echo.

In the spirit of Belgian politicians, the idea is to have a solution on the table before Monday morning and the opening exchanges in Europe. Belgian Prime Minister Yves Leterme wants the government proposals to be endorsed soon.

(With agencies)

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The European Central Bank keeps its cool. Faced with signs of recession in the eurozone and while a leading European bank, Dexia, is faltering, the ECB has decided not to ease monetary policy. It has left its main interest rate unchanged at 1.50%. A level considered "low" by the Board of Governors of the Central Bank.

At its last monthly press conference as president of the monetary institution, Jean-Claude Trichet said the ECB expects inflation "clearly above 2% in the coming months," before descending. One way to tell between the lines that interest rates are unlikely to be lowered over the next two months. Inflation in the euro zone peaked at 3% in September, a point above the objective of the ECB.

Still, the market calls for a rate cut."It reflects a lower rate of 0.5", observe the economists Societe Generale. Waiting judged "crazy" in the short term by the Luxembourg member of the Governing Council of the ECB, Yves Mersch.

The case for a rate cut was not, however, rule out of hand. For if the decision was consensus among the governors of the institution, the discussions were long, admitted Jean-Claude Trichet: "There was a discusion about the pros and cons of a rate cut or a maintenance of rates. After this long discussion, which was, I would say, as thorough and comprehensive as possible, we decided by consensus to maintain the rates. "

Some analysts point to a worrying season looming disaster on the front of the activity in the eurozone."The risks to growth, was talking about last month the President of the European Central Bank Jean-Claude Trichet, materialize," are economists at BNP Paribas CIB. In addition, "forecast the ECB behind sluggish growth at year end," they add online pay day loans.

Semi-surprise

The inaction of the ECB, however, is only half surprised. Jean-Claude Trichet, whose every word, in its public statements, is weighed, has not hinted in September that the ECB cut rates. Moreover, "the guardian of the euro zone will wait to act to have more evidence that inflation and growth will slow," noted economist of Nomura.

Observers expect more on a rate cut later this year. "Jean-Claude Trichet is expected to set the stage Thursday in a future rate cut in the next three months," analysts at Nomura advance.

Measures for banks

Taking note of the tense situation of European banks, the ECB launched a series of measures. It provides two refinancing operations unlimited volume of about a year in October and December. This exceptional instrument had not been asked since December 2009.

Jean-Claude Trichet also announced a relaunch of the repurchase program bonds. This will cover 40 billion euros between November 2011 and October 2012. The "bonds" are essentially backed securities real estate, and essential to the survival of many specialized banks in Europe. The purpose of all these operations is "to ensure that banks in the euro area are not limited in regard to liquidity," said French.

The ECB has also called for a recapitalization of institutions in the euro area. They must "do whatever is necessary to strengthen their balance sheets," pleaded Jean-Claude Trichet, using it for their profits, or paying wages "moderate".

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Until September 30, nothing is lost! There is still time to reduce the amount of the check to the Treasury for the ISF. To do this, most taxpayers will simply altruistic donation to an association of public utility, a research institution or higher education or artistic (non-profit and community service), or to a foundation academic example. They will benefit from an ISF reduction equal to 75% of the amount of their generosity (the gift is included in the limit of 45,000 euros). Their main concern in the coming days is to choose the institution they most want to help.

Other taxpayers prefer to invest in developing their heritage. To alleviate the ISF, they will be willing to take risks. For their salvation will come from SMEs.Taking an investment in an unlisted (eg during a capital increase), they are entitled to a tax reduction equal to 50% of their bets, capped at 45,000 euros. "For the first time this year, this tax benefit is granted subject to maintain this participation decade. The minimum period of detention was until 2010 only five years, "says Didier Orens, Director of Private Banking Palatine.

New deal to invest in SMEs

Unless you're used to playing the angel, or to have in its relations to an entrepreneur confidence eager to welcome new shareholders, it is very difficult to choose oneself society adequately. But sometimes private banks épaulent their clients in this process.Banque Palatine, for example, proposes to support film production, investing in a small business designed with the specialist who already operates its Sofica (companies that finance the film industry and provides a tax advantage for income tax) .

Last year, it was still possible to diversify risks and build on a number of SMEs both through a holding company that was responsible for selecting them. But the new rules imposed on these structures this year has had a dramatic effect: it creates it virtually over. Investors can not expect to reduce their ISF through them no fax cash advance.

To receive a turnkey management and a diversified investment must subscribe for units of FCPI (mutual funds in innovation) or FIP (local investment funds).If the fund is committed to devoting 100% of its portfolio in SME financing, the taxpayer is granted relief on ISF 50% of the amount subscribed. If the fund is content to place in non-listed 80% of its assets (the remainder is invested in money market investments in listed shares, bonds …), the tax benefit is "only" 50% × 80% 40% of the bet. In all cases, the economy of ISF is capped at 18,000 euros. The subscriber must keep its shares five years, but the actual duration of the investment is longer, sometimes over a decade … because you have to allow time for the manager to sell the participations in the capital of companies (with another fund, another group leaders.) and to reimburse the taxpayers as well. The new trend? Some FCPI FIP and invest in convertible bonds (non-listed course) issued by SMEs in obtaining financing."This is a solution increasingly demanded by business leaders because it prevents them from being diluted by new shareholders," said Fabrice Imbault, associate director at A Plus Finance. Another advantage: the FIP or FCPI know more precisely what date it will be refunded.

Among the FCIC that matured (ie, generally between seven and ten years after the purchase), some showing heavy losses. Others have preserved capital or even offered a capital gain of 10% to 50% throughout the period (excluding tax benefit and entrance fees). How to sort the wheat from the chaff? "The most important is that the manager has a sufficient deal flow, that is to say that SMEs seek the spontaneously when accessing finance. This implies that it is known entrepreneurs or intermediaries who advise them, "said Fabrice Imbault.Because for the money, good "records" of investments are not so numerous. And they are coveted.

Year after year, the situation is more bitter and alarmist. The Chinese market is becoming less hospitable to foreign companies. In its annual report, the European Chamber of Commerce in China believes that despite promises, Beijing multiplies the obstacles. "Recent measures limiting further opening the market to raise questions about the desire to create for all market players sustainable opportunities," says the EU document.

Catalogue of Foreign Investment released this year by the Chinese government is full of examples. Notably in the "green" high priority posted in Beijing. Foreigners are worried about being de facto excluded from the promising area of ​​"clean energy".Thus, the joint venture manufacturer of components for cars running the "new energy" power in the first place can not be held at 50% maximum by foreigners. The same goes for offshore wind turbines. In a more general, significant obstacles still exist in the sectors of construction, automotive, financial services and telecommunications.

A perfect expertise

If the Speaker of the House, Davide Cucino, welcomed the objectives of 12th five year plan endorsed this year by Beijing, which focuses on the development of domestic consumption and services, he regretted that "some of these priorities will not reflected in the texts governing foreign investment. " And, while "European companies have a perfect expertise and technology" to address these areas of effort.Surveys of members of the House reflect the anxiety room. Some 43% of them believe that the measures taken by Beijing are discriminatory to foreign firms, against 33% last year. And 46% – against 36% last year – believe that this situation will continue at least in the next two years.

At a time when the general economic downturn makes the dynamic even more indispensable terrain Chinese, Europeans and Americans want Beijing transforms good intentions into action. As for improving market access for public bids – estimated at one trillion dollars annually, which is slow in coming, as deplored by Davide Cucino.

Worn since last May by the strong current created by the bursting of the "case DSK", the national daily general news continue to surge. In June, France paid the dissemination of Figaro, which keeps its place as the first national daily, has increased by 2.68% over the same month of 2010, the World 2.06% and Liberation of 0.80%, according to monthly reports filed by publishers to OJD.

The data disclosed by the monitoring body of the press in France also show that only three titles, which is in addition the business daily Les Echos, finally take their game in the first half. From January to June, the spread paid France's Liberation, headed since February by Nicolas Demorand has increased by 4.97% over the same period last year, reaching 118,416 copies.The World has gained 2.66% to 293,650 copies. The media group controlled by the trio "BNP" (Pierre Berge, Xavier Niel and Matthew Pigasse) announced Friday that he expected an operating profit in 2011. In the first half, the group Le Monde "reported an operating profit of 2.3 million euros," he said. For its part, Le Figaro, which prepares a modernization of its formula to the end of September, has remained in the lead with a paid circulation of 326,490 copies, France, an increase of 1.21%.As for the special daily Les Echos group LVMH, the increase was 1.49% (121,956 copies).

Sharp decline in "France-Soir"

In contrast, all other securities of national daily press recede in the first six of the year: -7.53% for equipment (273,157 copies), -5.12% for La Tribune (65 445 ex.) – 3.69% for Le Parisien (290 690 ex.) -3.04% for Today in France (159 291 ex.) and -2.09% for the Cross (95 669 ex.). The fall of the highest returns to France-Soir that loses -12.10% to 63,741 copies. The title was placed last Monday in backup process for four months by the Commercial Court of Paris. Controlled by Alexander Pugachev, France-Soir has achieved a turnover of 17 million euros in 2010 against 9.6 million in 2009. At the same time, operating income totaled a loss to -31 million euros (-12.9 million against in 2009).The first half of 2011, its sales totaled 6.1 million euros for an operating result of -12.8 million, according to data reported earlier this week by its shareholder.

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