My Opinions

In the first five days of strike by cabin crew of Air France, the company is organized to provide as announced 80% of its flights. The company has temporarily restricted on Saturday morning to 100 passengers the ability of its medium-haul flights Orly. Consequence: passengers can wait a little and minor delays can be saved.

This management method was chosen to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. "It blocks the flights a minimum. Is completed according to the presentation of the crews as and when. But we have managed so far to complete the flight and make them go as planned, "says the director of Air France at Orly, George Daher. A strategy that annoys some customers. "We were placed on a waiting list by explaining that there was not enough staff.A rip-off in communication because all flights are available at this time, "said one man who was to fly to Toulouse.

About the airport Roissy-Charles de Gaulle, the traffic was in line with forecasts of Air France, which does not exclude any last minute cancellations. It struck ten long-haul flights planned Saturday morning, including flights to New York, Montreal, Los Angeles, Tokyo, Abu Dhabi, Douala. But passengers were warned on Friday. But according to Europe 1, delays begin to accumulate.

In Nice, the third busiest airport in France, three Air France flights were canceled to Paris. Five flights were canceled in Marseille in the direction of Roissy and Orly. In Toulouse three flights were canceled out of fifteen.

Unions and senior civil service did not hide in the day Thursday, their fear of participation for the first dive vote simultaneously in all jurisdictions of the state and all hospitals (it was around 64 % in previous elections).

The former pointed to many problems: errors in the delivery of ballots in the electoral lists, complexity of the software used in e-voting Education …

The latter, without denying the difficulties, in advance have found that the federations of civil servants should take some responsibility paydayloans. "Even the great labor leaders" are engaged in the campaign, noted the Minister of Civil Service, Francis Sauvadet.

This fear seemed about to be true, in view of the first digit.Thursday late evening, less than 40% of voters, according to unions, National Education, which alone accounts for almost half of the officials.

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Tax soda should further fuel the coffers than expected. The new tax announced by Prime Minister Francois Fillon, as part of the austerity plan will help fill the gap of France to the tune of 370 million euros, according to information on Europe 1. Revenues exceeding 120 million originally envisaged which, according to industry increases the price of the can of a euro cent on average.

In fact, the tax has not yet been established but it has already been expanded. It could affect not only soft drinks but also all soft drinks and sweeteners, says the radio station. Previously saved, the Diet Coke, Coke Zero or mineral waters and non-alcoholic beer may ultimately be affected.

Bernard Reynes, UMP deputy of the Bouches-du-Rhone, should defend the new amendment in ten days.The new contours of the tax would have been decided by Valérie Pécresse, budget minister, Bruno Le Maire, his colleague from the House Agriculture and Bernard Reynes and Christian Jacob.

Compensates for the lower social security contributions of farmers

And as noted in Le Figaro yesterday, raising the tax would fund future lower social security contributions of farmers who come into force on 1 January 2012 fast payday loan no faxing.

The question is whether manufacturers will digest these ads. In fact, the announcement of the tax had already provoked the ire of Coca-Cola. The American firm had threatened to suspend an investment of 17 million expected next year at its plant in the Bouches-du-Rhone, then retracted, while evoking a "communication error".Only element of consolation for the food groups, the public health argument justifying the creation of a tax 'anti-obesity "has disappeared from legislation, as they wanted.

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"GAME NEWS – Target budget: Drive the finances of the state

The nightmare of 2008 takes shape in the early autumn. In great difficulty, the Franco-Belgian bank Dexia has lost a third of its value on the stock market Tuesday morning amid rumors injection of public money. Since the beginning of August, the European banks, particularly French, are attacked by the markets.

Investors blame them for buying too many Greek debt. Their actions melt like snow in the sun and their Asian or American counterparts do not lend them more than with suspicion. Result, some politicians in the euro area considering state aid for out of the rut. The last time an institution, Lehman Brothers, was abandoned to its fate in 2008, this resulted in the worst financial crisis since 1929.But why, every time they approach the precipice, the banks are they rescued by the States? Decryption.

What is the importance of banks in the economy?

In Europe, the sector produces about 10% of the wealth of the country. But its importance goes well beyond the turnover. Banks play an intermediary role essential. "They manage the savings of those who are most and assign credit to those who request it," says Sofiane Aboura, co-head of investment banking master and market the University of Paris Dauphine.

"The word bank includes a number of activities," said Michel Baroni, professor at ESSEC. "In France in particular, they carry almost all areas of finance: savings management, payment system via current accounts, credit to individuals and businesses, say market activities (trading, etc guaranteed fast personal loans.)..It says the model of universal banking. "Reflecting these activities, the assets of the banking sector in France are more than 3.3 times the gross domestic product (GDP), that is to say, the wealth produced by the country in one year. In Germany the figure is two and a half times GDP, and the Netherlands, more than four times.

Why save them?

"If a major bank collapses, the economy collapses," Assen Scialom * Laurence, Professor of Economics at Paris X Nanterre.All institutions, however, represent the same systemic risk, and do not necessarily require to be saved, says the economist: "What is it? What are its interconnections, therefore the risk of contagion, with the rest of the economy and the rest of the world? Can it be replaced in its business by a competitor? We must ask these questions before acting. "Still, ultimately, a bank, however small it may be, can not die without causing catastrophe if the situation is calm. "Today the market is destabilized and a bankruptcy would not affect normal times can be devastating," warns Laurence Scialom.

How to reduce the bill, in cases of salvage?

"For a state to help a troubled bank is less expensive than the laissez-faire

The former headquarters of Lehman Brothers in New York. Photo Credit: Mark Lennihan / Associated Press

Less than a year after the announcement of its financial restructuring, the third largest container shipping has entered a turbulent period. Reportedly, the company has appointed financial advisers, including Jean-Marie Messier, founder of Maris Messier Partners, to start negotiations with bankers. In a difficult environment, a fall in freight rates and the slowdown in maritime trade, the owner will probably not be able to comply with its covenants at year-end, ie the financial ratios contained in its loan agreements. For now, there is no question of failure to meet repayments, but it is a first warning.

Slowdown in world trade

When asked, the company says, "CMA CGM continuously dialogue with its banks. We strengthened our capital, have a strong cash position and a growing business.Our investments are funded until the end of 2012. We are confident in our ability to manage the challenges of the market with the most modern naval tool in our market. "

Discussions should be initiated in the coming weeks between the parties to review this financial contract or obtain new financial arrangements.

Asia-Europe line coveted

Negotiations could be tightened. For at least two reasons. A likely deterioration in the economic environment first business card templates. The price of a container bound for China to Europe was trading at 793 dollars ten days ago against a little over $ 900 in late May, the Shanghai Shipping Exchange. This compares to an average of 790 dollars on average in the container 2009, the year of the crisis, and 1600 dollars per container in 2010.

The increase in capacity on this line last spring explained the decline in prices. But in recent weeks, we can worry about the volumes. Last Friday, the WTO has reduced the growth of world trade from 6.5% to 5.8%.

Second reason: the attitude of creditors. Previous negotiations, which took place directly in Bercy, were very difficult. Jacques Saade, the founder of CMA CGM, has a fight relentlessly for nearly a year to avoid losing control of his company, even offend and turn away investors as well-known businessman Albert Frère or the Strategic Investment Fund (ISF). The contractor took advantage of the tremendous rebound in world trade in 2010 to loosen the grip of creditors who have tried unsuccessfully to impose a new manager to head the company.We will see in the coming months if this episode has left its mark.

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This is a bill which would go well at the time of purchasing its housing: land transfer. This tax, which is a registration fee, reached 5.09% of the selling price. "This is a very high rate. In other European countries, taxation is more than 1% to 3%. By puncturing and the acquisition of a home, it hinders labor mobility, "said Bernard Monassier, lawyer (and a director of Figaro). The system was particularly unfair that until recently, some big sales could escape these rights. It was enough to create a company abroad, for example in Luxembourg, making it the holder of the property located in France. The passage of many a hand to the other was done so through the sale of shares of this company. "The sale of shares is taxed in the country where the company is domiciled.Or in Luxembourg, there is no registration fee or tax on capital gains, "said one tax expert. Some lawyers felt that the French tax authorities and had lost several hundred million euros per year, including transactions of office buildings in Paris.

France has responded by changing its law. Since 2010, it is stipulated that the sale of shares of foreign companies whose assets consist mainly of immovable property situated in the Hexagon is taxable in France. And therefore subject to French registration fee of 5%. In early September, members of parliament are to add additional security by requiring that the sale is recorded before a notary easy payday loans."We make sure when the sale is recorded and fees are paid," said Bertrand Savoure, notary.

Inequitable tax

Despite this correction, the system of registration fees is not very fair in France. The fee is 5.09% for the household who acquires her house. Take for example a bill for 10,180 euros to 200,000 euros purchased a home. However, anyone who buys a share of logged forest in forest community pays only 125 euros registration fees.

The logic is no better investment for businesses. The rights to acquire shares of public limited companies (SA) are not quoted by 3%. But they are capped at 5,000 euros. A ceiling for non-existent SARL (limited liability companies), where an abatement system applies less advantageous. Or LLCs are often small businesses."If I buy for a million euros of shares of a large privately-held SA, I pay 5,000 euros rights. If I take an SME SARL for 250,000 euros, my fee is 6810 euros, "says Bernard Monassier. As for the sale of the business, they are quite heavily taxed: 3% between 23,000 and 200,000 and 5% in excess of 200,000 euros. But for now, no government has had the courage to tackle such a scrub.

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"When we look at we are sorry but when you compare it to console," says the adage. A new proof of this is given with the release today of two studies on corporate social responsibility made by the social rating agency Vigeo.

This company, founded ten years ago by the former secretary general of the CFDT, Nicole Notat, analyzed the performance of 539 European companies listed on non-discrimination in employment.She also compared how these 363 companies had managed the restructuring that had taken during the crisis.

In both cases, France takes the lead of countries that best meet the basic standards set by the International Labour Organization (ILO) concerning freedom of association, prohibition of forced labor and child employment seniors … "This does not mean that French companies have no way to go, but just that they behave better than others," Nicole Notat nuance.

Danone number one

To note the management of corporate restructuring and practice of non-discrimination, the bloodhounds of Vigeo analyzed their managerial systems based on three items: the relevance of political behavior, the consistency of their deployment and effective results.Finally, French firms are better informed and consulted, where social, employee representatives "before and during the restructuring process."

No fewer than four of them are in the top 10 most responsible companies: Danone (ranking first), PSA Peugeot Citroën, Bonduelle and Total. French companies are also those who have best implemented "effective measures to prevent and limit layoffs" and made "steps to mitigate the negative effects of layoffs on employees, including measures to return to work" . Better than their German or Dutch, who monopolize the second and third places on the podium, and Austrian firms, Irish and Greek … that close to the bench.

Issue non-discrimination (access and job retention of the most vulnerable, improving working conditions, training, career …), French companies are doing just as well with no fewer than four of them also in the top 10: PSA Peugeot Citroën again, Rhodia, EDF and TF1. By country, France is ahead of Belgium and the Netherlands, far ahead of Ireland, the UK and Denmark … that appear at the end of ranking. "We knew that the behavior of firms are influenced by national legislation and sectoral affiliations, note Benseddik Fouad, director of Vigeo methods. But this study shows that social responsibility is the leadership position and ability to dialogue that make the difference. "In short, the involvement of the entrepreneur.

Angela Merkel is political campaign. In two weeks the German Parliament's vote on extending the Stability Fund, Chancellor not only seeks to restore calm in the euro area and the financial markets, but also to convince the Germans of the effectiveness of its strategy . To know how to play patience with Greece.

Criticized by his fellow partners and for its attention to this subject, Angela Merkel, however, continue to trust the government of George Papandreou. "From all I hear from Athens, the Greek government is aware of the situation and does what he must do," said the Chancellor, who had already called a few days ago to patience with Greece.

Greece is waiting for a new tranche of eight billion

German Chancellor even volleyed his Economy Minister and leader of the FDP, a partner in the CDU Angela Merkel, who said Monday that the bankruptcy of Greece "is no longer a taboo subject." "I think we do a great service to Greece so we speculate as little as possible but encourage Greece to meet its commitments," she said on the radio BBB. Recognizing that "there are no taboos in politics," replied Angela Merkel to his minister that "we are a government and we must of course be able to control all the processes we want to implement." The Chancellor said that the euro area has no mechanism to organize the orderly failure of a member state.Meanwhile the European Stability Mechanism (MES) in 2013 …

For these statements, Angela Merkel also seeks to convince the European experts of the Troika (European Commission, European Central Bank and International Monetary Fund) charged Wednesday to assess the progress of Athens, the new release every eight billion euros for Greece and avoid a default in the country.

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Canal + has crossed the Rubicon and wants to become a major player in free television in France. Thursday, the group led by Bertrand Meheut announced the takeover of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group. Initially, Canal + buys 60% stake in the TV division of Bolloré Media and awards it operational control. In three years, he may redeem the remaining shares. The operation was buckled in 48 hours! "I know and appreciate for a long time the leaders of Vivendi, Jean-René Fourtou and Jean-Bernard Levy, and Bertrand Meheut, CEO of Canal +. I am very pleased to be associated with such a good team, "said Vincent Bollore, Bollore Group CEO.

Gone are the days when the giants were the audiovisual respect the Yalta on TV: TF1 and M6 to the largest piece of the free TV, Canal + in the world of pay-TV and its 11 million subscribers. In France, the two families have substantially the same size: just over 3 billion euros for free TV financed by advertising and about $ 4 billion to pay.

After struggling for years to ensure a near-monopoly on pay TV (up to buy its rival TPS), it will not take long to Bertrand Meheut to tumble into force on the television commercial. Now a subsidiary of Vivendi will have three frequencies of DTT: iTV, Direct 8 Direct and Star. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For Bertrand Meheut, this operation meets the logic of "creating strong audiovisual groups able to defend themselves both on the live broadcast on the non-linear over the Internet. This will increase the value of our programs will experience an exclusive first exhibition in pay and free TV in a second. And pay-TV business is our heart. "

465 million for Bolloré

If this sounds like a declaration of war groups TF1 and M6, the marginalized, at the same time, the few independent French media landscape, and BFMTV NRJ12. With the launch of DTT in 2005, the Higher Audiovisual Council wanted to bring new players in the PAF: Bolloré Group AB, NextRadioTV and NRJ Group. But since the first two have sold their frequencies. Claude Berda NT1 and TMC has given its ally TF1.Bolloré sells Direct 8 Direct and Star in Canal +. The two remaining independent are the big losers. For its part, Bolloré Media made a good deal. Since 2005 he has invested hundreds of millions of euros in Live 8 and 70 million euros for the acquisition of Direct Star. Five years later, it enhances its flagship TV to 465 million euros! The channel Direct 8, mini-general, would be about 350 to 400 million euros. Direct Star would be a hundred. "We have successfully completed the first phase by creating Direct 8 from scratch and placing it among the first of TNT. But for the second phase, which will see all the media groups to engage in significant competition on the content, we decided to partner with a large broadcasting group, "said Vincent Bolloré.The myth of an audiovisual largely open to competition turns into a clash between three private-TF1, M6 and Canal + – and a public group, France Televisions. With their financial firepower, the first three will fight a war without thank you for the acquisition of content.

Add to this a sharp competition for advertising. Canal + now has a board weighing 400 million. Bertrand Meheut is trying to calm things down by stating that "this partnership does not change the industrial landscape, since we are in the continuity of existing channels. We are small in this market for free TV. " He recalled that "TF1 and M6 are, conversely, present in the pay television."It is unclear whether this is enough to calm things down, because, at the same time, the president of Canal Plus says it does not want to "abandon its free channel Canal 20" under channel offset. In this case, Canal +, which exceeds the number of authorized frequencies (maximum seven), should sell two. "It will sell certain frequencies paying," he says. The chain may be referred planet, present on the DTT.

This comes on the eve of the presentation of the report of Michel Boyon, president of CSA, the future of DTT. It is now a fait accompli. The media landscape is recomposed without him. If Canal + bought Direct 8 Direct and Star, the future of DTT is widely drawn. The TF1 group is in a strong position to demand not only the transfer of its news channel LCI of DTT (where it is marginalized) to DTT.But Nonce Paolini, CEO of TF1, claim compensation as a string, which should be TV Breizh. For its part, the M6, if he will not be weakened, will support its claims. He also wants to transform its pay DTT channel Paris Première chain free. And he also wants compensatory chain among its two projects WikiTV M6 family.

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lefigaro.fr – As the strike ended footballeursa in Spain, it s'estpropagée to Italy. Is it disturbing?

Vincent Chaudel – This can be disturbing. These strikes are the illustration of the limits of unregulated and unbalanced systems, to limit the distortion of competition. The expenses of Spanish and Italian clubs are not under the control of a national monitoring and management (DNCG), as in France. In terms of income, Spanish and Italian clubs posh to be more in solidarity with the less wealthy teams. TV revenue to reach the Spanish clubs are negotiating directly with the TV on long-term contracts. In contrast, FC Barcelona and Real Madrid TV rights in affecting the equivalent budget of Olympique Lyonnais (150 million) and Marseille (140 million).Italy is now gradually moving to collective bargaining, but some big teams still have the long-term contracts.

Is there a risk of contagion to France?

At first no, because exactly the DNCG protects French clubs against the risk of bankruptcy. It is a guarantee of the championship until the end. Leagues such as France and Germany, where the clubs are much more united them in Spain and Italy, would normally be free of strikes of players.

Is not it ironic that while the players are concerned it is they who are partly responsible for the financial difficulties of clubs *?

Absolutely. More football raises money, more players will benefit. When revenues increase clubs, it is not unusual to see players' salaries increase.However, logic would dictate that they do not progress in a crisis. But players are not solely responsible. Everybody is: both clubs who are willing to pay as much as the agents that play one-upmanship. Like the real economy, capitalism is currently showing its limits in football payday loans. The economic system of football should be regulated and payrolls encadréees or limited.

What might happen to happen if this regulation is not implemented?

The economic system could collapse in European football. Or the specter of closed league unique to American sports (unlike the model that Europe is not based on the principle of promotion and relegation and allowing franchises to maximize their profits) could return.Philosophically, Europe has always denied this system but leaving the small clubs get to that point at risk financially, it could open the doors.

This regulation of the economic system will happen does not at the expense of smaller clubs?

This is the paradox of European football. Plus it cleans the system, most large firms are favored. The financial fair play (as imposed by UEFA European clubs not to spend more money than they have) is a good but could be circumvented by clubs owned by big investors. In France, the DNCG wants to limit reliance on transfers in the accounts of clubs. Again, the idea is interesting, but this would be detrimental to the teams who live in less posh part of these transfers.Still, football clubs must learn to live like real businesses.

The transfer of Samuel Eto'o in Russia with a whopping salary (20 million euros per year) is it the last moment of madness in European football?

There will always be spoilers. As well as UEFA will not stop some clubs to bypass the financial fair play, the willingness of European authorities to balance budgets will not prevent some presidents to pay outstanding wages.

* According to a report from UEFA, wages are on average 64% of European clubs