Salaries most dynamic in Germany, France

The basic monthly salary was "slightly more active in Germany than in France in 2009, amid slowing earnings in both countries related to a labor market deteriorated and a virtual stagnation in prices, according to a study published Monday by the INSEE. In the non-agricultural market sector, the basic monthly wage increased an annual average of 2.2% in France and 2.7% in Germany (excluding inflation), a rate lower than in 2008 (three % in both countries).

"This slowdown is due to the deterioration of the labor market in 2009 and the near stagnation of prices, which have dampened wage bargaining in both countries," according to INSEE, using statistics French and German.Illustration of this slowdown, the increase in the minimum wage was 1.3% on 1 July 2009 in France, against 3% on average in 2008, notes the National Institute of Statistics and studies économiques.En Germany, reductions number of hours of work and temporary suspension of increase weighed on earnings, but the slowdown of the basic wage was only 0.3 percentage points in 2009 compared to 2008.

Since the wage agreements are multi-annual index-some grids had indeed been negotiated before the economic crisis.The new agreed increases in the second half of 2009, however, were "much smaller" than previous years and there were very few new wage agreements during this period, noted INSEE.

Virtually zero inflation in 2009

Taking into account inflation, "virtually zero in 2009 in the two countries' basic pay has" increased significantly "on both sides of the Rhine, but again more in Germany (+2.5% after +0.2% in 2008) and France (+2.1%, after -0.2% in 2008).

This comparison between wages in France and Germany came as the country was criticized by some of its partners, including France, to encourage low wages to enhance its competitiveness at the expense of its neighbors.

Germany argues that governments have no influence on the evolution of salaries – there is no general minimum wage in Germany – and has no intention to curb the competitiveness of its companies.

"Casino suits the morale of its customers"

The morale of French households do not seem to favor a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth recorded by the distributor Stéphanois abroad (10.2% in the first quarter, after 5% last year) largely offset this decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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Controversy over the cost of the G20 in Toronto

So that opens in Toronto on Friday before the G8 summit of the G20 summit on Saturday and Sunday, Canadian public opinion condemns the exorbitant cost of both events, while the country faces a budget deficit. The downtown Toronto is completely blocked during five days and reduced economic activity.

The Summits of the G8 in Huntsville, and G20 in Toronto will cost 1.2 billion dollars (960 million euros) to Canadian taxpayers. Local media raged against the sum of the Pharaohs. The G20 summit in London in April 2009, would cost only $ 30 million (24 million euros). Although comparisons with other peaks are difficult, the Conservative government, grappling with a fiscal deficit of 53.8 billion dollars (43 billion euros or 3.5% deficit to GDP) this year 's is launched into extravagant expenses.

In Huntsville, a town 200 kilometers from Toronto, where the G8 will be held Friday and Saturday, the Conservatives have built a convention center, built parks, renovated sidewalks. The construction of an artificial lake, in a country with hundreds of thousands of lakes, to two million dollars (1.6 million euros), has angered the population. Worse, the work sometimes took place in remote villages of Huntsville.

An economic mistake

The Harper government would have chosen two locations for the G8 and G20 to spoil the voters of Industry Minister Tony Clement in trouble in his riding of Muskoka-Huntsville loan payday. The largest share of expenditure is devoted to security, $ 930 million.The only mounted police has booked 5,500 rooms for nine days for its staff.

Many observers believe that the holding of the G20 in the financial hub of Canada's largest city is an economic mistake. Security measures are such that many companies and universities will close their doors this week. The National Post newspaper relayed an uproar among Canadian workers as a very symbolic of the atmosphere that reigns at the summit: "The G20 against sellers of hot dogs." In the financial district of Toronto, these vendors with their dozens of small meals on wheels are a very colorful tradition popular with businessmen.

The mayor of the Queen City has decided to ban these traders during the nineteen days that are applied security measures in Toronto. During this period, the sellers of hot dogs will have no income.The discontent of Toronto has spread across Canada. In these times of austerity, these peaks of excess may be costly politically for the Conservatives.

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Obama prepared for the post-oil

The spill "will push us to rethink our energy and environmental policy," said Barack Obama last June 14 during his fourth visit to the polluted beaches of the Gulf of Mexico. "We remain the largest importers of oil, or we can make the investments that we would become the world's leading exporter of renewable energy." This sentence, Bush had decided long before the "September 11 ecological. It is dated March 19, 2009. For when he took office, the successor of George W. Bush's climate and the "transition energy" one of its priorities.Giving due to 32 oil companies that had filed an appeal, a judge in Louisiana quashed yesterday, this moratorium. The White House immediately announced its intention to appeal.

The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to seek a compromise on the new law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

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Retirement: 8% of cases are false

The Court of Auditors has refused Tuesday to certify the 2009 accounts of the branch of the social security pension and its "parent", CNAV. Reason: "A significant number of pension cases (7.56%) is marred by miscalculations, including the impact on the accounts reached 0.78% of the amount of pensions paid in 2009. The process of transmitting data is always assigned to career uncertainties, etc. …

This is the second refusal of the Court to certify the veracity of accounts – it is an "improvement" since 2008 – but this verdict is in full disorder pension reform … Instead, the family branch and CNAF, pinned for 2008 are certified, this time with reservations. Certification with reservations for the branches as illness, injuries and recovery, as in years past.

Eurotunnel candidate for Folkestone-London line

According to information gathered from WanSquare bank, Jacques Gounon, Eurotunnel's Chairman, has received approval of its board of directors for the auction as part of the privatization of the high-speed London-Folkestone .

It was mandated to participate, with the support of several partners including Goldman Sachs, the redemption of an amount between 1.5 and 2 billion pounds. The terms of the auction should be known Tuesday.

The British government announced in 2009 the privatization of the railway line linking St Pancras International in London to the Channel Tunnel. Eurotunnel had declared his intention to stand.

Indeed, the design of this line is based on a technology very similar to that used for the Channel Tunnel, both in civil engineering for the rails, signage, power or control system and communication.

The Paris Bourse expected hesitant

Following a meeting of yo-yo, which still allowed the CAC 40 gaining 0.19% at closing, and thereby save its seventh session up on the Paris Bourse this should again hesitate Friday morning.

Around 8:20, the CAC 40 futures contract on predicted still opening up slightly from 0.2% to 3691 points.

Like the U.S. markets, which also ended up in small and Asian stock markets, changing early this morning in a disorganized.

Euro side, the rebound is confirmed. On Friday morning, about 87 hours, it all round score 1.2400 dollar. There is still less than two weeks, it was worth about $ 1.19. A recovery that is explained more by technical effects that real underlying trend upward, experts said.

Rich economic news in Europe

In France, on Friday released the book "The French economy" of INSEE.The institute will also present the final results of the index of base monthly salary of the first quarter of 2010. At midday, the index value of orders received in the industry in April appear.

In Germany, Destatis publish the producer prices in May In the United Kingdom, the figures on public finances will be available in May. In Italy, these are the industrial orders contained in the agenda.

In Spain, the IMF Managing Director Dominique Strauss-Kahn, is received by the Spanish Prime Minister Jose Luis Rodriguez Zapatero, amid persistent rumors but denied reports of financial assistance to Spain.

Thursday night, Nicolas Sarkozy, following the Summit of Heads of State in Brussels, said there was "no concern" about the financial health of Spain and no plan aid was in the agenda.

Danone: strategy leader in Russia

Danone and Russian Unimilk announced Friday they would merge their dairy operations in Russia and nearby states no fax payday loans. This merger will create a new entity representing a turnover of 1.5 billion euros, the leader in dairy products in Russia with a market share of 21%.

Danone is the majority shareholder of the new company with 57.5% of the capital. "With this transaction, Danone's net debt will increase by 1.3 billion euros," added the group.

Distribution The distribution Leclerc abandons his device "security updates" deployed in 130 of its 520 stores, according to information from Figaro. Too complex and too costly, he failed to derail the bids of Carrefour and Auchan.

The construction group Vinci has won the contract to renovate the Victoria underground station in London, whose work should begin in 2011 and completed in 2018.Transport of London (TFL) of an amount refers to total 700 million pounds (840 million euros) for the entire renovation of the station.

Sanofi-Aventis Lab has obtained the approval from the FDA (Health Authority) for U.S. marketing of its anticancer Jevtana.

Lagardere Guy Wyser-Pratte wrote to the AMF (AMF) to request an investigation on the counting of votes on resolutions presented at the Annual General Lagardere late April, reported Thursday on its site Expansion Internet.

The biotech company Transgene, which held its general meeting on Thursday announced the merger of the functions of chairman and CEO, both assigned to Philippe Archinard.

Rhodia Standard & Poor's said the credit ratings and the prospect of chemical remained unchanged after the announcement of the acquisition of Chinese Feixiang for a little over 397 million euros.

The euro resumed after "dropping too fast"

Traders have noted an increase in major currencies this past week. As the euro. This Wednesday, June 16, the single currency rating beyond $ 1.23, stable on the day. In ten days, the European currency, which is then treated $ 1.19, won 3.4%, which is a very strong increase in the foreign exchange market.

Yet, the euro had reason to be heckled. The excuse to sell the currency did not in fact missed this week. Even the degradation of the notes by Moody's on Debt Greek Monday, then on the banks of the country, there is nothing. Not more than bad German Zew index. "This renewed appetite for risk has increased since last Thursday following the reassurances of Jean-Claude Trichet, ECB president, analysts said Saxo Bank.The European Central Bank expects growth in the euro zone between 0.7% and 1.3%, against 0.4% and 1.2% previously. The central bank left rates unchanged, while the acceleration of inflation in the euro area was confirmed at 1.6% in May on a year on Wednesday by Eurostat.

So why the euro has appreciated it as much? "The reason is mainly technical: the euro has fallen too quickly in recent weeks, he was catching his breath," says Pierre-Antoine Dusoulier, CEO of Saxo Bank. Other mechanical reason: the falling dollar, which causes the exchange rate euro / dollar rising. However, the dollar has folded. "Historically, there has always been an inverse relationship between the U.S. equity market and the greenback," said the official. Witness the decline of the dollar against the yen, for example.

This trend "is likely to continue at 72 hours – Friday, June 18 – four witches," that famous day will end simultaneously four different products: stock options, index options, futures and stock futures index. Investors still expect that day to extreme volatility. Hence the distrust of investors, which is directly affected by the gold price, rising again, about 1235 dollars an ounce.

But basically, the trend remains bearish, especially as the economic landscape has not changed.

The British currency toped

The pound was a little cup on Wednesday morning, but the trend was clearly upward this past week. The pound was quoted 1.4821 to the dollar early this morning.Either its levels of early May.

The origin of the slowdown, the publication of unemployment figures in Britain. The rate according to ILO (International Labour Office) is lowered to 7.9% in the three months ended in April, against 8% for the three months ended in March, while economists expected a steady rate.

The index of consumer prices in May stood at 3.4% annual rate, down compared to April (3.7%), seems to confirm the inflation targets in Great Britain the BoE (Bank of England), less than 2% by early 2011, provided that the austerity policies of the new government does not impose a further increase in VAT, according to analysts.

Switzerland should remain at a rate of 0.25%

The meeting tomorrow Thursday the Swiss National Bank – Central Bank – should not bring surprises. This should keep its benchmark rate to 0.25%."The SNB could still announce some measures to address liquidity drying up against a risk of inflation induced by its interventions to support the euro, these interventions flooding the market with CHF," says Realtime Forex.

The Swiss franc reached record on record since the end of 2009. Then he had another 1.5 Swiss francs per euro in December, the exchange rate reached 1.3920 désoramis, with a low 1.38 in early June

Advertisements in China and Russia

In Russia, the Central Bank announced its intention to diversify its reserves by including the Australian dollar and Canadian dollar.

Regarding China, the Middle Kingdom has signed contracts for a thirteen billion euros of Greek companies, when Athens strives to attract foreign capital. Turkey and Arab countries have also seen in Greece.

BP urges advisers to avoid bankruptcy or a hostile takeover

BP is doing no more alone. To manage the most serious environmental disaster and to silence rumors about a possible bankruptcy, the tanker has hired advisers. BP to help meet the financial pressures, more and more strong.

The recent plunge in BP, which has further declined by nearly 10% Monday as London qu'ç New York and whose market value has been reduced by over 45% since the beginning of the accident, certifies that the hypothesis of a bankruptcy is not completely ruled out by investors. Thus, counselors will work to optimize the management of the crisis and to prevent compensation claims do not leak the multinational or make vulnerable, thus creating a hostile takeover. The trio of investors and put together a strategy to enable the group to meet claims over the next five years.

But for now, BP does not confirm this information. A spokesman for the group merely stated: "This is not true, we do not appeal to banks to defend ourselves," adding "we urge banks year round for different reasons.

Senators call 20000000000

The information is then revealed, however, that the U.S. government is more determined than ever to pay the oil company. of compensation for victims of oil pollution and environmental damage and business. It looks particularly dire consequences for fisheries and tourism in the Gulf of Mexico, in a letter to the director of BP in the United States.

International Help

A little more reassuring to the disaster called the "ecological / 11" by Barack Obama, Washington can count on the solidarity internationale.pour cope with the spill. Countries like France, the United Kingdom, Mexico, but also the United Arab Emirates and Vietnam have offered assistance in the form of equipment and expertise.

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Rigor: same effort in France and Germany

This is not a surprise but the time is more than ever in a pinch. Angela Merkel and Nicolas Sarkozy will meet on Monday to prepare the European Council by the end of the week and the G20 Toronto. Discussions will focus obviously on public deficits in the euro area, including sanctions to apply against the states that are lax or new ways of coordination of economic policies. Originally scheduled on June 7 last, the interview was postponed, allowing the two leaders unveiled their own plans for savings.

French plan considered "practicable"

The plan submitted by Paris this weekend, is considered "feasible" by the Governor of the Bank of France, Christian Noyer.This has indeed said Sunday he is "perfectly possible" for France to bring its public deficit to 3% of Gross Domestic Product (GDP) by 2013 as foreseen in the government aims to reduce the public deficit (government, corporate accounts, local communities), 100 billion. To do this, the Governor of the Bank of France has called for "focus on measures to reduce expenditure" Guaranteed no fax payday loans.

Effort on the sources of expenditure

And that's the government's target. The Budget Minister Francois Baroin said Sunday that the objective will be achieved by making "a major effort on all sources of expenditure, the state plans to cut public spending by 45 billion euros. The Minister added that this effort on ITélé would "not less" than in Germany.In Germany, the government wants to save 80 billion by 2014, thanks to budget cuts in military spending and social.

The question remains what the market reaction. For now, a report published Sunday by the Bank for International Settlements (BIS) says that the bailout of the European Union has not defused the fears of the markets. The institutions in Basel has also reaffirmed that the French and German banks are particularly exposed to the debts of Greece, Ireland, Portugal and Spain with a respective total of 493 billion and 465 billion dollars.