Ten structural measures to promote access to RSA

Marc-Philippe Daubresse the new Minister of Youth and Active Solidarity, presented Tuesday 10 measures' technical and structural "simplifying and improving the RSA enjoyed by 1.78 million households. The goal? To better inform potential recipients of RSA (base and activity) to accelerate the build-up of these two devices created by Martin Hirsch 13 months ago. "Many individuals do not use the RSA of ignorance, complex procedures or for fear of being thought of welfare," said Marc-Philippe Daubresse justified.

To improve access for audiences to information, the minister will send a letter in September to eight million of housing "simply explaining the scheme and encouraging them to do a simulation" of rights on websites of CNAF or MSA.The application forms for entitlement to the RSA will be simplified by the end of October to make them more understandable. Leaves quarterly reporting resources will be reduced to one page and syringes "on the model of the tax return.

A "checkbook services"

The Minister will also launch in September a committee comprising all stakeholders of the RSA and "to examine the changes made to the mechanism in terms of practices but also the legal" payday loans.A second referee RSA will also be appointed within each agency employment center to link with their counterparts in the general councils to strengthen coordination between the two institutions.

Good practices to facilitate the payment of the allowance of personal re-employment (APRE) – which aims to take over all or part of the costs incurred by a beneficiary when an activity begins or resumes – will be broadcast on the throughout. A "checkbook services" – composed of good standard in exchange for a service – designed to accompany the resumption of employment will be created."The establishment of this checkbook will be appraised in September and proposed gradually, as needed, to departments wishing to use them," said Marc-Philippe Daubresse.

The government also proposes to organize in each department a day devoted to the development of integration pacts "which in particular define the modalities for coordination of actions undertaken by different actors to promote social and professional integration of beneficiaries the RSA. The first day will be held in December 2010.

Garden Party: caterers minimize cancellations

The garden party at the Elysée has it been canceled too late? The caterers will they be reimbursed? Taxpayers will pay the note they? After the announcement of the cancellation of approvals under the Ministries of Interior, Overseas, in the prefectures and sub-prefectures, these issues are on everyone's lips. Especially since the member Rene Dosière (related PS) spoke for the receipt of an invoice 313 618 2009 euros. The debate, then fed by Ségolène Royal in an interview with the Nouvel Observateur, however, is minimized by the main actors of the case.

"There was no cancellation in the legal sense. These are the tenders that have been canceled. Today, nobody can say 'I lost the case, because no one had been chosen "slice Lars Bernard, vice president of Synhorcat, a leading professional trade."So there is no impact because in this profession, we do not prepare anything in advance. A caterer is not Picard, irritated the union representative.

Same story on the side of the Elysee usual caterers. "We were still at the stage of tendering. We filed our application and we expect the answer. We have therefore incurred no expenses, "said Francois Raynier, owner of upscale catering Raynier Marchetti, who denies the passage strengthened its team of 150 people in anticipation of the Garden Party. "150 is our average size," says he.

"From homemade

The prefecture also announced that the cancellations last minute should incur any costs because the buffets are mostly prepared in-house. "We use the kitchen of the prefecture," says one in Rennes.In the Sarthe, everything is "homemade" due to "credit limit". The few jurisdictions involving caterers explain – as is the case in Mayenne – they were still "at the stage estimates.

In the Alpes-Maritimes, the services of the prefecture are in this case state spending "very minimal" to "a few hundred euros": "We're pooling with the city of Nice and the General Council of Alpes-Maritimes limit spending from outside caterers, "says a spokeswoman.

Flexibility

Even if there had been a contract between two parties, there is no fixed schedule for repayment in the profession, making negotiations on a case by case basis between the provider and client. "It's the law of business but we always find common ground," says Bernard Bras.In case of cancellation, the situation remains manageable, "he assures," It is a profession without visibility. Sometimes some customers confirm the case only 3-4 days before the big day We are accustomed to this kind of situation. "

At the forefront of the controversy, the food critics temper this speech. According to them, traders are well advised not to claim compensation for the expected win lucrative contracts in the future. "It's flattering to prepare the buffet or the Elysee Matignon is a commercial asset, an honor, a good card," says Claude Lebey, editor and author of restaurant guides.

Rebound

The representative of Synhorcat still regrets the loss of activity represented by these cancellations. "We are talking thousands of hours of work.For the Elysee, the decision could also have been taken earlier this year when the budget is fixed ….

For the future, the profession remains optimistic. The idea of a snowball effect of cancellations is scanned. "On the corporate side, which represent nearly 80% of our business, we see a rather significant recovery from last year," says Lars Bernard. "These are not exceptional receptions for when the box is bad, do not 'do too much peter cap'. But when there is a quick turnaround, we must celebrate. This is happening today. " The other big market traders – that of individuals – is also on the mend: "over time, we notice that people continue to celebrate events," notes vice president of Synhorcat. The public sector, the smallest of openings, should be the one to be hit hard.

"End 2008-2009, business has plummeted because of last minute cancellations of contracts. In the worst of the crisis, some professionals have lost 40% activity. 2010 is therefore a year of healing. Regarding cancellations, we are entitled to think that this will not be like that all year, "concludes Lars Bernard.

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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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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.

Corporate bonds, an alternative to shares

lefigaro.fr / jdf.com – Bonds they still remain deprived of interest to investors relative to bonds?

Eric Pictet – Ask borrowers what they think of Russian loans! The risk is never where you think it is. Investors believe that a state can not go bankrupt, but who would have thought that Russia in the late 1990s and Argentina in 2001 would have to default on their external debt, that Greece would be in big trouble. States are less likely to bankrupt the companies – there are fewer, but the consequences are serious both economically and socially.Personally, I prefer to be paid with a coupon of 8% to 9% in seven years in a fund with hundreds of companies rated BB / B buying a loan to ten years of a State debt at a rate of less than 3%.

And compared to actions?

Corporate bonds are better adapted to periods of uncertainty as shares. The capital gain is limited, but the coupon is more regular and higher than the dividend. The risk capital action is 100%. This is not the case of an obligation because the creditor has collateral. The recovery rate is about 30% to 50%. The profile of this asset class is suitable for investors who want to gradually increase their exposure to higher-paying assets, without having to expose themselves to greater risks of stock markets.

Since the beginning of the year, European equities, for example, dropped 15% while corporate bonds rose by 3.52% respectively on the segment investment grade and 5.67% on the "high yield "(bonds with a high risk, Ed). Investors fear less for the company credit for their results. If an investor were to lose money with corporate bonds in the next twelve months, it probably would mean that the shares have lost 30% of their value. Corporate bonds are much less affected than shares, for any period of recession coupled with deflation.

Emissions of corporate debt have experienced a slump in the month of May This will he continue in the second half?

In 2009, emissions have been a record 180 billion dollars.The broadcasts in May 2010 were only $ 6.9 billion as rising demand has slowed the coupon amount of emissions. However, since the beginning of the year, the total emission displays a record 117 billion dollars. These amounts do not constitute additional debt for companies but largely from the refinancing of existing programs or bank debt.

At Muzinich, you are mainly positioned on bonds rated BB / B Why?

Bonds rated BB / B, ie just below the bonds' investment grade (securities rated borrowers between AAA and BBB-, corresponding to a low risk, Ed) can be considered as an alternative to actions. In an uncertain economic environment, the coupon received (currently between 8% and 9%) is a useful cushion to better absorb the cuts.Historically, the correlation with the market share is 50% with a volatility almost twice lower. We believe that an investor in this asset class, except external shock, should get a return of 6% to 11%.

What areas of focus?

We make a detailed analysis of each issue and we select companies able to generate sufficient cash flow to repay interest and term refinance. In Europe today, we are exposed on the cable sector, environment, services and under exposed to the construction, automotive and airlines.

Chérèque clash between Vif and Parisot

Francis and Laurence Parisot Chérèque have severely clashed on Friday during a panel discussion on the emergence of a new social dialogue organized by the Journalists Association of Social Information (AJIS).

The secretary general of the CFDT has accused the president of MEDEF lying to parliamentarians to amend the bill on social dialogue in very small enterprises (VSE) discussed in the Senate next Tuesday and early July at the Assembly ( see our editions of June 3).

"The lobbying done by the MEDEF and CGPME is based on a lie, accused Francis Chérèque: to convince business leaders that will elect staff representatives who will return to the TPE.This is even more intolerable than the MEDEF and CGPME never demonstrated that they are representative of the owners of very small unlike the UPA, and the FNSEA UNAPL who support the bill. "

The secretary general of the CFDT appreciate even less the attitude of the President of the MEDEF Laurence Parisot text and Jean-Francois Roubaud trying to torpedo – CGPME has launched a petition calling for its withdrawal – is based on a Common Position, signed in April 2008 by the CFDT and CGT … with both employers' organizations. "I was tolerant enough," said Francois Chérèque has therefore asked Eric Woerth, sitting two feet away from him, "a law on the employer's representative.

No response Woerth

Piqued, the president of MEDEF has reaffirmed its opposition to the text of the Minister of Labour, which aims to give the four million employees of small opportunity to elect representatives to the territorial commissions optional that parliamentarians now want to limit nationally. "Business owners only want one thing: they are allowed to concentrate on developing their business and they do not impose new constraints," replied the boss of bosses, ready to enter question "once the crisis is over" and the reform of trade union representation buckled.

The President of the MEDEF also recalled that his movement was committed at the common position on trade union representation in April 2008, refer to "a group work, nothing more," the audience measurement and association development of social dialogue in the TPE.

As for the sensitive issue of the representativeness of employers, Laurence Parisot has once again "open debate" but said it would be "difficult to reproduce the mechanism of the election" which applies to trade unions to appoint company representatives. Eric Woerth has not decided. "The minister wants to take time to form his own opinion," says his entourage.

Prudential renounces the acquisition of AIA

Following the refusal of AIG to lower the selling price of its Asian branch AIA 10% Tuesday, the British insurer has finally decided to purchase more than 30 billion dollars. This decision follows weeks of negotiations between Prudential, its partner, British financial authorities but also some shareholders, who felt too heavy redemption fund.

The capital increase of $ 21 million planned by Prudential to fund the acquisition of AIA, has also canceled. The abandonment of the proposed fundraising was announced at last night, a harbinger of the abandonment of the operation, confirmed a few hours overnight pay day loans. The failure of this acquisition is expected to cost 450 million pounds to Prudential, including 152.6 million pounds for breach of contract.

For its part, AIG believes it has "several options to consider about the AIA," In a letter to his employees, Robert Benmosche, CEO of the insurer, owned 80% by the State, in counts " more than we had in March. "

Breton: "France will be the first issuer of debt in euros in 2013

Asked by the business daily La Tribune published on Thursday, former Minister of Economy and Finance and current CEO of Atos Origin, Thierry Breton, calls for strong commitments to reduce the debt of Latin Europe and in particular France. During the next decade, these countries will face the "telescoping" of two costs: the repayment of past debt (previously issued securities that expire) and new financing budget deficits.

The capacity of countries in southern Europe to repay their debts does not inspire much confidence in the markets as Germany, currently the largest emitter of debt of the eurozone. Inherited from the reunification, the German debt represents 73% of gross domestic product (GDP) and is expected to gradually reduce in the coming years.Moreover, investors do not doubt the capacity of fiscal consolidation in Berlin, unlike those of other European countries.

"The constitutional constraint is my preference"

Thierry Breton, the euro zone countries must commit to restoring the balance of their accounts under the rhythm of each country by the year 2016-2025. For France, whose debt issues should dethrone those of Germany in 2013, "the goal would fall to 2020, according to former Minister of Economy bad credit pay day loans.

The French debt represented 77.6% of last year's GDP and the country's public deficit amounted to 7.5% of GDP, well above the Maastricht criteria (respectively 60% and 3%), Thierry Breton now considers inappropriate: the true test of Evalution countries should address, according to him, the annual estimate of their "actual financing needs" and "solvency".

To avoid both the severity and growth deficits and uncontrolled debt, Thierry Breton called for "firm commitments": "If the constitutional constraint has my preference is first because it is collective freedom and national consensus. "

It also explains limited to enshrine a deficit in the marble of the Constitution would be the most reassuring to financial markets, "an absolute guarantee in the eyes of those who buy our debt."He concluded that "such a guarantee is the remedy, the real, against speculation."

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Strategic shift at NYSE Euronext

The transatlantic exchange operator NYSE Euronext is preparing to change the model. He announced the creation of its own clearing houses in Paris and London, and end at the end of 2012, its trade relations with its current service provider LCH Clearnet on the two financial centers.

This decision represents a reversal. In 2007, when Euronext was to choose a partner from the U.S. NYSE and German Deutsche Borse, the group preferred the former because it does not recognize himself in the vertical integration model of the second. The trade of the stock market is indeed a value chain in three stages: the "place" where exchange transactions are carried out, the clearinghouse that records and transactions settlement. Euronext is an operator to date, business-focused transactions.In developing its own clearing houses, goes up the value chain.

This shift fits by NYSE Euronext in the times of political and strategic place in Paris where it argues for the existence of localized market infrastructures in the euro zone. However, compensation is dominated by LCH Clearnet and by great American actors as DTCC. This business is also known to have an increasing role in securing the derivatives market: everywhere regulators are considering forcing a maximum of derivative transactions to go through clearing houses, thereby reducing the counterparty risk of potential systemic transactions.

Another reason, however, pushes NYSE Euronext to expand its field of activity.While its historical business transaction is fierce price competition from entering the competition at alternative platforms in Europe, the conditions are much less harsh on the job of clearing. In short, the incumbent, shaken by the loss of its monopoly, will seek margins where they still exist …

Stock Exchange: Europe falls again at the close

This week's eventful European markets ended with another heavy decline. In Paris the CAC 40 fell at the end of 3392 to 4.6%, 59 points, its lowest level since July 29, 2009. The key index in Paris lost 11.12% on only 5 days.

The DAX index of the Frankfurt Stock Exchange ended down 3.27% at 5715.09 points (-6.86% on the week). In London, the FTSE-100 lost 2.62% to 5123.02 points (-7.75%). The Madrid Stock Exchange ended on a further sharp decline of 3.28% to 9046.1 points. The Ibex index, which lost 5.41% Tuesday, a victim of rumors about a need Spanish assistance from the IMF, cowardly 13.78% on the week.

Italy was also concerned by reports of infection, despite denials by the rating agencies. In Milan, where the negotiations were suspended on the main platforms due to "technical problems" to 4:40 p.m. this Friday, the stock ended down 3.27%.A decrease of 10.43% in 5 days.

Nordic Scholarships are not spared the nervousness in Copenhagen, the OMX index-20 star has unscrewed the closing today of 4.14% to 371.12 points, while in Helsinki, the OMX 25 fell 4.1% to 2001.08 points. In Stockholm, the main square Nordic OMX 30 index finished down sharply from 3.34% to 944.57 points, while in Oslo, the benchmark index has lost 2.87% to 348.98 points.

The Athens Stock Exchange, to whom all eyes are turned, closed the week down 2.86% to 1630.47 points.

Panic

In the wake of Wall Street, which yesterday saw a historic fall 9% in session yesterday after a "computer error or human, the European stock exchanges have experienced panic attacks. Around 4:40 p.m., the ACC let go of 5.70% to 3353.35 points, the Brussels Stock Exchange plunged 4.19% to 2,300 points.Same thing in Madrid where the Ibex-35 index fell by 4.26% to 8954.2 points. The Dax took down sharply from 3.49% to 5701.80 points. London lost 4.1% to 5045.3 points. Even the Moscow stock exchange gave up 5.54%!

"There is no fundamental to explain, if not very deep nervousness in the markets. The volatility is very important, and uncertainty, fueled by the approach of the German elections weigh, "said Frederic Rozier, manager of equity in Meeschaert Private Banking.

Yesterday, Jean-Claude Trichet failed to reassure European markets or Wall Street.The markets fear that the problems of Greece are not being passed in other European countries, and have in particular strong impact on banks cash advance to savings account.

Visit Brussels and conference call of G7

On the macroeconomic front, while the austerity plan was adopted by the Greek Parliament, Heads of State and Government of the eurozone meeting in Brussels from 19 o'clock tonight.Angela Merkel and Nicolas Sarkozy to defend this time the need to strengthen in the future budgetary control of the eurozone countries, sanctions and possible revisions of the treaties in support.

The finance ministers of the G7 major industrial countries have them held a conference call urgently on the crisis that has engulfed the markets.

Barack Obama also spoke on the topic Friday. The American president wanted to be reassuring, saying the U.S. had continued to cooperate with EU authorities and the International Monetary Fund deal with the crisis of debt. "We've agreed on the importance of a vigorous policy response in the countries concerned and on that of a robust financial response of the international community," he said.

In the United States precisely, the U.S. Department of Labor announced that the economy had created more jobs than expected in April: 290,000 jobs were created last month, is the highest number since March 2006. But these new, "very encouraging" by Barack Obama, went unnoticed on the markets …

Side currencies, the euro rebounded against the dollar after a plunge yesterday, under $ 1.26 for the first time since March 2009. Around 18 hours, the single currency climbed from 0.70% to 1.2740 dollar.

Bank penalty

On the values front, as saying that the values are nonexistent on the rise in Paris. The titles are the most attacked, of course, those in banking / insurance, the most exposed. Company g?n?raleperd 8% and won the title of the largest drop of ACC. Just behind, cowardly Dexia 7.54%, Credit Agricole7, 20%, BNP Paribas 5.68%.Axa slipped 6.56%.

Veolia Environment (-5.27% to 21.67 euros) is the sentence after the publication of its quarterly results.

NicOx pharmaceutical value fall -10.29% to 6.79 euros after the announcement of 7.2 million euros in losses in the first quarter.