New finance minister for Greece

The name was the most anticipated of the new finance minister. This will be the former Defence Minister Evangelos Venizelos, who is also Vice-Premier, announced Friday a spokesman of the Greek government.

The new finance minister succeeds George Papaconstantinou, in office since the victory of the Greek socialist party (PASOK) in the legislative elections of October 2009. Principal architect of the austerity suffered by Greece to cover its deficits, George Papaconstantinou was in the front line of the anger expressed in the street by the Greek people. Finance aside, it remains in the government team in charge of the Environment.

Curb the social crisis and negotiate with creditors

Before arriving in the team Papandreou, Evangelos Venizelos, 54, had held many ministerial posts in previous socialist governments in the mid-1990s, including the voice of the government, Minister of Justice and Minister Development. He will now have the task of curbing the financial and social crisis in Greece and negotiate with creditors.

In Defense Venizelos is replaced by a close associate of Prime Minister Georges Papandreou, Panos Beglitis.Another relative, Stavros Lambrinidis, was appointed Foreign Affairs.

Faced with conflicting pressures of creditors of the country and the street, and the refusal of the main opposition party the right to form a national unity government, the prime minister announced Wednesday he would proceed to reshuffle and he would ask in the wake of confidence in parliament. By sacrificing his finance minister, George Papandreou shade his last card. If the new team fails to resolve the crisis, keeping its own head of government will be compromised.The question is whether this game of musical chairs will be enough to calm the anger of the street.

ALSO READ:

"Greece is the menu of the Sarkozy-Merkel meeting

"The Greeks feel black sheep of Europe

"Greek Prime Minister Papandreou plays his all

"SPECIAL – Greece, a challenge for Europe

Raffarin for a second day of solidarity

The French will they work an extra day to finance the addiction? This idea, stated in recent months by several groups working on the financing of dependence, was taken on Europe 1 this Saturday by former Prime Minister Jean-Pierre Raffarin, the instigator of the first day of solidarity. It would, he said "the easiest solution" to partially fund the addiction. A more appropriate measure to implement that "our organization's work" has "a lot of RTT," he said, tackles the 35-hour shift introduced by Martine Aubry.

As stated in former prime minister, would finance additional working day as part of the costs of an aging population.For if the day of solidarity relates each year about 2 billion to state coffers, the expenditures related to dependence in turn have posed 24 billion on public accounts for 2010 alone, according A recent review of the Economic, Environmental and Social Committee (EESC). The increase of approximately 1% per year in the number of elderly dependents by 2040 should in turn lead to a peak of public expenditure between 2025 and 2050, around 30 billion euros.

The day of solidarity potentially unconstitutional

This idea to make employees work an extra day is not new. A Senate report released in February, and the conclusions of the working group led by Bertrand Fragonard, made public last May, including this track evoked to support the aging population.The recent opinion of the EESC, which should be released on June 15, however has rejected this option, preferring among others, as mentioned by the report Rosso Debord, the hypothesis of increased taxation on inheritances and an increase in CSG retirees. For its part, the state also plans to encourage older people to tap into their life to convert into an annuity.

Reformed in 2008 so that employees can fulfill their solidarity day anytime during the year, not only on Whit Monday, the day has indeed challenged. The Constitutional Council will decide within three months to determine if this n'écorne not the constitutional principle of equality before tax.Indeed, only employees would pay, "and not professionals and retirees," says Mr. Bertrand Salquain, who entered the Elders of the question. The "father" of the measure, Jean-Pierre Raffarin said on Saturday that "it is not true that only the employees contribute, since we also taxed a portion of the capital."

Originally a French perfume by Michael Jackson

Jackson Tribute to man easy to get unsecured personal loans.

Why the drop in oil is reflected at the pump hurt

As with every drop of crude on international prices, oil is accused of failing to pass the motion on the price at the pump. After soaring oil in April, hoping motorists in early May, quickly see the effect of receding oil prices on the invoice to the service station. He had to wait.

From May 2 to 13, the price per barrel fell from 125.85 dollars to 114.65 dollars in London. However, prices of MS 95 have fallen by an average of … zero cents, while diesel fell 3 to 4 cents in the period. Those are the findings of a study by the Directorate General for Competition, Consumption and Fraud published Monday.

Threats Bercy

This report, the Minister of Economy Christine Lagarde, the accuser is: he believes that dealers could have decreased the price of 6 cents per liter of SP95 and that 4 cents of diesel between April 2 and May 15 Given this apparent unwillingness, Bercy threat sector to impose lower prices.

In reality, it took until May 20 to observe the first tangible effects of the sharp fall in international prices of black gold. It has thus been two full weeks or 10 days, so that the prices displayed in service station finally decrease to the SP 95, 3.4 cents, to 1.515 euros per liter on average.

Operators have taken advantage of the ten days of falling oil prices to restore gross margins by not amending hardly prices at the pump. Immediate expense of consumers.According to calculations Figaro.fr this margin, which can amortize the costs of transportation and distribution, has in fact increased between the first and third week of May, the order of 2 5-3 cents per liter of MS 95.

Cushion the impact

If retailers wanted to restore their margins, it is because they were compressed during the surge in oil prices during the month of April and early May. "When prices at the pump exceed 1.50 euros per liter, operators tend to cushion the impact on the customer taking on them," says Jean-Louis Schilansky, president of the French Union of Petroleum Industries ( UFIP). So when crude prices went back down, "there was little effect of margin recovery," he admits.

The authors of the study reached the same conclusion, noting that before the falling price of a barrel in early May, traders will puncturing an unusually low margin per liter of MS 95. Namely between 8.3 cents and 2.1 for the majors cents for large surfaces. Still, oil has long been suspected to better pass on increases in the fuel decreases. As in this report INSEE dating from 2002, clearly titled: "The fuel price is more sensitive to higher rather than lower crude oil."

ALSO READ:

"Fuel: oil back to the wall

The Tokyo Stock Exchange remains in the red

The Tokyo Stock Exchange is in free fall since last Thursday. In nearly four sessions, the Nikkei 225 has lost more than 3%, while trying to get closer to 10,000 points again he had reached a little over a week earlier. On Tuesday, the Japanese stock index was down 0.12% at 9546.75 points, after the downturn on Wall Street Monday night.

TEPCO continues to plunge

In the absence of macroeconomic indicators or outcomes of heavy odds, the Nikkei does not take advantage of the decline of the yen against the dollar, the greenback rising 0.41% to 81.18 yen. The uncertainties surrounding the euro area after the arrest of the International Monetary Fund boss Dominique Strauss-Kahn, as always worry investors.

On the corporate side, the operator of the nuclear power plant, Tokyo Electric Power (TEPCO) collapses from 11.42% to 372 yen, its lowest in a month and a half.According to Standard & Poor's on Friday, the U.S. rating agency Moody's also downgraded one notch from TEPCO (Baa2). This rating qualifies the issuers considered of average quality but still able to meet their deadlines.

Investors replay the energy sector in Shanghai

In China, financial markets operate in an uncoordinated manner. If the Hang Seng in Hong Kong following the downward trend in Tokyo, falling from 0.11% to 22,935.80 points, the ISC Shanghai climbed from 1.07% to 3133.53 points supported by the energy sector is highly prized by the investors who profit from the decline of oil. China Shenhua Energy climbed 3.47% and to 28.6 yuan.

Oil prices are actually trending down Tuesday in electronic trading in Asia on demand concerns continued to affect the market, dealers said.In morning trading, a barrel of light sweet crude for June delivery declined 27 cents to 97.10 dollars. That of Brent North Sea also June delivery yielded 30 cents to 110.54 dollars.

Mixed trend in other Asian financial centers

On other Asian financial centers, the trend is mixed. The Taiwan TAIEX edges up 0.18% to 8927.40 points, the S & P / ASX 200 gained 0.59% in Sydney to 4677.60 points and the KRX 100 of Seoul is stable at 4464.54 points. In contrast, the BSE Sensex 30 Bombay declined from 0.14% to 18,320.20 points and the FTSE Straits Times is 0.86% at 3136.48 points.

Slight decrease in advertising on TF1

After the rally of 2010, TF1 faces a more difficult first quarter of 2011. During this period, the private audiovisual group saw its turnover increase by 2.9% to 614.4 million euros. However, the advertising revenue of the antenna TF1 down 2.6% to 353.3 million euros, due in March and April in the semi-shade. However, this figure suffers from the comparison with the strong rebound in early 2010. Good news, the group's net profit jumped 47.9% to 48.2 million.

These results come at a time when TF1 faces another challenge: how to perk up its newscast of 20 hours, while there is the challenge of the presidential important moment in the life of a great chain. The launch on Thursday night, a political meeting monthly at 20 h 15 is the forerunner with this shortening of the slice info most ritualized television.Because as the campaign intensifies, "Word direct", hosted by Laurence Ferrari and François Bachy, head of policy TF1, will be more recurrent. Two years ago, France 2 was the precursor with a newspaper reduced to 25 minutes.

And indeed, for a little over a year, the differences between the two JT in terms of audience share is shrinking. In July 2010, it is also taken much for France 2 to outweigh the first private channel. Since the incidents are increasing. TF1 naturally continues its leadership, but now falls steadily below the four-point gap with France 2.For now, however, the average "20 hours" by Laurence Ferrari -27.6% audience share for the month of April, according to Médiamétrie-still higher than the channel TF1, which itself falls to 23.4%.

Financial strength

But the differential is less important than that between the "20 hours" of France 2, which shows an average 22% audience share, when the television channel France 2 as a whole does not exceed the 15% share hearing direct payday lenders.

Nevertheless, the power of advertising and financial TF1 still stands. Indeed, if the hearings "20 hours" are crumbling, the advertising market share in the chain has never been as strong as it reached nearly 55%."The point of no return will happen when advertisers will not accept pay for a hearing less than half of the advertising market share," said one observer.

But for Sebastien Danet, president of media agency ZenithOptimedia France (Publicis Group), "there is no disaster or industrial accident. TF1 remains commercially agile and can adapt its rates at the hearings. Bids are adjusted in real time. Moreover, given its power, remains an important interlocutor TF1 carried by the effectiveness of the media. "In fact, the authority has noted the erosion of the television news, since the prices of monitors have dropped by about 7 % on this time slot. Dominique Delport, the boss of Havas Media France, not far from thinking of himself: "TF1 rates in accordance with its audience. Moreover, few chains in Europe can offer advertisers an audience with 25% of a country.In addition, France Televisions had no screen after 20 hours, the performance of its JT are less strategic. "

ALSO READ:

"Advertising: TF1 hard to start in 2011

Jean-François Lancelier, the new strongman TF1

"The hearings of its leaders jostle TF1

Portugal in the Greek system

The country is preparing for two years of recession. This is the price of economic modernization demanded by the IMF and the European Union to pay the 78 billion euros of assistance plan, after the rescue of Greece and Ireland.

The recession is expected to "2%" this year and next year, warned Thursday the Portuguese Finance Minister Fernando Teixeira dos Santos, for 2011 is double what was originally planned. Unemployment is also expected to jump up to 13% in 2013 before declining in subsequent years.

"The program is tough, but necessary and right," acknowledged the European negotiator Jürgen Kröger. "The economy will face significant headwinds in the coming three years," said Premier Poul Thomsen of the IMF, which provides for recovery "in the first half of 2013." But donors stressed that there was little alternative.The Portuguese economy is suffering from under-competitiveness and "without this package, the reforms have been more rapid and painful," assured Mr. Thomsen.

The program rests on three pillars: fiscal adjustment, with lower expenditure equivalent to 3.4% of GDP, especially in health and pensions, continued structural reforms, with an extensive program of privatization and an overhaul of legislation work and dynamic financial sector, with the establishment of a safety net 12 billion euros to banks in exchange for an increase in their capital ratios fast payday loan. The details will be formally adopted at the Eurogroup, May 16

Lisbon Area will stay out of the market for almost two years.The interest rate paid on the portion IMF (26 billion euros) will be calculated on a basis of 3.25% in the first three years, and 4.25% thereafter, according to a senior official of the Fund.

Sacrifice unpopular

The package will, however, far less than many feared, reducing the deficit more gradually than expected. But the sacrifices incurred unpopularity is likely to take center stage at the approach of parliamentary elections on June 5. The main opposition right-wing has already hinted that he would support him. "It must be clear in the campaign that the future government will implement this program," however, hammered Mr. Kröger. Portugal will need the funds by 15 June, the date of repayment of a loan of 4.9 billion euros.

It will also silence the growing discontent in Europe face the new rescue.Before Lisbon, he had help Athens (110 billion euros) and Dublin (85 billion), without reach to prevent speculation on a debt restructuring Greek. In Finland, the Portuguese plan hostility looms over forming a coalition government. And Germany voices were raised yesterday to ask that Portugal first sell its gold.

ALSO READ:

The IMF demands guarantees in Lisbon

Berlin expects 100,000 workers East

Workers from eight countries of Eastern Europe – except Romania and Bulgaria – are free to seek work in Germany since May 1. Fearing an influx of immigrants, Germany had delayed for two years opening its labor markets to new members of the former Soviet bloc. But with the shortage of manpower caused by the economic upturn, it now welcomes their arrival as an opportunity. To defuse criticism, Berlin has announced a tightening of controls on illegal work and increased vigilance against "dumping" wages.

The federal Department of Labor expects an influx of nearly 100,000 people per year. "Most are young, educated and mobile," the ministry said. Candidates for a job in Germany should mainly come from two neighboring countries: Poland and the Czech Republic.Faced with a shortage of engineers, computer scientists, executives, doctors, caregivers and skilled workers, especially in construction, German companies consider the arrival of these immigrants as an opportunity . But they will not be enough to fill the shortage.

Fear of unions

The Federation of German Chambers of Commerce estimated that it would bring in about 400,000 immigrants a year to compensate for the lack of manpower. German MEP, Nadja Hirsch sees open borders as an opportunity. "Germany is in dire need of skilled workers," she says, while the labor force is projected to decline by 6.5 million people by 2025. "Such a decline can be offset by better education, better integration of women into the labor market or the lengthening of working life.We need foreign workers and would have opened our borders sooner, "she laments.

In 2009, Germany and Austria were the only countries in the European Union to postpone by two years of opening their labor markets to nationals from eight former communist countries that joined in 2004 (Poland, Czech Republic Slovakia, Slovenia, Hungary, Latvia, Lithuania, Estonia).

But since the economic situation has changed. The unemployment rate in Germany (7.3%) declined further in April. The number of unemployed to fall permanently below 3 million in 2011. While they had hands to negotiate wage increases consequent industry by industry, unions are concerned that the influx of immigrants helps sustain job insecurity and wage dumping.

Berlin has announced tighter controls on illegal workers and wage dumping."We will strengthen controls particularly in the construction industry, cleaning of buildings, medical care and food," said German Minister Ursula von der Leyen. The finance minister, Wolfgang Schäuble, promises more systematic control. "The controllers of black workers are 150 additional posts this year. For 2012 and 2013, we still want to create 100 more per year, "he said.

The euro soar to $ 1.48

Shortly after the press conference eagerly awaited the U.S. central bank, the euro resumed its advance against the dollar. While the Federal Reserve Chairman Ben Bernanke indicated his willingness to continue to support the resumption of U.S. growth, the greenback fell to its lowest level since the summer of 2008 against the six major international currencies. Yet the Fed chairman has assured that a "strong dollar and stable in the interest of the United States and the world."But nothing helps, the euro climbed to nearly $ 1.48, its highest level since December 2009 and as the dollar rose against the yen at 82.15 yen 81.55 yen against Tuesday night.

"The changes introduced by the limited material provided by the Fed gave the green light to return to the market trends of recent times, that promote risk-taking (purchase of raw materials, investment in emerging markets)" financed by the back of the weak dollar, noted Alan Ruskin, Deutsche Bank.

On the other hand, the Fed chief has not given any indication of possible rate hikes in the short term, while most major central banks, like the European Central Bank, are engaged in cycles monetary tightening.Thus, the "carry trade" – a strategy arbitrage between interest rates of different currency areas – continue to make the procurement law and penalize the dollar.

Meanwhile, shortly after the speech by Ben Bernanke, gold has reached a new record at 1530 dollars an ounce and silver has it surpassed the $ 50 an ounce.

ALSO READ:

"The Fed holds its first press conference

"The Fed stays the course of its policy

The executive employment rebounded with the recovery

Virtuous circle. According to the Quarterly Business Tendency note published today by the Association for the use of frameworks (APEC), the upturn in the market for the employment of executives, up 10% yoy in the first quarter, will persist throughout the year. "This should result in increased recruitment of executives between 3% and 10% on the year," welcomes APEC. More than one in two firms planning to hire at least one frame in the second quarter of 2011, or 10 points higher than last year, and 17 points more than two years ago, during an economic crisis.Levels of recruitment have found their rhythm early 2008.

Graduates or experienced managers

Almost all sectors benefit from this improvement, including industry (59% of companies in this sector have recruited at least one frame during the first three months of the year, or 12 points higher than a year ago) , engineering, R & D (86%), consulting and business services (55%) and computer services (90%). Only construction and medico-social results show lower than last year at the same time, "although the outlook remains favorable to recruit" Apec shade.

If young professionals with several years of experience are always' the prime target for recruiters, "a beautiful part will also be reserved for graduates and highly experienced executives, unloved in recent years.Hiring intentions are regarding the effect on net increase over last year: nearly one in two firms who will recruit in the second quarter and has given his chance at a fresh graduate or a manager over twenty years of experience. Be, respectively, increases of 14 and 11 points in one year.

48 applications per offer

Recruitment target mostly business executives (42%). But the improvement in the industry will also lead to increased recruitment in specialized functions of production sites and technical services such as maintenance, procurement and quality.Technical studies, especially popular in engineering and R & D progress on these six points in one year to reach one in four businesses now.

Replacement of departures (for retirement, resignation …) remains the main explanation envisaged recruitment (41% of cases). But more than a third of companies also cite the development of activity as the main reason for recruitment.

Last sign of a strengthening labor market frameworks: a job entrusted to Apec has generated, on average, 48 applications during the third quarter of 2010. Ten less in a year. Employers are more likely to report difficulties in finding suitable candidates – 61% against 55% last year – even if the trend is still to longer delays in recruitment.The share of hires still being three to six months after the publication of the offer is stable at 23%. And this especially in functions where the offerings attracts fewer candidates: computer (72% recruitment difficult), and R & D studies (68%) and industrial production (67%).