Scholarships resist degradation of Italy

The Paris Bourse was able to bounce back despite the deterioration in the rating of Italy by Standard & Poor's and the decline in bank stocks. The CAC 40 gained 1.50% to finish the session at 2 984.05 points. Financial markets had clearly joined the decommissioning of Italy. They preferred to see the glass half full and focus on the adoption of new measures to support the U.S. central bank (Fed) on Wednesday night and real progress in the Greek case. Caution remains implementation as evidenced by the low volume of trade. Less than EUR 2.7 billion changed hands on the great values ​​of the Paris stock exchange.

Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. Frankfurt was up 2.88%, 1.98% London and Milan by 1.91%.Wall Street awaited with optimism after the Fed meeting on Wednesday night and set the tone for European stock markets. In session, the Dow Jones gained 1.11% and the Nasdaq 0.94%.

The bank attack

Paris, accused the coup briefly in mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world no fax payday loans. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to get bogged down in the euro area.

The Paris market, however retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to prevent bankruptcy of Greece.A new conference was scheduled yesterday in the afternoon between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and IMF. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.

In Paris, the banking sector was again manhandled. Societe Generale lost 3.08% and 6.52% BNP Paribas, Credit Agricole 2.11% however the titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%).

Bid rates on bank books

The French, who have cash to invest are spoiled for choice. Since early September, the war of books has flared up: banks, especially those dedicated to the Internet, engaging in a battle of promotional offers to attract home savers' deposits. They need the cash to finance themselves with it.

Some institutions are content, as in the past, offering a promotional rate of 4.5% or 5% (3 to 3.3% after tax) for two or three months for the opening of a new booklet . The good thing is short lived as the remuneration then falls to 1.75% or 2%. This string – display a high rate for a short time – is well known to subscribers.

Other institutions so attempting to stand out by offering lower rates, but longer guaranteed.This is for example the strategy of Cortal Consors (BNP Paribas), initiated by the summer. The property offers on new books 3.25% gross, but for 12 months (up to fifty million). Another subsidiary of BNP Paribas, Cetelem, also puts forward a savings account strictly identical conditions.

Rates guaranteed for one year

A fixed fee for one year is attractive for investors tired of "doing bounty hunting", that is to say, to transfer their capital from one institution to another and from one book to another, to take advantage of new offers short term personal loans. Other institutions are on the same register, even more cleverly. BforBank, a subsidiary of Credit Agricole, has revived some of its customers by promising 3% guaranteed, again for a year.But unlike other promotional offers reserved for the opening of a new book (or new installments of a book already exists), BforBank promises to serve this rate on any outstanding, that is to say also to amounts already invested in the booklet provided only "activate" the promotional offer.

That all customers BforBank not rejoice too quickly! The promotion was targeted: only those whose libretto is not too BforBank garni – and do not cost too much in interest to the bank – received the proposal. BforBank wishes to draw the subscriptions, but not at any price ….

The war is won booklets also in the field of customer segmentation. Like passengers on a plane, none of which paid for his ticket at the same price, investors who subscribed have the same book – a few months later – at all the same pay.Those who wanted to transfer their money have sometimes been offered to extend more interesting than those who leave the bed.

And those who have transferred their capital elsewhere without closing the book are offered more attractive rates for recharging …

A crucial summit on the future of the euro

With the crisis of sovereign debt markets do not stop to test the strength of character of the leaders of the euro area. For fifteen months, each meeting a European success patching, without warning the next stroke. Greece. Ireland. Portugal. Save the euro? This issue will again this week for an emergency summit. This time with a difference: everyone, or nearly so, may feel targeted.

When seventeen heads of state and government will meet Thursday at noon, it is not the technical options that were missing.Bail increased, lower interest rates, longer maturities, to the private sector or restructuring in good and due form, all solutions are on the table since that Greece came close to bankruptcy for the first time in spring 2010 .

What has been lacking, however, is the political will and responsibility in a Europe that receive capital not as a common project, but as a domestic policy variable. In contrast, the contagion effect can lead to collective reaction. With Italy last week, found himself the danger of a sudden the heart of the euro.

Rome is also dropped two warnings the most striking. "The creditworthiness of sovereign states is no longer a given," said Mario Draghi, the future President of the ECB at the address of the seventeen cities.And "like the Titanic, the first-class passengers themselves can not cope", predicted the finance minister, Giulio Tremonti.

Greek debt buyback

The warning covered Alps. For the first time, the finance ministers of the euro come to accept that markets and financial experts claim for months no fax payday advances. Yes, Greece, diving in the austerity and recession, may find themselves unable to pay on its debt maturities or interest. And no, a default is not to be excluded in the euro area. Only the ECB still refuses to admit it.

Under this constraint, but also recognized virtual summit Thursday that will tie up a second bailout of Greece. "The key is to improve the ability of Greece to support and pay down debt," insists the German finance minister, Wolfgang Schäuble.In all cases, private creditors – banks and investment funds – will have to fire from, or participate in the effort.

The easiest is to help Greece to repurchase some of its debt through loans from the EFSF the bailout funds in the euro area. Germany has long opposed it in the name of financial orthodoxy. But the accelerated depreciation of Greek securities on the secondary market allows Athens to reduce debt on the cheap, which meets the stated objective in Berlin. The other option would be to exchange the securities for longer maturities.

The plan should cover the needs of public financing of Athens until 2014, some 100 billion euros.He may doubt that Dublin, Lisbon and other capital assisted want to enjoy the same flexibility in time.

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Fuel prices: The Sparks Fly between Total and the state

The increase in fuel prices is again up for discussion Tuesday. An interview will take place during the day between the Minister of Economy Baroin and CEO of Total, Christophe de Margerie. It warned that rising oil prices would be passed to the pump. Fuels should be increased from one to four cents more when they have already returned about two cents last week.

The government, for its part, wishes to inform that he "will remain very vigilant: there is no question that this effect is faster in case of decline," said the ministry in a statement. "This commitment by fuel distributors and the government ensure its respect."A meeting between Christophe de Margerie and Energy Minister Eric Besson is also scheduled for July 19.

Policies in the running

In this time of holiday departures, policies are indeed in line to demand that the impact of oil price increase is gradual. Prime Minister François Fillon has ruled that the proposed Francois Hollande to freeze fuel prices during the summer fell within the "demagoguery." "We must also tell the truth", that is to say "that oil will rise" over time, said the Prime Minister on Europe 1. And rather than to invent solutions that make no sense if not to influence the growth or the French taxes, we must work on alternatives to oil. "

François Fillon also said he "found that in June, the decline has been very well reflected by the distributors.It's a little less sure about the month of May, we are doing checks. " It responds to the controversy that has swelled after the statements of Xavier Bertrand: "When the oil increases, prices (pump) increase immediately. When the oil drop, it is always more time. We must stop to consider that the French have no sense, "denounced the Minister of Labour on Sunday. "To say that the price evolution is faster in one direction than another is not fair," retorted the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky. Christophe de Margerie, in turn, ensured that the increase would take place Monday "as gently as possible."

Within the Socialist Party in the countryside for the primary election, the subject has provoked many reactions among candidates.Martine Aubry, said she was "very shocked by the decision of the President of Total" to pass on the rise the rise in oil prices: "I found both indecent and even provocative." To offset the price increases, the candidate suggested to lower the TIPP (domestic tax on petroleum products) and "tax the super oil profits."

"What is unacceptable today, it's that kind of inaction before a real scandal, said on his side Segolene Royal on BFM and RMC-TV. Total has 10 billion euros in profits (in 2010, note) and when the price of crude oil production decline, this decline is not passed to the consumer. " Finally, the spokesman for the PS, Benoît Hamon, assured that if the left came to power in 2012, "the impunity of the oil companies" would be "finished".

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The Cac hesitates on the threshold of 4000 points

The Paris Bourse is stabilized Friday morning after a nice session of increase recorded last night leCac 40 opens to the balance (-0.01% to 3981.96 points, still close to 4000 points a threshold that has not been touched for a month. The Greek situation reassured the financial world yesterday, as the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of a next tranche of aid from the European Union and the International Monetary Fund. The euro has risen, moving at more than $ 1.45 this morning.

To be continued this morning Markit manufacturing PMI this afternoon and consumer confidence from the University of Michigan in June (2nd estimate), construction spending in May and the ISM index of activity in industry in June.

Investors also will monitor the U.S., where the issue of debt escalates.One report indicates that U.S. lawmakers should agree within three weeks on raising the debt ceiling, or the country will default.Timothy Geithner, the Secretary of the Treasury, would resign.

The figures in the automotive market

The Committee of French Automobile Manufacturers (CCFA) has released figures this morning the car market for the month of June and first half: the new car registrations in France fell 12.6% in June, in gross, with 210,236 units sold, Renault (-0.88% to 40.52 eruos) showing a plunge of 29.3%, said Friday the Committee of French Automobile Manufacturers (CCFA).

Renault breaks the price of his Renault Twingo, faced with falling sales, will sell for the first time one of his vehicles, the little Twingo at a price lower than the Logan, the model input range of its Romanian subsidiary Dacia, according to La Tribune.

PSA (-0.63% to 30.67 euros) is increasing in India The automaker is expected to invest 620 million euros in building its future manufacturing site in India, according to Les Echos. PSA will implement this facility in the state of Tamil Nadu, south of the country.

EDF EN signs a big contract

EDF. EDF Energies Nouvelles (-0.13% to 39.64 euros), a subsidiary of French group dedicated to renewable energy, has signed with the Danish Vestas Wind Systems for the use of wind turbines in Europe and the United States pay day loan lenders. The contract could provide the French operator up to 2000 megawatts over the period 2012-2014. The transaction amount was not disclosed.

LVMH (-0.36% to 123.65 euros).Philippe Pascal, who led for ten years, watches and jewelry division of LVMH, has been appointed adviser to Bernard Arnault, CEO of the world's number one luxury.

Areva (0.08% to 25.73 euros) said Thursday that the strategy developed since the creation of nuclear group by Anne Lauvergeon was a "success" and that his replacement did not involve a change of course.

EADS (-0.35% to 23 euros) Thursday announced the successful acquisition, through its subsidiary Eurocopter, the Canadian aerospace supplier Vector Aerospace, 98.32% of shares were made to the offer made in late May.

TF1 (0.48% to 12.60 euros) Thursday announced to be in negotiations to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

Carrefour (-0.35% to 28.22 euros) has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau (0.37% to 14.90 euros), leading manufacturer of sail, said that sales in the first nine months of fiscal year 2010-2011 and the level of its order book allowed him to confirmed its target of annual turnover of 920 million euros.

BioAlliance (-4.92% to 5.80 euros) Friday announced the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag .

CGG Veritas (-3.13% to 24.60 euros): Goldman Sachs cut its price target to 29 euros against 31 euros previously and released the value of its company preferred.

Teleperformance (0.96%) would be an ideal target for a fund specializing in buyout leverage (LBO), analysts said while the global call center is not in debt and that its Capital is not controlled.

Valeo (2.47% to 48.24 euros) from the list of preferred values ​​of Morgan Stanley. The intermediate course is 67 euros.

Monaco placed on the royal wedding to revive its economy

The figures speak for themselves. In anticipation of the royal wedding of July 1 and 2, the National Council of Monaco, the equivalent of our Parliament, has allocated a budget of 4 million euros. Almost as much as the 4.4 million spent by the principality in 2010 to launch its corporate campaign in the French magazine and on the web. This shows the importance for the Rock the marriage of Prince Albert of Monaco and the former champion South African swimmer, Charlene Wittstock. Both in economic terms and in media coverage.

From next Friday, when the celebration of the civil union, Monaco looks indeed more than 200,000 visitors. A golden opportunity to restore a spotlight on the micro state of 35,881 inhabitants.Still considered a haven for billionaires, Monaco has indeed not escaped the crisis in recent years, in 2009 recording a decline of 9% of its tourism industry (mainly tourism business), before a resumption of 6 % last year. At issue: the crisis in the "customer proximity" (Italian and French), which became more reasonable.

Although the number of spectators attracted to the wedding should remain three times lower than the 600,000 tourists who traveled to London in April, for the marriage of William and Kate Middleton. But the Rock expects no less favorable economic impact. In anticipation of the weekend, everything was set up to attract maximum visitors: free trial of race cars, train frequency increased, on the big screen broadcast of the festivities, free parking, free admission to most museums … .Beyond the provision of 4 million euros of the National Council, the Centre has also participated in an amount that has not been made public.

Attract new large fortunes

The principality wants to use the event to attract tourists back wealthy, more and more tempted by other destinations. The sector remains in effect in the heart of Monaco's economy, with nearly 500 conventions and meetings a year and distributed 780,000 nights in the 16 luxury hotels. "Monaco must expand, transmit messages incentives to attract large fortunes, talents.It should be under the spotlight at all times, "said Michel Bouquier and the Director of Tourism of the Principality

Operation seduction seems to be working: within a week of marriage, hotels are almost full (2700 rooms, 90% in four stars), and the Rock is an increase of call for cruise ships in recent weeks. Remains to be seen, beyond the one-time event, the mass return of tourists will continue. Especially such an event is not without adverse consequences for the economy.For example, if the marriage of William and Kate has resulted in more than 570 million pounds (640 million euros) in economic benefits, productivity losses related to the only holiday of marriage (Friday, April 29 ) were valued at 7 billion euros.

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La Bourse de Paris brings out the 3800 points

Rain of bad news and stock prices in free fall: markets reconnect with painful memories. Investors reacted badly because the new rescue plan for Greece: after being disturbed by an incident technique over an hour, the Cac 40 closed the session on a drop of 0.63% to 3799.66 points .

Featuring Dax index of the Frankfurt Stock Exchange was down 0.19% to 7150.21 points in closing. For its part, the London Stock Exchange lost 0.38% to 5693.39 points.

In Milan, the stock market fall of 2.01% at 19,692 points after the warning from the rating agency Moody's on Friday night. The agency said Friday it planned to lower the debt rating of Italy, currently set at "Aa2."The agency said the risks to growth, financial markets and the government's ability to reduce the deficit.

The plan does not relieve the Greek market

Despite a new rescue plan for Greece launched last night by finance ministers in Europe, markets remain worried and disappointed: "Investors continue to demand a quick solution is not the working time of European political authorities. The difficulties in finding compromises will continue to maintain the highest concern, "warns one at CM-CIC. After the reassuring words of French and German leaders who have displayed a welcome unity Friday, the firm tone adopted by the ministers said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.

In an interview with The Tri bune, the Belgian Finance Minister Didier Reynders compare failure of Greece to the bankruptcy of Lehman Brothers. He said the risk of contagion is real."If Greece was the first to default, then the looks would turn to other countries such as Ireland, Portugal, Spain, Italy, Belgium can be but also France."

On the currency side, the euro rises gently sloping against the dollar: the time of closing in Paris, the single European currency was worth 1.4315 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.

The banking sector still suffering

The banking sector suffered the brunt of the growing concerns over the Greek debt and the risk of contagion to other countries in the euro area.Natixis lost 1.52% to 3.50 euros, Axa loose 1.32% to 15 euros, Crédit Agricole drops 0.99% to 10 euros, BNP Paribas was down 0.86% to 51.75 euros, Societe Generale de 0.83% to 38.76 euros, excluding CAC 40, Dexia yield 2.24% to 2.22 euros.

All eyes are turned to the Paris Air Show, which opens Monday. Bad news for Airbus (parent company: EADS: -0.84% ​​to 21.26 euros) last night, an incident of a private Airbus A380 giant aircraft flight, the aircraft had struck the wing a building while it was towed to the taxiway of the airport. But a Korean company has agreed to lend one of its A380 for the demonstration. Boeing, he launches the new version of its popular 747 jetliner, highly anticipated. Both manufacturers have launched the traditional race for orders.

In addition, the CEO of EADS, Louis Welsh, said the sale of 22.5% stake held by French and German states could be done without exposing the group to a hostile takeover, note leFinancial Times. Louis Welsh evokes an existing structure "extremely hard" for the development of the company.

NYSE Euronext (0.11% to 23.28 euros) announced Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the go Green of the Financial Markets Authority (AMF).

Areva (-3.91% to 25.53 euros) / EDF (-0.84% ​​to 25.96 euros). According to reports in The Tribune, Nicolas Sarkozy has warned a week ago the CEO of EDFHenri Proglio the departure of Anne Lauvergeon.He finds himself in a strong position.

Saint-Gobain (-0.77% to 41.42 euros) received a volume of orders representing 90% of the shares Verallia proposed under the IPO of its subsidiary in glass packaging, said Monday two Sources close to the operation. Saint-Gobain has set an indicative price between 29.50 and 36 euros per share for the IPO, and hopes to draw 958 million euros from the sale of 40% Verallia.

Sanofi (-0.71%, to 52 euros) An investigation into a corruption case involving employees of the pharmaceutical group in Germany was opened, said Sunday a spokesman for prosecutors in Verden. "Sanofi confirms that there is an ongoing investigation and that he will cooperate with the authorities related to this investigation," said his side a spokesman for the group.

PSA Peugeot Citroën (0.10% to 29.03 euros).The mayor of Aulnay-sous-Bois (Seine-Saint-Denis), Gerard Segura, announced Friday it had requested an appointment at Industry Minister Eric Besson for clarification on the future site of PSA Peugeot Citroën.

Publicis (0.01% to 38.29 euros). The French group bought the Chinese Genedigi, specializing in public relations, events and digital marketing, with about 400 employees, for an undisclosed amount, he said Monday.

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Lagarde defended in Europe to replace DSK IMF

Europeans, eager to retain the IMF's management after the departure of "DSK", begin to discuss openly the candidature of French, but the list of contenders is growing and emerging countries also want to have their say.

Sign of the Times, the New York Times did on Thursday the French Minister of Economy "the favorite" for the succession of "his friend and colleague, Dominique Strauss-Kahn to head the International Monetary Fund (IMF), never again led by a woman.

To succeed the CEO of International Monetary Fund who resigned after being arrested in New York on charges of sexual assault, "Ms Lagarde is one of the obvious candidates," said Swedish Finance Minister Anders Borg.He praised Thursday the "influence and experience" of his French counterpart.

German Chancellor Angela Merkel also support a bid from the French Minister of Finance reported Thursday leHandelsblatt citing sources close to the ruling coalition in Berlin.

In France, too, are many voices to highlight the qualities of Christine Lagarde. It would be a very, very good candidate, "and think the French State Secretary for Transport, Thierry Mariani. But "it will be difficult" because "it's not just France, alas, that dream of having the direction of the IMF," he admits.

A very solid reputation in Europe and beyond

According to a European source, "Lagarde has a very good profile, a very solid reputation in Europe and beyond."At 55, Christine Lagarde can highlight his impeccable English, his American experience crowned by the Presidency of the law firm Baker & Mckenzie business, and especially his driving smoothly at Bercy for the financial and economic crisis and French presidency of the G20. His supporters also emphasize his longevity in a department that has been for nearly four years and had seen a parade before her seven ministers in as many years. He praised the international stature of the regular at the World Economic Forum in Davos. Being a woman is an advantage, given the underrepresentation of women in international forums.

But after the case involving Dominique Strauss-Kahn, who prevented his third successive boss to finish his term, the IMF can he risk that the future occupant of the position of having to turn legal troubles? A French prosecutor Christine Lagarde recently threatened an investigation in a case linked to former businessman Bernard Tapie payday advance online. "We try to get dirty" she had said in an interview with Le Figaro. But the satirical weekly Le Canard chained fueled the controversy this week saying it had ignored several times in this matter the opinion of counsel of his ministry.

So far, the main interest will not tell if she is tempted by the post."Any application whatsoever, must come from the Europeans, who come together, all together," she was still merely said Thursday.

Now the governor of the Dutch Central Bank, Nout Wellink, sees "a great candidate" in another French: the president of the European Central Bank, Jean-Claude Trichet, who completes his term in late October.

Asia not united enough to push one of its representatives

In Germany, the press has mentioned several names, but the government did not knighted. It would indeed be conducive to Christine Lagarde, according to some newspapers. As for the Belgian Finance Minister Didier Reynders, he painted a portrait of the ideal candidate …like him furiously.

Debt crisis in the euro zone requires the Europeans want to retain the IMF's management, they are the main financial contributors and provides valuable support at this time in Greece, Ireland and Portugal. The European Commission has yet claimed Thursday a European candidate "strong and competent."

Since 1946, the IMF has been headed by a European, the Americans in exchange for getting the World Bank. An arrangement criticized in the world. "The time is gone when this important post was reserved for a European citizen," warned Brazilian Finance Minister Guido Mantega.

"The new emerging markets and developing countries must be represented at the IMF management, also said the spokesman of Chinese Foreign Ministry, Jiang Yu Asia does not seem united enough to push one of its representatives.At a recent meeting of the Asian Development Bank in Hanoi, many are even ministers expressed support for Christine Lagarde, Julius Caesar by Parens, an expert from the Institute for Monetary Affairs in Tokyo.

The Commonwealth of Independent States (former USSR minus the Baltics and Georgia) has decided to propose the head of the Central Bank of Kazakhstan Grigory Marchenko.

And many observers are betting on former Turkish finance minister Kemal Dervis, who has not yet declared.

(With AFP)

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 royal wedding will be costly to the UK economy

The princely marriage between William and Kate be enough to revive the British economy? Nothing is less certain. Despite the media whirlwind and the important marketing surrounding the event, the positive impact on the business, whether sales of products or benefits for tourism, a sluggish economy will not reverse (drop 0.5% of GDP in the fourth quarter), weighed down by a severe austerity.

It could even have a cons-effect on production, if one believes, the Federation of Small Businesses, because of the eleven days of vacation grant themselves the British, between Easter and the wedding day, holiday. Federation, quoted by Bloomberg, down from 6 billion pounds (6.75 billion euros) loss for the economy, 10 times more than expected revenue, estimated by Dataminor to 620 million pounds.

"It's wishful thinking to imagine that people will feel better or spend more," said Jonathan Far, chief economist at Capital Economics. As bright as it is, the smiling young engaged does not erase the billions of budget cuts, the 350,000 jobs lost in the civil service, tax increases and inflation, growing twice as wages.

Besides, the English showed little passionate marriage fast cash without a hassle. According to a recent survey, 45% say they do not want the webcast. They prefer to take the opportunity of a great bridge between Easter and the day of the ceremony, to afford a trip abroad. Of the eleven days they are more than 3.5 million to leave British soil, advance tour operators.An exodus for the season that will boost sales by airlines and travel agencies.

"If marriage boost sales this month, it will not be enough to restore consumer confidence," said Stephen Robertson, director general of consortia in the distribution. The industrial morale, anticipating higher prices, has relapsed in April, according to a monthly survey by the Employers' Confederation, the CBI filed Tuesday.

The index measuring the state of order books deteriorated significantly, falling to -11 points against five in March. And evaluating the export orders himself declined to -6 points against five month précédent.La publication on Wednesday of GDP for the first quarter, will be closely watched.Economists expect a slight increase around 0.3%.

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