It was only called reform, but the mobilization of EDF employees in particular have been enough to reverse the direction of the electrician.
Monday, LEU (French Union of Electricians), which represents an area heavily dominated by EDF and GDF Suez announced that it would not implement tariff reform agents put on the negotiating table last February. But on April 7, to call their unions, employees of the electrician had made a real show of force: almost 60% of them went on strike on behalf of the acquis, mobilization much higher than that observed during movement on pensions fall, for example.
Monday LEU advanced cautiously that "reform conditions were not met."Exit, therefore, the development plan benefit enjoyed today 300,000 homes for active and retired officers of EDF and GDF. Currently, their bill is 5% or 10% of the price paid by the general public. The proposed reform would not cause the end of February to catch up with, but at least to change the tariff agent in parallel regular rates. Ultimately, according to projections, an EDF employee would have paid its electricity around 20% of the price charged to the individual lambda.
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Twitter to keep its territory, San Francisco has agreed to reduce its withdrawals. The dynamic Internet group threatened to leave town if he did not get an exemption from tax assessments. The municipality sold late last week. "The town where we grew up and started our next house will remain," announced on the blog's group communications manager, Sean Garrett.
Twitter threatened to move from Brisbane, a town in the suburbs south of San Francisco, closer to the heart of Silicon Valley, where the headquarters of many groups and start-ups on the web. The CFO of Twitter, Rowghani Ali, believed a move would allow the group to save 30 million dollars in taxes, rents and other expenses over the next five years. "A significant difference for a company our size," said Ali Rowghani.According to eMarketer estimates, the turnover of Twitter totaled $ 45 million in 2010.
San Francisco did not want to lose the company that is revitalizing its image. Twitter has played. "Our growth is able to generate the creation of a true business center in our area," argues Ali Rowghani. The municipality has decided to grant exemptions from social contributions for new employees for companies that locate in certain neighborhoods in decline pay day loans. Twitter, which has 400 employees, plans to have nearly 3,000 in 2012.
Tax on wages
The municipality, it is true, remains unwelcoming financially for Internet groups. It is the only California tax corporations based on employees' income.Companies paying more than $ 250,000 in payroll is subject to a fee equivalent to 1.5% of the sum. Moreover, this tax applies to all forms of income, including profits realized on the resale of stock options, says the New York Times. This form of remuneration is very popular with start-ups and other Internet groups.
After facing the group sold microblogging, San Francisco is now facing demands from other companies. Specialist Zynga games online community, which produces Farmville, complained of this privilege and threatens to turn to leave the city. The New York Times, "legal services in the city now planchent exemption from taxes on wages covering the whole surface of the city."
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Faced with pressure from parliamentarians, very angry against the simultaneous increase in fuel prices, gas and electricity, the Minister of Economy and Finance, Christine Lagarde, Minister of Industry and the Energy, Eric Besson, and Secretary of State for Consumer Affairs, Frédéric Lefebvre will meet Friday and discuss the solution to ease the surge of energy. While a further increase of 5.2% in gas prices comes into force today, bringing the rate increase on a year to 21% or even 61% since July 2005, the daily Les Echos revealed that the government could decide to freeze any further increase of gas by the Presidential in 2012. Soaring oil prices, which serves as a basis for setting gas prices, could indeed lead to a new rate increase on 1 July.A measure politically difficult to pass a year of elections.
Taking into account the actual costs
In addition to freezing outright increases potential, ministers are considering another option: the Revision of the method of calculating gas prices. For now, the formula considers only the volume purchased by GDF Suez via major supply contracts signed with suppliers such as Gazprom, Sonatrach and Statoil cash advance now. Now the operator has also signed contracts for short-term cost that took into account would lower the cost of supply of GDF Suez and therefore futures prices for consumers. It as found by the Commission for Energy Regulation in a resolution dated August 31, 2010.
Finally, the government should look at the price of electricity.The state must stop in the next few days the price at which EDF will sell part of its nuclear energy to its competitors. The conditions requested by the incumbent would result to increase rates for consumers by 5% per year until 2015. But Baroin, budget minister and spokesman of the government has already said he opposed such an increase.
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The euro started 2011 on a slightly downward trend. The single currency, which now circulates in seventeen European countries – Estonia is part of the euro area since 1 January 2011 – suffers from both the persistence of tensions on debt in Europe and a resumption of dollar .
The greenback resumed gradually colors, including through macroeconomic figures better than expected. "A series of increases in the U.S. indicators were induced to buy the dollar," said Yuichiro Harada, Mizuho Corporate Bank. Like to manufacturing orders rebounded 0.7% in November, while analysts expected a further decline. On Wednesday, the firm ADP reported that the U.S. private sector has created 297,000 net jobs in December, almost three times more than expected by economists.The ISM index of activity in services meanwhile rose more than expected to 57.1.
As for public finances in the euro area, there was no bad news since the beginning of the year, but risk aversion remains strong. In recent weeks, rating agencies (Moody's, Standard and Poor's and Fitch Ratings) have placed several countries, including Portugal, Spain and Belgium on negative watch, implying a deterioration in their actual sovereign rating within weeks . In Europe, Portugal, Greece or Spain will borrow on the bond markets and governments put in place, the chain of fiscal austerity measures. Latest, the United Kingdom, the VAT increase to 20%, more than in France.
Currently, Chinese Vice Premier Li Keqiang, continues its three-day visit to Spain, to demonstrate its financial support to countries.
The euro under $ 1.30 soon?
So on Thursday, a euro is worth less than $ 1.32 around 9:30 am to 8 pm at exactly 1.3154 (-0.33%). This downward trend taken by the euro since the beginning of the year should continue in the eyes of most economists who see the currency below the $ 1.27 by the end of the first quarter.
Two months after the blockades of refineries as part of protests against pension reform, Total is the balance sheet. In an interview with Les Echos, the general manager of refining and marketing group, Michel Benezit estimates the cost of strikes in October to 150 million euros, 100 million for the refinery and 50 million for marketing and petrochemicals.
He prefers, however, retain the effectiveness of Total Logistics. "For a few days, we were the only ones to import gasoline in France, says he. We also decided not to change prices at the pump, unlike some of our competitors. "
Regarding the Dunkirk refinery, which was authorized to close by the Tribunal de Grande Instance de Nanterre, Michel Bénézit says 260 of its 360 employees will remain at Dunkirk.They should incorporate a new structure of biofuel which will cost 50 million euros in total.
Total is ready to build a refinery in China
Another topic discussed: sales of refineries and service stations. Announced in March 2010, the transfer of the Lindsey refinery (Great Britain) remains valid. "It is a bit complicated. We are negotiating with several candidates. Some are more impecunious than others. We work to clarify all this to end as quickly as possible, "explains Michel Bénézit low fee cash advance. The CEO of Total's refining and marketing has also confirmed the group's intention to divest its 800 UK petrol stations "in the months ahead."
Finally, Michel Bénézit also addressed the issue "acquisitions".The group is "very satisfied" with the merger with Italy's ERG, early 2010, "which allowed us to achieve critical mass in Italy." In Germany, Total has seen last year, deny the acquisition of 59 service stations by the Competition Authority. "We have not been heard in Germany. The position of competition authorities is incomprehensible and unjustified, "he says. The group plans to go before the Federal Court.
Outside Europe, if the group contains no acquisition in Africa, after those made in 2009 in Kenya and Uganda, it is ready to build a refinery in China. "We seek to combine our expertise with the skills of a company with a oil producing country," he concludes.
The group also announced it would conduct an increase of at least 3.3% on January 1 of salaries of its 17,000 employees of refining and marketing, as of 2011.
From our special correspondent in Seoul: Alexandrine Bouilhet
While the United States and China on the currency falling over in Seoul, the Europeans, they have their eyes on the bond markets, including borrowing rates in Ireland have soared to nearly 9 % during the G20 meeting. Driven by its European partners, Germany-represented in Seoul by Angela Merkel and Wolfgang Schäuble – has agreed to sign a joint declaration to reassure investors before the opening of markets in Europe.
"Whatever the debate on the future permanent mechanism for crisis and the potential involvement of the private sector, we reaffirm clearly that this mechanism does not apply to the debt currently outstanding, or any program currently in place," says release of euro zone ministers of the G20 released in Seoul."The future system will not enter into force before mid 2013, which means it will have no impact on current arrangements," it added.
Impact on the euro and debts Italian and Spanish
Fearing a loss of value of their bond portfolio, investors selling massively State debts of the euro area, Ireland and Portugal. Fell to $ 1.37, the euro is at its lowest in a month.
Debt Italian and Spanish are also affected by the movement of defiance, which erupted since Germany has raised the possible losses to the private sector for the next rescue a country from the euro area.
To reassure the markets, the European Ministers recall that the support fund for the euro area (SFEF) already exists, and that "its activation does not require private sector involvement."In other words, if a rescue of Ireland or Portugal took place in the coming days as the markets seem to fear it not accompanied by a restructuring of debt penalizing the private sector, including banks, first holders of government bonds. The European umbrella covers Creditors most fragile countries in the euro zone until 2013.
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After a month spent in the hospital, the German finance minister, Wolfgang Schäuble, was in Paris on Tuesday to celebrate the twentieth anniversary of the reunification of Germany, before an audience of students, politicians and businessmen French gathered for the occasion at the Sorbonne. Negotiator of the treaty of reunification in 1989, a pillar of the Christian Democrats, German Finance Minister Angela Merkel has mostly used his visit to Paris to discuss the highly topical, especially the debt crisis in the euro area.
Ardent advocate of financial orthodoxy, and strong supporter of strong medicine to cure the ills of Euroland, Wolfgang Schäuble has detailed his vision of the mechanism for resolving crises, decided last week by the European Council.The bloc have agreed on principles, but have left two months to reveal its details, which does not fail to worry the markets (see below).
Unsurprisingly, Wolfgang Schäuble defended a vision of strict European rescue mechanism. In addition to financial penalties, it is favorable to the deprivation of voting rights in the European Council for countries that do not meet the fiscal discipline imposed by their peers.The term "orderly bankruptcy" or "restructuring" is not pronounced, but it transpires between the lines.
"The rescheduling of debts of a disorderly country should be avoided," said the German minister, but the states that are experiencing financial difficulties can not be expected that the Community aid without conditions. "
After 2013, the European rescue will no longer be synonymous with full insurance, as is currently the case with the Fiscal Stabilization Fund low fee payday loans. "The private sector must be a central element of the mechanism," he assures.Holders of bonds receive a risk premium, but in case of crisis, they actually have to bear this risk, the household at the same time the taxpayer. "
Stop the Speculators
Leaves to increase the volatility of markets, which fear capital losses for holders of government bonds on the occasion of future bailouts, Wolfgang Schäuble launches: "Monetary union was never designed as a model Enrichment for financial speculators. This is not a system of distribution from rich to poorer countries as part of a union transfers. "The German version of the next amendment to the treaty is put. It is very clear.Attached to the clause "no bail out" (principle of non-bailout) that will go down in the Treaty, Berlin wants to add a mechanism for restructuring, which will not allow free private bond holders, including banks and insurance.
Wolfgang Schäuble has also benefited from his presence in Paris to defend the excellence of German economic model, based on exports and competitiveness, but criticized in France because it neglects the wages and consumption. "Germany has imposed structural reforms that have contributed to the competitiveness of the European Union," he said. A polite way of saying that Germany, with its renewed growth will not abandon his model, the displeasure of his neighbors.
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The euro continued its ascent against the dollar increasingly weakened. On Wednesday, the euro hit a new high for more than five months to $ 1.36. A series of disappointing indicators have revived in recent days on concerns of U.S. growth markets.
"So we expect to see the Fed increase its purchases of government bonds to support the economy, as it has announced. It finances the purchases by printing dollars. The mass of greenbacks in circulation may be exacerbated, and that currency drops very logically, "says Patrick Fraguier, head of strategy at CAAM.
The greenback's decline is an effective way to boost the competitiveness of the U.S. economy. "A non-cooperative game among states is set up. The foreign trade deficit will slow growth in the United States, which have the reverse.However, China does not revalue its currency. Americans are forced to leave their spin, "says Patrick Fraguier.
The yen also makes the cost. But the Japanese monetary authorities, worried about the Japanese economy, already intervened to limit its rise and could recur.
The ECB does not intervene, her on the forex market, the euro could continue to appreciate among the major currencies. But the euro area also has weaknesses that can weigh on its currency: a heterogeneous back, Shortage of current tax, debt and concern in some states.
After the fifth day of action since late March against the pension reform, a clear line separates the central unions.
There is one side the "diehards" who hope no progress senators. FOR, FSU and Solidarity (SUD) are calling the "withdrawal" of the bill, "non-negotiable, non-amendable" to them. These three centers offer to move to the next level and call for renewed strike. CGT rocking slowly in the camp, while not requiring the withdrawal of the text, and relies on the mobilization to roll back government.
While rejecting this reform "unfair and unequal", the other unions are expecting a number of advances to the Senate. "They understood that the government would not back on the fundamentals of the law and they try to improve at the margin", decrypts an expert in social relations.This is particularly the case of the CFDT, a duet with the UNSA.
"Elected officials are saying that we are right"
The plant led by Francois Chereque wishes to grant to all employees, automatically, a year "free" premium for ten years of exposure to psychosocial strain at work (night work, noise, vibration, contact with carcinogenic … ). It also calls for maintaining 65 years of retirement without discount, at least for women and casual workers for careers fragmented. This measure would cost about 3 billion euros per year, with the Central Reform also proposes to save by limiting the increase of 10% of the pensions paid to fathers and mothers of three or more children same day payday loans. "We can redeploy unfair to finance family benefits some progress," explains Jean-Louis Malys, M. Retreats CFDT."There's a real openness on these issues," he hopes. Senate President Gerard Larcher, has been an open time for reflection, but the Elysee slows the four irons.
The CFE-CGC plays his own music. She seeks to create new resources, as in the public, a "shield retirement guaranteeing private sector employees a specific replacement rate (pension amount from the previous salary).
The union executive has two other claims: taking into account the contribution period, years of study or, alternatively, qualifying periods (the Assembly has agreed in principle but referred its terms of entry in force to a report published in 2011 by the government) and the abolition of the income ceiling for receiving a widow's pension in the private sector (which prevents widows and survivors earn income from work).
Two themes "on which many politicians from the majority tell us that we are right," says Daniele Karniewicz, the representative of the CFE-CGC, but not among the flexibilities envisaged at the Elysee. "For the Senate to show that they have a genuine autonomy, as they claim," says Daniele Karniewicz … without excessive optimism.
Finally, the CFTC hopes to persuade senators to raise the CSG and allocate the resources generated in the pension industry.
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