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Like every year, Proxinvest publishes its figures, highly anticipated, the compensation of executives of major French companies. Data that still raise debates about the value of work: on average, bosses (CEOs) of the CAC 40 have received a total remuneration (fixed and variable pay, stock options and shares) which in 2009 amounted to some 3.1 million euros. "This is 211 times the minimum wage, compared Pierre-Henri Leroy, the director general of the cabinet.On the SBF 120 (the index of the Bourse de Paris which has the 120 largest companies listed), the average $ 2.1 million.

The study emphasizes that Proxinvest for CEOs of the CAC 40, the average total compensation down 14% (-20% at constant sample) with a stable center, this after two years of declining average higher by 25% in 2008 and 17% in 2007, while the other leaders of the SBF 120 have seen them, their earnings eroded by 14% in 2009 after already 17% decline in 2008. "This reflects some of these exemplary patterns" said Pierre-Henri Leroy.

Where does this new downturn? It is primarily the part that weighs shareholder: staffing options and restricted stock was reduced by an average of 46%.The share of wages fixed, variable, and "incidental" in the total amount received by the CEOs are still reinforces the CAC 40: 54% in 2007 to 6% in 2008 and 76% for 2009, and to the SBF 120 (excluding CAC 40) of 56% in 2007 to 64% in 2008 and 72% in 2009.

Carlos Ghosn in the crosshairs

Carlos Ghosn, CEO of Renault has reached over 8 million euros. Photo credits: MIGUEL MEDINA / AFP

Employment center, the Musée du Louvre, Météo France, or the National Forests are part of the 497 state institutions that will have to tighten their belts in 2011. Baroin, budget minister, announced Sunday in an interview with Journal du Dimanche: they must "apply the same management rules as the state for the first time." In other words, all but the universities will be subjected to a rigorous regime that will be severe.

On the menu: a "retirement two will not be replaced," their park "of 17,000 vehicles" will be reduced "by nearly 3,000 vehicles, purchases of supplies will be" progressively reduced by 10% "and their surface properties will be "reduced to 12 m² per agent," says the Minister. "We will ban them from using any leverage.Merit pay their leaders should also be extended to the entire management team, "he adds.

All directors of public operators will gather Monday around the minister to know in detail the other decisions to be implemented.

Intensify the fight against fraud

The budget minister also announced that 2011 will be the year of intensifying the fight against fraud. "We will evaluate all types of fraud to prioritize our efforts," said Baroin, who has already announced a strengthening of the "legal arsenal". Employment center agents should be able to verbalize such offenses in clandestine work. For their part, customs officers may seize a drug dealer in all objects of daily life that would be "clearly improper" faxless pay day loans.

The fight against tax evasion also looks more intense.The Minister welcomed the work already in the cell regulation, closed last year, that would have allowed 4,600 people to "put their situation in the clear." Baroin is also pleased to have "cashed one billion euros rights penalties. We did return to France 7 billion euros of capital, "he says.

ISF tax shield, tax: Puzzles

Regarding taxation, the budget minister remains elusive. The thorny issue of abolishing the wealth tax (ISF), requested by the president, is not yet fully resolved. "There will be a tax reform of heritage in the context of a convergence with Germany," he says without elaborating.

Similarly, the removal of the tax shield is not yet decided. It is indeed an "element of the future taxation of wealth" but "it remains to be defined".A working group, composed of deputies and senators gathered around François Fillon, is currently working on the subject. "It is too early to say what are our conclusions," Baroin slice.

If both elements were deleted from the French tax landscape, could that lead to the creation of a new tax bracket? The response this time Baroin is very clear: "Our philosophy is not to increase the tax burden on labor income."

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Capons, oysters, foie gras, exotic fruits without forgetting the traditional Christmas tree. Rungis stalls overflowing with dishes and fine ornaments, announcing the arrival of Christmas and festive meals. Overhead "Tide" which gives the kickoff of the largest European wholesale market for 2 o'clock in the morning, the excitement. The approach of the confectioners' truce leads to a doubling of activity. "In December, he sold each day 500 tons of fish and shellfish," says Marc Spielrein, president of Semmaris, the managing company of Rungis. For the oyster, this represents 40% of their annual event, "he says. However, wholesalers are worried. This year they face for the first time the aftershocks of the summer mortality of spat decimated by a viral illness pay day loan lenders. It takes two years for the oyster is edible.For the rest, lobster, smoked salmon and lobster are still among the top three of the most consumed. We notice something new this year: the emergence of bio bar that complements the existing range with the bream and shrimp. However, these products are poorly developed. "This represents only 5% of our business but we can reach a growing customer base that is no longer limited to a few Parisian bobos," quips Eric Achard, Director General of Establishments Reynaud.

Christmas rhymes with exotic fruits. At Rungis, we find passion fruit from Thailand, cherries or strawberries from Chile to Palestine. Photo credits: Richard VIALERON / Le Figaro

The statistics of job growth in the third quarter of 2010, that just made public the ACOSS and employment center, go in the same direction: between July and September, France has continued to create jobs but at a level slightly lower than months. According Pole Jobs, Jobs merchant rose 0.1% in third quarter (against + 0.1% + 0.2 in the first and second) or 20,200 new jobs (33,600 + cons in the second). Over one year the increase was 92,200 jobs. The ACOSS, which includes in its statistics data from very small companies – against the more than 10 employees, only employment center – is more optimistic because it is estimated that 0.3% growth in payroll employment in the third quarter (the same rate as before, but three times higher than the first), or 53,000 new jobs (8000 months in the second quarter)."We are still in phase of the crisis," Judge Pierre Ricordeau, the CEO of ACOSS. Twelve-month rolling basis, the economy created 117,000 jobs.

The data segment are broadly consistent. In both cases, the industry continues to destroy employment but lesser extent than during the crisis and the previous quarters. And tertiary sectors, boosted by the Acting endlessly create new positions without reverting to its pre-crisis record. However, their statistics differ in the construction sector, whose development is slightly positive in the third quarter for the ACOSS but negative for employment center faxless cash advance. A difference however did not affect the annual evolution that continues to decline in both cases.

Impact of the end of the device zero charge

The slight shift does not mark a trend reversal."There are no indicators that show short-term break, Alain Gubian analysis, the head of ACOSS Statistics. The slowdown in the third quarter on job creation is in part due to anticipation of the branches at the end of the previous end of measure zero charge that allowed small business to hire an employee without charge for one year . Recruitments thus have simply been shifted. "The fourth quarter should also, in his opinion, be in the same order of magnitude.

Employment center has unveiled its next evolution of its estimates of unemployment and employment for 2011. Under the assumptions of growth, price developments and the average wage, the number of job seekers would fall into category A of 9000 to 94,000 (and 19,000 to 109,000 for the ABC) next year.As for total employment, it will grow at the worst of 53,000 jobs and more than 138,000.

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"To boost competition, it must release the independent stores very strong constraints that bind them to their headend, so they can more easily change their sign," said the Authority.

The latter had AutoInput in February, several issues relating to food distribution. She points to the contractual provisions of franchise networks, designed to "secure" shops to ensure parks to maintain their market share and recoup their investments: the non-compete clauses prevent franchisees from engaging in an activity Food in a given area; priority rights restrict the possibilities of redemption of stores by competitors; stacks of conventions (affiliation agreements, supply contracts …) make it de facto impossible for an affiliate to change sign.

Another practice condemned: the freezing of property by a distribution group, which is to secure the premises or land without using it to prevent competitors from moving.

Recognizing the omerta that prevails in the sector, the Competition Authority wants to blow the lock time limitation commitments for franchisees to five years, while today they can go up to thirty years. She also advocates the prohibition of human first. Although its opinions are not binding, the Authority invites distributors to change their practices within a year, otherwise she would advocate for legislative intervention."His pronouncements are likely to be followed by group affiliations," said Frédéric Fournier, RedLINK partner of the firm.

Challenge Casino

All distributors are included: integrated groups (Carrefour, Casino) who have franchise networks, but also groups of independent (Leclerc and Systeme U Intermarché). The Authority refers both oligopolies in hypermarkets as local shops, which remains largely in the hands of Carrefour and Casino. This already challenging vision of the Authority. In any case in Paris. "His calculation adds a lot of different things, says a spokesman for Casino. With other methods of calculation, it is far from 60%. "The group, which believes the problem is primarily explained by the high cost of land, also think that there is still potential.

Slowly, the empire collapsed Pugachev. The arbitral tribunal in Moscow has officially declared the bankruptcy of Mejprombank, the financial institution on which Sergei Pugachev, oligarch once underway with the Kremlin and whose family lives on the Riviera, had built his fortune and reputation. Its assets are valued at 32.2 billion rubles (780 million euros), an amount less than $ 30 billion in commitments. "This is the first big bankruptcy in Russia since the Yukos affair," wrote analysts at Nomura, in reference to bankruptcy in 2004 of the oil group run by Mikhail Khodorkovsky. In Moscow, no one is surprised by this failure. It illustrates the excesses of the Russian banking system where money and politics form an incestuous couple.

The country's banks downplay the matter, inglorious for the financial center of Moscow.According to analysts, Sergei Pugachev owed his fortune to his political friendships – notably with Vladimir Putin – who allowed him to pass through the cracks of Russian banking regulation.

With the financial crisis, these little arrangements were shattered. Besides its lack of capital, Mejprombank had become the bank for a single client, Sergei Pugachev himself, with its many assets: shipyards, delicatessen chain Hediard and probably the daily France-Soir. "Loans to companies in the real economy accounted for only 6% of financial commitments Mejprombank. The rest was spent on other goals, "says modestly Chairman of Russian Central Bank, Sergei Ignatev unsecured personal loans.The newspaper Vedomosti, there were loans granted to companies gravitating into the orbit of the empire Pugachev, through offshore companies registered in the BVI, which are themselves managed by leaders and son Mejprombank Pugachev himself, Alexander.

This system of horse collapsed with the financial crisis. In July 2010, to receive a credit of 32 billion rubles from the central bank (780 million), Pugachev has pledged its shipyards. She recently contracted a credit line of $ 200 million, maturing in February 2013 which did not prevent him having already defaulted on the repayment obligations of euros to 200 million euros.It must include close to 100 million euros in the steel giant Severstal.

Villas and business aircraft

How creditors manage to recover their assets? This question stirred up today in Moscow. Shipyards that already eyeing the boss of Russian military industrial complex, Igor Sechin – also deputy prime minister – would make a prey of choice. But the success of the operation is not guaranteed. "To get their bearings, creditors have an interest to get their hands on the assets hex Pugachev, and this by entering the French justice," said one banking source. The oligarch has two villas in Nice, two jets as well as shops Hédiard. Officially, the daily France-Soir belongs to his son, Alexander …

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Orange after a few days ago, it's time to sell the SFR Ipad in its stores. The iPad + WiFi, 3G, 16 GB is today at the online store for pre-order SFR and December 10 in stores SFR from EUR 179.90.

To receive this highly competitive rate, customers will have to meet two conditions. First, subscribe to the new box Neufbox Evolution of SFR. Second, purchase a package shelf iPad "Internet Absolute + 39.90 euros per month for the first 12 months and then falling to 34.90 euros per month. These prices are for a 24-month commitment. Any consumer already a customer of SFR (fixed or mobile) receiving a 10% discount on the package price each month. This package allows you to surf the internet freely 24h/24h and 7d/7d, with throughput up to 7.2 Mb / s.Throughput is reduced – but not cut – beyond 3GB of changed data per month.

Customers who do not wish to subscribe to Neufbox Evolution iPad will buy 100 euros more, or 279.90 euros, the package simply by subscribing to "Absolute + Internet".

For those who find it too expensive package, Vodafone offers a more economical package blocked. Thus, customers can acquire the iPad to 379.90 euros if they take a pass blocked at 26.90 the first 12 months then 21.90 a month. This package is also under 24-month commitment, and has a 10% discount for consumers who are already customers of SFR. This package is stuck at 1GB per month exchange.

On the Apple Store, the apps are already available SFR: SFR TV, but also neufbox SFR SFR WiFi that allows access to more than 3 million wireless access points throughout France. SFR customers thus gaining the largest WiFi network in France.

In the wake of the Asian and U.S. stock markets Wednesday on Thursday, the CAC 40 continues to catch up on 4000 points. Shortly before the mid-session, the index in Paris gained 1.18% to 3712.57 points.

At the London Stock Exchange, the FTSE-100 gained 0.88% to 5692.06 points. At the Stock Exchange Frankfurt, the DAX climbed 0.51% to 6901.38 points.

After the gain of 1.63% Friday, some investors might want to take profits. But the prospects of measures announced on Thursday (13:45) by the European Central Bank to support banks and shore up public finances should reassure them a bit more. Tuesday night, the president of the European Central Bank, Jean-Claude Trichet, had calmed the rising rate of interest on State debts.

S & P reported on the credit quality in France

On the macroeconomic front, the unemployment rate remained steady in the third quarter to 9.3% of the workforce in France and 9.7% with the overseas departments, according to figures released Thursday by the INSEE.

The rating agency Standard & Poor's is also presenting the macro and micro perspectives of the euro area for 2011. It will also review the credit quality in France in 9 hours when it should reaffirm that France "deserves its AAA rating," as she had said earlier this week, its president, Deven Sharma.

Large battery of indicators

For the euro area, producer prices in October (11:00) and the second estimate of GDP in the third quarter (11 hours) are scheduled.Overseas, investors will follow with attention the weekly claims for unemployment benefits (1430) and promises of home sales in October (16 hours).

Redemption Draka Nexans written in Brussels

On the podium of the largest increases in the CAC 40: Unibail-Rodamco (1.76% to 139.10 euros), Schneider Electric (1.39% to 112.75 euros) and Axa (1.31% to 11.57 euros).

Conversely, Cap Gemini (-0.86% to 32.41 euros), STMicroelectronics (-0.49% to 6.92 euros) and Essilor International (-0.49% to 48.18 euros) are largest declines the CAC 40.

Nexans: +0.60% to 54.08 euros

As for values, Nexans has written to the European Commission to draw his attention to the conditions of the bidding of the Chinese Xinmao on Draka, against which the European players are weakened by the risk EU fine against the industry cable, it said in a letter which Reuters obtained a copy credit score.

Neopost: -0.07% to 67.46 euros

Neopost said Wednesday sales rose 8.6% for its third quarter, supported by its operations in the United States, and raised its sales growth target for 2010.

BioMerieux: 68,82 EUR +0.10%

BioMerieux announced Wednesday the closure of the Portland United States, which will result in a charge of five million dollars (3.8 million) in its 2010 accounts.

Technip: 2.18% to 63.26 euros

Technip has signed a contract worth about 67.9 billion dinars (692 million) with the group public oil Algerian Sonatrach, to modernize the refinery of Algiers.

Hermes / LVMH: Adam enters the scene

Hermes: 1.62% to 160.25 euros, LVMH: 0.97% to 119.65 euros

In the conflict between Hermes to LVMH, the Association of Defence of Minority Shareholders (Adam) is seeking families in the majority of Hermes they are launching a takeover bid for the group. The heirs of the famous saddle must meet this Friday.

Rexel: 3.27% to 15.63 euros

Rexel has revised upwards its forecast 2010 with a annual turnover of approximately 11.9 billion euro (against 11.3 billion euros in 2009). EBITA margin should be close to 4.9% (against 4% in 2009).The group is also strengthening its operations in Switzerland, by acquiring a distributor of electrical supplies, Grossau, whose 2010 sales totaled approximately EUR 50 million.

Pierre & Vacances: -3.01% to € 51.50

The leisure group homes, Pierre & Vacances, announced Thursday a plan to reduce its costs, after posting a fall in net income of almost 83% over the year end in September, to 7.3 million.

Bouygues: +0.03% to 31.50 euros

Bouygues will release its third quarter to 17.45.

Wendel: 3.91% to 64.60 euros

Wendel, largest increase in DTH, is holding its annual meeting for the presentation of non-listed companies on the theme "Investing in high growth economies."

The management of Bank of Americaâ may be the need to worry. The revelations promised by the founder of Wikileaks, Julian Assange, on "a major U.S. bank" could affect their property. The site manager specializing in information leakage had declared in October 2009, the magazine Computer World, he had "5 gigabytes of data from Bank of America, the hard drive of one of its leaders." Although it seems unlikely that these documents be released two years later, the speculation went well underway yesterday. And U.S. investors have deemed credible. Result: the title of suspected U.S. bank backed off over 3% Tuesday to close on Wall Street.

According to the founder of Wikileaks, the revelations would be worthy of those who led Enron.In an interview with Forbes magazine, Julian Assange said that "the shock wave will be the same. Violations of the law, unethical practices will be disclosed but also the functioning of the internal structures of decisions and the ethos of bankers … and it has an incredible value. "

Former hacker intends to denounce the "unethical practices" through the dissemination of thousands of incriminating documents. "We must be careful not to stick a label offenders to people before being quite sure, however, said the founder of the site.

In the name of transparency, Wikileaks intends to denounce the facts and encourage their shift. His publications on the war in Iraq or those on American diplomacy has already had repercussions worldwide. Remains whether the developer of embarrassing truths may also upset the world of finance.

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