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The candidate Dupont-Aignan interview by Cadremploi

The head of the Republic Standing employees do not like standing. Or rather is left standing vendors unnecessarily. After a half-hour interview, Nicolas Dupont-Aignan leaves the impression of having really thought about what a recruit.

The one he recalls with Philippe Séguin to those he leads today with the employees it recruits in town hall or in its movement, NDA puts forward some principles. Recruiters, he advises not to destabilize. Candidates, he said, especially not artificially try to stick to the post, do not rewrite their CVs to look at all costs to what is required paydayloans.The bluff always ends up seeing.

And, for the presidential, he idea for the interviews turn into really good jobs for the economy? A "simple idea proposed 100 times": when a company makes a profit it reinvests in France, reducing the corporate tax of 50%. " Political side, which he recruit? Which woman or politician would it work? Arnaud Montebourg. Why not, the ideas are close, as the generation, the former lawyer and professional employee. The team could work. Be careful with egos in the bullpen …

Operation seduction for Joe Biden. The U.S. vice president, who loop a five-day official visit to China, wanted to reassure foreign creditors first in Washington on the economic strength of the United States. Americans "have never been in default and never will be," he said Sunday.

According to Joe Biden, even if the agreement signed last moment three weeks ago by Congress to prevent this disaster has cost the country a deterioration in its S & P notes, "The United States remains the best option to invest."

The message is "clear"

Beijing, which holds nearly 1.17 trillion dollars of U.S. debt, had been very critical of the U.S. government after the historic decision of the rating agency. The country was particularly called on Americans to stop living above their means payday loans.

The visit of U.S. Vice President in China, entirely focused on the issue of U.S. debt and the solidity of the world's largest economy, appears to have reassured. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt," has said Premier Wen Jiabao. This will ensure the safety, liquidity and value of good Americans. " The Chinese leader also claims to have "full confidence in the fact that the U.S. will overcome their difficulties and put their economy back on track for healthy growth."

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Wall Street hesitates. As in Europe, investors do not seem entirely convinced by the agreement reached in the night between Democrats and Republicans on the debt. At the close, the Dow drops 0.09% to 12,132 points, the Nasdaq lost 0.43% to 2745 points and the S & P loose 0.41% to 1287 points.

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama. Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. But that will depend on the Congress which has yet to give the green light, no later than Tuesday night. Similarly, no one knows how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the United States, their AAA rating is not excluded and would have severe repercussions on the economy and markets.

After selling more than 4% last week, which will remain the worst of the year, the Dow had yet started the day up 1.10% at 12,277 points.Standard & Poor's 500 and Nasdaq 100 progressed to their respective share of 0.86% to 1303 points and 2785 points to 1.05%.

The manufacturing sector to the death

At the macroeconomic agenda, a bad surprise helped to fill the atmosphere: the growth in manufacturing in the United States slowed in July against all expectations, according to the purchasing managers' index released Monday by the Institute for Supply Management (ISM), which fell to its lowest level in two years. The index of manufacturing activity of this organization stood at 50.9 last month, its lowest level since July 2009, against 55.3 in June. The market economists polled by Reuters on average expected 54.9.

Construction spending in the U.S. have also increased by 0.2% in June, according to figures from the U.S. Department of Commerce published Monday.These expenditures reached 772.3 billion dollars, while analysts polled by Reuters had forecast a rate unchanged Same day payday loans.

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Auto sales (Tuesday) and retail sales side on Wall Street for the month of July will be eagerly awaited. This weekend, the employment figures will be released by the BLS.They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (-1.48% to 56.62 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement. The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (1.23% to 12.36 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (-0.54% to 221.32 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth of its retail operations, cloud-computing and Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (1.95% to 100.72 dollars).

On the corporate side, after Merck (-2.05% to 33.43 dollars) and Chevron (1.32% to 105.39 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end.Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).

The CAC 40 is headed for a fifth straight session of steep decline. At the close, the index fell further by 1.07% to 3672.77 points. A decline – the fifth in a row – but much more moderate than what was found during the session. The CAC is in fact fallen to a record low since the beginning of the year while the issue of U.S. debt continues to plague investors, while European issues remain a concern.

But about 17 hours, Barack spoke and pressed to agree to raise the debt ceiling of the United States. A speech that reassured Wall Street, and thus the European markets, which is still bleak.Especially since the U.S. side, a series of bad economic data has dampened investors (growth, activity in Michigan, and moral Americans).

Finally, the week, the CAC 40 index lost 4.25%.

In London, the FTSE-100 index of the main values ​​lost 0.99% on Friday at 5815.19 points. The DAX index in Frankfurt ended her down 0.44% at 7158.77 points against 7190.06 points on Thursday.

The financial sector at half-mast

Adding to the nervousness of the markets, the rating agency Moody's is considering lowering the rating of Spain. As a result, the financial sector shows further losses on the stock market: Crédit Agricole loose 2.36% to 8.61 euros, Societe Generale drops 2.44% to 34.73 euros, Axa was down 2.56% to 13.11 euros, and BNP Paribas was down 2% to 45.46 euros.

Another sign of investor confidence that spreads, bond yields fragile countries in the euro area increased further, imposing astronomical cost of funds. Spain has seen its rates to ten years to rebound above the 6%. And on the foreign exchange market, the euro was immediately dropped below $ 1.43 in the morning before to recover. Around 17:30, the European currency was worth 1.4392 dollars against 1.4324 dollars on Thursday night (0.45%).

Household consumption is rising again

On the macroeconomic front, the cost of French household consumption of manufactured goods in June rose 1.2% in May after falling 0.3%.The producer prices in the industry have generally stabilized in June on the French market (-0.1%) following a significant drop in May (-0.5%).

Veolia Environnement, the largest decline Cac 40

The markets also react to the new burst of business publications.

Veolia Environnement: -9.50% to 15.80 euros

Veolia Environnement has warned that 2011 would not achieve its objective of growth in net profit due to provisions and write-downs that will pass in its half-year to 800 million euros no faxing 1 hour payday loans.

Michelin: -34.18% to 58.66 euros

Michelin has raised its annual target volumes after a first half marked by an increase in profits and sales. The automotive supplier is now an increase in volumes "of about 8%" against at least 6.5% previously.The net half of the group grew from 33% to 667 million euros and sales of 21% to 10.1 billion.

Saint-Gobain: + 2.15% to 40.40 euros

The group confirmed its operational growth goals for 2011, after a surge in net profit in the first half (53.3% to 768 million euros) due to higher volumes and selling prices.Management has indicated to always be an IPO Verallia, its subsidiary in bottles and glass jars, after the postponement of this operation in June.

Total: -1.52% to 37.78 euros

Oil giant Total said on Friday net profit down 12% in the second quarter to 2.7 billion euros, due to weak refining margins in Europe and the cessation of production in Libya.

EDF: -2% to 26.46 euros

EDF issued a net half-year up 54% to 2.6 billion euros, thanks to its increased nuclear generation in France, and announced target for the period 2011-2015 an average annual growth of 5 10% of its net income.

PPR: – 0.65% to 129 euros

Net income for the PPR increased from 16.1% to 450 million euros in the first half, above analysts' expectations, driven by sales of luxury goods (22.6%) while the distribution, which he wants to separate, were down 2%.

EADS: -0.41% to 24.2 euros

Europe's EADS confirmed its outlook for full year 2011, despite the decline of 41% of its net profit in the first half, to 109 million euros, hit by accounting for revaluations related to changes in interest rates exchange.

CGG Veritas: -3.17% to 23.54 euros

CGG Veritas, which suffered last year the moratorium in the Gulf of Mexico after the explosion of a well operated by BP <BP.L>, posted a second quarter loss of $ 38 million (27 million), including $ 17 million of non recurring refinancing costs, against a profit of $ 8 million.

Schneider Electric: -1.51% to 101.15 euros

Schneider Electric now expects an operating margin for 2011 of 15% in the low end of its initial expectations, said CEO Jean-Pascal Tricoire, in an interview with Les Echos on Friday.

Ten billion profit in 2010 and no corporate tax. For two years, Total aroused much criticism for failing to pay taxes despite the huge annual profits. What the leadership said that the group does not pay corporate taxes since 2008 because its activities in France are in deficit since 2008. "The BMC (worldwide profits) can be charged in France for losses incurred abroad, says chief financial officer, Patrick of Chevardière in an interview for Echoes. But insofar as we record losses in France, we do not pay corporate taxes in France. The last time the regime of worldwide profits had a positive impact on our taxes, it was in 2001! ".And Christophe de Margerie, CEO of Total, recalled: "Total paid 800 million euros in taxes in France each year, 500 million on dividends paid abroad."

"We chose to (tax benefit) give of ourselves"

Whatever the controversy will no longer be held since the group has abandoned this tax benefit. Simply because it would bring him nothing. "Rather than continue to hear all day long that the company enjoys a preferential treatment, we decided to give it up ourselves," said Chief Financial Officer of Total.Now only NRJ Media Group and use this system, which allows them to include in taxable income in France, the results of foreign subsidiaries under their control.

The boss of Total, Christophe de Margerie, hinted Monday that his group was planning to abandon this system, after questioning last week in a report by the National Assembly, pointing to the differences between the tax paid by the groups the CAC 40 and paid by the SMEs. MP Gilles Carrez, author of the report, said that more companies are large and they carry less of the corporate tax.

The decision comes as Total Christophe de Margerie was to meet Tuesday on the phone with the Minister of Economy, Baroin, having said this weekend that the oil company would pass to the recent increases in pump prices crude oil.

Eighteen months after the initial concerns about the European debts, the situation on the old continent is still fragile. However, the euro remains surprisingly strong. The euro hovered around $ 1.45 since April, and rose more than 8% since the beginning of the year, and 15.5% in one year. "The first explanation that justifies the euro strengthens and weakens the dollar is in the interest rates: in Europe, they are likely to be faced by the ECB on Thursday, reaching 1.50% while those U.S. Federal Reserve and will still remain long remain between 0 and 0.25%, "says Bruno Rodier, private banker and portfolio manager at Pictet & Cie.This differential rate encourages investors to take advantage of the "carry trade", this technique to generate returns by borrowing in dollars at a rate unusually low, and place it in euros, which pays better.

"The situation should not change in the coming months because when the European Central Bank has the sole purpose of containing inflation by raising interest rates, the Fed also has the task of supporting growth and employment and maintain long-term rates low and a weak currency to do so, "said Harry Sebag, an analyst at Saxo Bank.He said the Fed will not change its monetary policy anytime soon because it looks especially the real estate market across the Atlantic, the one who caused the economic crisis and financial crisis in the summer of 2007, which is still not out business.

The dollar is kept artificially low

But even more than the strengthening of the euro, especially on the weak dollar that the experts agree. And has been a little more than a year: the Fed announcement as it injects new astronomical quantities (600 billion) dollars in the global economy. Instantly, the dollar lost its value against other currencies, and the effect lasted until now."There is also the effect 'end of world supremacy' of the dollar plays, including the report of the World Bank has recently anticipated that by 2025, that is to say tomorrow, the market currencies will be dominated also by the Chinese yuan, not only by the dollar and the euro, "notes Vincent Juvyns, strategist at ING IM.

The role of the dollar as the global benchmark fading as global governance wants to reform the international monetary system. In this perspective, little by little, investors include the future landscape of the exchange market and exchange their dollars into yuan and euro. "At the same time, we must take into account the cultural dimension of geographical areas: Europe, under the influence of Germany was a culture of rent, we want to keep a strong currency.This contrasts with the current pattern of currency war, which is to artificially push down its currency to promote its own foreign trade, "said Bruno Rodier.

Europe is going less badly than the U.S.

Finally, if Europe goes wrong, it will hurt less than the United States. Bad news on the macroeconomic front here and on the other side of the Atlantic, lower the respective currencies, but the U.S. figures are still worse than the European data, the dollar fell more than the euro. So the euro / dollar rate goes up anyway. "If you took away the effect debt, the euro was trading at least $ 1.50," Harry Sebag plans.Recently, the growth forecasts for the European Union were found, while those for the United States have been degraded.

Thus, the twists in the case of Greece, or fears of contagion from the crisis of sovereign debt of countries in the euro area peripheral to Italy or France, they have had little effect on the euro itself. "The currency market is highly sensitive to very short term. But in the coming weeks, the scenario of an outbreak of the euro area remains the least plausible of all, "says Vincent Juvyns, underlining that" challenges remain whole in the longer term. " The markets seem optimistic about the ability of European governance to agree to find solutions to problems of public finances of member countries."And Nicolas Sarkozy, Angela Merkel, and Jean-Claude Trichet has always reassuring words to soothe the markets when tensions rise," added the expert.

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The tension escalates between Carrefour and Casino in Brazil. While the first confirmed on Tuesday had "received a proposal from major strategic partnership in Brazil," he sharply replied Casino "power to oppose this project."

Gama Brazilian society had proposed to merge the Carrefour group's Brazilian assets with those of the French retailer CBD group Grupo Pão de Açúcar (GPA). They thus constitute an equally owned company. CBD had previously merged with Gama.

But the case is the most sensitive.Right in the legal showdown with Carrefour, Casino contests this possible merger with CBD, "it is the largest shareholder, which it provides the co-control with Abilio Diniz and which it acquired in 2005 from Abilio Diniz and his family the right to become the sole controlling shareholder in 2012, "says the company in a statement issued in the wake and that sounds like a declaration of war.

The group Etienne, who now owns 37% of GPA, is indeed bound by a shareholders' agreement with the businessman Abilio Diniz, who owns shares in the holding company of GPA. Their agreement provides that neither party can negotiate a development project with a third party without the consent of the other. In late May, took the Casino Chamber of Commerce to arbitrate the case.

Referring to "a material financial transactions and prepared for a long time illegally by Abilio Diniz and Carrefour" and "illegal and secret negotiations," Casino accuse both parties have "ignore [d] deliberately both the law and ethics elementary. "

"Casino will consider in the coming days how to best defend the corporate interests of CBD and its shareholders that seems compromised by this project very complex and financial," says Casino, recalling that "it has the power s to oppose this project in terms of existing agreements and that no negotiations on the future of CBD can not be conducted without his consent and without prior discussion of this project to the Board of Wilkes, holding control of CBD. "

Clear benefits for Carrefour

Brazil is a strategic market for the two French groups, "the third world market in terms of food expenditure" the statement said Carrefour there realizes 12 low fee pay day loans.3% of sales. If the proposal is accepted Gama, the new joint venture would represent "the main actor in the distribution in Brazil," said Carrefour.Its turnover pro-forma is estimated at over 30 billion euros for 2011.

Gama has in turn shown to benefit from a capital investment of 2 billion and funding of 500 million euros.

"The benefits of the transaction are clear to Carrefour," noted analysts at Natixis, "the benefit to his credit in Brazil, which leaves just one major accounting scandal, the expertise of CBD; gain size of a key market , realize significant synergies with CBD and strengthen its long-term shareholders. "

Gama: up 6% stake in Carrefour

After OPERATON, Gama become a shareholder of the French distributor. The Brazilian could acquire additional shares Carrefour market of up to 6% stake in Carrefour.It would be represented by two members to the board of the French group, whose vice president, and three from 2013.

"Gama sign a shareholders' agreement and act in concert with Blue Capital LLC, Colony Blue Investor LLC, and Groupe Arnault SAS, which now jointly hold 14.1% of the capital and 20.2% of the voting rights of Carrefour , "the statement said. Together they would hold up to 30% of share capital and voting rights of Carrefour.

The board of Carrefour will meet in the coming days to discuss the proposal of Gama. Following this announcement, the Carrefour share jumped by more than 3% to 27.250 euros, while the title unscrews Casino: it yields about 5% to 62.63 euros.The CAC 40 in advance for its share of 1.08%.

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As announced in Le Figaro, the agreement on supplementary pensions signed last spring is unfavorable to executives who have raised several children, so much so that the CFE-CGC, the union executive has decided to attack the text justice.

The agreement signed in March after lengthy negotiations in effect alters the rules of pension bonus if families "many." From 1 January next year, the increase will be only 10% whatever the number of children cared for by the frame from three. The rule still in force today is much more favorable since the pensions of executives can be increased by 8% to 24% depending on the number of children.

Cap

Adjusted parallel, the amount of increase is now capped at 1,000 euros per year. Emmanuel Grimaud consulting firm optimization retirement Maxims, asked on Europe 1 this morning, made the calculation of the shortfall.For an executive who has had four children and affects 2700 euros monthly pension, the bonus is 2000 euros per year today. With the new rules, it does affect more than 800 euro mark, that is to say 1200 euros less each year. If we relate this loss to the number of years spent in retirement, 25 years on average, the loss of purchasing power reached 27,000 euros says the expert.

Emmanuel Grimaud said that once, future retired executives must make it their calculations, especially if born before July 1951.In some cases it may be more interesting for them to liquidate their retirement before the end of the year rather than waiting for the entry into force of the new text, and this even if they have not paid all quarters necessary for the full rate.

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The standoff between Lactalis and Leclerc continues. The retail giant refuses to pass on higher rates charged by the number one dairy. Result: Lactalis not book any more of its brands to stores Leclerc. The first cheese world requires a tariff increase of 11% to pass higher milk prices upstream, or the revisions granted by the distributor are nearly 4%.

Michel-Edouard Leclerc judge price increases requested by Lactalis "excessive," what Lactalis contends that the attitude of Leclerc is "unacceptable." The dialogue between the two groups seems a dead end. Especially as the CEO of Leclerc says the lack of Lactalis products ranging from milk to mozzarella Lactel Galbani, through brands of cheese and butter President, Bridel, Ruby or Company, does not affect the right walking group.The first sign of distribution in France also argues that Lactalis continues to provide a mark of distributors for nearly 250 million euros in business volume, says Les Echos.

The conflict with L'Oreal ended

But Lactalis is not alone in its struggle against the sign, the milk producers themselves have shown this Tuesday at the Paris headquarters of the distribution group to the call of the National Federation of Milk Producers (NPFL) high risk personal loans. In his blog, Eric de La Chesnais, note that the NPFL, the milk industry FNSEA, the main French farmers 'union, "has made contact with the various brands' distribution to explain" the importance of taking into account Higher prices for raw materials. " Producers have obtained, in principle, a meeting with the distributor. A date remains to be determined.

And for the same reasons, some products Ricard no longer appear in store shelves Leclerc, reports Les Echos. After a previous crisis in 2009, Leclerc refuses to pass the rate increases required by the group of wines and spirits. Only one-liter bottle of Ricard continues to be delivered because Ricard obtained for the product to appeal, an increase of 3% of the price.

Earlier this year, L'Oreal was also in conflict with the sign but an agreement was reached.

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On Thursday morning, Veronica has resigned to go through the door of Deco, the charity for families in debt. "To keep a little dignity and do not lose your head," the young woman slips, looking weary. At age 41, mother of a boy of 7 years, Veronica is unemployed, as her husband who had to close its microenterprise. Riddled with debt, the couple has any income to EUR 400 for unemployment benefits, for 2500 euros in charges refund! They have no less than ten credits on the arms: property, auto, personal, card purchase … not to mention the liability of the company, social security arrears and income tax. Today, Veronica sees no alternative but to initiate insolvency proceedings. "To start over, she hopes.All our goods will be confiscated, it will be under supervision of a director for five years, but then finished the debts, they will be erased. "

A little behind, hidden behind thick glasses, square Pedro feverishly bothers her phone number. If using Deco is an attempt to renegotiate two loans: a consumer loan of 8500 euros contracted with Cofidis and a mortgage of 15,000 euros to the Central Fund deposits that could not pay despite the sale of his house in August 2010."I look forward to rescheduling or pay only the interest, time to recover."

The difficulties for this young professor began after the dismissal of his wife in 2009 and in January he has lost 200 euros from his salary, the first result of government austerity measures, so that today his income does not exceed 1,500 euros, to pay a rent of 650 euros, ongoing expenses and academic studies of her two children. "We can not do it. It has sought help from family, but it's hard for everyone, the quadra confesses. For the first time in my life, I went to the food bank. "

Examples such as Pedro or Veronica, the association received more than twenty per day, not counting the numerous letters bad credit unsecured personal loans.They are between 30 and 45, they are engineers, professors, lawyers, employees … a simple high school education or higher, an average income of 1,500 euros, an average of five credits in their passive but often much more. In 2010, Deco has received 17,372 applications, twice more than in 2008, owing much to job loss.

Cumulative effect

Natalia Nunes, head of the division of debt, also denounced the irresponsibility of financial institutions, which for years have opened the floodgates of credit, facilitated by attractive interest rates, but also households who, " lack of financial education, have left illusions. "The illusion with the entry into the European Union is to have grown to become a rich country. Credit is very recent in Portugal, it dates from 1990.It was a real revolution in a country of culture rather closed, "says Natalia.

Result, in 2009, according to the Bank of Portugal, the rate of household debt amounted to more than 130% of their disposable income. And for Natalia, for sure, the problem will intensify in the coming months with the recession and the restrictive measures imposed by the IMF-EU agreement. "There will be a cumulative effect between the abolition of tax relief, cuts in welfare, freezes wages and pensions, rising prices and interest rates," explains the manager. Ironically, this makes the success of collection companies. "It would create a weekly basis. They are there to exert psychological pressure, they even go to the neighbors, "denounces Natalia. On the mode of cobrador do fraque (collector habit), a local tradition in which the collector, dressed in black coat, says his victim …