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The higher the debt crisis is intensifying and European gold is getting stronger. The metal price has risen late Thursday at a new record of 1594.45 dollars approaching the threshold of 1600 dollars per ounce, still supported by concerns about the debt crisis in the euro zone and the renewed nervousness around indebtedness of the United States. The metal is "overbought in a configuration that is generally followed by a phase correction with profit taking," said Alexandre Taurand, market analyst at XTB France.

Since early July, the Yellow Gold has gained nearly 60 dollars and grew by more than 2% in five days. A craze that is also explained by its role as a refuge for investors wishing to protect themselves against currency volatility, turbulence government bonds and inflation pressures persist.Since the beginning of the month, the disturbing news in the euro area accumulates. Standard & Poor's warned that a draft agreement between Greece and private creditors would be equivalent to a default under its criteria. On Tuesday, the working group to find a solution to save the country from bankruptcy said he did not exclude a more "partial failure" Greek. Moody's lowered the rating of Portugal and the eyes are now to Italy and Spain where the rates of bonds soaring.

Investors are not convinced by the ads of European finance ministers that provide control to prevent contagion. The latter said they were willing to increase the size of the Fund for financial help payday advance. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt. But nothing works.Tuesday again, plummeting stock markets in Europe reflected a continuing concern.

All eyes turned to Italy

"Unlike money, which is currently trading on the area of ​​35.50 dollars an ounce and is a turning point towards lower, gold is playing its role as a refuge and is one of few underlying advantage of the situation, "says Alexandre Taurand.

In his view, two scenarios are emerging now for the precious metal, "If the price settles above the area of ​​1547.11 dollars, then maybe we would pause in the middle before a new upward impulse to try re-cross the area of ​​1557 dollars per ounce. In the event that the price of gold were to fall below the 1545 dollars, then we would have a target level of support for 1541 dollars, "said he.But can not decide yet, "there are a lot of uncertainty. Investors are focused on the Italian austerity plan (on which Parliament must decide by by the summer break, ed.) They also monitor the situation in the United States with the vote on the debt ceiling to be held by 2 August. "

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The numbers are staggering. In Germany, the financial damage caused by cyber crime amounted to 61.5 million euros in 2010, according to figures released Thursday by the criminal police and the Federation of high tech Bitkom. This is equivalent to an increase of 66% over the previous year. As the United States, the FBI estimated the cost of crime to some digital $ 560 million in 2009. A world-wide, according to McAfee, cyber crime would have generated some 1000 billion in 2008, about 1.64% of world GDP for that year. Remains that, without minimizing the scale of the scourge, these figures are perplexing.

Many experts give little credence to these studies because most of them emanate from computer security specialists. For the record, other than McAfee is the world number two antivirus software.In addition, "less than 10% of companies report having experienced cyber attacks," said Jean-Paul Pinte, senior lecturer in strategic intelligence at the Catholic University of Lille. According to the specialist risk management and cyber terrorists of enterprises affected societies fear the bad publicity due to media coverage of cyber attacks.

Jean-Paul Pinte, "we know nothing of the legacy and financial losses suffered indirectly." He added: "If an attack is to relieve a company of sensitive information, loss of data will generate multiple costs, such as loss of competitiveness, or the upgrading of security."

"Hard to get a comprehensive view"

Director of the National Security Information Systems (Anssi), Patrick Pailloux abounds in this direction."When a site is the victim of an attack, he takes as an example, it is first blocked, causing a shortfall. Then we must add additional costs to set up a hotline strengthened. "And on the practices of industrial espionage initiated via the Internet," How can we measure in terms of losses that a competitor could steal ?, "asks the director of Anssi. Clearly, "it is difficult to get a comprehensive view of the problem," says he.

Despite these criticisms, these figures are held up to each event on Cybercrime. However dated, the estimated one trillion dollars of McAfee is authoritative. Last May, it appeared even in the "reminder" of the fourth Parliamentary Forum on Information Society in Geneva, on the initiative, among others, the United Nations.Trompe-l'oeil, the text quoted a source stamped Europol, the pharmacy police intergovernmental European Union, which actually refers to the numbers … the software publisher.

If governments do not hesitate to chopping these impressive figures, it is often necessary to legitimize, but costly reinforcement of their agencies against digital piracy. Or clear, make the pill easier to swallow from taxpayers. In January, the UK has estimated that cyber attacks cost him a whopping 27 billion pounds per year (32.2 billion euros) in a government study.An amount (by far) greater than the harm claimed by the United States … A few days before making public figure, London has announced the release of 650 million pounds over four years to "strengthen its cyber security "…

International cooperation in the war-horse

Without waving the national figures, France is no exception, as evidenced by the announcement of piracy Bercy in March. Patrick Pailloux it was for the state to "lead by example" to encourage companies to report piracy they wipe. The Director of Anssi said that 150 computers were then infiltrated by hackers to steal documents for the French presidency of the G20. "We were able to counter the threat," he goes on, noting that thirty experts have been mobilized for two months to "clean up" more than 130,000 positions in the Department.A communication that is timely, since Anssi plans to double its workforce (360 employees) by 2013.

Such methods may be distasteful, but experts and politicians agree: there is no time to waste on the face of digital crime. "For a long time in France, we thought that hacking and computer intrusions were not really dangerous, says Jean-Paul Pinte. But now we know that it's become a real business, and that the threat can come from anywhere: a simple USB key, hard drives or even photocopiers, which, connected to the Internet can become the target of hackers ".

Therefore, international cooperation, which requires significant resources, is "a priority," insists Patrick Pailloux. And for good reason: "90% of attacks are international," says the director of Anssi.In the columns of The Tribune, Laurent Wauquiez, Minister for European Affairs, recently recalled that a hacker "can be installed in Latvia, while in France to intervene through a Canadian site." He even considers urgent that Europe adopts "a kind of cyber-FBI-backed Europol" to stem the digital crime. And one last statistic to shoot, ensuring that "a user of thirty lost money in Europe over the last year" due to a hacker.

Businesses, prey selection

Having surveyed 45 U.S. companies in 2010, the Ponemon Institute found that on average, the financial damage caused by hackers and data theft was $ 3.8 million.Like that of McAfee, this figure is to be taken lightly, as though Ponemon shows his independence, his study was commissioned by ArcSight, a specialist in digital security. However, it appears that large groups are increasingly being targeted by hackers. Since the beginning of the year, the list of companies or institutions that have suffered cyberattacks has continued to grow. Sony has suffered more than ten attacks since mid-April, leading to theft of confidential data of more than 1 million customer accounts. Recently, Sega has had the same misfortune: the editor of the series of Sonic hedgehog found in mid-June have been stolen names, email addresses, birth dates and passwords of almost 1.3 million customers on its servers.Google or Citigroup also suffered cyber attacks.

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The support is not official, but the formula leaves little room for doubt. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF." In the race to succeed Dominique Strauss-Kahn to head the institution, is a way for Washington to support the European rather than his rival Mexican Agustin Carstens.

This statement therefore encourage what Christine Lagarde who must, on Thursday, passing his oral exam before the Board of the IMF. She must convince the 24 members it is the most capable of governing the IMF in the current turmoil. Agustin Carstens, he led his interview Tuesday.

The Mexican Fund for an impartial

During this session, had said Monday the institution, "each candidate will present his views on issues facing the Fund and its member states, and administrators will be able to interact with the candidates." Mexicans called for an increased IMF resources permanent, impartial, representing more emerging economies on its board of directors.

Christine Lagarde was in turn focus his presentation on an IMF "responsive, cooperative, legitimate and fair." So far, she expressed hostility to a restructuring of the Greek debt. When asked whether she was confident before the interview, the French Minister exclaimed: "Forever!".

Two shadows loom, however, about his candidacy. First, the case Tapie, who has rebounded earlier this week, and the Greek crisis.Brazil has indicated, through his representative at the IMF, Paulo Nogueira Batista, he expected the future Director to hold a position of severe vis-à-vis Greece: "We need strong action to obtain from Athens, and a clear financial commitment on the part of the euro area. A general statement is inadequate. " A position held since the beginning of his campaign by Agustin Carstens, who says he even opened a debt restructuring if necessary.

Preordained

For many observers, however, the game is a foregone conclusion for Christine Lagarde. "The French Minister on course to win," and headlined the Wall Street Journal on Thursday morning. She enjoys the strong support from almost all European countries, over 15% of the vote.One member of the board should, however, provide support to Agustin Carstens: Mexican director representing Spain and Latin America, 4.7% of the vote. Brazil has not made clear in his favor.

The decision should ultimately be taken on the basis of consensus, not wanting the institution or place one of its member countries is at odds vis-à-vis a future director or humiliate an unsuccessful candidate. The outcome of the deliberations is expected Tuesday at the earliest, and June 30 at the latest.

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In Athens

It is now the strongman of the government just revamped George Papandreou: Evangelos Venizelos. Imposing, talkative and impulsive, professor of constitutional law of 54 years did not mince his words when entering his new office as Minister of Finance: "I left the Department of Defense to enter a war", has he said. And for good reason, this war is that of the economy. He is determined to carry out reforms and has a good chance to convince members to vote in favor of the second austerity plan on 28 June. Observers say it is the ideal person to mitigate the discontent within the party.

The entire political class recognizes Evangelos Venizelos his intelligence and his status as a pillar of the new government.Gathering his majority was a priority to calm the ardor of the critics of the Greek Prime Minister.

But for some experts, this man from northern Greece be too wet to agree with the Europeans. "It is the one who said the Council of Ministers last week, the country was under occupation administration. How Brussels will trust him? "Assen there be in the ranks of the Conservative opposition. For political analyst Giorgos Kirtsos, "Evangelos Venizelos wants to be Prime Minister. It has a very social discourse and is highly regarded by the barons of the press. He will use his gift as an orator to get the reforms in the population, "said he. "When he was at the Ministry of Development, he has managed the beginning of the privatization of the Greek electricity utility by arranging their own way.Now, decisions are more difficult, especially since it's not a reformer, "says Giorgos Kirtsos. The new "czar of the economy" as it is called the Greek press has an agenda of the busiest on the European stage. He will travel to the meetings of the Eurogroup and has make a difference with his predecessor, Giorgos Papaconstantinou, became Minister of the Environment.

Control social discontent

According to Petros Doukas, an economist and former Greek finance minister, Evangelos Venizelos must quickly make proposals to the Europeans to save the country from bankruptcy. This could be a takeover of the Greek debt, "which currently is sold off at least 40% on the secondary market," said he. "Once acquired, they can erase part of our debt and other loan us again as a loan at 4% for twenty-five years.This is the ideal model for the second funding of 100 billion euros, "explains the former Conservative minister.

Meanwhile, Evangelos Venizelos will also control the rising social discontent in the country, especially as the indignant and unions are willing to take it a turf war without thank you. Rallies and demonstrations are scheduled from Sunday until Friday next European Council.

LinkedIn assesses its value to three billion dollars in its IPO issue addressed yesterday with the Securities and Exchange Commission, Constable of overseas markets. American professional social network is about to score this month on the New York Stock Exchange.

The startup has warned that its growth could slow in the future, investment is expected to increase the capacity of the site. The site could not even be beneficial shareholder this year. In 2010, it has recorded fifteen million dollars profit on a turnover of 243 million. This income was 78 million in 2008.It has also surpassed the hundred million registered end-March, with 102 million accounts online payday loan lenders.

Some analysts remain skeptical of the optimism LinkedIn whose business model is based on recruiting, marketing solutions and profiles "premium" pay, is very different from sites like Facebook or Zynga, very popular with investors, who rather seek to consume their users via their interfaces. Despite these differences, the IPO of LinkedIn will probably be a good barometer for gauging the success of quotations from other social networks, eagerly awaited.

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The ousted leader of the Michelin and Danone takes top spot in 2011 salaries of bosses Cac 40 prepared by Les Echos. Michel Rollier has received compensation of 4.5 million euros for 2010. Frank Riboud, head of Danone, he pocketed 4.4 million euros last year and takes the second spot on the podium, followed by the CEO of LVMH, Bernard Arnault, who won 3.9 million euros in total compensation. In total, the Cac 40 bosses have affected more than 98.3 million euros in compensation. The average CEO salaries Cac 40 amounted to 2.46 million per officer, up 24% compared to 2009.

The first of the three managers sponsored by Michelin also holds the record for pay increases: salary soared 505%.This increase is directly related to the rise of the findings of Michel Rollier as not receiving a fixed salary but only secured a bonus based on the results of the giant tires.

This peculiarity makes his annual compensation very volatile from one year to another, as in the previous ranking, published in 2010 and based on total compensation patterns in 2009, the envelope of Michel Rollier displayed in downturn 303% compared to the one he had seen in 2008. He then pocketed 743,000 euros, which was then the lowest pay of executives within the Cac 40. This end up filing returns this year to the CEO of STMicroelectronics, Carlo Bozotti, with 903,000 euros.Penultimate winners of 2011, the CEO of Renault shows a total compensation of 1.2 million, unchanged from last year: Carlos Ghosn has in fact waived his variable compensation following the fiasco caused by the false case of espionage.

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Whether employers or unions, the measure does not satisfy anybody! As for companies with more than 50 employees, there is consternation: the premium required will be "a further complication for companies that create jobs in France", do we denounce the MEDEF. Where there is no lack of argument: "Businesses from 50 to 500 people are those shareholders who need to grow, it is firms that are missing in France, it is companies that need capital to pay."

The president of CroissancePlus Frederick Bedin, think "good on the merits, not the property on the form" of the measure, which denotes him as a "simplistic view of the company." It would be far "more beneficial for the development of growth, the State engages in a genuine and lasting reduction of payroll taxes, which would favor an increase in net wages of employees."

Conversely, in smaller companies, where the premium will not be binding, but rather relief. CGPME even speaks of "good news" while deploring that "a small business of 51 employees distributed dividends is subject to the same constraints as a global company in the CAC 40!".

As usual, the unions showed their displeasure – with varying degrees of virulence, however. Francois Chereque, secretary general of the CFDT, called a "mistake" the principle of a mandatory premium in large firms, certain that it would "divide the employees, limiting wage increases, and constitute a" gift, a windfall "to the employers who receive relief cash advance. His counterpart at FOR, Jean-Claude Mailly, spoke of a "announcement effect", lamenting a "gas factory" even though "full of employees will have nothing.""The smartest bosses may repurchase shares to avoid n'augmentent dividends," he said on LCI.

"No obligation of result"

CGT denounced "improvisation" and "attempts electioneering" government facing a "real problem of purchasing power." She also regrets that there is "no obligation of result" of negotiations.

The CFTC has "welcomed" the Government's concern for an "equitable sharing of the wealth produced in the business," but hoped that "all companies" are concerned. As for the CFE-CGC, she has "taken note of the will" of the government, preventing it deems appropriate time the effects of this "yet another mechanism that can be used to plug the holes in the racket of sharing value added. " He concluded: "Nothing replaces the perennial wage measures".

Christine Lagarde is good news. The Minister of Economy announced Thursday evening that the forecast deficit of France for 2011 is reduced to 5.7% of GDP as against 6% previously. "We had committed to 6% for the year 2011 and I will announce tomorrow that the European partners have recalibrated our goal to 5.7%," she said on the eve of a meeting Budapest with its European counterparts.

Christine Lagarde also said it "maintains its forecast for growth to 2% for 2011, given all the indicators in manufacturing or in services."

Acceleration of activity

In his memo on the economy released on Thursday, INSEE rightly emphasizes that economic activity in France in the first half of 2011 will see an "acceleration"."In our scenario, the shocks go, resist the activity," summarized Sandrine Duchêne, head of the economic situation of the Institute.

INSEE, includes such an "acceleration of activity in early 2011 in France with a" rebound "of 0.6% growth in first quarter (compared to first quarter 2010), driven by manufacturing, followed by a "slowdown" to 0.4% in the second. France was well into mid-table European with Germany in pole position (1.1% in the first quarter, 0.6% in the second, according to INSEE).

To achieve the 2% increase announced by Christine Lagarde, France should show 0.7% in each of the third and fourth quarters, noted Jean-François Ouvrard, Head of Division cyclical synthesis.A new upturn in the economy would be necessary.

Rebound in exports

According to the institute, the French economy has benefited from a "rebound in exports early this year" in an international environment considered a "carrier". INSEE also relies on a catch-up "point" in public works, after a harsh winter. "A dynamic self-sustaining recovery has also been engaged for several quarters in France and consolidated, based on investment and employment," says Sandrine Duchêne.

Household consumption would be favored at the beginning of the year by the effects of "tail" of scrapping with the delivery of vehicles ordered before December 31, 2010.

The "shock" of food prices

Regarding the purchasing power of households, Insee said it would progress only (+0.1%) in the first quarter of 2011, before the second 0.3%.It would be sealed by the "resurgence of inflation" found after the oil shock of recent months. According to INSEE, inflation would be 1.9% year on year in June against 1.8% in December.

The "shock" to come will likely be about food. "Rising raw material was passed shortly, French singularity ', and its impact on consumer prices by distributors should intervene in the coming months.

Unemployment stabilized at mid-year

Regarding employment, the paper discusses the INSEE stabilization of unemployment by mid-2011. "On the horizon of the forecast, the unemployment rate would stabilize.It would amount to 9.1% of the workforce in France (9.5% including Dom), at the end of the second quarter of 2011, "INSEE said.

The increase in jobs in the first half of this year should be a little stronger than that of the working population (29,000 people) "supported" by phasing out the exemption from seeking employment. Because between January and June 2011, job creation would total 76,000 posts.

In the commercial sector (excluding agriculture), the most sensitive to economic conditions and has restarted last year, 78,000 new jobs would emerge, after 60,000 in the second half of 2010. 10,000 jobs would be created as non-employees.But in the non-profit, employment decrease of 7,000 positions, "because of declining admissions in subsidized contracts, while farm workers would fall by 5,000.

Through the mechanism of adjustment of wages to inflation, they should increase. But, despite this increase in nominal wages, real wages should remain stable in the first half, especially against the resurgence of inflation. "In Public, real wages continue early 2011 slowdown that began in 2010." The average salary per capita (SMTP) growth would fall by 0.9%.

No contagion from the debt crisis

Prudente, INSEE noted however that a number of uncertainties could affect its forecasts commme tensions on European sovereign debt."The current crisis seems to be very localized in Portugal," says Sandrine Duchêne, however, saying "the risks of contagion to all sovereign debt of the eurozone less important that a few months."

(With agencies)

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Renault management will be held accountable to employees disoriented and increasingly frustrated. "Since the beginning of this case, teams are troubled because management has never been able to bring the three elements that warrant dismissal. This is all that some people complained of enjoyed a genuine will on the human level, "said one of them. But today, when leaders make about face, the executives, who had to take over two months during the certainties of management, are extremely frustrated and worried. Their confidence in top management crumbles to the rhythm of press revelations, "he says.

"We're clearly not happy and we are asking more questions about how the investigation was conducted and how decisions were taken. In any case, what has been done does not match what we expect of our leaders.It's very shocking because it is a denial of our culture. These three frames were attached to the company, as I am and my colleagues, "says an executive from a different direction. Resentment towards the top of the company is palpable. "We welcome the decision to return the frames unfairly jeopardized if it is confirmed that this is the case.We demand further that meet at an earlier board special for Patrick Pelata and Carlos Ghosn, the two CEOs of the company, speak on this matter and take everyone with their responsibilities, " said Friday a representative of the CFE-CGC.

"Ghosn must take the consequences"

Patrick Pelata, number two in the group, who said in Le Figaro that if there was no case of espionage, he "will draw all the consequences," accusing eyes are now turning to Carlos Ghosn, CEO . "I think that employees would not understand that the CEO does not resign, especially since it does not have a capital of sympathy particularly high," said a third frame. Many people accuse him of having undermined the group."Carlos Ghosn said he expressed his certainty in the media to protect the company, but in reality, if all that is wrong, it will have destroyed our reputation by falsely accusing employees. It must draw the consequences, "adds the frame.

Employees also questioned the management style that would have resulted in these abuses. "If these three executives were sanctioned on the basis of the testimony of one person, it means that person's word is worth more than the employees, accuses Fabien Gache, central delegate of the CGT. We call for a thorough review of the organization Renault employees must be respected and listened again.Today, all decisions come from above. "

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Patrick Pelata, "I will draw all the consequences"

"If there is no business of espionage, I would draw all the consequences." Two months after the layoff, then the dismissal of three senior officers suspected of espionage, Patrick Pelata, number two of Renault, is clearly against the wall.

Tense, he broke his silence in an exclusive interview with Le Figaro. With great gravity he puts into play its responsibilities within the constructor. One way for him to remember that bear the consequences of this case but also to protect Carlos Ghosn, CEO of Renault and Nissan. For the past few days, the plot thickens.

An inside source says Le Figaro that a member of the security service stubbornly refuses to cooperate with the law to provide information.In particular, the identity of the outside investigator who recovered all the information that led to the identification of bank accounts in Switzerland and Liechtenstein. However, according to this source, mute the employee was "the only contact with the informant outside of Renault, who has supplied all private investigation." On two occasions, management, disturbed by this attitude, it would have sent written and oral orders remained dead letters. Accordingly, the employee has been drawing up a report indicating his refusal to cooperate.

The development of Squarcini

Faced with this situation, Patrick Pelata longer does the group is a victim of manipulation guaranteed unsecured personal loan."There are two hypotheses, either Renault suffered a case of espionage, or manipulation." This double scenario was brought Monday to the attention of the Prime Minister and Eric Besson Minister of Industry. If the conclusions of the investigation lead to the removal of all doubts about the guilt of the three frames, the number two at Renault ensures that the manufacturer will repair any attention to the injustices and propose to reinstate them.An opening that seemed impossible even a few weeks ago, so that their dismissal was done with great firmness.

Faced with bronce media in recent days, the director of central intelligence inside Squarcini Bernard, conducted Thursday afternoon, an update stating that "all the comments based on sources close to the matter are completely unfounded" , regretting that "such leaks seriously hinder the progress of the investigation." International letters rogatory launched to uncover potential bank accounts in Switzerland and Liechtenstein will not be returned to France before next week. In the meantime, Patrick Pelata has delivered what his aides called a major "operation transparency". A confession truth to defend the honor of his company.