The long Easter weekend has not relaxed the markets, awarded three simultaneous bad news: a weaker recovery than expected in the U.S., that growth has stalled in China, and renewed tensions in the eurozone , with Spain in the crosshairs.

While Asia had started the day down 1%, European stock markets have accused the coup at the close: -3% in Paris, and Madrid, Milan -4.98%, -2.49% in Frankfurt , -2.24% in London. Europe has ended up contaminating Wall Street, down 1% in late afternoon.

Slowing demand in China

Although Spain appears to be the new abscess, fever markets could last as it is based on a disappointing international situation from Asia to America. Across the Atlantic, unemployment continues to fall, to 8.2% in March, but job creation, twice lower than expected, have cast a chill. Ben Bernanke's remarks, noting that the U.S. economy is "far from being fully recovered," did not help.

For its part, China sees its exports not only slow (8.9% yoy) but significantly curb its imports, to 5.3% instead of 9.3% expected. This is a sign that "domestic demand continues to slow," judge an economist at HSBC. Now this is supposed to be the new engine of growth of the country this year.

In Japan, the third world economy, the central bank left its key interest rate unchanged between 0.0% and 0.1%, while the Japanese government hopes that the establishment gives a boost to activity in the fight against a too strong yen, which penalizes companies of the Archipelago.

Pressure on interest rates

In Europe, the OECD observes that "signs of recovery," especially in Germany, but the markets are worried about the fragility of Italy, France and Spain (see below). In one week, the Paris Bourse lost 5%, 6% Madrid and Milan 8%.

Concern that immediately led to considerable tension in the bond market with rising interest rates to borrow ten years in most countries of the euro area. The lifts were for the most significant rates that Spanish and Italian, respectively 5.852% and 5.527%, were dangerously close to 6%. This proves that "the recent liquidity injections from the European Central Bank failed to calm markets," says Natixis. In the eyes of the broker Aurel BGC, they focus "on growth." And tensions will last as long as it will not be at the rendezvous.

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Blast furnaces Florange the Eiffel Tower, it took them a week and a half walk. The steelworkers ArcelorMittal steel plant in Florange (Moselle), left foot on March 28 of Lorraine, arrived Friday afternoon under the Eiffel Tower. The end point of "the march of steel" to "defend their jobs with people."

The 17 walkers, unionized or not, have traveled over 300 km and symbolically ended their march at the foot of the "Iron Lady", made of steel of Lorraine. "Guys, this is who?", They started showing the Eiffel Tower. "To us," responded in a heartfelt cry from the hundreds of employees to join the marchers.

After traveling their last stage, between the Place de la Republique and the Champ de Mars, the steelworkers came to forming a row, holding each arm, all dressed in orange windbreaker. Other employees have come from the Lorraine ovation. On a placard that read "the shadow of death of the steel industry, more than 3,000 jobs lost in Lorraine, Luxembourg and Belgium."

A concert was scheduled for early evening including Bernard Allison. According to police headquarters, from 4 to 500 people gathered at the foot of the podium. "The sides arrived," "Steel Lorraine will live", had earlier chanted the marchers Republic Square.

"Human Adventure"

One of them, Rudy Crestani, retired Florange 61 years, said "human adventure" experienced by the Steelworkers. "The idea was to fight to save our endangered plant and thousands of jobs. We had an extraordinary sympathy of wind and we realized that our struggle far beyond the borders of Florange, this jewel of the industry, "told AFP Edward Martin, CFDT delegate.

"Many French people are recognized and have had to say:" We're all ArcelorMittal power ", because although the company (…) is competitive, it is not even enough to keep it running, since all these ayatollahs finance believe that it is always cheaper, "he said. The marchers slept in gyms, party rooms, received encouragement from anonymous.

Nicolas Sarkozy attacks

The previous visit of steelworkers in the capital in mid-March, had led to clashes with the police when they wanted to go to the campaign headquarters of Nicolas Sarkozy. Since the president candidate has blamed union leaders Florange, attacking the "permanent CFDT" who "betray the trust of employees." "The unionized workers are not full?, Edward Martin replied Friday.

For Alain Gatti (CFDT), "the movement was hyper-responsible" contrary to what was suggested Nicolas Sarkozy accusing the CGT and CFDT union officials to be "come (s) to insult and try to break (his ) campaign headquarters. "

By engaging their showdown in late February to keep maintaining the site and some 2,500 IDUs, including several hundred are now partially, the unions had promised to make Florange "the nightmare of the government" if the two high- furnaces in the steel plant, dormant for several months, were not given a prompt start.

This standby, "the death warrant of the site," they say, is only temporary and ensures ArcelorMittal due to global demand for steel at half mast. After "broken promises" of Nicolas Sarkozy in 2008 in neighboring Gandhinagar-industrial site finally closed in 2009 – Florange has become a political battleground, also involving trade union representatives.

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This is an uncompromising assessment has drawn Wednesday the regional audit of Ile de France for the city of Saint-Ouen. With 46,000 inhabitants, this town of Seine-Saint-Denis bordering Paris has voted for the Communist mayor Jacqueline Rouillon since 1999. While a previous check had already pointed to a lack of control of payroll and an irregular arrangement of working time or uncontrolled high absenteeism, the Court of Auditors found that his requests were not followed by effects.

First of all financially: the room leading a debt that has reached "alarming levels" after rising by a third between 2007 and 2009. It requires a careful monitoring of urban works in progress, as the ambitious development of the docks of Saint-Ouen to avoid a "fiscal disaster."

Housing Allocation

Another black spot, personnel management. Payroll has indeed jumped 23% between 2004 and 2009, a period "yet preceded a significant increase in numbers." Meanwhile, the Chamber notes the insufficient measures against absenteeism, "even though it is a long recognized problem." Finally, the agents of the City have an annual working hours less than 60 hours to the floor legally, an additional cost of 2 no fax payday loan.2 million euros! But that's not all: the room was also detected irregularities in the management agents. Bulk: a premium of 6,000 euros computer given to agents, irregularities in the allocation of staff houses but also abnormally low rents granted to officers, an elected another common paid full-time employment served part-time municipal vehicles used by elected officials without permission

.

Administratively, the picture is also bleak. The regional audit and denounced "the lack of efficient tools for procurement." At the very least embarrassing for a community. A transaction has especially been pinned: a developer has bought the City of St. Ouen some 70 homes at a price of … 19,000 to 21,000 euros. A little low, even for substandard housing on the edge of Paris. In its response to the room, the mayor of Saint-Ouen ensures particularly its desire to control debt and payroll.

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Justice always seeks to measure the responsibility of France Telecom in the wave of suicides that killed dozens of employees – 62 according to unions – from 2008. As part of the investigation for "bullying" opened in 2010, the Paris headquarters of the operator Tuesday was the subject of a search. "We confirm a search operation on Tuesday. This is the logical continuation of the current statement since April 2010, "reported AFP a spokesman for the group.

The unions, on Tuesday, have welcomed the progress of the investigation. "The first stage of training had gone through investigations in the family and business contacts all victims with fifty letters rogatory throughout France. This accelerated instruction is positive for us especially if it leads to a trial which, hopefully, will condemn the brutal methods employers and work organization pathogen, "says union South in a statement.

It is based on a report critical of the Labour Inspectorate that the Paris court decided two years ago to respond to the complaint filed by the SOUTH. A 82-page dossier analyzing the circumstances of the death of 14 employees of the operator, which concluded that "the implementation of labor organizations likely to cause serious harm to the health of workers." Very critical of "the politics of reorganization" led the company since 2006 to modernize, the report pointed "management practices that characterize bullying personal business card."  

New social contract

He also stressed that despite the repeated warnings of occupational physicians, labor representatives and health insurance funds, the operator continued implementation of its modernization plan "Next", launched in 2005. Among the means used to improve the efficiency and effectiveness of the group included the elimination of 22,000 jobs over three years and the transfer of 10,000 employees. In 2010, the Paris prosecutor had however held that the charge of "harassment", rejecting that of "endangering the lives of others."

The wave of suicides has already impacted the operation of the operator. Starting with its CEO. Didier Lombard, originally the plan "Next" and author of clumsy on about a supposed "fashion suicide" was replaced in March 2010 by its director France, Stéphane Richard. With a completely different style than its predecessor, it has sought to pacify the group. A new social contract, a discourse more transparent and promise to hire 10,000 people helped to reduce the social crisis. Interviewed by the company last September, employees seemed to feel a slight improvement: welfare to work was rated 6.8 out of 10 then, against 6.2 a year earlier.

Vivendi confirmed Monday, after market, the departure of Frank Esser, CEO of SFR, revealed by Le Figaro. This departure will be effective from the end of the week. Jean-Bernard Levy, CEO of Vivendi, this function takes live indefinitely. No other redesign teams SFR is expected. The announcement of a smooth transition reassured the 10,000 employees of SFR, where the announcement of the departure of Frank Esser, who presided over the destiny of the group for twelve years, has been a bombshell.

Vivendi wants to take the time to find a new boss for its subsidiary SFR, a pivotal moment in its history. Greatly shaken by the arrival of Free in the mobile sector, Vodafone is obliged to rethink its economic model. And why the research group "rare bird". Several names of potential candidates circulate: Bertrand Meheut (current CEO of Canal +), Thierry Breton (CEO of Atos), Didier Quillot (former CEO of Lagardère Active), Michel Combes (CEO Vodafone Europe), Gilles Pelisson (ex- Accor CEO) and Jacques Veyrat (Direct Energy) … But none is needed.

One thing is certain, the chosen one will have a profile of "cost killer" while SFR expects a decrease of 12% to 15% of its EBITDA margin in 2012 and Jean-Bernard Levy said at the Vivendi earnings presentation in early March, the need to "tighten the bolts." The future head of SFR should be able to reassure financial markets, while the decline in profitability of SFR weighs on Vivendi. The stock has lost 17% since the beginning of the year.

The departure of Frank Esser was decided Friday afternoon during a supervisory board of Vivendi, and presented Monday at 5:00 p.m. in the Board of SFR. It does not seem to be a coup as often in the wars of succession, but a decision by mutual agreement. Friday, same day that his fate was sealed, Frank Esser was attending a lunch with the entire executive of Vivendi, in which Jean-Rene Fourtou, director of Vivendi, and Jean-Bernard Levy have sent him some very complimentary. Frank Esser, Mannesmann's German came (acquired by Vodafone), is indeed recognized and appreciated by both teams by his peers.

Free to adjust the face

But, before the onslaught of Free Mobile, it was essential to give new impetus to SFR, which lost 200,000 customers between 10 January and late February. "Jean-Bernard Levy knows SFR. We are confident in its ability to revitalize all appear the beginnings of a stabilization of the situation. After the initial excitement, Free began to experience a certain loss, "said a spokesman for Vivendi.

The task does not look easy. We'll have to cut some expenses without burdening the future. "In the hundreds of service developments underway at SFR, it will have to choose between those that are essential for the future and those who can be stopped, says an inside source. Always painful choices that force teams to redeploy réinternalisant projects that were previously outsourced to external service providers. "The suppliers and providers of SFR should be the first affected by this clampdown.

Add paid features

It will also have to rethink the positioning packaging opportunities. Free Mobile face, all operators have launched entry-level offerings, sold only on the Web at very aggressive prices. But where Bouygues Telecom, the first chopping last July, has managed to impose "B & You", followed by Orange with "Sosh" SFR has not really enticing with its brand "Red" launched in late September.

But offers low-cost, direct response to Free, are not the only priorities. The operators were able over time to all-inclusive packages (visual voicemail, MMS, mobile Internet …). We must now all unravel for a basic package comparable to that of Free, which you must add a number of services at extra cost. A vast perspective.

Louis Welsh, CEO of aerospace group EADS, Airbus' parent company, for another few months, had assured him a few weeks ago the BBC: "We will continue and we will resist external interference." The confirmation of the German Ministry of Economics of a possible rise of Berlin the capital of the group could make the mission more difficult. The German government has indeed made a provision that could be used to repurchase additional shares of EADS.

Last November, Berlin had confirmed the recovery of half of the shares of the automaker Daimler, or 7.5%. The aim of the German government was not to lose ground against the French government retaining these shares in the lap of Germany.

But Berlin could therefore go beyond. The government has made a provision so that the public bank KF – who had already intervened in the case Daimler – can optionally be able to take additional units, the ministry said. In Focus, 4.5% stake now held by a group of private investors, shareholders also 60% of a consortium named Dedalus. This last group of public and private investors, includes, alongside great names of German finance Deutsche Bank, Commerzbank and Allianz, regional states in which EADS operates in Germany (Bavaria, Baden-Württemberg, Hamburg and Bremen ). Dedalus has a total of 7.5% of the aerospace group.

Power relations

By the end of the year, the consortium Dedalus might decide to sell 4.5% stake. If he offers to the German State, it will be obliged to redeem them, the ministry said. Deutsche Bank and Allianz, who took 10% of each Dedalus at the time of formation of the structure in 2007, did not comment. According to the Financial Times Deutschland, the provision of government reach 1.6 billion euros. The new acquisition would amount to 12% of Berlin's participation in the capital of EADS. According to Les Echos, it could reach 13% if we add the 1% held by the public bank KfW in Dedalus. In front, France has 15% stake, and Lagardère 7.5%.

The balance of power at EADS are a sensitive subject. Recently, the German government has expressed its fears of excessive weight of France in his eyes in the division of roles and assignment of key posts, including the changeover from the center of gravity of EADS in Toulouse. Thomas Enders, Airbus President and current successor of Louis Galois, had proposed to his headquarters in Toulouse.

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As manufacturer of luxury, premium luxury. The German carmaker Porsche, fit, will pay a bonus of 7,600 euros to each of its 8,500 employees, under the year 2011.

The manufacturer has the means. Indeed, he beat last year a new record by selling 119,000 vehicles. The company's management intends to reward 'performance and commitment of the workforce. " All employees are concerned, "they work in the kitchen or as an engineer," summarized in a statement Uwe Hück, president of the council. Only downside: this egalitarian reward only applies to employees of Porsche, and not the interim.

Porsche, being acquired by Volkswagen Group, has often been generous with his troops, paying premiums almost every year in recent years. Crisis requires, however, that they were in 1100 euros in 2009, and 3800 euros a year earlier. For 2010, VW and Audi, the two main brands of the Volkswagen empire, as well as Daimler had also spoiled their staff.

The entire German automotive industry is booming. Volkswagen has released record results for 2011. Mercedes (Daimler) and BMW have also posted strong sales last year.

While wage increases are capped by a sector agreement since 2010, the premium German car groups to their employees are a valuable motivational tool. They are modest in relation to the financial health of insolent generous employers.

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Nicolas Dupont-Aignan pulls no punches. "EU leaders are economic criminals" who are trying to rush the Greek people in a "total chaos," he said Wednesday, during the presentation of its 37 proposals for the 2012 presidential election. Before adding that Greece is doomed to leave the eurozone such as Spain and Portugal. "The euro is dead and the cumulative recession policies can only lead to disaster."

Based on this observation, the candidate intends sovereigntist "reorient Europe on a sound footing." How? By extirpating the France of the single currency as soon as possible "to move to the euro-franc". And hopefully get it "more flexibility" to allow the French economy and to "restore the competitiveness of our businesses are no longer aligned with a German euro". And for good reason, "the problem of France is not budget, but commercial," he insists. Restore the trade balance through a devaluation of 15 to 20% of the euro-Swiss franc against the euro mark.

Nationally, "the heart of its economic program," it is the financing of public investments by the Bank of France at rates of 0%. Nearly 500 billion euros and will be monetized over five years to reduce debt burdens. "At the end of this exceptional program, there will be more 49 billion of interest charges, but 30", approximately 19 billion of additional revenue to fund "investments for the future."

"Protectionism smart"

The downside, this printing money would generate, according to him, 3% inflation per year in 2013 before declining to 2% thereafter, on the grounds that there will be no private money creation one hour payday loan. Priority will also be given to the massive investment in research and education. "Globalization is the rivalry to conquer the great innovations of tomorrow," he said. With all these measures, the applicant does not intend nothing less than to relocate a million jobs in France.

Nicolas Dupont-Aignan also advocated the establishment of a "smart protectionism" by taxing products that do not respect certain social and environmental bases, while wishing to halve the tax for companies that reinvest their profits on the ground French.

Finally, he lashed out strongly in finance, "this crazy industry ruining Europe", and called for the establishment not of speculation, thanks to the introduction of the Tobin tax should report "21 billion in full years."

"Sarkozy, Bayrou or Holland offer all programs suicidal for Europe". As for Le Pen, it "distributes purchasing power by magic." In other words, the "only true anti-system candidate," it's him. Confident, Nicolas Dupont-Aignan says also that in terms of signatures, it is "very close to the goal."

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On the Greek front, the relief was short-lived. The hope of a crisis after the announcement of an agreement between the austerity coalition in power has been showered later that evening by the Eurogroup. Indeed, the forum of finance ministers of the monetary union has not given the green light yesterday to the outbreak of a new critical assistance for Greece. "Despite the significant progress made in recent days, we did not have all the necessary elements on the table to make decisions" in the immediate future, said President of the Eurogroup, Jean-Claude Juncker, to outcome of the meeting.

The central bankers of the euro area have put three conditions for granting a new loan in Athens, and set a new appointment next Wednesday. Those responsible for the euro area demand and the Greek parliament approves austerity plan Sunday in the day yesterday accepted by the Greek political parties and its creditors. Finance ministers of the euro area also ask Athens to make "additional savings to the tune of 325 million euros" in the 2012 budget of the country, and that "by Wednesday," said Jean-Claude Juncker.

Finally, the euro area expected "strong political guarantees", written by the coalition parties in power in Athens no fax pay day loan. "We want real commitments" on reforms that are carried out, said the president of the Eurogroup. The Greek government estaccusé not fulfill all the promises of budget savings and reforms promised in exchange for international loans. However, to ensure that the funds will go far in debt repayment, the Franco-German proposal to create a special escrow account is seriously considered, said yesterday the European Commissioner for Economic Affairs, Olli Rehn.

The doubts of the euro area are justified: the new agreement accepted yesterday by the ruling coalition was the same day denounced by the Deputy Minister of Labour, Giannis Koutroumanos and has not received the green light for conservatives Antonis Samaras. But the Greek Socialist Minister of Finance, Evangelos Venizelos, is intent on achieving an agreement. Last night he gave notice to the Conservatives to support additional budgetary savings at risk if not to see the country forced to exit the euro area.

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This is the case of Vivian B., 57, teacher. This Lyonnaise conducted between 1991 and 2010, three rental investments in his city. "I spaced each acquisition a decade, the time each time to pay off my credit. I always chose the studios in the IVth arrondissement of Lyon, an area popular.The lease payments used to pay me a portion of the loans, but each time I had to add 100 to 150 euros a month, "she says. Handyman, Viviane never hesitates to restore its apartments, it manages solo. Another "trick" by Viviane: the choice of holiday rental. "This formula provides short leases, or a year. Thus, it is easier to separate from a deadbeat tenant. "

1500 euros of additional income per month

For her, the acquisitions will stop, "because this investment is not worth the shot," given the rise in property prices in particular. "Every studio brings me 6%. But if I bought the same day, the yield would fall to 2.5 or 3%. "Soon to retire, Viviane Heritage is satisfied that it has formed. "My pension should be around 1.300euros month.