The pill is all the more bitter for the staff unions of sickness, such as primary agents of funds or regional health insurance (CPAM, CRAM), have declined steadily for several years.

From 85,000 in 2003, they returned to 75,243 in 2009, according to the draft agreement on objectives and management (COG) which AFP has obtained a copy. Like all governments, the CNAM is subject to the rule of non-replacement of a staff of two. But already, Michel Régereau announced he would vote against.This could lead, if followed by his counsel on a "blocking" quite rare in the annals of Secur. "So far, the presidents of unions secu supported the compromise reached with the government and sought to obtain a majority," he said.

"For the first time a president of CNAM will vote against the government decision on a matter as important," he said. "I think it's a first," concurred Carolina Ferrera, Director CGT, adding that the central union "can not condone such job losses.

According to Michel Régereau, the Fund had estimated it had saved 850 jobs, bringing the losses in 3350. But with nearly 4,000 positions eliminated, "then we can not.""Our network of primary funds is to be a challenge (…), it will be very hard for regional banks, they will retreat to their core business and our strategy to improve the efficiency of the health system will be lost, "he added.

For example, the Fund wishes to develop information to health professionals, improve the conditions of discharge from hospital for patients, and developing diabetes prevention, "he listed. "To develop these programs, we need means," he said.

"It will be a disaster is already explosive into the coffers of secu!" For both the personal to the insured, Carolina Ferreira warned, saying the government demands "unacceptable.""We are dealing with a government that is deaf" and "blindly applying the rule of RGPP," the General Review of public policy, "she accused.

Remains to be seen what the outcome of the vote of the board of directors, composed of 35 members (unions, employers, mutuality, qualified individuals, patients' associations, family associations and professions). If he had voted against the COG 2010-2013, "is the state that (would) hand to the application," said Carolyn Ferrera, and could possibly refer the matter to Parliament, according to Michel Régereau.

Dilemma for voting against unions because they would lose part of their role.

The general and regional councils also have used the gun tax. But it was not enough, especially for departments. For the latter, the surplus between income and expenditure has shrunk by 17.8% in 2009. For social spending soared 5.3%.The crisis has pushed the bill of RSA and the aging of the population that of personal autonomy allowance (APA). The elected county expect a similar drift in 2010, "For some departments, the budget balance is very fragile," concludes the report.

Reduced investment

However, in 2011, the constraints will become even stronger. The funds that the departments, but also municipalities and regions, receiving state, which represent nearly 30% of their income, will no longer increase. This was decided by the government. Moreover, the reform of business tax will reshuffle the cards in local taxation. The communes and intercommunal retain a large basket of tax which they may determine the rate.The departments themselves, will not play on the property tax and regions on the gray card No fax cash advances. A situation that worries the county and regional elected and pushes them to invest less.

In 2010, capital spending will drop the first 2.2% and 3.4% of the latter, according to the report. Spared, the mayors expect an increase of 4.5%. "But eventually, the municipalities will be affected because they receive subsidies from the regions and departments," warns Philip Lawrence, in right-wing President of the Finance Committee of the Association of Mayors of France (AMF).

What are the solutions? The local financial professionals, such as UMP or Marc Gilles Carrez Laffineur propose to increase the redistribution between rich and poor communities.Another avenue: better management of intercommunal. For staff costs have mostly slipped to this level (they will grow 8% in 2010). The groups of municipalities have produced savings but duplicates! The government, he promised a reform of the APA to relieve the departments and the establishment of ad hoc aid. "But for now, we are expectant. If nothing happens, we will introduce a bill that will force the state to finally make up our social spending, "said Claudy Lebreton, President PS Assembly departments of France. Meanwhile, between votes and budgets insincere appeal to the courts, the climate remains tense between elected officials and county government.

ALSO READ:

The government and sentenced on local government reform

Two years after the outbreak of the financial crisis of 2008-2009, part of the United States with the bankruptcy of Lehman Brothers, the European Parliament in Strasbourg approved the text, which was the subject of a June 30 Agreement between the elected and the states of the EU.

In 2011, the bonus must not be disproportionate to the fixed salary and cash bonuses will be capped at 30% of the total premium, or 20% on premiums particularly important.

End outlandish bonuses

Much of the bonus will be paid immediately and will not be after a period of at least three years to allow the employer to recover some cases where investment does not function as expected.

Finally, at least 50% of a total bonus will be paid as contingent capital, which can be recalled in case of banking difficulties, so that taxpayers do not end up in the front line when a bank gets into difficulties.

In the case of banks that receive public subsidies, the text also provides that "no variable compensation should be paid the officers of the institution unless it is justified."

"Europe gets the rules of coaching salaries of bankers and traders with the most aggressive in the world," said a French Green MEP, Canfin Pascal, who negotiated the text free credit reports. "By limiting the proportion of variable pay in total compensation, this text will finally put an end to extravagant bonuses synonymous with extravagant risks," he added.

A text to the liking of the banking sector

"Two years after the outbreak of the global financial crisis, these tough new rules on bonuses will transform the culture of bonuses and incentives to end the excessive risk-taking", claimed that his side the Socialist Arlene McCarthy, parliamentary rapporteur on file at the agreement in principle on June 30

The text is however not to the liking of the banking sector."We believe that the agreement goes too far, because at the international level, there are already some principles" in the form of recommendations that were made including the Financial Stability Board (FSB), had informed the AFP secretary general of the European Banking Federation, Guido Ravoet after the tentative agreement. "We believe that this is not the public authorities to make amounts, percentages," he added, saying that this responsibility should be left to banks.

"If the international level, it does not follow Europe, European banks have a competitive disadvantage," says Guido Ravoet, who believes that "financial centers like New York, Singapore and Hong Kong will benefit."

LE FIGARO. – You transfer some of your activities in Great Britain. Would you withdraw from the country?

Henri de Castries. – No, no way. It is not out of the United Kingdom but we concentrate, as in our other markets, segments on the most strategic and fastest growing.Therefore we give only a part of our life insurance in Britain: the activities of traditional life insurance, as we had also stopped developing in 2002 because they no longer matched the expectations of our customers while being highly capital consuming. However, we maintain a portfolio of more modern products, whose growth prospects seem high and where margins are more consistent with the group average which is between 15% and 20%. Moreover, the operation does not damage insurance, or health.With this transaction for 2.75 billion pounds (3.3 billion euros), we derive the capital that we can redeploy where customer needs are the greatest.

Is this a turning point in your strategy? And should we expect AXA on acquisitions in emerging markets?

The crisis has caused a market decline and a new distribution of growth areas. It has not changed the major principles of our strategy, instead. We'll continue developing our core businesses for damages, life insurance, asset management through organic growth and, opportunistically, through acquisitions. The developed markets still have good growth prospects, even if only from the effect of demographic changes, but we work in parallel on an allocation of our resources to emerging countries in Asia, of course, but not only.There are actually three other major areas of expansion: the Central and Eastern Europe, the Mediterranean area and Latin America. In Asia, growth is actually attractive. But the modalities of development of foreign players are still complex, especially in China and India. So do not confine our ambitions to these two major markets.

In Asia, the failure of the attempted takeover by Prudential AIA offers does it generate new opportunities?

Prudential was willing to put a price on the table that seemed very exaggerated. Our priority in Asia today is to conclude the transaction on Axa Asia Pacific. Then we'll see …

In Europe, the prudential rules could push banks to divest their insurance subsidiaries. Axa is he interested?

We observe closely what is happening.But no movement of magnitude is possible – for Axa as with all other major players – as we are not clear about what will be the regulation of the bank and the insurance. Then we will examine the opportunities. But I prefer to say at the outset that we, the insurers will not be easy these suppliers of capital as some might hope. We are ready to balanced partnerships with banks. But the distribution network – in this case banking – should not count on us to collect commissions unreasonable.

What about your thoughts on the construction of a new business plan?

It is actually an ongoing process, but we do actually re-adjustment of our business plan in light of the crisis, which has changed the level of our market and changed their dynamics.The result of our thoughts on our new objectives will be known early next year.

How do you rate prudential reforms as they prepare?

Insurers who had managed to remain faithful to their trades have weathered to the crisis. No European player has needed to raise capital. We agree with the economic approach to Solvency II proposes that risk, but be careful to calibrate as insurers meet an essential mission: they are long term investors, thus stabilizing the natural system. Nobody has an interest in an excess of zeal on the part of the prudential regulator activity handicap players like us. Therefore, the new standards should not result in additional capital needs. More broadly, these reforms raise a fundamental question: Europeans' appetite for risk.This is a new phase of debate on the precautionary principle: there is too much caution can be harmful. In this case, it can cause no growth. It must strike the right balance.

ALSO READ:

"Axa is planning the full power to Henri de Castries

"The activities in the United Kingdom Axa sold 3.3 billion

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes paydayloans. "

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, but caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, the trio that swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

ALSO READ:

"Kerviel: Societe Generale could not not know"

Jerome Kerviel's hierarchy involves

"The challenges of Societe Generale

The cause new concerns about the financial situation of Europe after the alarmist claims in Hungary on the country's economic situation where the deficit would exceed 7% of gross domestic product (GDP) while the official estimates evoked 4 5%. A scenario that is eerily the premises of the crisis in Greece.

The economic and monetary instability in the euro zone single currency also weakened. But European leaders are willing to intervene.French President Nicolas Sarkozy and German Chancellor Angela Merkel met today in Berlin to strengthen their ties and cohesion policies. If both appear on the same line in terms of regulation, the outlawing of the regulators or the taxation of banks, other topics are still under discussion as the degree of budgetary austerity.

However, the Luxembourg Prime Minister Jean-Claude Juncker reassuring. The latter said yesterday that the euro is not undermined. Questioned on TV5 Monde, the president of the Eurogroup has explained that while "money appears very weak in the eyes of the markets," in reality "it is not because our fundamentals are stronger than those of Japan and the United States United.

Markets dive again s'nquiètent of the euro and the situation in Hungary.The Tokyo stock market declines and 4% in mid-session on Monday.

ALSO READ:

"FILE – The euro, a currency tormented

Click on the thumbnail to enlarge the graphic

"Attack of the market is now against the euro and individualized assistance to any country may give an insufficient response of Europe, the priority is a unified response, firm and fast," said one in particular these sources on condition of anonymity.

If agreement seems to have been found on Friday on the need to establish a sustainable mechanism for defending the single currency, the heads of states still fail to agree on every detail. "The discussion focuses particularly on the role of the ECB," said a source close to the talks

Pressure on ECB

All eyes are turned to the ECB effect. The other track would be mentioned that the latter buys bonds issued by states of the euro area, to provide them in exchange for cash. According to these same diplomatic sources, the European Commission would currently pressuring the ECB to make sense in a concrete proposal to support the euro area.

On Monday, the ECB announced it would accept the Greek debt as collateral for its loans, regardless of their credit ratings.Extending this unprecedented step for all countries in the euro area "would be a strong signal to markets" would have said the president of the European Commission Jose Manuel Barroso. But on Thursday, the ECB said it had not considered.

At the meeting this Friday, the president of the European Central Bank Jean-Claude Trichet, have estimated that the eurozone faced a "systemic crisis" easy payday loans.

Tighten fiscal discipline

The euro zone leaders agree at least on the need to tighten fiscal discipline. A commitment to ensure that "Greece is not only to reduce its deficits, but that we work so that all the Stability and Growth speedy again respected," said German Chancellor Angela Merkel in Brussels.

Leaders also stressed the need for better coordination of economic policies in the euro area. Finally the sixteen Heads of State and Government reiterated their determination to "move quickly on the regulation and supervision of financial markets. They also insist on the creation of "a European rating agency.

Barack Obama supports the EU

Moreover, since the White House is that Barack Obama supported the European heads of state on Friday. "I made it clear that the United States supports these efforts and will continue to cooperate with EU authorities and the IMF during this critical period," he said, after talks with Angela Merkel.

American concerns grew at the same time as the market stress.Wednesday, Charles Plosser, a leader of the U.S. central bank (Fed) has assured that "the economic recovery of the U.S. could be delayed by a further turmoil in financial markets. Recent events in Greece are one of the factors likely to influence the evolution of the U.S. economy. "

ALSO READ:

"Under pressure, size of Europe in its public expenditure

Fran?ois Fillon defends introduce rigor

"The continuing recovery of passenger and cargo operations has been significant in the month of March both in terms of traffic and unit revenue.Even if they were significantly higher than last year, they remain below levels reached in March 2008, "the statement said.

The largest increase (+7.2%) is recorded on the Asia network for a load factor of 88.5% (+5.8 points) against 2.2% for the Americas and Europe, whose respective load factors amounted to 85.1% (+4.4 points) and 67.2% (+4.4 points).

At the Paris Bourse, the stock has lost 1% to 11.87 euros in a market that has yielded 1.20%.

ALSO READ:

"Air France filed a complaint against Ryanair

Net-a-porter is one of the best success stories of fashion on the Internet. Founded in 2000 in London by Natalie Massenet, an Englishwoman raised in France, former fashion journalist in American magazines, it distributes worldwide about 300 items from great brands rather pointed, like Jimmy Choo, Stella McCartney and Alexander McQueen . The offer is presented in magazine format. The company based in London and New York last year realized a turnover of approximately 134 million euros.The founder sells 18% of the affair it still held, for an estimated 70 million euros. She will remain in place, deeply involved in its development.

"Given the amount, it is clearly a strategic investment, says it does among the Richemont instant payday loan. Net-a-porter will, like all our houses, totally independent. This will not become a channel for the group and we are pleased that the site continues to work with external marks. "So far, the Swiss has a modest presence on the site, including via its label Chloe.

Richemont nevertheless demonstrates a firm belief in the future of e-commerce for luxury. "These are consumers who will decide," Does it tempers in Geneva. So far the industry has been very careful – if reluctantly – to invest the net.The adventure of LVMH in the early 2000s in its U.S. e-luxury.com was cut short. According to a recent study by Precepta, web weighs only 3% of worldwide turnover of luxury. That figure could reach 4.7% in 2011, representing a market of 7 billion euros. The brands like Boucheron (a subsidiary of PPR), Cartier, recently the United States, Ralph Lauren and Gucci come gradually. Yoox.com The Italian, who has just come into stock, has developed a multi-brand and manages many e-shops for claws.