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Faced with huge losses, Air France wants to question the social arrangements of the company. Hence the concern of some employees have forced management to interrupt a meeting of the works on the subject. Interview with Beatrice Lestic, secretary general of the CFDT Air France. .

Days off, holidays, bonuses, benefits … Some benefits of employees of Air France could fly well. Just as the organization of work could be reviewed. Indeed, management has initiated the process this morning to denounce the social agreements of the company with a meeting of the Central Works Council (CEC) headquarters at Roissy. A meeting that quickly petered invaded by hundreds of employees who have forced the leaders to leave the room. The fact remains that the procedure "Reconstruction of a conventional framework" of about 50,000 employees is launched. With the CEC, the first after the announcement of the plan in mid-January drastic savings over three years (2,000,000,000), Alexander Juniac opened this high-risk project that it considers "essential". "On the basis of a new economic model (competition from" low cost "and companies in the Gulf), we must build a new social model," said il.Ce worries the unions. Interview with Beatrice Lestic, secretary general of the CFDT Air France.

The termination of these agreements social worries you it?

Yes, we are very concerned, if not angry. Direction points to several chapters of collective agreements very important as pay, holidays etc.. Problem: it is very vague on the points she wants to put on the table. There is a real problem of visibility. We have to meet a priori on February 20. On that date, then we will know specifically what management wants to put in this new framework agreement. If the unions sign the new agreement, will follow a negotiation phase, which will be concluded in June. For now, we do not impugn anyone's motives, we wait. But one thing is certain, if management compensation affects the climate will tend seriously. We will enter a phase of complicated dialogue.

Some advantages of Air France employees …

Advantageous remuneration days fériésSix child days maladeSix day fractionation (additional leave) Airline tickets at reduced rates

What are the main points covered by management?

She denounces partially collective agreements, some chapters. In mind, those on employment, the reorganization of business, career. Another chapter denounced the compensation, but we do not know the points covered in this chapter. The management is not explicit, this leaves room for all the fantasies … Since the beginning, management says it will not affect the gross wages, payment for public holidays, but we were sure would! If the idea is to hit the pay, it will be a major problem, it's just impossible. Another concern, that on holidays. At Air France, employees may take their leaves so divided, they are entitled to six days of bonus added to annual leave, against three in the collective agreement in the air. This could be questioned. Just like the days off, it seems that this is subject to termination.

For management, this renegotiation of the agreements should help "reduce business costs." Is it a credible argument?

Of course we are all aware of the financial situation of the company and the need to change things. But we will get nowhere without an overall vision of an industrial project. Cost reduction at the expense of employees alone is not the panacea to all problems. You can always revise texts, it is easy, but then they must be justified …

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The European Central Bank did not change interest rates Thursday, but the markets are waiting to see if she is willing to lower them again in the coming months or if it will remain in the waiting, the one or the other being determined by the attitude Statistical to come.

The refinancing rate remains as it was expected at 1.00%, the deposit facility at 0.25% and the marginal lending rate to 1.75% .

The ECB president Mario Draghi explain this decision at the regular press conference starting at 14:30.

It is likely that questions posed to them about what the central bank could do for Greece. But it may well also he does not say anything until the situation is not resolved.

It is also possible that Mario Draghi announces no new support measure given that the ECB will launch at the end of a second refinancing operation three years after success of the first of its kind, in December, which resulted in a record cash injection of 489 billion euros.

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The Strategic Investment Fund (ISF) expects 2011 results "significantly" positive, said Tuesday its CEO during a press conference.

At about one month of the official presentation of accounts 2011, Jean-Yves Gilet an update on major current issues of sovereign fund sought by President Nicolas Sarkozy to invest in industry and future technologies.

The ISP is currently in exclusive negotiations with Areva to regain its 26% stake in mining group Eramet.

Jean-Yves Gilet explained that his institution would achieve a shareholders' agreement with the Duval family which owns approximately 37% of Eramet. The sale of shares in Areva will result in canceling the double voting rights attached to shares and the ISP wishes to obtain guarantees on the governance of Eramet.

The director said he wanted the ISPs send "very quickly, within weeks" to an agreement.

The transaction price has not yet been released. But at the time of its announcement, Eramet, a French specialist of manganese and nickel, showed a market capitalization approaching 2.5 billion euros, which valued the 26% Areva to about 650 million. The action, however, Eramet has jumped 35% since the beginning of the year.

MEDIATION DRIED-SAUR

Jean-Yves Gilet also gave an update on the issue of Saur, the third French player in water treatment which Séché wants to take control.

The project has however met with both ISPs, to the direction of the Saur and its unions, and certain creditor banks of Saur.

Since then, a mediator was appointed to reconcile the different parts of a rapprochement between the two groups.

"We hope to have an understanding of a solution at the end of the first quarter," commented Jean-Yves Gilet. 

The capital of the Saur is currently owned by a consortium of shareholders consists of ISP (38%), Séché (33%), Axa Private Equity (17%) and Cube (12% ), an infrastructure fund managed by the French bank Natixis.

A change of control could trigger the renegotiation of a debt of several billion euros that is crippling the group's prospects.

INDUSTRIAL SECTORS FUND

Jean-Yves Gilet confirmed that the ISP was interested in the project of planemaker Geci International, which wants to launch the Skylander, a twin turboprop capable of serving economic difficult areas of accessible.

"We are actively studying the issue," he said, refusing however to say more on the probability of an investment by the FSI in the new aircraft. 

The CEO also said ISPs will result in a few weeks to create new investment funds to structure the industrial sectors as for the French nuclear or health.

These funds, the amount should be between 80 and 200 million euros, have the same purpose as the modernization fund automotive OEM (FMEA) launched in 2009 in a crisis to support the sector.

President Nicolas Sarkozy announced in November they were created and called the ISP to invest more in the regions.

"We have decentralized the ISP," said Jean-Yves Gilet Tuesday, recalling that his institution had launched ISP Region and launched an advertising campaign in regional press.

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The Tokyo Stock Exchange ended down 0.5% Friday after three sessions of consecutive gains, investors playing the card of caution pending the publication of the U.S. monthly data for job creation.

The Nikkei ended down 0.51% or 44.89 points, to 8831.9 points, while the Topix broader, yielding 0.23% or 1.76 points, to 760 , 69 points.

Values, Sony has awarded more than 8% to 1,435 yen. Investors welcomed the appointment of a new CEO, despite a loss in profit forecast.

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Fitch believes that the "AAA" rating of France would be in danger in case of intensification of the crisis and a worsening economic slowdown. The rating agency currently maintains its stable outlook. The offices of the rating agency Fitch in New York.

The rating agency Fitch Ratings said Wednesday that France could see its "AAA" rating, the best possible challenge for the aggravation of the crisis in the eurozone. "The AAA of France would be in danger" if the crisis worsens, then that would cause a worsening economic slowdown in France and Europe would force the country to help its banks, Fitch writes in his analysis .

According to the agency, France deserves its AAA today but could be forced to further action on the budget if it is to meet its deficit target of 3% of GDP in 2013, as pledged by the government.

The new Fitch report is published as France, rated triple-A from three major agencies, has suffered in recent days in the bond market, seeing the difference between its rate to 10 years and those of Germany to a level record since the inception of the euro area. Monday, rating agency Moody's had estimated that a rise in bond yields and French economic growth prospects deteriorated might have a negative impact on the debt rating of France.

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The Spanish Sunday should inflict a severe punishment vote to the Socialists, in power since 2004, the balance comes down to an economy threatened by recession and record unemployment. The right has already promised the land of sacrifices to redress public finance. Nearly 36 million Spaniards to the polls Sunday, November 20 to elect 350 deputies and 208 senators. The People's Party led by Mariano Rajoy (poster at right) would deal a severe defeat for the Socialist Party of Alfredo Perez Rubalcaba (poster on left)

Nearly 36 million Spaniards to the polls Sunday to elect 350 deputies and 208 senators. These early parliamentary elections – the election was expected to take place in March 2012 – were called in July by Prime Minister Jose Luis Rodriguez Zapatero on the bottom of the debt crisis in the eurozone.The outcome is clear: the Popular Party (PP) would deal a severe defeat at the Socialist Workers Party (PSOE), in power since 2004. According to recent polls, the PP would win an overwhelming majority (between 190 and 198 seats out of 350). Its leader, Mariano Rajoy, 56, prepares to assume the costume of the Prime Minister.

The PSOE, led by Alfredo Perez Rubalcaba – Zapatero withdrew to represent – is credited with less than 30% of the vote, 115 to 120 seats. The Socialists are paying the price of painful austerity.

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Bankers have proposed to increase from 21% to 40% discount they are willing to take on Greek debt, while the private sector requires impairment of at least 50%, it was learned Sunday of German banking source.

In July, banks and insurance companies have agreed to contribute up to 50 billion euros to reduce debt through a Greek takeover of paper and an exchange agreement, which amounted to an impairment or discount of 21 %. This is now considered insufficient for Greek debt is manageable.

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The European Commission announced Friday it opens proceedings against Johnson & Johnson and Novartis.

The Commission investigation concerns agreements and abuse of dominant position, the Commission said in a statement.

It will seek to determine whether the contractual arrangements between the two groups could have the purpose or effect of preventing the entry of generic versions of Fentanyl in the Netherlands.

Fentanyl is a potent analgesic used to treat chronic pain.

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The International Monetary Fund does not share the analysis of European authorities on the debt sustainability Greek and wants to know the outcome of EU summit Sunday in early November before deciding to pay the sixth tranche of aid to Athens, said Thursday more European sources.

The IMF is with the European Commission and European Central Bank one of the components of the "troika" of international inspectors to ensure the implementation of an ambitious program of reforms in Greece in exchange for financial assistance .

"The IMF believes that the other members of the Troika are too optimistic," said one source.

A second source said that "the IMF (wanted) absolutely first see what is decided in the Eurogroup and the European Council", referring to Friday and Sunday meetings of finance ministers and heads of state and Government of the euro area.

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The wealthiest households are the biggest beneficiaries of reductions and tax credits on home care services: in addition to receiving a higher rate of reimbursement, there rely more and larger amounts. A residence of Les Jardins d'arcade Grau-du-Roi.

The tax reduction introduced by the government to expand home care services has mainly benefited the wealthy households, the tax credit introduced in 2007 did not lay only partially so far, says a study published Friday by INSEE .

From 1991, households have reduced their tax half of their spending on home care services in a ceiling, said the National Institute of Statistics. This device, however, concerned that households taxable. In 2006, three quarters of household users of home care services had benefited from the tax cut.But only 3% of 30% of the smaller users had used it against almost all users belonging to the 10% wealthiest households, is the INSEE.

In 2007, the government set up the device tax credit, which would in particular help households pay no tax benefit. "However, this possibility is open only to tax households where all adults are active, and thus to households with a two-earner married couple, an active person without a spouse or an unmarried couple with at least one member is active, which greatly limits the expansion of the benefit of the device, "wrote the institute.

Between 16,000 and 71,000 jobs

Thus, among the household users who do not benefit from the tax reduction, which are mainly the elderly, only 12% received the tax credit in 2007, according to INSEE.So the easiest remain the biggest beneficiaries of the tax benefit, says the Institute, noting that "in addition to receiving a higher rate of reimbursement, greater use and higher amounts" to home care services . In 2007, the richest 10% received 60% of the total tax benefit received by households, a proportion slightly lower only because of the tax credit, since the proportion was 64% in 2006.

The use of home service has grown along with the development of tax legislation, notes the study. It would have doubled between 1996 and 2008 from 6.4% to 12.8%, according to INSEE, which is based on actions reported by households in the social and tax administrations. This development reflects both supported the regularization of undeclared work and employment creation.

INSEE estimates that the introduction of the tax reduction would have led to the creation of 12,000 to 43,000 full-time equivalent jobs and the annual cost per job created would be between 23,000 and 85,000 euros. The new tax credit generates it, "a modest additional cost to the budget," said INSEE. The measure would give rise to the creation of 4,000 to 14,000 jobs at an annual cost per job of between 9,000 and 28,000 euros.

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