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From our correspondent in Washington

Barack Obama1 already talking about Ben Bernanke2 to imperfect. It gave the President of US3 during a television interview signal, in addition to other evidence upon which to conclude that the mandate of the head of the Federal Reserve could not be renewed in January. The news is much more important than EDF4 is preparing to negotiate a difficult corner: if growth continues unabated too, we see the U.S. central bank by winter, or by the fall, mitigate gradually exceptional measures to support the supply of credit agreed last year. This perspective makes extremely nervous markets.

"Ben Bernanke has done an extraordinary job … he's already stayed up longer than it wanted and he was supposed to stay" Barack Obama dropped in response to the question of whether he would propose that the man who runs the Fed since 2010 is appointed for a third term.

The first indication of an intention to depart from Ben Bernanke fell several weeks ago when he said he would not attend the symposium in Jackson Hole, "high mass" of central bankers held in late August in Wyoming. Moreover, for months, the American press reported that Janet Yellen are favorites to succeed him. If this information was not accurate in the White House would have found channels to deny. But she did not.

Manage the "exit"

Janet Yellen, 66 years old, is already Vice-Chair of the Board of Governors of the Fed. Economist graduated from Yale, the disciple James Tobin was originally part of the framework of the Fed, before serving as an advisor to President Clinton, and then return to the central bank as president of the District of San Francisco personal business card. It is made out by warning his colleagues, in 2007, against the dangers of the real estate sector was running the financial system and the economy. She vigorously defends the inclusion of historically high unemployment as a factor justifying the continuation of unusually generous monetary policy today. If his candidacy to head the Fed was introduced in the Senate by Barack Obama, elected Republicans already critical of zero interest rates and purchase of debt charged by the Fed, would not fail to be moved.

In March, Ben Bernanke stated to have "a little" talks about his future with the U.S. President. "I do not think the only person in the world who can manage the exit," he had argued. "The Exit" is the term chosen by the professionals of monetary policy to describe the gradual dismantling of extraordinary and unprecedented measures implemented in the emergency since 2008 by the Fed to limit the effects of the financial crisis and to stimulate a rebound in demand.

Following a two-day meeting, the Monetary Committee of the Fed will release Wednesday a highly anticipated release. In the wake of Ben Bernanke will hold a press conference to explain the intentions of the Fed. It will certainly be questioned on this occasion his desire to remain in office.

By searching online for the right websites you will probably find a better cheap car insurance company and the best premiums possible.

 

The French go to the office backwards. Almost 40% of them have seen their work motivation1 decline this year, according to the annual survey Edenred-Ipsos2 *. They are more demoralized their Italian neighbors (35%) and Spain (32%), yet most affected by unemployment, and much more demotivated than Germans (22%), Belgium (27%) and British (27% ). This decrease was primarily due to moral pessimism about their ability to change, frustration vis-à-vis their rémunération3 and feel that their work is not recognized within the company.

Dissatisfaction especially resented the French employees' level of significant affect, including a sense of involvement in the work, "the study notes. This is not the case of the British, "more opportunistic," which show "relatively more distant towards their work" or Germans and Belgians, evolving "in a contractual environment" feed also lower expectations vis-à-vis their superiors.

While the rate of unemployment4 reached 10.9% in the European Union, European workers are more concerned towards employment5 in 2012. Note that across the Rhine, where the unemployment rate is only 5.4%, this fear has also jumped (over 15 points a year). In France, as in the United Kingdom, however, employees are more concerned about their wage level by maintaining their position. Overall, Europeans, with the exception of the Italians, are less satisfied with their work situation 6THE last year. So much so that more Germans (7 points), Belgians (two points), Britons (two points) and Spain (+ 2 points) find that they spend too much time at work Low fee payday loans.

Loyalty to the employer "default"

Still, in the current economic context, Europeans tend to want to stay chaud7. According to the barometer, 58% of French workers say they do not think of leaving their entreprise8, this proportion reached 60% in Germany and 66% in Belgium. "Mobility is associated with risk-taking, this loyalty to the employer are especially default," the study said. It is a "carrier of frustration" and, ultimately, the effectiveness of the company 9est in. Hence the importance of the morale of the troops.  

Failing to play on the lever pay, companies should "develop active policies targeted towards employees, particularly in the two key areas of the welfare work.10 and professional development," says Antoine Solom, Director International Ipsos Loyalty. Well-being, according to the study, mostly through the recognition of the Latin countries, and the Anglo-Saxon rather than by financial incentives for the …

* The eighth edition of the barometer Edenred-Ipsos on the well-being and motivation of employees in Europe focuses on the employee population of six countries: Germany, Belgium, Spain, France, Italy and the United Kingdom. This on-line survey was conducted among a sample of 7,200 people between 18 February and 15 March 2013.

 

Prime Minister Shinzo ABE1 seems poised to win his bet. Not only consumer confidence continues to grow. She gained 1.2 points in May to 45.7 points against 44.5 in April. But growth Archipel2 is better than expected.

According to new data released Monday, she recorded an increase of 1% in the period between January and March compared to October-December instead of 0.9% previously expected. On an annualized basis, GDP (Gross Domestic Product) of Japan was up 4.1% and not 3.5%, the government said.

The TSX Tokyo3 which fell late last week suddenly rebounded 4.94% Monday, and in the wake of these good numbers, currency, yen, fell again to 98.40 yen per dollar, to the great satisfaction of exporters.

These companies have also generally declined significantly less investment than previously thought. They have in fact declined by 0.3% in the first quarter as we expected a decline of 0.7% in May.

All factors likely to boost the morale of the Japanese. They show now more likely to be optimistic than pessimistic about the employment in the country, with an indicator rose by 1 online payday loan lenders.2 points in May to 50.2 points.

BoJ meeting

While the monetary policy committee of the central bank (BoJ4) met yesterday and until tonight, some expect that even his ultraaccommodante easing policy. The bank has promised to continue as necessary to achieve its goal of a price increase of 2% per year, but its scope is now extremely small.

What is expected rather than the business, this is the third part of the stimulus package the government. After the fiscal effort and monetary policy, it is the turn of the liberalization of the economy and growth be shock measures. Shinzo Abe gave an outline last week, but he has not said enough and disappointed the Bourse.5 He promised to detail his actions this week. It could, in the process, decide to lower corporate taxes provided they invest. And consider not to touch the VAT, which must pass in two steps from 5% to 10%, if the recovery of the economy is, in his own words, in the process of "tangible and lasting recovery."

 

A voluntary departure, without regret Grand Journal. "This is the right time to stop (…) I had my account." In an interview candide1 in Paris, Michel Denisot2 unveils his departure from the iconic talk show he hosted Canal + since 2004. "It was better to stop because my desire was beginning to wane," said the host immediately. Canal + has not pushed out. Quite the contrary. The encrypted string proposed him to make a last and tenth season. "This is my personal decision and not that of Canal," he reiterated on RTL on Friday morning.

"The idea has matured since January," said Michel Denisot. Appointed director of the French version of Vanity Fair, the first issue is expected in late June, the presenter realized he could not juggle his TV and press activity. "For nine years, I'm on a treadmill that does not stop. I do 14-hour days, "he recalls. "I'll run [Vanity Fair] but also write a bit, it takes time. Start a new adventure in a prestigious title at age 68, it's a huge kick bowl, "said Michel Denisot, which does not preclude returning to the world of football. "I have contacts with several leaders of the club, I can have a consulting business," considering the former president of PSG.

No pressure of the ratings

The incident cannois3 when an individual shot of shots on the set of the show, causing it to discharge live, also played. "There were small signs, I wanted to stop when a madman decided to shoot, it struck me," he admits.

However, Michel Denisot refutes such as Canal + that the decline of hearing the issue4 was the catalyst for his departure. "The season was the third best audience of the program and even the case since the creation of Canal +," defends the presenter no teletrack payday loan. For him, if the 2012-2013 season was below the previous is that presidential years energize particular audience. Very proud of the team of the Grand Journal, Michel Denisot sent them an e-mail Thursday, the content was released by Ozap5. "After 9 years outstanding on your side I decided to stop on June 28 These are the nine most beautiful years of my professional life and you have all contributed, I thank you from my heart, "wrote the TV man. "Le Grand Journal is the most successful in the history of Canal + in terms of audience, images and revelations of many talents. We did this together and we will never forget. We'll finish off this word that suits you so well, "he says.

Hearings this slice clear the encrypted string are stalled for a year with a decline of more than 10%, hovering around 1.6 million viewers against 1.7 million in 2011-2012, but better than the 1.5 million in 2009-2010.

If the host picks the Grand Journal, confirms that it does not leave much to the antenna of the encrypted string. It will continue to provide exceptional events such as Caesars and the ceremonies of the Cannes Film Festival. Michel Denisot has already met with the leadership of Canal + 6potentiel his successor. "I notice," he says without revealing which one. Among the names mentioned in-house earlier this week, Maïtena Biraben that this "Supplement" on the weekend, seems to hold the rope. Another track envisaged that Ali Baddou Yann Barthes or Antoine de Caunes. But he denied Thursday night disponible7 be.

 

Jumped more than fifteen years rear1! There have to go back to the first quarter of 1998 to find an unemployment rate as bad in France. The situation at the time was different, however. The French economy was emerging from a period of weakness and was about to experience a growth phase, with grazing rates, even exceeding 3% per annum. Nothing like today. It would even be quite the opposite. All international organizations predict that 2013 will be a year of recession (with negative growth rates between -0.2% and -0.1%). France is in fact of revival with growth next year, and even with a low rate of growth of national wealth estimated at around 1%.

In 1997 the government (socialist) had accompanied the massive economic downturn, with two strong measures in employment. First, the passage forced march (starting in 1999) to 35 hours, and secondly, the creation of 350,000 jobs for young people (heavily subsidized by the state contracts) in the non-profit sector over five years. Lionel Jospin provided even then also the hiring of 350,000 jobs for young people in other companies (the final unfilled). But what had the time allowed to leave the economy is growing. The support of the state, particularly in terms of youth employment had been only marginal. Between 1997 and 2002, no less than 3 million jobs have indeed been created, 300,000 or less generated by the mere reduction of working time. 10%.

A state support smaller

Fiscal crisis and the need to bring the accounts to balance 2obligent, fifteen years after the wing was heavily downgraded. The support of the State in social treatment of unemployment, is more limited effect. Hollande 3escompte creating 100,000 jobs for the future (the successors of youth employment in 1997) this year and 150,000 in total by the end of 2014. Barely 21% of the funds promised for youth employment (700,000 in public and private) in the coming to power of the Left in 1997. Question assisted contracts, the envelope is roughly the same and amounts to around 400,000 devices subsidized. As contracts generation (device for the employment of a young person CDI against the continued employment of a senior), half a million are scheduled in five years, including 80,000 this year.

Worse, the forecast creation / destruction of jobs for years to come are the reverse of those of 1997. Fifteen years ago, the economy was going into effect to create more than 320,000 jobs! As a result, over the two years 1998-1999 recovery, payroll employment rose by 670,000 … Today, unemployment insurance – which is seldom wrong in his expectations – instead allows the destruction of nearly 185,000 jobs over the years 2013-2014. With a parallel increase in the number of registered unemployed in category A at employment center than 310,000!

Reached three times in the past

It is thus difficult in these conditions (recessionary economy, forecasts of job destruction, public policies on the labor market downgraded …) how the curve of unemployment, rising continuously for more than two years, could s' reversed before the end of the year, as yet promises François Hollande4. The historical record of an unemployment rate of 10.8% of the workforce, reached only three times in the past (in the second quarter of 1994, the first and second quarter of 1997), has every chance of being equaled or exceeded this year if the current trend (with quarterly increases of 0.2 or 0.3) continues

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LE FIGARO (@ erenault1) – Barely presented the report Lescure is already challenged. Bercy has rejected the idea of ​​a tax on smartphones and CSA will not play the role of watchdog Hadopi. In such an environment, telecom operators will they still be called to the rescue?

Pierre LOUETTE. – I hope not. We are not the creation of new taxes a priori. The telecoms industry is already highly taxed like that.

Between the tax for France Television, the private copying … What percentage of this tax goes to the media?

A third specific telecom taxes go in the media. In the United States, for example, special tax on telecom is less than 1%, in France, we are 3% of our turnover. That's a lot. We feel that we are called to fund many things, including away from our core business. But telecoms have some specific difficulties today.

You were rather agree with Lescure report to tax the producers of smartphones?

Pierre Lescure has presented itself as. This report is a starting point for open discussion. All is not described. We found that the report recognized that digital could be associated with the financing of culture. Second, telecom operators are part of the financing of culture. that we do not disagree in principle. What we oppose is an explosion of contributions. Finally, we can say that the operators are the champions of the legal provision. Without operators, legal download offer would be greatly diminished. We also want the plight of operators is taken into account. The President of the Republic said during the campaign, and most recently in Auvergne: there will be no new tax on telecoms.

The government has recently decided to allocate frequencies to media Telecommunications from 2016. You really need these frequencies?

Telecom operators that are part of living with the FFT spectrum and we need it. But we want the issue of frequency is more predictable, programmed by the government. Here we feel that there is acceleration of history because there are funding needs.

The government hopes to gain between 2.5 and 3 billion euros from the sale of frequency?

Yes, it is that we already paid 3 to 4 billion in recent years buying frequency. When we bought, the government said that such an opportunity will not come quickly. This is how prices grimpét. But no sooner have we started using those purchased one wants to sell us more.

However, we need frequency, because last year we have seen an increase in data traffic by 67% for all telecom operators. It is also one of the paradoxes of the sector. It was an explosion of uses: the data increases, the use of mobile voice as there are tens of billions of SMS sent and at the same time … the price drop!

The arrival of Free has cut prices by 11%, according to ARCEP. The telecom sector he cashed the shock?

We do not dispute the figures ARCEP. With our observation, we found that the mobile telephone traffic increases by a further 13.5%. The appetite for telecom continues, it is also what will save the industry in the years to come.

Moreover, ARCEP indicates lower prices by 11.4% in 2012 and a decline in the volume of our sales by 4%. We calculate our side ed that prices have fallen by 20% in 18 months. Few industries face similar shocks. Especially since we have not given the investment to continue to fund future fixed networks with fiber and mobile networks of the future with 4G.

There was a decline in enrollment

.

It is also an object of controversy. Last year, Free definitely a little recruited, Orange maintained its workforce and we had not yet seen the effects of departures plans announced by Bouygues and SFR. We see its effects in 2013. Orange will begin to not replace all departures. I can hardly imagine that there is stability in employment overall.

The year 2013 will be more difficult?

2013 will be the first full year after the arrival of Free Mobile. The effects of the arrival will be still felt in 2014 and 2015. We are an industry that has 128,000 direct jobs and 168,000 indirect jobs. There will be consequences for everyone, including call centers and distributors as well.

There is not Free in the FFT. Will he be back?

We are open. Free was a member, then it came out long ago. We are open for their return, but it is not close today.

 

Advanced does not forget. Although the government has promised to end the day STAFF1 deficiency (non-payment of the first day of sick leave), the reasons for discontent accumulate for unions to the public. Marylise Lebranchu2, the Minister of Public Service, the met Friday to discuss the modernization of publique3 share (MAP), that is to say, the reform of the public sphere. "For us, the MAP is a continuation of the general revision of policies Government4 (RGPP) by Nicolas Sarkozy5. We are particularly worried about the very organization of the state into regions, "alert Christian Grolier of FO6. Fillon7 The team has already restructured state administrations (sport, ecology, social action …) present regional and departmental level by merging several directions. But the government wants to make the system more efficient. Meanwhile, he is considering an overhaul of the map subprefectures threatening those located in urban areas. Finally, a draft law on decentralization provides for the creation of multi-site utilities and companies like The Poste8. In short, reorganizations ahead. Decisions will be made in the summer, once given early July several reports on these topics. "You can imagine building more versatile poles, clusters," says Will in the entourage of Marylise Lebranchu. Where we add: ". But we will not give up the territories"

"For us, the MAP is a continuation of the general revision of public policies Nicolas Sarkozy. We are particularly worried about the very organization of the state into regions "

Christian Grolier, FO Improving public service

Nevertheless, more generally, the MAP worried cash advance to savings account. And, although the Government reiterates that this reform is based on assessments and aimed primarily at improving the functioning of public services. "Officers are struggling to make the connection between speech evaluation and the reality of their daily lives, is to delete numbers," says, with some understatement, Brigitte Jumel, the CFDT9. Christian Grolier, FO, attack him directly to the Government: "The job cuts continue at the same pace as Nicolas Sarkozy in non-priority ministries. Thus, 2060 positions will disappear again in taxes. "In fact, to stabilize the workforce, despite the creation of jobs for Education, justice, the police and the gendarmerie, the government plans to cut 12,000 jobs in other departments there in 2013.

All this is grafted to the number one disappointment: the treatments. The index point, which is the basis for the remuneration of officials, was raised for the last time in July 2010. Returned to power, the left has maintained a freeze. Marylise Lebranchu and announced that the upcoming discussions on the subject will be held mid-2014. "In practice, this means that the point is still frozen in 2014," growls Christian Grolier. The CGT10 is also rising. But for now, the labor front is not united. FO considering actions in September, while the CFDT remnant according Brigitte Jumel, "a dynamic of negotiations."

 

With these new prévisions1 could not be more bleak for 2013 and 2014, the renegotiation of the UI convention to be held at the end of the year looks complex. The stakes are high: it will not be to plug an economic hole – the deficit will reach 5.6 billion UNEDIC end of 2014, a record year on year – but to curb bleeding endless with cumulative deficit of more than $ 24 billion on that date. The equivalent of the Ministry of Research annual budget!

And for good reason: social partners, negotiating every three years the conditions for unemployment benefits, do not agree on remedies to be made. The unions do not want to revolutionize the rules, and in particular the principle of "one day paid a compensation day" established in 2009 and the opening from 4 months contribution of the right to be compensated. All, without exception, consider the return to growth will be sufficient to bring forward the accounts in the green. "The finances of UNEDIC are highly reactive to any downturn," says an official of the regime. But a turnaround is not expected until 2017 at best

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The government – which transposes into law the agreement the social partners reach – does not intend to endorse a drastic reform of compensation, while the number of unemployed explodes (300,000 + in a year). Politically too dangerous, especially for a Socialist executive already criticized by the left wing.

After Tuesday night, the preparatory meeting with the social partners in the social conference in late June, Jean-Marc Ayrault2 has also said that one of the issues in the negotiations would "know collectively address situations such as the purpose of law. " 750,000 unemployed or those who find themselves deprived of compensation each year and tipped into the social minimum. In short, the opposite of a drastic reform to rebalance accounts permanently in the red.

Too generous system

Employers is not all on the same wavelength. Considering the system too généreux3 (up to 6200 euros monthly income and 36 months of allocation), employers want instead revisit in depth the conditions of compensation, including restoring a gradual reduction of benefits to encourage the unemployed to take more a job quickly. All candidates for president of MEDEF – co-chair, alternating with the CFDT, UNEDIC – point in that direction. Geoffroy Roux de Bézieux4, president of UNEDIC for two years on behalf of the MEDEF, and Pierre Gattaz5, the two favorites, and want to limit the amount of 2000 euros monthly allowance and a full year benefit period. A casus belli for the unions … Their goal is to correct two annexes structurally in the red: the intermittent and technicians show (1 billion deficit each year) and the less well-known cross-border ($ 1.5 billion). Again, red cloths for trade unions (with the exception of the CFDT), but also for the government, which has repeatedly affirmed its commitment to these annexes expensive

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While the Franco-German couple is going through a serious crisis, exacerbated by the release of a document on PS1 vitriolic Angela Merkel2 François Hollande 3a tense Thursday, a pole to the latter: it offers the Chancellor an "initiative Europe "at four points, which includes, for the first time, a chapter on political union, so dear to Berlin.

"The Germany4 is ready for political union, well, France5 is ready to give content to this political union and she gave two years to get there," said the Head of State. "We are not afraid of the political union," he assured. "But we want content that shows Europe6 can bring benefits to citizens."

This is the first time that Francois Hollande says the following about the political union. Angela Merkel who has been waiting almost a year its response to German proposals can only welcome this step. "In Europe, Angela Merkel is ready to compromise. (…) We will reach an agreement before the German elections, "says the French president. "We must get Europe out of its languor," he insisted. "If Europe does not advance, it falls, it is erased from the map of the world, the imagination of the people," he added.

On the bottom of the political union, however, a difficult discussion. "Europe is not only the reduction of deficits," warned Francois Hollande, without renouncing its promises of "serious budget." His four-point plan presented at the press conference 7inclut two subjects that annoy the Germans: "The common fiscal capacity" and "common bond." Dear Francois Hollande, the two themes are synonymous, the Rhine, unacceptable financial transfers without a real "fiscal union" that would put state finances in the euro area – and their reform agenda – Trust Brussels, thus indirectly Berlin cash till payday.

This is where the shoe pinches. Other points of the plan are more consensual Holland with Germany. Strengthening the governance of the euro area, with "monthly meetings around a President" is accepted by Germany, it is clear that the independence of the European Central Bank is not threatened and if it can contribute to building a better economic policies, so structural reforms. These meetings would be conducted at the level of ministers in charge of economic portfolio (Finance, Labour, Social Affairs, etc..).

a "New Deal" for employment in Europe

In its offensive in four points, the French president also called for a rapid release of funds from the EU budget for the unemployed youth. Some € 6 billion was budgeted for the EU over seven years. It proposes to accelerate the payment under a "New Deal" for use in Europe, negotiations between Paris and Berlin.8 fourth point: the revival of "European Energy Community" on expensive in Paris and Berlin. This is an ambitious project at half years, as large states, including France and Germany, have consistently refused to cede sovereignty on this strategic issue. For François Hollande, who had raised the issue last September at the conference environment, we must "define a strategy together, help each other on the energy transition, and make an effort to promote renewable energy." A subject on which Angela Merkel agrees, especially if it is done on European funds …. On the issue of renewable energy, however, Germany has a length ahead of France: 25% of its electricity production is based, against 12% in France, which is dominated by nuclear energy.

 

Red card for the College of Pharmacists and the state. The Court of Auditors, in référé1 published on Tuesday denounced the "inertia" of the state who lack a framework for the College of Pharmacists in particular in "litigation and disciplines." In short, side control and sanctions pharmacies in violation. To such an extent that "the disciplinary role of the order is weakening." Some regional councils of the order of pharmacists and record "almost none" complaint. No wonder, because the number of controlled drug was almost halved between 2007 and 2009. In short, drug stores2 today is no longer controlled on average every 27 years!

The situation has worsened since 2009 and the creation of regional health agencies (ARS), relays the Ministry of Health in the regions, the Court noted. The 133 inspectors pharmacists working for ARS are actually allocate that … 27% of their time working the controls. Involved? The ARS affect other missions, mainly administrative, which have nothing to do with their heart business. The order is therefore not the only culprit. To remedy the situation, the judges demanded "a rigorous management controls" by the State, "in terms of public health risks as cost for health insurance guaranteed payday loan."

"Passivity administration"

"Passivity of the government" on the other hand could be costly to the College of Pharmacists. Not having been warned in time to a change in legislation in the biomedical field, the College may have to pay a fine of 5 million from the European Commission. This failure of 2007, sliding in response the Ministry of Social Affairs. Perhaps, but this is just the beginning: "This litigation, should it be lost, could expose the College to requests for damages amounting to tens of millions of euros."

The College of Pharmacists also benefits at the margin, the inertia of the state. Indeed, it does not solve all the payroll taxes it should. And the administration did not press him to claim. If the order was paid from 2010 to the CSG and CRDS on compensation paid to its members, the contributions on wages had not been paid between 2009 and 2012. In its response to the Court of Auditors, the Ministry of Social Affairs promises Urssaf will recover the monies owed if they are not resolved quickly.