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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.

Many affordable individual health insurance products are available for practical and smart consumers of the modern period.

 

For several months, the job market also tends frame. The whole of 2013, the services of the Apec predict a market decline of about 5%, with a range of recruitment between 162,000 and 178,000 people. However, the unemployment rate for white collar should remain below 5%.

Behind these figures altogether favorable, there are winners and losers, and markets at different speeds. "Today, all employers dream of having them around frames with three to ten years of experience in the trade," said Fabien Stut flatly, deputy general manager of recruitment firm Hays. For other populations frameworks, however, the situation is much darker. "The most affected will certainly graduates this year, but people still wanted engineers, and still older, but this is not a novelty," says Frédéric Benay, Senior Executive Director at Michael Page. A situation related to driving "short-termist" employers whose business visibility is almost zero now and who do not take risks.

Experts in high demand profiles

Another observation: as the market is primarily supported by the replacement (turnover, retirement …) and not by the creation of jobs, recruitment are almost exclusively on expert profiles, regardless of trades and industries. Result, candidates are missing and it is difficult to convince them to leave their current position.

"The paradox is that in a range of sectors and occupations, employers can not find anyone," says Fabien Stut. Examples in auditing and accounting, the unemployment rate is 2%. In finance, there is a shortage of candidates on the functions of consolidation. Even in construction, on some very specific lines of business, recruitment for engineers are hard work, economists or engineers building structures.

As for the "engines" of executive recruitment, such as computer, the boot does not fall, even if the trend is a little less dynamic. "Everything comes to outsourcing of functions has the wind in its sails," said Frédéric Benay at Michael Page. As proof, Sopra, specializing in technology consulting, announced this year more than 2012 recruitments: 2,500 in total, including 1,600 in France. "Sopra Group recruits both graduates bac + 5 and more experienced profiles without stands a level of experience rather than another," says one.

Director of Human Resources at MAAF Assurances, Véronique Jolly does not fits in this scheme – beginners, advanced, seniors. "We have a recruitment plan that allows us to talk to all areas of the company and all the employee profiles. So we appeal to both young graduates, experienced managers, but also for seniors, because we are part of the technical issues, "she says. The mutual group, which has 7,300 employees in 2013 shows a recruitment plan external CDI 300 people, with hundreds of new posts, plus a level of internal mobility of 700 employees. The insurance specialist deploys a parallel plan hires 350 CSD and sixty contracts.

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• Internet: surfing too can justify dismissal

Tourism sites, comparing prices, ready-to-wear, women's magazine … This framework has performed all 10,000 connections to the Internet from his office, within two or three weeks, unrelated to his work. The Court of Cassation, in the beginning, the immediate dismissal of the employee. The use of "abusive" Internet was selected as "serious misconduct". "In this area, as for the rest, there is a principle of fairness: the working time should be used for the job," summarizes Mr. Eric Rocheblave, a lawyer specializing in labor law at Montpellier.

Personal use of the Internet in the office, it is reasoned, is not prohibited by the Labour Code. The employer, however, the right to control what sites are visited, since the connection is provided within the work, and supposed to be used for professional purposes. Some sites are of course to be avoided: the Bordeaux Court of Appeal held in 2011 that the consultation sites "sexual activities and meetings" is a serious offense.

• Social networks: they constitute evidence of fault

What is said on Facebook is far from private, dozens of cases to prove it. Three engineers were dismissed in 2010 for insulting their boss on the social network. Posts were only visible by their "friends" … where an employee of the company, which has screenshots and forwarded to the employer. "The impressions are found increasingly in labor arbitration cases, observed Rocheblave me. Everyone is spying and folders. "Traces left on social networks constitute evidence and may be grounds for dismissal.  

The use of Facebook in the office is not prohibited but not recommended, especially if excessive, again because the principle of fairness at work. For many, the question does not arise: in 2011, 64% of companies blocking access to these networks to their employees.

In rare cases, social networks can also save the employees. Court of Appeal of Poitiers, a licensed salesperson verbally could demonstrate that it was well under employment contract showing messages left by his employer on his Facebook page.

• E-mail: protected if identified as "personal"

All e-mails from the professional messaging … are supposed to be professionals. The employer has an "absolute right" of these emails, "the same way a baker look at how our employees are making bread," notes Rocheblave me. Nothing prevents an employee to send personal emails, but in moderation. In 2009, the Council of Angers Prud'hommes confirmed the dismissal of an employee who had sent 156 personal e-mails in two months.

The secrecy of correspondence applies to personal mails clearly identified as such with the word "personal" in the subject. They can be consulted by management in the presence of the employee or representative, except in cases of "risk or special event." With regard to the content of e-mails, the same rules of decency apply. The Court of Appeal has recently Orleans upheld the dismissal of an employee for sending saucy emails to colleagues.  

• Work Phone:

some tolerance

According to the CNIL (PDF), "The use for personal phone (provided by employer) work is tolerated if it is reasonable and not prejudicial to your employer." Conversations can not be recorded, except in special cases and reported (qualitative studies, for example). The employer can control the use of the telephone, from invoices and phone records. An employee who had sent 522 SMS and spent a total of 24 hours of calls in three months on his business phone has escaped dismissal last summer, before the Court of Appeal of Grenoble. She acknowledged the complaint but considered as disproportionate dismissal, an employee with 12 years of seniority.

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This is not a scoop but a confirmation that can wring the neck of a lot of ideas. According to a study conducted by INSEE on behalf of the CGPME, the net monthly salary in full-time equivalent of a corporate executive with less than 20 employees amounted on average in 2010 to 4248.33 euros is 50,980 euros per year. Pay more or less equivalent to that of a senior and very far from the patterns of the CAC 40. For the record, there are 2.5 million businesses with fewer than 20 employees in France who concentrate 66% of the workforce. And 94% of businesses are small businesses, employing less than 10 employees.

The salary of the head increases with the size of the company but never reach stratospheric heights. And he climbed to 77,270 euros for those whose numbers are between 20 and 50 people and barely exceeded 107,000 euros for more than 50 employees. All sizes and in all sectors, the average annual net earnings of a pattern of SMEs stood thus 65,200 euros, up 7.1% year on year. An average of 5433.33 per month. All sizes and in all sectors, CGPME estimated in 2010 to 138,760 the number of business leaders in France, down 11.4% compared to 2009 due to the high number of failures recorded this year.

Not surprisingly, the financial intermediation sector is where the remuneration of CEOs was highest (111,130 euros in 2010, an increase of 5.6% in one year all sizes combined).

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Going through a difficult release. This will force him to continue his transfer to forced march. According to our information, the newspaper directed by Nicolas Demorand should finish the year slightly in the red, despite a positive operating income of one million euros against 2.5 million in 2010 and 2011.

One of its major shareholders, Bruno Ledoux, also owns the building that houses the newspaper near the Place de la Republique in Paris, will pay € 1.5 million well before December 31, which will allow as to continue deleveraging.

In January, capital structure Liberation will evolve. The main shareholder should hold Édouard de Rothschild equally with Bruno Ledoux 52% of the holding company Refoundation, alongside the heirs of the Italian Carlo Caracciolo.

Decline in paid circulation

Since last summer, Liberation suffers from a drop of 20% of its newsstand sales, which account for 30-40% of its paid circulation after the heyday of the presidential campaign – in May, the title peaked 65,000 of newsstand sales. In October, they dropped to 41,500 for a paid circulation in France of 115,200 copies, according to OJD. But accumulated since January, sales are expected to complete the balance. The erosion of the diffusion requires us to find new sources of revenue. Thursday, Nicolas and Philippe Nicolas Demorand, Co-Chairs of the Board, explained their strategy to 230 employees worried us fast cash.

The cap is placed on the organization of events and conferences. The newspaper, which generates 60 million turnover in 23 program in 2013, against four in 2011 and six in 2012. "Our goal is to triple our turnover in this business," says Philippe Nicolas.

Accelerate the migration to digital

The goal is to accelerate the migration of readers to digital. The website, which totaled 3.1 million unique visitors in October, according Médiamétrie, will open in June a new formula that will begin the transition from "freemium" (free and paid content which coexist) the "paywall" (subscription becomes required from a certain amount of items consulted free access). At the same time, release to launch an electronic edition that will include enhanced ten more pages compared to the paper version.

Developing subscriptions, Nicolas hope Demorand install a more stable business model. Objective: To reach at least 46,000 subscribers in 2013, against 40,000 (including 11,000 digital) today.

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South Radio Group throws in the towel and separated from his eponymous radio. This is Marc Laufer, former Chief Operating Officer of NextRadioTV (RMC, BFM …) and unsuccessful candidate for the leadership of Skyrock, which is now in exclusive negotiations with the group led by Jean-Eric Valli. It is supported by two investors, including a bank.

The professional radio should still clinch a majority stake. It is committed to maintain the format of the station, which is a general one, and quarantine of employees who work there. Negotiations for the sale of the station mainly present in the South West began before the summer.

This assignment, confirmed Friday, is following the failure of South Radio broaden its audience and influence. "It is impossible for a generalist to build a radio audience on a substantial population base that does not exceed a few regions," does one advance in the direction of the southern group Radio.

"This is the CSA's refusal to grant new frequencies to the station that precipitated its difficulties. Especially since, at the same time, the regulator gave 90 frequencies to our competitors, RTL, Europe 1 and RMC. We have been deliberately marginalized. And it took until 2009 for a frequency of Paris. But the situation was difficult. In addition, with 55 radio stations in the capital, it takes a long time to develop an audience. "In point of asking in 2008 a procedure to safeguard the station. The latter was not enough to get out of the rut Radio South. Especially as the audience remains very modest.

€ 700,000 loss in 2011

During the last wave of audience from April to June, the radio listeners totaled 353,000 against 500,000 in 2005, when it was bought by Jean-Éric Valli Fabre Laboratories. Despite a slight recovery in 2010, has accused South Radio in 2011 a loss of € 700,000 and an accumulated debt of € 2.7 million, according to the direction of the station. Negotiations under the aegis of the bank Messier Maris & Associates would be organized around the recovery of debts. The acquisition will be announced to staff on November 15 during a special committee business.

The group Sud Radio (ex-Start), which includes stations like Latina, Voltage, Ado FM but also province Vibration Forum, Wit and FM BlackBox has a total turnover of € 22.7 million for EBITDA of 3.8 million euros. Redemption of its main station should give it a little oxygen. In 2005, Sud Radio was bought for a little less than fifteen million.

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Makes Red Bull, Burn (Coca-Cola) and Monster will be the main question. The Social Affairs Committee of the National Assembly voted Tuesday in favor of a tax on energy drinks. Amount has been set at 50 cents per liter. In a market estimated at 30 million liters, the tax could therefore generate some 15 million euros.

The principle of this tax being supported by the government, the parliamentary vote should be a formality. This tax applies to beverages containing ingredients such as taurine, caffeine and ginseng. Commonly used by youth with alcohol, they are considered harmful. This growing market (+16% in volume) weighs around 130 million euros in supermarkets.

The agribusiness professionals consider this amendment as the announcement of a "tax additional behavioral" and "door open to abuses."

Above all, they fulminate against that tax appears as a Red Bull counterpart relief that on beer, desired by the parliamentary majority. The Commission proposes to reduce by half the taxation of 442 small breweries whose production does not exceed 200,000 hectoliters. Is a shortfall in the state of 30 million euros on revenues of 480 million under the new taxation. "These breweries represent less than 5% of market volume, rises Chèvremont Pascal, managing director of Brewers France. We are not on the same scale. However, this is the future of the sector is at stake "

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Departures Halloween holidays which start on October 27, may be disrupted in the sky as well as on the track. Tuesday evening, the CGT Air France, first union group, called all employees of the airline in all categories in strike on Friday, October 26. "Our motto is twofold: we demand the withdrawal by the direction of the plan Transform 2015 (which provides for the elimination of 5,122 positions by 2014, note) and the organization by the government of Focus on the air, "says David Ricatte, deputy general secretary of the union.

Following the rise in niche government support to the automotive sector, it is surprising indeed the "deafening silence" of the state shareholder of Air France at 15.8%, on the situation of the company and air transport in general. "We have not called for a strike this summer to allow time for the new government to settle, but we feel we have been betrayed," says David Ricatte. In a lengthy tract entitled "Small murder between friends," the CGT Air France criticizes unions CGC, CFDT and FO, which validated the restructuring plan for the ground staff this summer. This movement of "anger" should be followed by Southern Air, which last week condemned the "pressure management" of the trade unions to sign "in a hurry" what the organization calls "a convention of shame ".

Other movements possible at Christmas

The side of the crews (PNC), who also refused to sign the plan providing Transform 2015 an increase of 20% of their productivity through work reorganization, unions are currently down. "We decided not to follow the call of the CGT," we are told in SNPNC. Last month, said the Unsa enroll in a "process of reconciliation and seeking agreement" with management but warns that "in the event of a forced passage of measures hyper productivist" she called "already all PNC to put money aside in case we would have to undertake a long and difficult." Other movements could therefore burst "at the end of the year," admits David Ricatte. Or, perhaps, for the Christmas holidays. Called to respond, Air France has qualified the "representative of the CGT, less than 20% across the company."

The social agenda is also responsible for the side of the station. The CFDT, CGT, Unsa and South Rail filed a strike notice Tuesday for the day Thursday, October 25. They are protesting against wage policy direction and casualization. "The proposal for the station a general wage increase of 0.5% on 1 September does not guarantee the purchasing power of railway, while the inflation rate is higher than 2%," says Eric Fernandez de la CFDT. An opinion shared by Roger Dillenseger, deputy secretary general of the UNSA-Cheminots. According to him, the challenge "far beyond" salary issues. "The SNCF often communicates its campaigns, but it does not reflect the reality on the ground." In 2012, according to the union, the balance between departures and hirings will be negative posts of 1400.

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The arrival of the left in power does not mean the end of the reform of the state, on the contrary. "For every dollar spent, can be done easier, more efficient? We must seek to eliminate duplication and simplify the devices, "said François Hollande Friday in his speech to the Court of Auditors. The real difference with the previous government, is that the team Ayrault links this question to a new wave of decentralization.

François Hollande wants to "clarify the roles of the State and at every level of community," having previously defined the priority missions of each. Having taken all the time for consultation. Still, its schedule, announced in his speech, is tight: government seminar on "modernization of public action" late September until late November consultation and decentralization legislation in December. The Court of Auditors will be associated with the project, since it will make a report on the subject payday loan.

Unions worried

Nothing says officials appreciate further reform of the state version of the Holland Revision Policy (RGPP) version Sarkozy. Some of their unions (FO, CGT particular) rose this week against the government's plan to share services support (computer, mail, standard, logistics, etc.). Between the various prefectures and county administrations.

Local authorities will not necessarily be at the party. The government promises a better taxation. But it froze the funds that the state gives them. François Hollande and reiterated yesterday that it was normal that their expenses are assessed. A mission currently the regional chambers of accounts. The head of state wants to go even further and hoped that the accounts are certified communities.

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When the United States, Barack Obama is considering tapping into the reserves called "strategic" oil to force fuel prices in France, is the path of lower taxes is preferred. Wednesday morning on RMC / BFM TV, Prime Minister Jean-Marc Ayrault announced a fall "modest" and "provisional" these samples, while the price of unleaded and diesel are again the highest history. Remains to be seen what concrete means "modest" at present, for every liter of petrol (unleaded 95) consumed a VAT rate of 19.6% is levied and 60 cents back to State in the form of TIPP (domestic tax on petroleum products). As to the "temporary", Jean-Marc Ayrault said that action would be taken pending a more sustainable price regulation.

According to him, lower taxes at the state level will allow the government "to require producers and distributors from their own effort." The Minister of Economy and Finance, Pierre Moscovici, must meet August 28 (Tuesday), as well as consumer associations, and announce measures in the wake of the government. It has before, on Friday received a report on the subject.

No new TIPP floating

The government has chosen to "play" on taxes to curb the rise in fuel prices. During his election campaign, François Hollande had proposed to leave "float" the TIPP (officially, since the beginning of the year, this tax is called TICPE for domestic consumption tax on energy products). He spoke of the unfairness of a State which is enriched when oil prices rise: a barrel of crude, which adds implies an increase in the price of the finished product (gasoline), where an increase in tax revenue through VAT, to the detriment of consumers. TIPP a floating implies that rises when prices fall and that fall when prices rise. Which is not accepted by the government: "For the moment it will be a unilateral step down," said Jean-Marc Ayrault this morning.

A return to the "TIPP floating" indeed aroused concern because it had failed previously, when Lionel Jospin had put in place in 2000, before leaving in 2002. The price of a liter of gasoline fell by 1 to 1.5 cents while the measure was very costly to the state. Therefore, though technically it seems very difficult to implement such a "mechanism of price regulation," a political point of view, it is more popular to lower taxes when oil prices rise, as increase when the oil market expands.

Price freeze and strategic reserves apart

Among the alternatives to allow a reduction in fuel prices, the price freeze. Again, the idea has been raised repeatedly by the new government. This has the advantage of being concrete and satisfy consumers voters. But it involves significant risk of a sharp rise in cases of oil. What is likely to happen, as geopolitical tensions in the Middle East remain high. Distributors may end up selling at a loss. Or prohibited by law.  

If the solution to tap into strategic reserves exists, it has not been supported by the government. Use these reserves equivalent to three months of consumption, would indeed bring down fuel prices. It is a lever used in the United States: Barack Obama on the campaign trail, recently said "ready" to do it again. And it was proposed by Nicolas Sarkozy last March. But the measure seems rather ineffective in the longer term.

Finally, for now, not a word about the "check fuel" or the return of the thumbnail.

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