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Suit and tie, dark glasses, briefcase and severe look. The "Men in Black", as are known as experts from the International Monetary Fund and the European institutions are back in Athens for two weeks. Their mission: to scrutinize the country's overburdened public accounts and the first assessment of the official plan of 110 billion euros for Greece in early May. If they judge that the government of George Papandreou meets its commitments, a second payment of 9 billion euros, will be completed in September.

The Greek Finance Minister George Papaconstantinou, is not afraid of men in black. "The second tranche of the plan will be paid if we have achieved the targets" by the international community, he said this weekend in an interview to a Greek newspaper. "These conditions were replies and we've even gone ahead with the vote of the pension reform.Greece adopted in June a postponement of the age of retirement at age 65.

"Progress"

The International Monetary Fund had also considered a report published in mid-July, the Greek authorities' making strides to redress public finances. " Athens was required to reduce the deficit by 39% in the first half. He did much better than that, reducing it by 46%.

"They were the hardest, reducing public spending more severely than expected," Judge Jean-Francois Robin, rate and currency strategist at Natixis AM. "In terms of fiscal consolidation, they are on track to be the best European students in the class and should succeed in reducing their deficit to about 9%." Good student in 2009, Ireland is in contrast to the penalty this year and could be weighted with a deficit of 12% in late 2010.

Uncertainties on Revenue

In Greece, if the goal seems far exceeded expenditure side, the revenue side "is more uncertain because revenues depend heavily on economic growth and tax base," Philip Sabuco shade, an economist at BNP Paribas., Philip Sabuco shade, economist at BNP Paribas. The government has managed to find only 7% of additional revenue to date, well below the target of 13, 7%.

Greece will not be judged solely on controlling the budget deficit. The IMF will look very closely the progress of privatization of public enterprises, the state (disastrous) finance social security, the release of occupations "protected" (trucker, notaries, architects, etc..). Records of which Athens is late.

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The Chairman of the Board of Directors and former CEO of L'Oreal Lindsay Owen-Jones afflicts some 3.3 million euros per year pension, according to Capital magazine, which published its last issue in a ranking of "retreats Gold bosses.

At 64, Lindsey Owen-Jones – CEO from 1988 to 2006 – which last year received two million euros of annual salary as non-executive chairman of the world leader in cosmetics, "already has a pension of 3.3 million euros per year, "wrote Capital.

The magazine's ranking, which evaluated from annual reports of the pension groups already affected or hats come from bosses, ahead of Lindsay Owen-Jones CEO Franck Riboud of Danone, which should reach 1.8 in the future million euros in annual rent, and that Axa's Henri de Castries, the pension provided, when he was 55, is 1.1 million euros annually.

Behind them are the CEO of reinsurer Scor Denis Kessler (800,000 euros per year), former president of Sanofi-Aventis Jean-Francois Dehecq (779,000 euros) and Henri Proglio, which besides a pension of 769.000 paid by Veolia Environnement, affects 1.6 million euros a year as CEO of EDF, said Capital.

"Under pressure from the public and shareholders, companies have significantly planed pensions hats they give to their leaders," the magazine notes, however, that assesses the average annual pension of "30 most spoiled" of them at 720,000 euros.

"The retirement of the CEO is generally calculated on the basis of its last three salaries (including bonuses), when ordinary workers must produce his best 25 years, also falls Capital, which said that the groups are saving for pouring the future pensions promised.

Remy Pflimlin candidate Nicolas Sarkozy as president of France Televisions, and knows his records showed yesterday at his hearing before the Conseil Superieur de l'Audiovisuel. His hearing before the 10 advisers on the Quai de Javel lasted half past two which nearly half past one of a set of questions and answers fed.

For candidates, two strong expressions dominate his mandate: "To provide programs and quality information for all and on all screens" and establishing "a bond of trust with the viewer citizen." This is to make a difference with the private television, he said, "is addressed, it, to consumers.""With the abandonment of advertising that allows us to contact the citizen and not the consumer and thanks to digital, we can offer an open television and inspires confidence."

Remy Pflimlin identified four key priorities in terms of programs. In order to defend the French production, he first insisted on the need for innovation in French fiction. For him, it is essential to develop new formats. It intends to increase "the time series and soap operas all day develop that are specific to strings.

For him, "it is essential to intervene very early and be able to finance the audiovisual writing. Similarly, he wants to develop the documentary. While paying tribute to his predecessor, he intends "to expand to new topics such as history and science."Also in line with the previous team, Remy Pflimlin continue "the diffusion of the performing arts. But the next president wants to "give emphasis to contemporary.

Strengthen the identity of channels

Finally, in terms of information, who has been a media owner wants to return to the fundamentals of "a group with 2,000 journalists." "At a time when our citizens are subjected to a constant flow of information, we must allow them to find the references in terms of rankings and explanations of the latter. We must not fall into the trap of the Internet by example and participate in the race. It is not only the credibility of our editors, but of the entire company. "However, he stressed the need" this information and logs run on all screens.That means to move the organization of editors.

For Pflimlin Remy wants to put digital at the heart of its strategy. "France Televisions has taken a little behind in its offerings, but also in exchanges on social networks. Yet more than 10 million of our fellow citizens consume television wrestling TV. It must therefore be given the opportunity to enjoy our programs on all the screens and that of the reaggregate their choice. "

As such, it has announced the appointment of a controller that will define digital, personally, a strategy for the group. This area such as fiction and documentary should be rare, enjoying a transverse direction, apart from general services.For in terms of organization, Remy Pflimlin intends to restore "a bit like Radio France principals embody the antenna channels and will have a strong autonomy in terms of programs." Its purpose is to strengthen the identity of channels: France 2 to be the chain of events, France 3 and RFO those of nearby, while France remains one of four innovation and France 5 that of decryption.

Moratorium on Economy

The changes in the organization has implications for social dialogue. "We must go to the essential," he said. "That is to say, first determine the objectives for the company and think about the business, organization of work and equal representation based on them." Thus, the future president of France Televisions will take time to reforming the company.For this, it says it wants to build on existing teams in place "and" indisputable retain professionals in their careers. "

Finally it is prudent on the financial issue and falls within the framework of the law which provides for the extinction of advertising. In this case, it does not advocate "for the increase in the fee. Otherwise, it will ask a "moratorium" for France Televisions to keep its advertising.

A little over five months after launching a takeover bid (OPA) on UTS, Total, through its Canadian subsidiary, Total E & P Canada has finally acquired the developer of oil sands in Canada, including its core asset, With the project mininier Hilles (Alberta). Total: 1.15 billion Canadian dollars, or 866 million euros. "The asset quality will enable us to consolidate and realign our portfolio of assets in Canada's oil sands," said Yves-Louis Darricarrère, president of Exploration & Production, said in a statement.

"The exploitation of tar sands – a mixture of sand and bitumen – is more expensive than crude oil but is very profitable when oil prices rise.This makes sense if you think that oil prices rise again, "said one analyst.

When Total launched its takeover bid for UTS, his spokesman said: "To acquire interest in UTS Fort Hills project fits with the strategy by enabling us to acquire at fair prices and a relatively strong position with attractive an oil sands project and a significant shareholder competent operational, "says Floren.

This asset will strengthen Total's existing portfolio in the region that includes the Joslyn Project and Northern Lights located near the Fort Hills project and which Total holds 74% and 60%.

Analysts at Morgan Stanley, this approach shows that Total is interested in trading in relatively small segment of the oil sands rather than the purchase of large groups, even if the rumor has expressed interest in the Canadian Nexen whose capitalization approach eight billion dollars.

Through this transaction, shareholders will receive 3.08 SWU Canadian dollars per share and a stake in the merged entity to exploration and development after the acquisition, SilverBirch Energy Corp., said in a statement UTS. "This transaction allows shareholders to realize immediate UTS bonus cash on the current course of action while participating in the SWU significant growth potential of SilverBirch," said John Watson, president of UTS.

At the Paris Bourse, Total shares lost 1.76% to 35.99 euros in a market that declined by 1.62%, to 12 hours.

The one that Sunday was a "very very big niche tax" that deserved a helping hand plane finally spared. Baroin, Budget Minister returned to his whims and confirmed on Wednesday in an interview to Le Parisien / Today in France that the government would not reverse the reduced VAT rates for restaurants given a year ago.

"This measure is maintained" said the mayor of Troyes. "If it must be questioned, the debate will take place during the next presidential election," he added.

10 billion savings

It must be said that the budget minister no longer had much choice. Tuesday morning, his minister, Christine Lagarde, had hammered on RMC and BFM-TV that the reduction in tax loopholes would not affect the VAT at 5.5% of restaurant owners.Baroin will have to find other niches planing to recover 10 billion euros economy expected by 2013. The minister on Wednesday gave few tracks a bit fuzzy.

Besides the movement of the plane 10% on tax loopholes previously announced, it confirms the non-replacement of 100,000 civil service posts (3 billion savings), reduced operating costs (2000000000), the reduction of lifestyle State … Baroin explains that this is the second round of general revision of public policies.The first, launched in late 2007 as it would have to generate 7 billion euros.

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From our special correspondent in Toronto.

Whatever the fans of austerity, the G20 Toronto has not been that of rigor. On the form, the exorbitant cost of the summit – 1.2 billion Canadian dollars, or 900 million Euro-shows that developed countries like Canada, still have strong reservations to spend public money to do their self-promotion. On the merits, the U.S. calls for further spending in the short term have been heard, even if Barack Obama had a hard time leaving scope for "recovery" in the final communique.

"We need to let it work through our plans for fiscal stimulus to consolidate the recovery," said the G20."Adjustments in the largest simultaneous countries could undermine the recovery," said the statement, which also bears the imprint of major emerging countries (China, India, Brazil, Russia).

Budgetary discipline

Pessimistic about the recovery, deemed "fragile and uneven, very worried about the" rate of unemployment reached unacceptable levels in certain countries, "the G20 always gives priority to growth. "Although Mrs Merkel has agreed to make more growth!" Says Nicolas Sarkozy.

For the first time, however, the virtues of fiscal restraint is recognized at the highest level."Sound public finances are essential to sustain the recovery, giving some leeway in case of a new shock, and avoid leaving future generations a legacy of deficits and debt" indicates the G20.

A commitment risk

But beware of plans rigor rushed! The G20 did not advocate austerity at all stages payday loans for self employed. "Fiscal adjustment needs to be carefully calibrated to support private demand," it said. "The consolidation measures should be phased in over time, growth, and differentiated according to country."

Angela Merkel welcomes the significant progress: the G20 endorsed the objectives of deficits and debt, modeled on the European Stability Pact, sanctions and less.The G20 developed countries commit to reduce their deficit in half by 2013 and to stabilize their debt to GDP by 2016. He was a Canadian proposal, which the first Prime Minister Stephen Harper to declare victory, after a summit a small scale.

But this commitment amounted G20 does not fear large world. The European Union should achieve this goal without problems, ensures José Manuel Barroso. France has already pledged to reduce its deficit 8% today to 3% in 2013. As the United States, they feel just referred.In its letter to its partners in the G20 to warn them against the rigors, Barack Obama has renewed its commitment to reducing the U.S. budget deficit by half in 2013 to return to deficits of 3% in 2015.

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This is a total war being waged now Google and Apple, opening the front lines in all areas of mobile Internet. Mobile advertising terminals via the operating system and applications, the giant online research and computer manufacturer will not release one ounce of ground to their opponents. That's why Google, who made a fortune during a decade in marketing advertisements on its search engine, is preparing to start selling music online.

Jerome Kerviel has expressly acknowledged on Wednesday before the Paris Criminal Court, have committed crimes (embezzlement, forgery and uttering, hacking into a computer system) against him and makes it run five years in prison. While it seeks to introduce a nuance that relates to his defense – "the bank knew everything."Still, after a long and detailed questioning of the court, the president Dominique Pauthe and his two assessors, perfectly complementing the former trader at Société Générale could not dodge the onslaught of the Crown.

The prosecutor, Jean-Michel Aldebert, head of the financial section of the floor, asked him: "Have you created fictitious transactions to mask losses or gains?"

Jerome Kerviel: "Yes, Eliot [note: the computer system available to all].

-Have you provided false explanations to your hierarchy?

Non-credible explanation, yes.

Have you crafted fake e-mails?

Yes. "

But the magistrate, silhouette dry, sharp profile of a bird of prey, hushed tone, did not finish.He comes back three days during which, in early 2008, the montages of the trader-delusional about 50 billion euros pledged not covered market that will drive 4.9 billion of losses-have been uncovered: "During the week weekend of January 18 to 20, you do nothing to help the Societe Generale. Why?.

Jérôme Kerviel: "On Saturday the 19th, I was asked only about 1.9 billion that had won in 2007. I was impressed, intimidated, stressed by the officials that I had never seen …

-You sound like a person telling police custody on drugs! You had positions totaling 50 billion, why do not you say?

"It was not the topic this time bad credit payday advance. I answered the questions on the 1.4 billion point.

A few minutes earlier, the accused had replied on the same theme to questions, subtly, by Judge Virginia Tilmont. Especially this one: "Did you feel that challenge the system?"

Jerome Kerviel: "Absolutely not. In trading rooms is a little stash of national sport [note: some of its activities]. Everyone does, I perhaps more than others, but I tried to bring the most money in the bank. " A good little soldier, somehow, even if his methods were not always orthodox.

The boom is fully stretched to their consideration that Mr. Metzner. The lawyer for Mr. Kerviel comes out of his sleeve-mail dated Dec. 17, 2007, from the time his client has 1.4 billion euros and is preparing to invest 50 in the disastrous conditions that known.This email is signed by a certain Raymond Bunge supervisor Claire Dumas, who represents the SocGen this trial. It reads: "Good soldier must learn to disobey more out of the box".

Mr. Metzner Jerome Kerviel: "It reminds you what you asked?

The accused, not surprisingly, all smiles: "Yes."

So what if, as noted by Ms. Dumas, that assessment involved an employee of the department, which had no time to play with the funds lost money from his employer. What matters, after the wrong time spent by Jerome Kerviel, is having the last word. Jean Veil was understood that launches the formula fetish Mr. Metzner: "We agree. And for the first time, the bank puts the laugh on his side. In CHIP is a trick for the defense.

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The tax shelters will soon be planed 10%, Francois Fillon warned on Thursday morning in the East Republican. After announcing in early May that he wanted to make five billion euros in savings over five years on tax shelters, the prime minister said his program. The government opted Does the deletion of niches, or a general decline in their level? "Both," explained Francois Fillon.

"In each case, some niches will be deleted. And there will be a movement of the plane by 10%. With exceptions because it should not increase the cost of labor, "he says. Over the years, it is indeed accumulated more than 400 tax loopholes, intended for particular social groups or economic sectors. In total, the Telemachus to win for the state accounts for almost 75 billion euros.

For in order to cope with a deficit which currently stands at 7.5% of GDP, the resources available to the government are now limited, said the Premier. A tax increase seems difficult in France, both the level of tax burden is already high. "Within the euro area, we are among those who have the highest rate. Again, our margins are limited, "said the Premier. More limited, for example, those of our German neighbors.

No removal of tax charges

Same for the amount of charges. "In some sectors, the competitiveness gap with Germany reached up to 20%. We can not win over the German economy, "said Francois Fillon. No question, therefore, to remove some relief.Neither, as announced Wednesday Georges Tron, the Secretary of State for Public Service, to lower or freeze the salaries of civil servants, which may depend on the success of pension reform.

Only possible levers mentioned by the Prime Minister in the East Republican, in addition to the tax loopholes, reducing social spending and a freeze on the allocation of local communities. "But we will not touch the RSA," said Francois Fillon.

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The market for nuclear reactors following "an upward trend," according to Mitsubishi Heavy Industries (MIH). The conglomerate of Japan believes that dozens of these reactors should be located in Europe by 2030. And he does not miss the boat. The group is announcing Wednesday the signing of a letter of intent with the Spanish group Iberdrola Ingenieria y Construccion. His goal: to increase its chances of winning several bids for the construction of nuclear power in Europe. "We hope thus to accelerate the introduction of our advanced pressurized water reactors EU-APWR in European countries," MHI said in a statement.

Specifically, the agreement provides that if a contract awarded, MIH supports the manufacturing facilities and the provision of essential equipment.For his part, Spanish will be responsible to install, the grouping of devices and materials that their test. The offer of MIH is based on a pressurized water reactor of 1,700 megawatts (MW), whose rights have been designed for the Japanese market, and adapted to European standards and regulations.

MIH is not his first partnership with a European group. The Japanese already collaborating with the French Areva in a joint venture called TDD, which is developing a medium-power reactor for countries wishing to launch their first nuclear power.

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