Edouard Balladur. – Efforts by the Franco-German cooperation is commendable, but it must go further. The Europe of 27 is too broad and diverse, it is little more than a big market for the euro area, it has a single currency, but it is struggling to make quick decisions and does not have a policy exchange decided by a governmental authority. For twenty years, I defend an organization of Europe by combining circles States according to the skills shared. It is urgent to implement and begin to better organize the euro area.If the ECB was implementing this massive deterrence, speculation would fall and we would cease to move from crisis to crisis paydayloan.

The Germans did not they always raised an objection of inadmissibility outright the idea?

Do they have a reasonable expectation of it together without the 2 trillion dollars that would discourage speculation? Why is opposed to the expanded role of the ECB? The fear of inflation? The risk is much less in a world of globalization based on a competition that lowers prices.

Some defend the "other policy" and openly talk about protectionism. This crisis gives them she right?

On the contrary, it gives them wrong. History has decided: to maintain our role in the world, defend the ability of our business, secure our energy, we need to reduce deficits.

This is especially symbolic that this government has succeeded where the team Jospin failed to combine the two tax authorities. In a survey of the merger, commissioned by the Senate Finance Committee, the Court of Auditors said that the reform was carried out on time and that its success is "an achievement in change management."

But the Court also notes that the merger would have been cheaper. "All were first restructuring cost.The question is whether the bill was not too high, "said Philippe Marini yesterday, the president of the UMP Senate Finance Committee during a hearing of the protagonists of the case to the commission.

Between 2008 and 2012, 12,000 jobs have been removed to DGFIP. Despite this, the payroll has been stabilized in 2011 and decline only in 2012 to reach 4.95 billion euros. "From 2008 to 2010, the workforce was reduced by 3%, while the wage bill increased by 1%" Nicole Bricq summarized yesterday, the rapporteur of the commission PS. When asked by Le Figaro, Philippe Parini, the Chief of DGFIP, believes that this performance is good.But yesterday at the hearing, the Court judges were more skeptical.

209 million of additional costs

In the report following its investigation, the Court regrets that the general rule in the civil service, which means that half of the savings from job cuts to be redistributed in additional payments to agents, has been exceeded in DGFIP in 2010 ( 62 guaranteed approval cash advance loans.5% of redistribution) and 2011 (54.8%).

In detail, the Court expressed surprise that the merger premium of 350 euros per year, originally created for the sole agents affected by restructuring, has been granted in 2008 to all members of the DGFIP. Then it has been perpetuated from 2009 and then increased to 500 euros this year. Total cost from 2007 to 2012: 59.5 million euros.However, in addition to this premium, the agents of the DGFIP benefited from the harmonization of remuneration from the top.

"No merger can not be done with a harmonization of salaries to the bottom" replied yesterday a senior official of Bercy, noting that the harmonization alone had accounted for half of the 209 million additional cost of the merger.

"We take the fact of having paid the premiums," added Philippe Parini. "In total, over the whole period of the merger, from 2008 to 2012, we distributed to agents 52.3% of the savings related to job cuts. It is little more than the norm. Overruns in 2010 and 2011 and punctual and will be made up later, "he said in Le Figaro.

Senators of the committee members are themselves worried about the consequences of yesterday's job losses to DGFIP.They fear a decline in the quality of service.

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Another element reassuring: the announcement of an increase, the first since May, the U.S. ISM non-manufacturing index. Good news that comes at a time of doubt about the growing economy of the United States. Moreover, investors who are eagerly awaiting the president's speech Barack Obama on jobs Thursday, learn this morning by CNN that he should propose to spend $ 300 billion to new posts.

Japanese exporters straighten the head

In Tokyo, the Nikkei, which was closed yesterday's session at its lowest for two years, started the day with a gain of 1.54%. It accelerated progression in the morning and was up 1.93% to 8756 points in a half hour of closing. The index is particularly driven by the weakening of the yen against the dollar yen trading at around 77.50 this morning, less than 77 against yen during most of the previous days. The Japanese currency fell after the decision of the Swiss central bank yesterday set a floor rate of 1.20 Swiss francs to one euro.The dollar and the euro are raised in the process, vis-à-vis the Swiss franc as well as the yen.

Also note the decision unanimously, the Bank of Japan (BoJ) to keep its key rate in the range of 0 payday loan lenders.0% to 0.1%, in order to fight against the effects of deflation and the high price of yen. The National Bank has also indicated that he still hoped a return of the Japanese economy to moderate growth between the end of the year and early next.

Side values ​​result: operators take the opportunity to return to the export sector had been battered in recent days.Among the largest increases are as Mazda Motor (3.40%), Sony (3.09%), Sharp (1.52%) and Panasonic (1.31%).

The title Yahoo Japan Corp. also climbed 1.92%, buoyed by the announcement last night of the ouster of the CEO Carol Bartz, in office less than three years, replaced temporarily by Tim Morse, current chief financial officer.

Rebound of the Australian economy

Elsewhere in Asia, is also the time for optimism. The Stock Exchange of Hong Kong and Shanghai respectively, earning 1.20% and 1.32%. The Korean Kospi flies of 2.71%, driven by the technology sector. Samsung Electronics is 4%, LG Electronics and Hyundai Motor 5.3% 2.6%. The Indian Sensex gained 1.03%.

In Australia, the S & P grants itself 2.30%. Operators have learned that the national economy, weighed down earlier this year by natural disasters, experienced a sharp rebound in the second quarter.GDP shows an increase of 1.2% over the period and 1.4% year on year, said Wednesday that the Bureau of Statistics (ABS). These figures exceed the consensus expected a 1% increase in the second quarter and 0.7% year on year.

The newspaper, which lost 32 million euros in 2010, is expected to lose at least fifteen this year. Reportedly, the group does not bend under the weight of debt. It supports about 2 million in payables. In fact, the financing of the newspaper is provided by Alexander Pugachev himself, who regularly feeds the current account of the newspaper to pay the bills.Figaro in an interview last November, he declared: "France-Soir has no bank debt … We lose about 2 million a month and every month I put money on account."

This backup procedure, if accepted by the Commercial Court of Paris, will allow the appointment of an administrator. Its role would be not to negotiate with creditors, but rather to address the structural and economic reasons that make the newspaper is in permanent deficit. France-Soir and will be until the release has not reached the 150,000 to 170,000 copies by the admission of its owner.However, at present, the paid circulation of the title revolves around 74,000, despite the relaunch of the title made in January 2011.

The cost structure

Alexander Pugachev, who has already invested 50 million euros in the title, was prepared to inject 20 million euros in 2011 to run the newspaper and energize. But today, it raises the question of the cost structure of the paper. The selling price, even back 50 to 60 cents, and low advertising revenues do not find a financial balance. The equation is complicated Alexander Pugachev. To reach 150,000 copies, the newspaper needs to invest in editorial quality and a strong distribution. But this is expensive. It might therefore seek partners to share the burden.

Xavier Bertrand Tuesday reiterated the government's intention, not to establish a "maximum wage", but to increase the levies on companies' pay extravagant wages "- which in his view, means" several million euros. " The idea was initiated by a part of the majority in the debate on the alleviation of the ISF and the end of the tax shield. The Left had also seen a way to feel good after a "gift to the rich" … The measure should be passed in the fall.It could take two forms: a new tax or the inability to deduct the payments of the tax base of companies. "I favor the latter possibility," the minister said Tuesday.

"Branding a category»

Neither of the two formulas, in any case not suitable for Afep. Its chairman, Maurice Levy (Publicis Groupe), found the need to "be bad enough faith to consider that there is a problem together" on the compensation of top managers of French companies instant credit reports. Based on a study Aon Hewitt, he assured that they are on average paid less than their counterparts at the head of U.S. companies, Swiss, British, Spanish or German. "It's not healthy to attack a general executive compensation. This leads to stigmatize a category, "says Maurice Levy."I'm not at all support the idea that decides what should be the compensation of one or the other, in a total abstraction of what the company," he says. As to subject executive compensation to the general meeting of shareholders, rather than the board or a special committee, the president of the Afep sees "no need to submit to such AG decision over another ", saying that there is already" in the company a democracy that works very well. " Annual reports, accessible, detailed executive compensation.

"Personally," Maurice Levy, however, sees "no objection" that the persons whose total income is high "contribute more in difficult times," as an "element of solidarity."

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So, in the wake of Wall Street Monday closed sharply higher, Bourse de Paris amplifies gains the previous day. The Cac 40prend 0.37% to 3810.51 points.

On the currency markets, the euro is stable against the dollar at 1.4274 dollar.For their part, oil prices rebounded in electronic trading in Asia Tuesday and remained under pressure, before the 48-hour strike in Greece to the appeal of unions to protest against austerity measures, analysts said . In morning trading, a barrel of "light sweet crude" for delivery in August gained 36 cents to 90.97 dollars.That of Brent North Sea crude for August delivery was taking 25 cents 106.24 dollars.

Housing: housing starts and building permits up

On the macroeconomic front, the number of starts of new homes increased by 11.4,% year on year in France for the period from March to May, while the number of building permits for these homes has increased 4.3%, according to figures from the Ministry of Housing.

At 18 hours, will be published the figures for registered job seekers and offers collected by the job center in May.

In the U.S., the S & P / Case-Shiller of home prices in April (15 hours) and consumer confidence in June (16 hours) are also expected.

Carrefour jumps, Casino unscrews

Against a background of optimism about the outcome of the parliamentary debate on the budget austerity in Greece, the banking sector performs well: Crédit Agricole climbed 2.50% to 9.87 euros, Societe Generale is 1.54% to 38.25 euros, BNP Paribas rose 1.10% to 50.71 euros and Natixis gained 1.04% to 3.29 euros.

EADS: 0.09% to 22.07 euros

China could control dozens of Airbus during a visit of Chinese Premier Wen Jiabao Tuesday in Berlin, said on Monday sources familiar with the matter.

Carrefour: 1.55% to 26.86 euros; Casino: -2.88% to 64 euros

The distribution group received Monday a "proposal" to create Gama Brazilian joint venture equally owned by both groups in Brazil, the latter to eventually become a shareholder of Carrefour.

Thales: 0.46% to 28.52 euros

According to an internal study cited by the Tribune, the electronics group shows a drastic decrease of 13% of customer satisfaction since the arrival of the new direction. Some regret the centralization of applications and other lack of attention to their concerns.

Lagardère: 2.95% to 28.57 euros

Analysts at the Swiss bank UBS raised their recommendation on the title to "buy" against "neutral" before.

Trigano: -3.36% to 22.27 euros

The specialist for caravans and motorhomes has said it expects a sales growth and results in 2011, following growth of 8.2% of its business in the third quarter, which covers the period from March to May

Teleperformance: -4.49% to 19.90 euros

The global call center cut its operating margin target in 2011 because of the recent slowdown in its business in the United States.

BioAlliance Pharma: 2.33% to 6.15 euros

The biotechnology company said it had filed with the French Drug Agency an application for leave to Phase III clinical trial for Livatag, treatment of primary liver cancer.

CGG Veritas: 1.14% to 23.45 euros

The group signed with the oil services group Bourbon marine services to offshore oil and gas a charter contract for five years to six new vessels support and assistance to its seismic surveys.

Alstom takes 14 hours to its General Assembly on Tuesday.

Yesterday, U.S. markets, which started in the green, finally ended on a stable tone, troubled by a further deterioration of three notches of the rating agency in Greece by S & P.Conversely, the Asian stock rose in unison this morning, buoyed by the announcement of the Bank of Japan maintained its key interest rate near zero to support the growth of the archipelago.

Markets, however note the acceleration of inflation in China to 5.5% yoy in May, more than expected by analysts. This rate, the highest in almost three years, should still push the country's authorities to tighten the monetary and thus assist in the deceleration of economic activity in China.The monetary tightening measures taken by Beijing to curb inflation have led to a decline in new lending by Chinese banks in May and a monetary growth slowed to a low of 30 months.

Still on macroeconomic, the current account deficit in France widened somewhat in April, to 4.8 billion euros, against 4.1 in March, due to the increase in the balance of trade in goods, according to figures released Tuesday by the Banque de France (BDF). The day was also charged in the U.S.. Retail sales fell 0.2% in May to the U.S. for the first time since June 2010. The increase in producer prices has also slowed, but less than expected, with the slowdown in energy costs, according to figures released by the Labor Department.Finally, the restocking of manufacturing firms and corporations slowed in April, according to figures released by the Commerce Department.

As for currencies, the euro continues to rise against the greenback at 1.4474 dollars around 17.30. For its part, the oil has been affected by the downgrade of the long-term debt of Greece and the publication of inflation figures in China. In morning trading, a barrel of light sweet crude for July delivery lost 24 cents to 97.06 dollars before rebounding to 0.84% ​​hardly rose to 98.12 dollars.

The banking sector insensitive to the degradation of note Greek

Banks are sensitive to the Greek news, do not react negatively to the further deterioration of the country's debt that one step closer to the fault."If a solution can be found that avoids the risk of default, it seems appropriate," said the Governor of the Banque de France Christian Noyer at a press conference free business cards. If you do not find it, if you touch still in debt and that you cause a default or a credit event, you must be prepared to fully finance the Greek economy, "he warned, addressing the Euro zone countries.

BNP Paribas (2.33% to 52.61 euros), Societe Generale (+2% to 39.79 euros), Natixis (1.99% to 3.535 euros), Axa (+2.75% at 15, 14 euros) and Credit Agricole (1.45% to 10.155 euros) move anyway.

Areva: -2.68% to 24.355 euros

After Germany announced last May its output of nuclear power by 2022, Italy on Tuesday dismissed the relaunch of its program.The title, which displays the largest decrease of the SBF 120, thus suffers the growing distrust of the Europeans vis-à-vis nuclear power.

Axway Software: + 26.76% to 23.59 euros Sopra: -5.12% to 61.55 euros

This Tuesday was the first day of trading of the company, the shareholders of Sopra giving the green light last Wednesday, the proposed demerger and listing of the software division of group counseling and services.

Capgemini: + 3.07% to 38.57 euros (largest increase in the ACC)

The group announced on Tuesday that in "exclusive negotiations" to acquire the operator Prosody.

Neopost: + 2.44% to 59.67 euros

The group said growth in its expected sales of between 3 and 5% excluding currency effects in 2011, instead of the range of 2 to 4% previously expected.The manufacturer of franking machines for mail said it has completed the acquisition of GBC-Fordigraph.

Suez Environment: -0.14% to 14.075 euros (largest decline of ACC)

The group, through its subsidiary Degremont, has won a contract for the extension of the treatment plant and wastewater recycling in Qatar Doha West, for a total of 35 million euros, "he said Tuesday in a statement.

Air France-KLM: + 0.42% to 10.635 euros

Secretary of State for International Trade Pierre Lellouche said Tuesday he convened the AFP Chief of Air France-KLM Pierre-Henri Gourgeon to seek clarification on his next order of hundreds of long- haul Airbus or Boeing.

L'Oreal: + 1.62% to 86.09 euros

Liliane Bettencourt should be placed under curatorship enhanced seen his health, according to doctors appointed by a judge of guardianships that have not examined directly, however, announced Tuesday a source familiar with the matter, confirming information site lemonde.fr .

"QUIZ Estimate the Cac 40 in late June

The same day, Indonesia has also persuaded her."Personally I support France," said Minister of Finance of Indonesia, Agus Martowardojo the sidelines of an economic conference in Jakarta, highlighting the professionalism and competence of the French minister "in the interaction between organizations, and that his "high integrity and expertise small personal loans."

Operation successful seduction

In his world tour, Christine Lagarde said his vision for a reformed IMF to give more weight to emerging countries. Remains in the race to succeed Dominique Strauss-Kahn, the final choice remains in the hands of large economic powers, which have not yet formalized their decision. Among them, the United States and Japan. The Japanese archipelago has only 6% of votes in the IMF. The United States, themselves, hold the largest share.

The choice of Russia is also expected in the coming days.On 27 May, Prime Minister Vladimir Putin held "quite acceptable" and "very serious" the French minister's candidacy. Decisions of Brazil, China and India, all three visited last week by Christine Lagarde, should be more evenly too wait. The results of the nomination process for this term of 5 years are expected by June 30

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Better known as the "gold farming", the process-illegal because contrary to the licensing of Editors, is not new. It developed in the course of the 2000s with the rise of video games massively multiplayer online.Among the best known: the game is medieval style Everquest, Eve Online Space Simulator … And of course the blockbuster of the moment, World of Warcraft. Published by Blizzard Entertainment in 2004, he assembled to date no less than 11.4 million players worldwide. And as many avatars, virtual alter ego, who jacked, cast spells and traded in a fantasy world of dungeons and dragons. All seek to ramp up. To skip steps, or simply lack of time, some are willing to change. There involved the "gold farmers", organized into groups of players 'professional'. According to a World Bank report published in April, there are about 100,000 to live in this activity, whose main body (80%) is based in China. Despite their efforts, videogame publishers are struggling to fight against this practice.

Because the Web is full of more of these "gold hunters, who conduct their business with impunity. Gamesinfun.com the site, a player can buy World of Warcraft 2000 gold virtual for the modest sum of 2.85 euros. To reassure its customers, the site (which did not respond to initial figaro.fr) ensures having "a great professional team of full-time employees. All are 'the' players 'veterans', with an "experience of at least three years in this position." Leben for Henri, a lawyer specializing in video game and intellectual property, "put an end to the activities of the 'gold farmers' is very complicated.""Most of them are based in China, they are small and have no legal existence." It is almost impossible and too costly to attack them legally, especially in the absence of a real international legislation on the Web.

Hackers looking for easy money

Besides these gold hunters, the rarity of these virtual objects also attracts hackers looking for easy money. Hacking into the accounts of certain players, they can then offload the avatar attacked its artifacts to sell on the Web. If Blizzard did not respond to our questions, the hotline operator of World of Warcraft French confirmed that "more and more players are seeing their accounts hacked." Similarly, Henry Leben, confirms that "the counting of avatars is becoming more common."Recently he has also held the record of a "wise guy" who took advantage of a vulnerability to supply his account rare objects, and reach a high level. Result, "he was stronger than everyone, and many players have complained," he says.

Director General of the French Agency for the video game (AFJV), Emmanuel Forsans is hardly surprised by these developments. "While this may seem a bit absurd to spend sometimes hundreds of dollars for a virtual object, which is nothing but a line of code … But we must understand that players purchase and time Thurs And that, to remain competitive compared with the community.

He added that many fans braved the ban by marketing them directly to their avatars or rare objects, without the publishers on the frontline.In 2007, a player has spent no less than 9500 dollars (7300 euros) to afford the "Double Blade Azzimoth", a unique weapon for World of Warcraft. To justify the tolerance of editors in such cases, Emmanuel Forsans evokes a desire to preserve the "playability" of the title. "In this type of game, players are organized into guilds. So, if one of its most powerful members has to leave, he puts the whole group at risk, "he argues.

An economic model changing

Publishers were they caught in their own trap? This would explain why their policy is based more on educating players to take repressive measures too, which might displease the subscribers. On its website, Blizzard, just to alert the community about the negative consequences of "gold farming" on "performance and stability" of the gameNot really enough to discourage "gold hunters" and their customers …

However, some massively multiplayer games beyond successfully "gold farmers" and their negative impact in terms of image. This is the case of Dofus, the title most in France played in its category (three million fans logged per month), which claims 40 million accounts created in the world. And for good reason: it has still not been translated into Chinese. If Florence C Ruocco, the communications manager of the game developed by Ankama denies any deliberate strategy to avoid the "gold farmers", she concedes that "this is probably why the title suffers less from these problems" .

Still, the economic model of these games tends to evolve, especially because publishers see a dim view this parallel market their escape.Clearly, according to Henry Leben, they want their share, which amounts to $ 3 billion, according to the World Bank. Thus, the game Castle of Heroes, developed by the Chinese Suzhou Snail Electronic offers its players to gain levels or various objects through the purchase of gPotato, the currency of the game at this rate, betting that the price of 'virtual gold could one day face the same bouts of fever that the real yellow metal.

"The leaders of the prison were earning up to 570 pounds per day"

After five years in the camp Jixi in Heilongjiang province in China, Liu Dali, recounted her ordeal at Guardian Digital. "We worked for twelve hours straight. [The guards] Never turn off the computers. If I could not reach my quota, they punished me physically.They forced me to stand with their hands in the air, then hit me when I came back in the dorms. We continued to play until you can barely see the screen. "According to him," the leaders of the jail earned more money by forcing prisoners to play online by requiring them to do manual labor. " In this way, these unscrupulous jailers could pocket "up to 570 pounds per day," said the former prisoner.

For several weeks, the CEO, Carlos Ghosn has promoted Carlos Tavares, current head of Nissan's operations in the Americas, to replace Patrick Pelata. However, beyond the choice of a particular person, the debate among officers, directors and major shareholders of Renault is on the group's organization and its relations with the state, according to business daily. The Elysee Palace would have more influence on the choice of industrial builder and limit the power of Carlos Ghosn in particular through the recruitment of new blood in the group.

Several tracks

Reform could take several paths.The functions currently occupied by Patrick Pelata could be divided into several posts. Another track, the future heir of Carlos Ghosn could sit on the board and receive a title of CEO. That title would have the double advantage of providing greater autonomy to the number two group in relation to number one, Carlos Ghosn, and also make a successor designated by Carlos Ghosn. But Carlos Ghosn would not consider replacing it before 2014. The question of bringing the future number two immediately to the board of directors does not seem to have the endorsement of the CEO.

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