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"After three years of starvation wages, marked by wage freezes or increases in general very limited, 2012 could confirm the recovery that began this year," said Bruno Rocquemont, responsible for investigating compensation at Mercer France.

According to the survey (1) conducted by the consulting firm in human resources, business plan for most occupational categories increased by 3% (median) budget increase (collective and individual), against 2.5 % in 2011. The exceptions are the workers (+2.8%) and senior (2.9%). But in any case, it would exceed the average inflation of 1.7% in 2012 by the government.

End of the wage freeze

Two major trends. On the one hand an almost complete disappearance of the wage freeze, a measure widely implemented at the height of the crisis.However, 4% of companies plan to freeze the workers and managers.

In addition, the company forecasts reflected the "sacrosanct" rate increase of 3%, which was applied during the years before the crisis erupted instant payday loan.

In addition, both groups seem to be emerging. First, the majority, has given the 3% salary increase. A second, more prudent, considering between 2.1% and 2.5%.

The survey was conducted between March and mid-July, ie before the great economic and financial events of the summer (crisis in the euro area, downward revision in growth for 2011 and 2012, falling stock markets …), Mercer, again, questioned 142 of the 329 companies in its original sample.

"Eight out of ten believe that these events will bring them to scale back their budgets for salary review.This reduction could be 0.5 point fall. In contrast, companies planning to date, a wage freeze, are still a small minority, said Bruno Rocquemont. In this context, we have to closely follow the mandatory annual negotiations (NAO), which launched just been given in some societies and that will continue into March. "

(1) survey of 329 companies, mostly French subsidiaries of multinational corporations.

Sharp put on Orange and the French market to go back to the conquest of Europe. France is deemed to be the European country most fond of new technologies. What motivated this choice. The Aquos is available in Orange stores and online from October 6. It should be available from 199 euros (with an offer to pay 100 euros) with a subscription Origami Star 3 hours (59 euros per month). Without a subscription, it is much more expensive: 639 euros.

Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone in the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

MEDEF regrets "the unbalanced distribution of efforts between state, local and Social Security on the one hand, and households and businesses on the other." Moreover, "a number of steps leading to increases in production costs adverse to competitiveness," the main concern French employers' organization. Medef cites the increasing social package, a levy paid by the employer under the employee savings plan (participation, sharing …), which will "penalize the share of added value in the company and lead gradually to confuse the profit-sharing with the wages. "

The union claims toufefois "welcome the clear commitment to compliance with the fiscal path."

The National Association of Food Industries for its part believes that the creation of a tax on soft drinks is "unacceptable.""It is a policy identical to that which was conducted for alcohol and tobacco, and we do not want food to undergo this type of approach," said Jean-René Buisson, president of the Association National Food Industries (ANIA). "We are aware of the need to participate in collective efforts but we do not want this action is taken based on the nutritional aspects of the product."

Manufacturers of cigarettes and tobacco shops demanded government action against smuggling to protect their industry, they are threatened after the announcement Wednesday by the government of a new tax increase. "Before 2003, the parallel market was estimated at 2-3%. Today we talk about 20% in 2012, the term 25%? "Pascal Montredon concerned, the President of the Confederation of tobacconists.Several studies have smoked a cigarette in five in France comes from the parallel market, purchased abroad, online or imported through criminal networks

In the construction sector, Ridoret Didier, president of the French Building Federation denounced "a heavy blow to SMEs in the building" with "The change in the calculation of the relief on low salaries and reintegration, in this calculation, the overtime. " "The SME sector will be particularly affected as they are mostly remained at 39 hours," says he told AFP.

Liébus Patrick, president of the Confederation of Crafts and Small construction companies, is pleased to share the "message about the importance of maintaining the 5.5% VAT for maintenance and restoration [ d] been understood as the government realized that we were a growth industry. "It regrets, however, the additional movement of the plane on the "scellier" and equipment for sustainable development: "This will impact on activity and employment," he added.

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Eurobonds are too expensive. It is seeking to demonstrate that the calculations of the German Ministry of Finance, taken by the weekly Der Spiegel on Sunday. This mechanism, which is to pool the debts of 17 countries in the euro area, regardless of their health, the first year would cost 2.5 billion euros of interest in addition to the budget of the German finance minister. This cost would be twice as high the second year to a total of 20 to 25 billion at the end of ten years.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system payday loans in 1 hour. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

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One more! Taiwan's HTC has come to swell the list of phone manufacturers in lawsuits against Apple for patent infringement by filing a complaint on Tuesday night. He joined Motorola and Samsung in this. And all three are pursued by Apple are accused of having copied its phones and tablets. To believe that the trial is a way like another to manage a patent portfolio of brands. The complaints became so numerous that more and more industry observers blame the mobile phone companies to spend more in legal fees only to pay engineers. At the expense of innovation.

A drift that Apple, as a party plaintiff or defendant in a number of ongoing trials, is no stranger. The firm seeks to protect its technologies as well as its distinctive (packaging, product development, wiring).Apple targets are far from accidental. As for Samsung, HTC and Motorola, it indirectly addresses its main competitor in the mobile phone: Google's Android, which equips the devices of the three brands offending and weighs 43% of this market.

The game is risky for Apple, which is far from winning all its trials. After graduating last week a ban on the marketing of the Galaxy Tab Samsung in Europe, Apple has finally seen its competitor be allowed to sell the tablet in Europe, except Germany. Apple is also regularly attacked by some "small" sector, like Creative, to whom he had to pay $ 73 million, accused of using its expertise in digital music player for his iPod payday loans guaranteed no fax. But these repeated attacks are proof of the incredible ability of Apple to seize the zeitgeist and often improve the copy.Which in terms of "victims" is no excuse. Especially as unwilling to compromise, Steve Jobs, the CEO prefers to go to trial, even if it means losing. Another failure in the face of Nokia. Apple was ordered to pay a lump sum and use rights, which amounts have not been made public, some patents.

A dangerous game

A similar logic to that which led Microsoft to claim $ 15 a smartphone sold to Samsung. The U.S. already collects $ 5 from HTC. For its part, Oracle accuses Google of violating some of its patents to develop its operating system for smartphones Android, and is seeking $ 6 billion.

"Apple has it gone to the dark side of the Force?" The question made the rounds of blogs devoted to the subject, concerned about the prosecution of the brand.We are far from "nice" Apple label won in the late 1980s and early 1990s, as opposed to "bad" giant Microsoft, which dominated the world. Apple, so concerned with his image of "challenger" and an alternative to the dominant model, probably not only take the risk to see it tarnished nor disappoint his fans.

The U.S. stock markets open lower again on Friday. The Dow Jones down 0.87% at 12,134 points and the Standard & Poor's 500 and Nasdaq 100 recede 1% respectively in 1287 and 0.96% points to 2740 points. Thursday, Wall Street recorded a fifth straight session decline.

The bad news on the front of the U.S. economy weighs heavily on the trend of economic growth the U.S. has slowed sharply in 2011 to 1.3% annual rate in the second quarter in a first estimate published Friday by the U.S. government.This growth rate, below analysts' expectations (1.8%), is particularly low given the significant revision of the first quarter, now estimated at 0.4% against 1.9% in June

U.S. markets are also penalized by the current political impasse in Washington, where Democrats and Republicans compete on the thorny question of raising the federal debt ceiling and deficit reduction. Just a few days of August 2, after which, according to the Treasury, the U.S. may default a blocking this weighs heavily on investor sentiment.That night, the U.S. House of Representatives postponed the vote on the plan of raising the U.S. debt ceiling.

Barack Obama will speak this Friday at 16.20 Paris time.

This new failure could, under the new Executive Director of the International Monetary Fund, Christine Lagarde, affect the value of the dollar. "One consequence is a decline in the dollar as reserve currency and reduced confidence in the dollar," she said in an interview with PBS.Some 14 patrons of banks, insurance companies and other financial institutions on Wall Street Thursday wrote to President Barack Obama and members of Congress to "call upon to reach agreement this week."

Moody's lowers rating outlook for Spain

Adding to the nervousness of the markets in Europe, the rating agency Moody's is considering lowering the rating of Spain. On the foreign exchange market, the euro was immediately dropped below the 1.43 dollar. Around 11:00, the European currency was worth 1.4276 dollars against 1.4324 dollars on Thursday night. Oil prices also retreated in the late morning. A barrel of Brent North Sea crude for September delivery was trading at 117.10 dollars on the Intercontinental Exchange (ICE) in London, down 26 cents from the close of Thursday.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity fell by 52 cents to 96.92 dollars.

On the macroeconomic front, investors will be watching today's first estimate of gross domestic product (GDP) of the United States in the second quarter.

The side of values

Starbucks (-1% to 39.58 dollars) unveiled for the third quarter of its fiscal year profit up 34% to 279 million and a turnover of 2.9 billion dollars, up 12% and 8 % same-store thanks to an increase in traffic (6%) and average ticket (2%).CEO Howard Schultz commented: "We hope to achieve our EPS growth of 15% to 20% in fiscal 2012. ".

For his part, Metlife (1.48% at 40 and 40 dollars) recorded operating income of $ 16.9 billion, up 33%. Premiums and other revenues increased to 11.8 38U billion, following the acquisition of Alico, while investment income jumped 24% to $ 5.1 billion.

Chesapeake Energy (3.77% to 34.69 dollars) realized in the third quarter earnings per share of 0.76 dollars against 0.75 dollars excluding special items.

Expedia (3.48% to $ 30) recorded an adjusted earnings per share of 0.55 dollars in the second quarter against 0.44 dollar a year earlier. Revenues jumped 23% to $ 1 billion.Gross bookings increased 19% and the number of transactions increased by 15% while advertising revenues rose 27%.

McKesson (0.60% to 80.08 dollars) made from earnings per share for the first quarter of 1.27 dollar against 1.16 dollar last year and a turnover of 30 billion dollars in 9% increase. The company raised its earnings per share target to 6.09 – 6.29 dollars against a previous estimate of 5.55 – 5.75 dollars.

Motorola Mobility (-5.06% to 21.75 dollars) has issued an earnings per share for the second quarter of 0.09 dollars against a loss of 0.3 dollar per share last year. Sales rose 28% to $ 3.3 billion.

Barack Obama sought Monday to change the tone of the negotiations on reducing the budget deficit. "I am ready to face criticism from Democrats for an agreement that allows to raise the debt ceiling," said Monday the president of the United States, before resuming discussions with congressional leaders have fallen into the impasse. "We will reach agreement before August 2," promised the president at a press conference.

Placing himself as an arbiter between the two factions partisan, Barack Obama said: "The Republicans are going to have to compromise, as the Democrats." He hoped that the negotiations continue "all day", "until a solution is found."

Their challenge is twofold. The first is to adopt a compromise that reduces the medium to long-term U.S. budget deficits.But the compromise also depends on the adoption by August 2 of a law that raises the ceiling for the debt of the United States. Otherwise, the U.S. Treasury would no longer issue the bonds needed to honor the debts of Uncle Sam was general such a defect of the United States would have catastrophic consequences for the entire global economy.

Avoiding tax increases

During the weekend negotiations have stalled or even declined. Democrats accuse Republicans of blocking any agreement by refusing the principle of tax increases. For their part, Republicans reject the approach proposed by Barack Obama on an ambitious four trillion dollars in savings over ten years.They are rather a compromise of around 2 trillion, thinking to keep their campaign promise to block any tax increase.

To complicate matters, the elected Democrats have their doubts about the path traced by the White House. Barack Obama asks them, in fact, painful concessions in the form of savings in programs popular pension and health care. Yet the Democrats do not want to pay the price in the November 2012 legislative concessions that make a great historical compromise personal serving the cause of Barack Obama but not his party.In addition, the recent rise in unemployment leads them to reconsider their promise to reduce government spending made a few weeks ago as part of negotiations led by the then vice president, Joe Biden.

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A real domino effect took place on European markets on Friday. First, it is the course of Italian banks, which fell sharply on the Stock Exchange shortly after the opening session. The title of Intensa Sanpaolo bank has started the day down 8%, then recover slightly to finish down by 4.26% to 1.70 euro at the Milan Stock Exchange. Another Italian bank, UniCredit, was suspended from trading because of excessive volatility of its stock, before resuming, and to close down by 5.54% to 1.363 euro.

According to traders, the dramatic decline in bank stocks is related to the Italian publication yesterday of a debt rating from Moody's. The rating agency has in fact threatened to lower the score of 16 Italian banks and two national financial institutions in the coming weeks.A decision, which followed the warning on the sovereign rating of Aa2 Italy, Moody's is considering possibly lower. The agency believes that the Italian economy is ill-prepared for a higher interest rate of 1.5% by the European Central Bank (ECB).

Spanish banks also under pressure

A similar scenario occurred at the Madrid Stock Exchange, where banks Santander and BBVA in closing yield 1.42% and 1.07% respectively. This fall, besides the influence of Italy, is amputated little optimistic comments by a member of the ECB Executive Board Jose Manuel Gonzalez-Paramo. According to him, the difficulties in debt continue to hamper the recovery in growth in major economies of the European Union."Despite signs of recovery, the crisis continues and we are not prepared to see the end," he said in a speech at the University of Malaga, adding that the euro area is in the epicenter of the global financial crisis.

In order to save taxpayers the full cost of a new bailout of Greece, the Spanish government has asked banks and savings banks in the country to maintain custody of Greek sovereign debt over the next five years business card templates. In addition, the second aid package to Greece is expected to reach 110 billion euros at the European level, with the private sector contributing to 25% of that amount, according to sources. This pressure on the Spanish banks in a financial uncertainty, have also contributed to the decline in bank stocks in Madrid."We had a little bit of panic in markets with statements from each other on Greece," said one trader in Paris in an interview with Reuters.

French and British banks affected

The debt crisis in the euro area and uncertainties regarding the financing of the plan of aid to Greece depress shares of banks of several European markets. In the wake of Italian and Spanish banks, Natixis closed down -3.67% at the Paris Bourse, where she Clesse red lantern CAC 40. The other listed financial institutions in Paris, AXA (-2.45%), BNP Paribas (-2.13%), Crédit Agricole (-2.04%), and Societe Generale (-1.78%), also end down the charts.

The same quake on the financial sector took place in the City of London, but to a lesser extent. Standard Chartered yielded -0.95%, and the title of Barclays fell by -1.9% to closing of the London Stock Exchange.HSBC even managed to finish the session in the green, gaining 0.3%. Despite the concerns of the Policy Committee on Financial debt crisis, the Federation of British banking shows that banks already use their profits to build their own funds. But some analysts now fear that their ability to lend to households and businesses suffer.

Latest bad news for the banking industry on Friday: Moody's lowered the debt rating assigned to the two country's banks, Anglo Irish Bank and Irish Nationwide Building Society to Caa1 from Caa2. This decision was taken in response to what the Irish government, which said last week will bear the losses of these banks with their bondholders. These two Irish banks are not publicly traded.

The Central Bank of the United States (Fed) is more pessimistic about the U.S. economy than it was last April. She announced on Wednesday to lower all of its forecasts for the fourth quarter. Result: economic growth year on year over this period should be between 2.7% and 2.9% against a range of 3.1% and 3.3% previously.

In turn, the unemployment rate should be between 8.6% and 8.9% on average in the fourth quarter, while two months ago the Fed was counting on 8.4% to 8.7%. The unemployment rate rose to 9.1% in May Finally, inflation is seen between 2.3% and 2.5% year on year and between 1.5% and 1.8% excluding food and energy.These forecasts are higher than in April, from 0.2 to 0.3 percentage points.

The Monetary Policy Committee believes that "the economic recovery continues at a moderate pace, although slightly slower than the Committee had anticipated." The Fed also shows less optimistic regarding the labor market. It considers "lower than expected," instead of "gradual improvement" in his words of April.

Rate remained at zero

In this context morose, the decision was taken unanimously by the members of the Monetary Policy Committee to leave unchanged the interest rate the central bank in a range from 0% to 0.25%.This is the twenty-second meeting following the end of which the committee announced that there will remain "for a long time."

The Fed also reiterated that its share repurchase program of $ 600 billion of debt the Treasury launched in November will end well at 30 June The Fed will continue its policy of reinvestment of securities it holds. One way to maintain a constant level of liquidity injected into the financial system of the United States payday loan.

The Fed lends to new interventions

At a press conference, the Fed chief, Ben Bernanke, said it was considering as well as to intervene again to change nothing. "We would be prepared to take additional measures, clearly, if conditions warrant. We have a number of ways of acting, none of them being devoid of risks or costs.We could, for example, make more purchases of securities or structured differently. We could lower the interest we pay to banks on their excess reserves with the central bank, "he said.

In his view, the Fed could act "by giving a specific date to define the long period" during which it wishes to maintain its key interest rate near zero. "These are the ways we can ease monetary policy further if necessary. Of course, all these things are somewhat unusual, "noted the President of the U.S. central bank.

But he stressed that the Fed could also maintain the status quo: "If the economy worsens and inflation remains relatively low, then we will not begin to emerge from the current monetary policy, he warned. And therefore we will not change the language. "

The central bank, anxious to reassure the markets, however, added that "the slowdown in economic recovery is in part a reflection of factors likely to be temporary, such as rising food prices and energy, or purchasing power and household consumption, and supply disruptions associated with the tragic events in Japan. " On Wall Street, investors are not convinced. At the close, the Dow Jones loose 0.66% to 12,110 points.

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Lehman syndrome is in everyone's head. The debt crisis in Greece and other countries in the euro zone could "derail the economic recovery in Europe and perhaps in the world," said Friday in Sao Paulo (Brazil) Olivier Blanchard. The chief economist of the IMF keeps clearly in mind the collapse of investment bank Lehman Brothers and the effect of stupor that had followed. A few weeks later, international trade plunged by more than 15% and the global economy went into recession.

With a new version of its forecasts, this time slightly down from last April (world growth is reduced from 4.4% to 4.3% in 2011), the IMF is concerned about the risk of "destabilizing defects" on sovereign debt.The feared scenario is thus described: "In the event of a severe market event, a shock could reverberate beyond the euro area by the game at a time of exposure border (bank's debt these countries) and a general decline in risk appetite. "

Overheating of the emerging

Long shared the conduct more or less expansionary economic policies deemed desirable by governments, the IMF now delivers an unambiguous message: "Policy makers should strive to make rapid progress in the consolidation of the financial system." He took the opportunity to ask the U.S. Congress to meet "immediately" the ceiling of federal government debt, currently the subject of disagreements between the Republican and Democratic members personal loan for poor credit.

The IMF estimates that Japan will suffer a decline of 0.7% of GDP this year, following the earthquake that struck the archipelago on March 11, but its economy is expected to rebound 2.9% in 2012. International experts acknowledge the slowing U.S. economy since the beginning of the year they consider "higher than expected." This leads to belittle the Fund from 0.2 to 0.3 percentage points growth figures for the United States in 2011 (2.5%) and 2012 (2.7%). "In contrast, growth has surprised on the upside in the euro area, driven by investments more generous in Germany and France," he notes.For the second consecutive year, the German economy will grow at a rate above 3% in 2011, while its French neighbor to grow by 2% this year and 1.9% next year.

Emerging countries, whose annual growth will exceed 6% in 2011 and 2012, are facing a problem of "overheating". Without naming any countries by name, Olivier Blanchard believes that "inflation rises above the increase in raw materials and food prices." Hence the recommendation made to them to tighten their monetary policy, "The more long rates remain low, the greater the risk of a crash landing."