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All news is not black now on the employment front. Especially for the 2010 graduates were more successful in entering the labor market as their alter ego of the two previous promotions. In any case, what emerges from the latest survey of "the employment situation of graduates' released Wednesday by the Association for the employment of cadres (Apec).

In spring 2011, eight months after graduation, just over seven in ten were in fact employed. Seven points higher than for graduates of 2009. In total, only 24% of them were still looking for their first job before the summer. "After two difficult years, the job market again smiling young graduates," says APEC and notes however that "the level observed in 2008 for the Class of 2007 (employment rate 77%) is not reached. "

Decline in job insecurity

Young engineers are, not surprisingly, those who have benefited most from the renewed welcome. Nearly eight in ten were employed, an increase of 14 percentage points from the previous promotion. The graduate business school and management are hardly worse off with an employment rate, also rose sharply (+ 11 points), 76%. Only university students are left behind with "only" 65% in employment (+ 6 points) and especially while three in ten were still seeking their first job.

The vast majority (81%) of those who have gained their first job was still in the spring, after searching for an average of two months, four against the previous year fast payday loans. 13% had changed employers and 6% switched unemployed at the end of their first professional experience.Line side, "services remain the outlet of two out of three graduates," says APEC, with a majority presence in education, training, health or social work, banking and insurance, or IT activities.

The industry, meanwhile, recruited as a young graduate in four, mainly in the automotive, food and pharmaceuticals.

The proportion of permanent employment, which fell in 2010, regained its 2009 level, 54% of contracts held. "This increase is accompanied by a sharp decline in precarious," especially among academics, Apec observed. As for the remuneration of employment, they are also rising again at 27,700 euros gross per year, respectively 400 and 700 euros more than the previous two years.The increase is particularly significant for young business school graduates (2700 + euros a year) as opposed to the university whose average annual income fell from 800 euros compared to 2009.

In the end, more than nine out of ten graduates said spring "satisfied" with their jobs, a level is still up from years of crisis.

Numericable goes on the offensive. The cable operator will propose on Tuesday a new offer "triple play" (Internet, TV and phone) at competitive rates of 4 per month. This provides a high-speed of 2 megabytes (box included), access to 19 television channels and DTT 4 DTT channels in high definition, and a phone line to be called or to join emergency numbers, says Jerome Yomtov, general secretary of Numericable.

In total, 10 million cable households Numericable in France are concerned, knowing that this offer has already been tested to 400,000 of them. However, an individual can not support it on its own. Since this offer is "building managers and local communities" as well as trustees for the condominiums, said Jerome Yomtov."We sign contracts with social landlords, which reflected the 4 euros on charges of their renters or we respond to invitations to tender to local authorities, which we pay in proportion to the number of inhabitants," explains Secretary General.

According to Jerome Yomtov, the use of collective subscriptions would drastically reduce costs. "We will have only one bill to send to the community or the landlord," he argues. Confident, he says the group will sign on Thursday including a contract with the municipality of Sagnieu-Colombier, in the Rhone, with 2300 inhabitants.

A round table in Bercy

However, nothing says that communities will not raise taxes to offset this cost.On this point, Jerome Yomtov was evasive, citing for example the "rail investment, for regional trains" that some of them do not pass on their constituents. But in the clear, "they do what they want," he concludes.

According to information of Paris on Tuesday, Numericable and this offer is at a round table of telecom operators and Internet service providers under the same day at Bercy. Eric Besson, Minister of Industry, they must submit an agreement setting up a social tariff of the Internet (for people touching the RSA), they are free to offer or not. Then accept the heels "operator" whose name has not yet been revealed.Still, the rate envisaged by the agreement (23 euros, 3 euros for the rental of the box) remains much higher than that of Numericable, even if the services requested by the government are more complete.

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The Paris Bourse has been optimistic on Monday before the Franco-German summit on Tuesday. The CAC 40, which began on the exchange increased by 1.07%, was on the rise, more moderate, from 0.78% to 3239.06 points. The index in Paris fell into the red at midday before recovering. With Monday a holiday of the Assumption, trading volumes remained low provided, to 2.3 billion euros against 7.5 billion last week.

The movement is the same in the rest of Europe. After opening sharply higher, European stock markets have slowed their progress mid-day before returning to finish the colors in a small increase. At closing, the London Stock Exchange and Frankfurt gained 0.57% 0.41%%. After remaining in the red part of the day, Madrid ended with a gain of 0.71%.Exchanges of Milan, Lisbon and Athens are closed due to holiday.

No Eurobonds on the menu Tuesday's markets are very nervous before Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel. They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany has dampened hopes by mid-morning by announcing that the possible creation of common obligations to countries in the euro area "will play no role" at the meeting on Tuesday."The Euro-bonds are not an option," added the spokesman of the Ministry of Finance during a press conference. The Elysee in a few minutes later confirmed that the issue of Eurobonds was "not on the agenda."

Meanwhile, the British Finance Minister, George Osborne, today called the euro area to move towards a more integrated budget to bring the world economy on the path of trust. The euro area "must now demonstrate its commitment to greater integration of budget and governance arrangements that prevent moral hazard and reinforce fiscal responsibility," said he.

In addition, the European Commissioner for Economic Affairs Olli Rehn called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

As for currencies, the euro rose above 1.44 dollars, against 1.4249 on Friday. The single currency also rose against the Japanese currency to 110.85 yen against 109.30 on Friday.

On the macroeconomic front, on Monday was very light. In the U.S., manufacturing in the New York area fell for the third consecutive month, while the morale of U.S. home builders has remained stable, close to its lowest historical levels.

The bank-shaped

On the corporate side, Societe Generale gained 2.06% to 24.80 euros.The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week the bank announced Friday its president Jean-Pierre Jouyet.

The banking sector has benefited from optimism on Monday. Credit Agricole gained 3.31% to 6.735 euros, BNP Paribas up 0.81% to 37.525 euros, ahead of Axa 2.98% to 11.24 euros. Natixis finally loses 0.06% to 3.114 euros after signing the largest increase of ACC (3.95%).

France Telecom (1.38% to 13.22 euros): the telephone operator Orange has unveiled some clues on the future model of the iPhone Appel keeps top secret.

GDF Suez (0.70% to 20.90 euros) has initiated "discussions" to sell its stake from 10.4% in the West Franklin field in the North Sea, the French energy group intends to transfer for 600 million euros.

Alstom (+0.20% at 32.69 euros): Goldman Sachs rose to "neutral" on the title with a price target reduced to 43 against 52 euros.

Danone (1.48% to 47.02 euros): UniCredit has raised its rating to "buy" against "hold".

The reduction of labor migration in France is now effective. After fixing in April the goal of reducing by half the number of work permits granted to foreigners in France, the Ministries of Interior and Labour recently issued a new list of occupations open to non-Europeans. According to Les Echos on Monday, the draft of the new Order, which has been sent to the unions, cut in half the number of job families, open to non-EU nationals. 30, it is expected to rise to 15, said the business daily. It should be noted that the list issued by the Ministry of Labour in 2008 had remained unchanged for three years.

"This is to narrow the list to the most skilled occupations or specific, corresponding to significant needs for labor," which would be impossible to fill short-term workers already present in France, said the e of the General Delegation of employment (DGEFP), which was sent to the unions.

But this list may be adapted as needed in labor specific to each region. Each warden will be allowed to exclude some of the trades listed 15 families, if these jobs are not in power on its territory.

Restrictions in construction and computer

Among the jobs listed on the new list, we find the e-consultancy, management positions in audit and accountancy, engineering positions in information systems, and various trades technicians wood and glass processing payday loans for bad credit.In addition, the areas of chemical production, pharmaceutical and mechanical products always recruit foreign labor.

However, in construction, the positions responsible for education, site managers and supervisors will come out of the list, the sector is recruiting non-EU as for industrial designer jobs. Another area where Claude Gueant decided to impose restrictions on the information technology sector for nationals of non-European features only for experts.

Surprised by the return of the subject after the meeting of National Council for the use of the July 12 trade unions denounce a 'national' approach of the government and are skeptical about its effectiveness."Of the stations mentioned experts, the big groups use internal mobility from their subsidiaries abroad," said Raymond Chauveau (CGT) in an interview with Les Echos.

Reducing the list of occupations open to foreigners "liberate" from 10,000 to 12,000 jobs in France. However, according to experts, the government will face the difficulty of adapting this new list to fluctuations in supply and demand in the labor market in France.

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While European leaders are working on the Greek crisis to find a solution by Thursday, the Party of European Socialists (PES) advance his proposals. In a joint statement, Martine Aubry and 12 other European socialist leaders have agreed on a roadmap. The Socialists are in power in particular Spain and Greece.

The PES associated himself with the idea of ​​Eurobonds. Concretely, this would be to issue bonds to 17 common European states in the euro area. According to this roadmap, this mechanism would allow to pool risks and protect the weaker states.

In an article published in The Journal of separate Sunday, the candidate for the primary PS Francois Hollande also defends the system of Eurobonds. "They are an effective way to raise money at lower cost," said he.He added that this could be used to "buy Greek debt delisted and to speculators at their own game", the latter focusing on a bankrupt country.

Buy Greek bonds, which are worth more thing: this last idea was put on the table by Germany, reports the magazine Der Spiegel to be published Monday. This technique would save 30 billion euros.

Mutual guarantees

European Socialists also advocate a system of mutual guarantees of European debts to "help the countries attacked by speculators" and would help them "to the costs of stabilization." The PSE also blames rating agencies, criticized for their very recent decisions concerning Greece and Portugal. The party wants to "limit their power" and forbids the creation of a European rating agency.

François Hollande, who associated himself with the JDD many of the proposals of the PES, also calls for merging the functions of president of the European Council (now Herman van Rompuy) and President of the Commission (José Manuel Barroso) to take the head of a real "economic government" of Europe.

"Dangerous" statements

The budget minister Valérie Pécresse denounced statements Socialist Sunday morning, "Francois Hollande and Martine Aubry are engaged in a dangerous competition of statements on the euro that are likely to undermine efforts made by all European and France primarily to protect the euro area ".

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After attacking the Portugal earlier this week, markets accentuate the pressure on Italy. Friday, the Milan Stock Exchange closed on a fall of 3.47% due to a sharp drop in bank stocks. The Italian 10-year rate reached a record 5.259%, while the gap with the German borrowing rates soared to 242.4 basis points. The markets fear a contagion of debt to Italy, the third economy in the euro zone, whose debt reached 120% of GDP. Under pressure from rating agencies threatening to lower the rating of the country since the spring, Rome adopted an austerity budget of 40 billion euros on Thursday, but the political crisis, revived by Berlusconi's statements could derail everything.

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Just arrived in the summer, here are the summer sales. From Wednesday, the clothing retailers will offer discounts of 30 to 50% of their collections. This is for them to attract consumers who shun fashion for nearly two years. If an improvement was seen in the spring, it could be threatened by an inevitable increase in prices of clothing, the impact of rising costs of raw materials, labor and transportation.

"We are all faced with rising production costs that we have at least partly reflected in our prices, and this will be even bigger in the fall and winter," says Antoine Brieu, director of C & A France. Its sign, high image discount, is not doing too badly at the moment, because in inflationary times, consumers fall back on cheap brands.C & A has found "a significant increase in its turnover and sales volumes" in March, April and May

"Buy smart"

In general, the industry experienced a beautiful spring, after a bad first quarter. Sales in April and May were supported by good weather, before a lull since early June due to weather and to wait before a traditional balances. "We have no signs of a recovery in the consumption of textiles in France, contrary to what one can see in some countries of northern Europe, says Gildas Minvielle, head of the center of economic French Institute of fashion. And in times of crisis, it is difficult to raise prices too much.The increases will be applied in a differentiated way for this to be as painless as possible. "

Aware of the issue, the French will then engage in a hunt for "buying smart", as they have done since the beginning of the economic downturn. This time, the scope is relatively narrow. As traders have sold quite well in early spring, the stocks available for sales are less important than the past seasons.

Distinguish the goods to the risk of missing

In addition, professionals, stung by the decline in demand were far more modest in their orders. "Companies have become very conservative for two years.They would rather miss sales than remain with unsold inventory, "said Jean-Marc Genis, president of the National Federation of brands of clothing.

If, as always, a rush is expected at the start of the period, the effect balances the risk of falling fast enough. "We usually sell 50% of our total sales the first week and then is divided by two every week," said Antoine Brieu C & A.

So, after two to three weeks, the goods to stand out may be missed. This will allow retailers to quickly implement the fall-winter season.With price increases all the more important that the parts are more "heavy" coat material includes more than a T-shirt.

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It will still wait to see Renault to build a new high-end model. The next generation of the Laguna and Espace, which is currently working on the group, "come out from the end of 2014," said Jerome Stoll, the commercial director. Replacement of the Vel Satis, ie the launch of a large luxury sedan, however, is not expected at this time, unlike what was envisaged in the fall in 2 to 3 years.

Frozen during the crisis, the renewal of Renault's high-end drags on. Originally planned for 2010-2011, the output of the successor of the space has continued to be shifted. Last September, the group was a sale of this vehicle in 2013-2014.

Yet it is urgent. The manufacturer has stopped production of its Vel Satis end of 2009. Last year it sold just 53,700 17,000 Laguna 3 and 4 space, two models from 2007 to 2002."As a carmaker, it is vital for Renault to be present on the high end" in order to have an offer modern hotel located above the Scenic MPV, Jerome Stoll said. Another issue this type of product takes the image of the entire line up.

PSA on the offensive

The subject was presented recently to the agenda by the government, major shareholder of the manufacturer, who insists that Renault acquires a high-end product in France high quality business cards. The next Laguna and Espace, however, could also be manufactured abroad, to markets outside Europe, according to an internal source.

The weakness of Renault on the high end is more apparent than his rival PSA increases the offensive in this niche. Citroën has introduced the DS4, the second model in its distinctive range DS. And Peugeot marketed earlier this year its 508.Originality of the approach, the 508 and the future DS5 will be manufactured and sold in both Europe and China, to amortize development costs.

If he wants to go upmarket, Renault will be faced with the difficulty of having to do the splits. For the same time, the group intends to accelerate the development of its low-cost Dacia brand, to bring it to 2% market share in Europe in 2013. Counting models of this type sold under the Renault brand internationally, this range could be up to 30% of sales of the manufacturer in this horizon.

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The vote was taken freehand. The National Assembly on Friday passed the relief measures of the solidarity tax on wealth (ISF) contained in Section 1 of the supplementary budget (supplementary budget Ed.) 2011qui door for the tax reform Heritage .

Threshold at 1.3 million euros

This article provides for the abolition of the first tax bracket to the ISF by raising the entry threshold of 800,000 to 1.3 million euros of assets. This measure should allow taxpayers to exempt 300,000, which corresponds, according to the government, owners of a principal residence whose value has soared because of the explosion in property prices in recent years.

Two rates of 0.25% and 0.5%

Section 1 provides further reduce the progressivity of the ISF. The schedule now has six units which techniques are applied six rates ranging from 0.55% to 1.80%.If the text is finally adopted by the Assembly and the Senate, it restr only two tax brackets: 0.25% for those whose assets do not exceed 3 million euros and 0.5% where the estate is greater.

This Friday, the resumption of debate, an amendment allowing a small reduction in ISF extra part dependent children has been strongly denounced by the left. In detail, the amendment of the rapporteur Gilles Carrez UMP plans to "increase the amount of reduction for each dependent from 150 euros to 300 euros, including adult children who are studying business card. "Interesting," said Budget Minister Francois Baroin, who relied on the "wisdom" of the Assembly. "You have no shame.It's outrageous, "launched the PS deputy Christian Eckert, denouncing" 150 euros reduction for people whose assets exceed $ 1.5 million, even though the school year allowance is granted conditionally for income below 23,000 Euros.

On June 14 the Senate

The reduction of the ISF is the corollary of the abolition of the tax shield, a key measure of quinquénat adopted in 2007 which provided for the tax cap to 50% of revenues.The fate of the latter, under section 13 of the supplementary budget will be sealed within hours or days ahead, examining the text to run until Tuesday, June 14, the date set for the formal vote and Transmission of the Senate.

(With agencies)

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lefigaro.fr – How do you explain the poor performance in the first quarter of the telecom sector, considered a defensive sector?

Yves Maillot – In general, defensive stocks have disappointed in the first quarter. Regarding telecommunications, financial markets are convinced that this is an area of ​​decay. I think that investors under-value in excess of these companies. Certainly, one should not expect to make money on the stock market with them, but a value such as France Telecom still generates a dividend of 8.5%.And even if its share price remains stable by the end of the year will be good for the group.

How do you explain the outperformance of Iliad stock exchange since the beginning of the year compared to the incumbents?

This illustrates that the market continues to appreciate Iliad as a growth stock, unlike the incumbents. Investors expect that Free (Iliad Group subsidiary) generate more growth through its new offering "Freebox Revolution." For three months the group has registered 154,000 new subscribers. Analysts expect 5% growth in turnover in 2011de its parent company, Iliad. This also confirms the good performance of small and mid-cap at the expense of larger ones.Now I think that this abuse of financial markets vis-à-vis incumbents will abate in the course of the year.

What reverse this trend?

Incumbents can not forever remain inert as financial markets anticipate. The telecom industry is back today as it was fifteen years ago, namely an activity to low growth but high profitability. He is immune to a speculative bubble, because analysts are no longer unrealistic forecasts. The risk / reward ratio is good. With this sector, investors have a "free option". In other words, an investor has nothing to lose by investing in value as France Telecom, whose price is very low (15.86 euros) and the opposite of a decade ago (220 euros).Good surprises are waiting on the telecom sector by the end of the year.

The 4G mobile is she a new growth?

It is difficult to assess the quantitative impact that 4G will have on the growth of operators. As I said earlier, analysts no longer looking like for 3G decade ago, to estimate the additional revenue that can generate these new growth.

As a result, financial markets do not believe in the potential of 4G. This explains the low valuations of the stock market operators. However, the 4G gives operators access to a historic new world of services. They still need to generate more revenue with subscriptions. And for that, more services and thus more features are needed.Traffic from the mobile broadband Internet will be increased tenfold in the next two years! These frequencies are strategic for the future.

Do you think that a fifth operator to participate in the tender that the state has launched?

There is no room for economic fifth licensee. This tender aims to give additional spectrum for existing licensees. Given the announced reserve price, I do not see what other operators – the mobile virtual network operators (MVNO) or other – could afford to participate in this tender. I see more MVNOs try to position themselves for the future and fit into the traditional grid in search of money. They seek primarily to promote their business model.

The eG8 be held on 24 and 25 May.Do you think the telecoms have their place in the G8?

This meeting is a good thing to discuss global issues in the sector and especially the arrival of new generations and new standards, at a time when the industry is looking for new growth. Whatever think the financial markets and rating agencies, telecoms evolve technologically.