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Overtax businesses too generous with their leaders. The idea was launched by Prime Minister Francois Fillon in an interview published Saturday in Nice Matin: "With the government, I think about a device that is to overtax the companies issuing exorbitant fees." François Fillon and takes position on an issue that divides the majority.

The head of government is responding to the proposal of Xavier Bertrand, Minister of Labour and Employment, to "tax" or "frame" the "extravagant salaries." It lampooned in an interview published Thursday by Les Echos code of conduct drawn up on the subject of big salaries. "Write a code of conduct is good. The enforcement is better, "he said. Considering that some large companies did not comply with these principles, the Minister has threatened to legislate on the issue.

Shocked by some earnings

In Nice Matin, François Fillon rejects such an approach in trying to punish companies through a tax rather than the bosses through a ceiling unsurpassable. If it says "shocked" by some remuneration of senior executives, the Prime Minister "not [believe] not the regulation of wages for some totally disconnected from economic reality of the business and wage negotiations." However, he called the companies to regulate themselves. If they do not, the government will make decisions, he added.

François Fillon's statement takes an idea Baroin. The services of the Minister of Budget are working on the issue from the perspective of the tax reform of heritage to be considered in the fall paydayloans. Baroin said he wants "an exceptional contribution on income, not an outstanding contribution."The advanced solution: drain on companies making non-deductible from corporate tax wages too high.

The salaries of officers of the CAC 40 rose 19% in 2010 compared to 2011 according to a study of the expansion. Their average salary was 4.2 million. And increases do not always correspond to performance industrial markets.

No revaluation of the minimum wage

François Fillon said in the same interview in Nice morning that there would be no boost given to the minimum wage at its next revaluation. "Today, it would be an economic mistake. This will overwrite the hierarchy of wages and would drive up labor costs and thus unemployment, "he justified.

François Fillon has argued that "before 2000, the labor cost of products manufactured in France was on average 15% cheaper than in Germany."However, "since the 35 hours, this advantage was lost in some sectors such as agriculture and services, we are overtaking Germany," he said.

According to the Ministry of Labour and Employment, the next automatic adjustment of minimum wage-price inflation when the achieved 2% since the previous revaluation, "could take place" in August.

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Goldman Sachs, the largest bank on Wall Street, the subject of a request for information from the prosecutor in Manhattan. The office of Cyrus Vance Jr., who also addresses the issue Strauss-Kahn, asked Goldman Sachs for clarification on its activities before the crisis in bonds secured on real estate debt.

The survey was conducted by a Senate committee. His report of 640 pages, released in April, outlines potential conflicts of interests between, on one hand, potential paris Goldman Sachs on the collapse of the housing market and, secondly, how the bank distributed financial products to its customers. Democratic Senator Carl Levin bank suspected of having lied. The approach of the New York attorney could lead to an investigation or even criminal prosecution.

Everything will within the next fortnight for Christine Lagarde. The Minister of Economy would continue his term as head of Bercy, candidate for the general direction of the International Monetary Fund (IMF) … or end up in court. According to AFP and Reuters, the Committee requests the Court of Justice of the Republic (CJR) will decide, in effect, at its next meeting, June 10, if it opens or not an investigation into Christine Lagarde, suspected of abuse of authority in the arbitration case Tapie,

However, on June 10 is also ladate deadline for returning application to succeed Dominique Strauss-Kahn as Director of the IMF, for which the Minister of Economy is among the favorites.Although she has not officially a candidate, Christine Lagarde already collects many supporters, particularly among Europeans who fear that any shift in the IMF crisis of debt on the Old Continent. And yet, the case Tapie is the main downside of the potential candidate, especially after the resignation resounding DSK, accused of attempted rape, the IMF looks anything but a new scandal.

Misdemeanor punishable by 5 years in prison and 75,000 euros fine

In April, nine Socialist deputies had asked the Attorney General of the Court of Cassation Jean-Louis Nadal to open an investigation into a speech by Christine Lagarde in the folder Tapie, who covers the resale by Adidas man Case Credit Lyonnais in 1993. Declaring himself duped by the bank, he had obtained 285 million euros of public funds in 2008.At the initiative of Christine Lagarde, the government had abandoned the legal route, where it had won on points of law to rely on private arbitration.

The public prosecutor accuses Christine Largarde have opted for private justice, but also refusing to appeal against the award, while the number of specialists are encouraged. The Prosecutor General also questioned the amounts awarded to Bernard Tapie, and the impartiality of the arbitrators.

Two weeks ago, Jean-Louis Nadal at the RGC requested an investigation.He says he "found many reasons to suspect the regularity or legality of settlement by arbitration dispute that may characterize the crime of abuse of authority", a crime punishable by five years in prison and 75,000 euros fine.

So it's the turn of this committee requests the CJR, composed of three judges of the Court of Cassation, two of the Court of Auditors and two of the State Council, to give its opinion. Maybe June 10, just after having examined the applications filed against Christine Lagarde. If it closes the case without further action, Christine Lagarde could file his candidacy at the last minute to head the IMF. But the commission may also request additional documents in order to make its decision or issue an opinion in favor of opening an investigation. In the latter case, the commission of inquiry, composed of three judges of the Court of Cassation would have before.And the chances of Christine Lagarde at the IMF seriously compromised.

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Financial markets and agricultural raw materials do not mix. In any case, what does France think G20 chair. The Hexagon actively campaigning for the establishment of a regulatory firmer prices reaching highs that had not been seen since the 2008 food crisis. "The grocery market has become political," Ralf Oberbannscheid annoyed, fund manager DWS Invest Global Agribusiness, the largest sector with a portfolio of $ 5 billion.

While in Paris, he wanted to do an update on this burgeoning sector of agro-industry, he said, "has enormous potential" still under-exploited due to poor image enjoyed investors. "Today, governments assume that all investors are speculators.However, soaring prices is often because of industrial needs, such as when the giant American Pilgrims Pride massively bought seeds to feed his chickens in 2008. " Even if it confirms the need for transparency voiced by France, the professional agricultural investment offended when we talk about regulation. "The country will not follow those rules, and capital will go elsewhere. It's insane, "he slice.

According to him, the debate provoked by soaring food prices should just be an opportunity to call operators to invest more heavily in the entire value chain of the food sector, "farm to plate."

Buy everything from Monsanto to Tesco

This investment policy, DWS Invest Global Agribusiness implements it since the birth of the fund in 2006.The strategy is simple: take stakes in companies related to the sector, from upstream to downstream. In other words, investing in farms, transport companies, restaurants or distributors. "We do not invest directly in commodities which reduces our exposure to volatility," said Ralf Oberbannscheid.

Massively present in the United States (36.8% of its portfolio) and emerging markets (25% to 30%), the fund holds stakes in more than 800 groups as diverse Danields Archer Midland, Syngenta, Monsanto, Unilever and Tesco. The choice of companies is, as the manager, on financial grounds but also ethical. "We strive to meet our own farmers to make sure they practice an agriculture that respects the environment", explained Ralf Oberbannscheid.

The potential of emerging

In the area of ​​agro-industries, this fund was born five years ago is the oldest, demonstrating the reluctance of investors to enter this minefield. The high volatility of this market, linked to climate change is one of the biggest barriers to ambition. "There is indeed a rising number of disasters. But the tools of analysis and forecasts are now more reliable than before, "says Ralf Oberbannscheid. Investment opportunities are also large enough to offset this effect difficult to control. "Countries in the process of urbanization attract richer people, who eats better and will expand the segment of organic food for example. This is the case of China, Brazil, Russia and Ukraine, "said the latter. Biofuel, despite the controversy it generates, should also put greater pressure on demand.Finally, inflation in food prices should benefit distributors groups. Because as pointed out by the investor, "you can go without gasoline, but no food."

For the manager of DWS, "there is still much to do." FAO says that "it will produce more food in the coming decades that whatever was produced on the last 10,000 years." Demographic studies estimate that the world population will surge to 9 billion by 2050. In other words, tomorrow. "In the past 40 years, we have not invested enough in the diet, so it was done in copper or iron. It also explains the sharp rise in food prices, "said Ralf Oberbannscheid. Remarks confirmed by the report Cyclops 2011 on commodities."Beyond the economic outlook in the short term, we must hear the message of the market: the world is hungry and we must invest to be able to feed," noted Philippe Chalmin, coordinator of the study.

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Laurent Wauquiez expressed confidence Monday in throwing a "healthy debate". The group's European Affairs Minister in the Assembly, the "social rights" must file "within 10 days" a bill to force RSA recipients to "take" five hours a week of "social service". Also planned, capping the "accumulation of all tested benefits at 75% of SMIC," and the requirement for foreigners to have worked at least 5 years in France in order to qualify. To justify its offensive, Laurent Wauquiez denounced "abuses of welfare" as "the cancer of French society." But his proposals divide his own camp.

On Monday, the national leadership of the UMP had welcomed a "significant contribution" to the next party convention on "Social Justice", June 8According to the MP-Valérie Rosso Debord, Deputy Delegate General of the UMP, these proposals are "common sense" and "should help to maintain a link between the person seeking work and the workplace."

But Tuesday morning, Laurent Wauquiez has been reframed by François Fillon himself. During breakfast the majority, at the Elysee Palace, the prime minister criticized the release of his minister. Criticism he repeated before the UMP deputies, meeting in the Assembly: "I'm not sure we need to subject all the reforms that fate has subjected the tax shield" in the process of be removed during the tax reform."Do not destroy it strives to balance" the quinquennium of Nicolas Sarkozy and "we should not discredit the reform of RSA," Francois Fillon has called yet.

Minister Roselyne Bachelot Solidarity, François Fillon close, which recalls in a statement it is "in charge of this matter," says his side's proposal Laurent Wauquiez present "difficulties of principle and implementation . She said it had already formulated his objections to the person "at a depth interview." In response to the arguments of the Minister of European Affairs, she recalled that the device provides "an important difference exists between the RSA and the minimum wage." The minister writes that she finally submit "ideas for improving the system to the President of the Republic", while an assessment mission on the SSA must issue its findings in July.And Labour Minister, Xavier Bertrand, embarrassed, did not express.

Hirsch: "This idea does not hold water"

More severe, Marc-Philippe Daubresse centrist member of the leadership of the UMP party, said on lepoint.fr "very surprised that this proposal is a total ignorance of the reality on the ground and irresponsibility." "I am responsible (Secretary General) and the UMP in charge of a mission entrusted by the president on this issue," says the member of the North was responsible for leading, June 8, UMP convention on "social justice".

The father of RSA Martin Hirsch, former Secretary of State in the government of François Fillon, became outraged Monday night on France 2, the idea of ​​"cons RSA hours."All the moves are not allowed to face the vulnerability of people," he said after being denied the "false things" who "sow doubt among the French." "This idea does not stand a single second when one takes into account seriously," he added. "If these things were implemented, it would begin to work without pay recipients of the RSA. But then we would look for all employees, canteen staff, cleaning any part of the French and they would say, 'now working for free', or worse, your work will be taken because someone will do it free in exchange for a social allowance '. "

CFDT: Laurent Wauquiez "frieze with the extreme right" The words of Laurent Wauquiez provoked an outcry among many associations.The National Federation of reception and reintegration (Fnars) oppose a debate "corny and demagogic." "The cancer society is not the assistantship, but unemployment," replies the minister Uniopss, which includes the major associations of health and social sector. "The five hours of social work is proposed aimed at people who can work, but who first need a job, or to people who can not work and who need social support" , Bruno Grouès analysis, special advisor to the leadership of Uniopss. The national movement of the unemployed and precarious (FFDM) has accused the minister of "stigmatize an entire segment of the population." "This speech is dangerous," said Lawrence Berger, the national secretary to the CFDT.For the union, adding counterparts to take advantage of RSA is "suggest that the unemployed would be profiteers," while "these are people who are victims of the crisis and mass unemployment recurring."

Even indignation on the part of opposition parties. The Socialist Party first secretary Martine Aubry has denounced a draft "shameful." "To say that people who live on the RSA are people who have their arms dangling waiting and are very happy to be of assistance, it really does not know the reality of things," said she. PS The member of Essonne, Manuel Valls, criticizes proposals to "designate the unemployed, those who benefit from RSA as responsible as the perpetrators, as the scapegoats of the crisis."Jean-Luc Melenchon, co-chair of the Left Party, said he was "appalled" by these "measures absurd, cruel and unjust" that "aim to show people the finger" and "hunt down and say 'you want to do anything, lazy' . Communist MP for Marie-George Buffet, the government tries to "round up the electorate of the extreme right in pointing to the French who live on handouts". Judgments shared by François Hollande: "After stigmatized abroad and opened a debate on national identity, the government is now the weakest in the debate to get the votes of the Front National." Laurent Wauquiez moves to the right Marine Le Pen, "adds Cecile Duflot, national secretary of Ecology-The Greens Europe.

The FN reacted Monday, but not in the sense of Laurent Wauquiez."The French are not assisted! Crisis (child policy of Nicolas Sarkozy) and the current policy makes it essential to protect the state can make to the poorest, "writes in a statement Wallerand de Saint-Just, a member of the executive bureau of the party. While also indicating that the FN, he, would grant "more means-tested benefits to foreigners."

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The General Assembly of shareholders of Parmalat, 12 April looks tense. While the rise in the dairy group Lactalis trans caused a stir in Italy, the company headed by Emmanuel Besnier announcement having captured 29% stake in Parmalat.

Holding 11.42% last week and 13.67% on Monday, Lactalis has indeed reached an agreement with three foreign investment funds Zenit Asset Management AB, Skagen AS and Mackenzie Financial Corporation to redeem their participation by 15.3% . According to the Italian press, the three shareholders would be fiercely opposed to the current chairman, Enrico Bondi, he intends to land.

Anyway, Lactalis is more than ever the majority shareholder of Parmalat.And although the group Laval did not intend to hold more than 30% of Parmalat, which would have to launch a takeover bid in the Italian securities laws, this absolutely does not like the Italian government and in particular Economy Minister Giulio Tremonti. The latter intends to take measures to defend domestic firms when they are considered "strategic."

Italy wants to counter Lactalis

To block the road to Lactalis and funds, the Italian government said "very favorable" to an alliance of investors across the country.Intesa-San Paolo could be the pivot while the dairy group Granarolo and giant chocolate Ferrero (Nutella, Kinder) have expressed their interest.

After that LVMH has offered the jeweler Bulgari and EDF talks with Italian Edison shareholders to reach agreement on the control of Edison electrician, Italy could see another national treasure in the hands of French companies . Not to mention that Groupama would take a share of the holding Premafin and that the airline Alitalia is 25% owned by Air France KLM since 2009.

In this context, France's ambassador to Italy, Jean-Marc de La Sabliere, was received on Thursday by Minister of Economy Giulio Tremonti and Deputy Secretary of the Presidency Gianni Letta, the right-hand Silvio Berlusconi, to be informed of the position of Rome who wants the "rules of reciprocity."

Sunday called the "Grand Jury RTL-Le Figaro-LCI" Francois Chereque retracted the false espionage Renault. "Management has shown a lot of levity," accused the secretary general of the CFDT. Francois Chereque not asking for much the departure of CEO of the automaker, "not to further destabilize the company." Words also used by Eric Besson, Minister of Industry, who spoke to him on TV5.

Nevertheless. For Francis Chereque, "the credibility of Carlos Ghosn is initiated." The union leader considers "normal" Renault boss waives its variable portion 2010, he was able to build up "thanks to U.S. support to the automotive sector during the crisis and job losses occurred in the business" .According to the leader of the CFDT, which defends the central one of three executives dismissed, it would have been "immoral" that Carlos Ghosn keeps these bonuses.

The three themes of the presidential

Asked about the aftermath of the Japanese drama, Francois Chereque recalled that "the CFDT has always denied any nuclear policy." He considers "useful" than a debate in France is established. "There is no power that is satisfactory in itself," he acknowledged, calling to reflect "patterns of production less dangerous pay day loan lenders."

In terms of youth employment, Francois Chereque said he was "favorable" to the development of learning wanted by the government. Although he would have preferred that the branches are forced to take quantified.Without giving the response of the CFDT employers draft agreement on supplementary pensions after (our Saturday editions), he found the text "fairly balanced".

Entryism on the FN in the unions, Francois Chereque recalled that "the combination of a political mandate and union was banned to the CFDT. But anyway, the values ​​of the party of Marine Le Pen was not in line with those of syndicalism. "I do not see how any unionist could defend national preference in a business," he judged.

Francois Chereque began his speech by welcoming the role played by France in response to Libya.He concluded by listing the three issues that he believes should be at the heart of the future president: the elements of competitiveness (investment, research, jobs of tomorrow …), the reduction of inequalities (including tax and pension) and discomfort at work. "It's not normal that the French no longer wanted to work," he firmly told.

The recent rise in energy prices, exacerbated by the revolutions in Arab countries is seen as a new threat to the U.S. economy. Ben Bernanke before the Senate Banking Committee on Monday was intended however reassuring in this regard. He says that if the increase does not last, its effect will be marginal growth. "The most likely outcome is that the recent rise in commodity prices will lead, at best, a temporary and relatively modest increase in inflation of consumer prices …" said the head of the monetary policy United States.

Ben Bernanke believes that the risk of deflation in the United States has become "negligible". This admission is important because the deflationary danger was highlighted in November by the Federal Reserve to justify the launch of controversial takeovers until June of $ 600 billion of Treasury bonds.Dubbed "quantitative easing" policy is expected to lower interest rates in the long term and prevent the U.S. economy shrinks as a result of a general fall in prices.

Manufacturing at the highest indicator for last 7 years

Commenting on the recent positive indications given by the United States economy, Ben Bernanke believes that "a self-sustaining recovery in consumer spending and companies may be becoming established." The publication of the ISM manufacturing purchasing managers, up to 61.4% in February, its highest level since 2004, seems to agree with the Fed chief."The combination of increased consumer confidence and business, an accommodative monetary policy and improved credit conditions seem likely to lead to probably a faster pace of economic recovery in 2011 compared last year. " However, Ben Bernanke was careful to promise to abandon its controversial policy of quantitative easing in June.

The Fed indicated last month that it anticipated a growth between 3.4% and 3.9% this year in the United States. But the governors of the Fed continues to believe that the employment situation is too fragile for the Fed to abandon its exceptional support measures for the supply of credit. "While we do not see a sustained period of stronger job creation, we can consider that the recovery is fully established," summed up yesterday the Fed chairman.

Within hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said.Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other. However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level payday loans. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We agree to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

"Two Camps"

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

Japanese Minister of Finance outlined Friday morning, a G20 divided in two. "My impression, based on discussions of the working group, which countries are now divided into two camps," Yoshihiko Noda advanced.He added: "It is not clear that countries agree on all the indicators but I think that agreement on some of them is possible."

China said Friday it is not binding rules, but only indicative. She does not wish to see included levels of exchange and reserves. Beijing agrees to include the public debt and private savings. It is also ready to be included in the trade surplus instead of the current accounts.

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In a market supported by confident and good indicators in Europe and the United States, the CAC 40 finished sharply higher Tuesday night and closed above 4000 points. A peak not seen since ten months.

On Wednesday, the trend may remain green, while Asian stock markets have stayed the course early this morning and bullish as Wall Street closed last night revived later. United States, the strong performance of IBM and Apple have reassured the financial world. And good macroeconomic news have taken over. According to that day, at 14.30 in the U.S., housing starts and building permits in December.In addition, a perspective analysis techinque, the next resistance is at 4090 points for the CAC 40.

Note, however, last night, the rating agency Standard and Poor's has warned that the debt rating of the United States "will be put under pressure" if the government does not soon a "credible plan" to reduce its budget deficit.

Edenred, Ingenico, Seb and Pierre & Vacances published

Also on Wednesday, banking stocks remain controlled while the finance minister, Christine Lagarde, hopes that the new tests for strength of banks expected to be completed by late spring. The official said Tuesday that details of the tests was discussed.

Vivendi U.S. authorities on Tuesday approved with conditions the acquisition by Comcast of a majority stake in NBC Universal.A step that will allow Vivendi to finalize the sale of its interest in NBCU and cash it will allocate funds to the repurchase probably from Vodafone SFR.

Eiffage The group was selected at the expense of Bouygues, yet the most likely candidate, and Da Vinci for the financing, design, construction and maintenance of future high-speed line (HSL) Bretagne-Pays de la Loire, a market estimated at 3 no fax payday loan.4 billion euros.

Alstom and Remy Cointreau will unveil on Wednesday its sales in the first nine months of their fiscal offset.

Edenred, the former branch of prepaid services group Accor announced a croisssance 7% of its annual sales, supported by Latin America and confirmed its 2010 earnings will range between 310 and 330 million euros .Accor will release on Wednesday.

Ingenico announced Tuesday again raised its 2010 earnings targets after posting organic growth of around 14% in Q4.

Seb reported late Tuesday a turnover up 15% for the full year 2010, to 3.651 billion euros, bolstered by sales in China.

Pierre & Vacances himself has posted a 11.7% increase of its quarterly revenue, supported in particular by its activity in property development.

IMS again in the fourth quarter benefited from higher metals prices, which resulted in an increase of 38.9% of sales over the last three months of the leading European distribution special steels.

ASML Holding on Wednesday announced a net profit up sharply in the fourth quarter thanks to strong demand for next-generation hardware. The world leader in lithography equipment for use in the etching of printed circuits on silicon wafers, has also announced a share buyback of one billion euros over the next two years and a doubling of the dividend on fiscal year 2010, to 0.40 euros per share.

BioMerieux unveil its turnover for the year 2010 after market close.

Note that yesterday, Gemalto rose over 6.6% at the close Tuesday night after signing a large contract with Japan for mobile payment.