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The Kerviel case takes a new turn. If the Societe Generale and Paris Criminal Court found the young trader as the only responsible for loss of 5 billion euros, the bank employees believe the fault lies with the institution. Consequently, according to information from the newspaper Le Parisien on Thursday, four officers are preparing to seize the Tribunal de Grande Instance of Nanterre and ask their employers for damages under a double jeopardy: the moral and financial support.

The plaintiffs claim 15,000 euros per employee. Societe Generale has 157,000 employees worldwide in 2010, nearly 60,000 employees in France.At Societe Generale, one "no comment".

Trauma for employees

"Employees, especially those who are in contact with customers, have experienced very difficult times in 2008 when the Kerviel affair erupted, and the following months. They have been subjected to ridicule, jeers or threats because we had to refuse them credit or account of premiums, "report Richard Masters and Valeanu, lawyers for employees who intend to run this procedure.

But even those who are not dealing with customers still feel embarrassed by this affair, which comes up regularly in the spotlight of world media. "Even before Kerviel, opinion considered the banks as the major cause of the crisis, and work in finance was a blemish.Then this affair blows up, and it is suddenly attacked by a mob of reporters hungry for comment at the bottom of the tower at La Defense, the criticism comes, the fear of Societe Generale sink or redeemed, lost her employment, etc.. And nearly two years later, the court condemns Kerviel to pay 4.9 billion, sparking strong reactions even from all sides, "responds a former Societe Generale, who worked a few floors of the trading floor.

"Daily life was punctuated by spikes.If, in introducing me, I said that I worked at Societe Generale, the discussion turned directly to the Kerviel case: "Is what you saw? You know? Do not you think that the decision to pay the equivalent of 150,000 years of wages Kerviel is shameful?, Management necessarily was aware, How can you work in a group, etc. "." Says this ex- employee, moved to London for another bank, and thus escape the climate became too heavy in the bank as it considers, at least in large part responsible for this loss.

Financial losses from the Kerviel affair

As for the financial loss, it seems obvious: when the scandal broke, the share fall from 87 to 63 euros in less than a fortnight. Either a 28% drop. Then the descent continued to receive 50 euros in July.

This directly impacts the stock market down a lot of employees who are offered regularly shares at preferential prices. With approval, they become shareholders of Societe Generale.

Then the stock price of Societe Generale suffered, as the entire banking industry in the world, the collapse of U.S. bank Lehman Brothers in September 2008. A few months later, in March 2009, the title is the lowest since 1998, to 18 euros. Having taken over more than 50 euros in early 2010, he tumbles again amid fears of bankruptcies of State, whose banks are creditors in Europe. Since then, Greece and Ireland have been saved. But Portugal and Spain are next on the list, and should they fail, the bank would inevitably be impacted.The firm KBW figure indeed exposure to 21% of Societe Generale debt PIGS, that is to say, Portugal, Ireland, Greece and Spain.

Evolution of Societe Generale shares since January 2008.

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The CAC 40, which ended Tuesday's session on a sharp rise and more than 3800 points, continues its forward march. After gaining 1.63% on Tuesday, the index in Paris closed up 0.56% at 3831.98 points on Wednesday.

On Tuesday, investors welcomed the agreement on the bailout of Ireland and the tax compromise between Barack Obama and the Republicans. The day before, Wall Street closed around the equilibrium. Early this morning, Asian stock markets generally move in the red, except the Nikkei in Tokyo, who hoisted the green flag in favor of a decline in the yen.

On Wednesday, On the currency markets, the euro declined against the dollar ever.About 11:00 am in Paris, the European currency fell to 1.3218 dollars against 1.3258 dollars on the previous evening.

Prediction of growth and state budget

In France, the deficit is in line with expectations according to the latest figures released by the Ministry of the Budget on Wednesday. The apparent deficit in late October to 133.1 billion euros, against 134.6 billion a year earlier.In late September, the government lowered the deficit for the year, to 7.7% of GDP as against 8% previously forecast.

Moreover, the French economy should grow by 0.6% in the last quarter of this year, according to a second estimate slightly revised upwards published Wednesday by the Banque de France (BDF).

Note also that the trade deficit of France fell in October to 3.431 billion euros against 4.378 billion the previous month, said the Customs.

In Brussels, the European Commission will present its plans for strengthening the sanctions in the financial services sector.The press conference is scheduled at noon and a half.

In Geneva, a UN symposium on the theme of "the impact of financial crisis on global governance" meet the director of the World Trade Organization (WTO), Pascal Lamy and the Director General of the International Monetary Fund (IMF) Dominique Strauss-Kahn.

And the United States, as every Wednesday, will be published at 16.30 the weekly inventory of crude oil.

Stress tests in Europe in February

The new tests of strength on the European banks expected next year to begin in February and "will draw lessons from past exercises, with higher standards, said Tuesday the European Commissioner for Economic Affairs Olli Rehn credit report.Moreover, the introduction of the new regulatory framework "Basel III will cost 960 million euros to French banks, including 540 for the eight major establishments in the area, according to a study released Wednesday by the Cabinet Council Sia.

Financial stocks are heading back up to the Paris Stock Exchange (Societe Generale: + 1.22%, BNP Paribas and Axa + 0.82% + 2.77% greater increase in the CAC 40).

Publicis is an outlier: -1.31% to 35.85 euros.

In contrast, EADS is 2.23% to 18.33 euros.In an interview with German newspaper Börsen-Zeitung, Hans Peter Ring said he expected a significant improvement of group profits in 2012, after the postponement of development programs Superjumbo Airbus A380 aircraft A400M military transport.

Alstom is in second place, up from 2.29% to 34.87 euros.

The CSD, Soitec climbed 5.05% to 8.72 euros. The group enjoys the start of production with a new Peregrine Semiconductor silicon on sapphire substrate, which in the manufacture of integrated circuits for systems and wireless infrastructure.

Peter Berger future CEO of Eiffage

Peter Berger, 42, currently president of a division of Vinci, was appointed deputy CEO of Eiffage Wednesday by the board of the group, with purpose to succeed term CEO Jean-Francois Roverato.Eiffage nibbles 0.06% to 34.73 euros.

ArcelorMittal: + 0.07% to 27.04 eurosLe world's number one steel decided at a board of directors Tuesday night of trading in a holding umbrella activities of stainless steel, a planned operation for several months, the newspaper Les Echos reported, citing a source close to the group.

France Telecom: -0.06% to 15.90 euros, it will be held this Wednesday, perhaps also a board of telecoms group. This time to suggest an initial stake of the operator Korek Iraq.

Areva: -0.67% to 350.60 euros a supervisory board should be held to determine a first step in the planned capital increase.

PPR: -0.47% to 126.85 euros The consortium combines Goldman Sachs and Colony, owners of Aim, and the fund Permira withdrew from the process of selling Conforama, Les Echos reported.

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Pressure is mounting on the Cote d'Ivoire, Laurent Gbagbo and Alassane Ouattara were both sworn in as president Saturday, and have appointed a prime minister each Sunday, just hours apart. The political crisis worries the international community. The UN, U.S., France, the European Union, Great Britain, La Francophonie and also the Economic Community of African States (ECOWAS) took a stand in favor of Alassane Ouattara . Sunday night, the World Bank and African Development Bank (AfDB) are mounted slot.

The two institutions said in a joint statement they questioned the advisability of continuing to help Côte d'Ivoire."We hope to continue working with the Ivorians in the fight against poverty, but it is difficult to do effectively in a context of uncertainty and prolonged tension," they have said. The two banks, expressing their "frustration", recall that the presidential election, which was "long overdue" and whose second round took place on November 28, was "supposed to bring peace, stability and lay the groundwork 'Better Governance' in the country.

According to the World Bank and the AfDB, a prolonged crisis will plunge more Ivorians in poverty and adversely affect the stability and economic prosperity of the whole region."Therefore, in accordance with our policy, we will continue to monitor events closely and to reassess the usefulness and effectiveness of our programs since the breakdown of institutional functioning," she has warned.

Loan programs reviewed

The World Bank has invested heavily in the progress of the electoral process in Côte d'Ivoire. Its president, Robert Zoellick went there in January 2010. A field trip during which he assured the outgoing President Laurent Gbagbo of institutional support for the "reunification of the country." However, the World Bank had linked the cancellation of three billion dollars of foreign debt (estimated to total $ 12.5 billion) in the conduct of presidential elections, which were delayed for years.

The institution have other arguments in size.The World Bank has committed U.S. $ 207.79 million (155 million euros) in various projects to support the Ivorian economy in 2010, after funding $ 209 million (156 million euros) in 2009 and a record $ 320.22 million dollars (239.5 million euros) in 2008. Since the outbreak of the global economic crisis in mid-2008, the International Development Association (IDA), the branch of the World Bank that provides grants and low interest loans to the 79 poorest countries in the world which half are in Africa, has committed 7.8 billion dollars for the SSA countries during fiscal year 2009, a figure up 36% over 2008.

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The Minister of Industry and Energy, Eric Besson said Sunday the closure "imminent" in a "first step" of the capital increase of the nuclear group Areva, with a participation of KIA's sovereign wealth fund Kuwait, which will join the French state.

"For the first step in the recapitalization of Areva, is imminent," said Eric Besson on Europe 1, but without being able to say whether the transaction would be announced "within a few hours or a few days." The proposed recapitalization of the nuclear giant steps, it is true, a scenario in rebounding. The operation appeared to be impossible before the end of 2010, after abandoning the assumption Mitsubishi. Thursday, Christine Lagarde, economy minister, however, had suggested she had a "plan B" through further negotiations with the Kuwaiti Fund.

New round likely in 2011

Eric Besson would not disclose precise figures, while the press has talked in recent days, a total of around 750 million euros, in which governments could contribute up to one third, the balance being Supported by Kuwait.

He also left the door open for another round in 2011, which could then be part of Qatar's sovereign wealth fund, with which the negotiations have so far foundered, and the Japanese group Mitsubishi Heavy Industries (MHI). Areva has in fact over 10 billion euros for its development. About 5.5 billion is already entered into the coffers with the sale of T & D investments (Safran, Total …).To this sum must be added about 600 million euros if the sale to the Strategic Investment Fund (ISF) of the 10.9% stake in STMicroelectronics succeeds.

Asked about the possible participation of EDF and Alstom in this second phase, Eric Besson said that "obviously the president has ruled out any line of work."

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Unemployment has not continued the decline that began in the second quarter, but did not increase either. The unemployment rate as defined in International Labour Office (ILO) was in the third quarter as the second at 9.3% of the workforce in France, and 9.7% with the overseas departments .

These are 2.6 million people in France who did not work even one hour during the survey week, and actively seeking employment. More broadly, Insee estimated 3.4 million people those who are not working but want to work, whether or not available and they are looking for a job or not. Despite the decline observed in the previous quarter, unemployment remains at its highest level in ten years.

The Commission declined

However this global stability hides bad news to the ends of the workforce.While the unemployment rate for youth and seniors had declined in the second quarter, it appears to rise again. Among the 15-24 years it was 24.2% against 23.3% previously. In order to curb youth unemployment built in "national priority", the Head of State had announced during his televised speech, the goal of doubling the number of young people trained in alternate years. The unemployment rate for older workers going about it by 6.2% to 6.4%.

As in the second quarter, the employment rate is also clear to 63.8% of the workforce.Stability again concealing the lower permanent contracts (CDI) began in 2008 (-0.2 points), when the precarious contracts (fixed-term contracts and temporary work) took a share remained stable at 6.6% , versus the second quarter.

9% unemployment in the late 2011?

Labour Minister Xavier Bertrand on Thursday welcomed "the resilience of the employment rate during the crisis," and noted with satisfaction that "the seniors had a 0.9 point third quarter, one percentage point over one year. " He also stressed that the figures presented Thursday by INSEE does not take into account the declining number of job seekers accounted for by the Dares in October.

This decrease in the number of jobseekers observed in October, coupled with the creation of 44,600 jobs in the third quarter figure is indeed a positive sign.Even if we bear in mind that only the trends for three consecutive months are considered by economists as significant.

Based on a growth assumption of 1.5% to 1.6% in France in 2011, the director of employment center Christian Charpy recently ruled the attainable goal of an unemployment rate of 9% in mainland France the end of 2011. For OFCE, the research center in economics at Sciences Po, the fragility of economic growth, partly based on a natural process of restocking, might instead lead to changes in the rate of unemployment "yo-yo", c that is to say without downward trend clearly drawn in 2011.

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