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The human resources department of Air France is under pressure. Three cabin crew unions (PNC) filed a strike notice for the weekend of All Saints, Saturday 29 October to Wednesday, November 2.

The unions believe that their company "wants to charge PNC" his "poor economic performance." They denounce downsizing that "degrade their working conditions." The strike affects all flights from Orly, Roissy and Marseille.

This was already burning the cloth between the management of Air France and its flight attendants. Seven unions had filed a notice of four days in late July, one of the busiest of the year. Finally, the threat was not carried out.

The hostesses and stewards who work on short flights and medium-haul are directly affected by the restructuring plans announced by Air France to regain ground in a market dominated by low-cost airlines payday advance lender. Air France seeks to improve its productivity by organizing more such flights by plane and rotation by offering volunteers a more intense pace of work. This time, a new rating system hostesses and stewards with their heads cabins, instead of "inspectors controllers" would have set fire to the powder.

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Asian stock markets on Tuesday were in turn carried by the optimism that won the scholarships in Europe and the United States yesterday. The promise, made Sunday in Berlin speaks French President Nicolas Sarkozy and German Chancellor Angela Merkel, are bearing fruit. Hopeful, investors await the answers to the debt crisis in the euro area are expected before early November. They also expect to learn more about the plan to recapitalize weak banks in the region.

Meanwhile, the Japanese Nikkei sets the tone. At the end, he won 1.95% to 8773.68 points. The Topix, broader, took 1.81% to 755 points. The Tokyo Stock Exchange was closed yesterday because of a holiday and had not yet responded to the ads of the Franco-German. The Nikkei is notably supported by exporters who find the values ​​of the force with the weaker yen against the euro.The single currency is changing around 104.50 yen this morning, well above its record low in a decade reached on October 4, at 100.76 yen. Sony gained 5.58%, 5.64% Ricoh, Sharp and Toshiba 3.44% 5.55%. The automotive sector is doing well also: Honda Motor rising from 6.03% Hyundai 3.6% and 2.12% of Toyota.

State intervention with Chinese banks

The Stock Exchange of Hong Kong and Shanghai are also in the green bad credit pay day loans. At 7:00, they earn 3.26% respectively to 18,287 points and 0.72% at 2361 points. Financial stocks pull the score up after a share buyback of the main state banks by sovereign wealth fund China Huijin. According to brokers, this operation is to stabilize the financial system in China.In Hong Kong, around 7:15, the actions of the banks concerned fly: Agricultural Bank of China jumped 15.09% so, Industrial & Commercial Bank of China of 7.92%, China Construction Bank gained 7.04% and of China 8.94%.

Other markets in the region are also in good spirits. The Korean Kospi gained 1.89% to 1799 points, the S & P Australian advance of 0.47% to 4220 points and the Indian Sensex climbed 0.86% to 16,699 points.

Oil stabilizes

Oil was steady Tuesday in Asia, maintaining its gains made the previous day, in a market supported by the will of France and Germany to resolve the crisis of government debt in Europe and disruptions in oil exports to Kuwait due to a strike by customs officials who demanded an increase in their wages.

A barrel of "light sweet crude" for delivery in November gained 18 cents to 85.59 dollars.A barrel of Brent North Sea crude for November delivery gave a small 14 cents to 108.81 dollars.

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easyJet and Air France continue their game of chess in the provinces. Less than a week after the offensive of the French company in the transport at low cost with the opening of a first regional base in Marseilles, the British low-cost replica by creating two new in Nice and Toulouse. They will open in April 2012 to welcome their first passengers in the summer. easyJet cuts the grass under the feet of Air France, which provides just opened its next two regional bases in both cities in spring 2012 (and then to Bordeaux in the summer of 2012).

EasyJet's management denies replicate but admits that the decision of Air France has an incentive to "accelerate the decision" to open a regional basis in good standing since the two cities where it already departures. This, to "increase opportunities for routes from both airports.""These new capabilities will allow us to open 10 new routes from those cities, which should take us half a million extra passengers a year," says François Bacchetta, easyJet Chief Executive Officer of France in an interview with Paris .

Grid regions

With this new investment of 100 million euros, easyJet, the second company in France with 12 million passengers a year, will lead five platforms which lights Roissy and Orly airports with a fleet of 24 aircraft cheapest personal loan rates. From Nice, easyJet will provide 250 flights a week with 5 new destinations in France and Europe and from Toulouse, it will operate 140 flights per week with 5 additional links to the province and Europe. The low-cost continuing its policy of grid areas in developing on "inter-market" which, she says, is "far from saturated."

The battle is also raging in the price. Air France has built its one-way offer from Marseille on triptych rate: 50 euros for France and some European destinations (Milan, Düsseldorf), 80 euros for Athens, Istanbul and Casablanca and 110 euros for Moscow. This, TTC and with "all the free services of Air France as a snack, newspaper and checked baggage." An allusion to some low-cost practices that charge these services. easyJet says its starting price will be "cheaper" than those of Air France, without further specification. Now remains to be seen what will be a replica of Air France Ryanair attacks directly with its new decentralized basis of Marseille.

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A reversal? 3D movies, which have attracted a global craze with the release of Avatar two years ago, no longer win the accession with the French public. This is the conclusion of a survey conducted by the online trade magazine Le Film French, and Allociné UP3D this summer with a sample of 11,867 respondents aged 15 to 64. Against all odds, the audience would have preferred to see 80% 2D 3D movies … because of the price (35%), discomfort glasses (25%), the images are too dark (15%) or the migraine (15%) or simple rejection of the 3D (10%), the study said. Even better, viewers have seen impose regret this format and not being able to only 27% choose to see the film in 2D.

Moreover, only 20% of viewers are satisfied with the quality of 3D against 57% who are not.Finally, the audience was quick to tell the difference between films shot in 3D directly and adjustments made after a shooting in 2D. 40% of respondents are low marks for quality movies converted to 3D in extremis.

Debate raging in the big Hollywood studios

The Médiamétrie, which just made the trade magazine Cinema side a study on the digitization of cinemas, also notes "that public disaffection for 3D and shortness of admissions." But stresses Aurélie Rix, director of the film to Médiamétrie, "operators are still in the 3D and digital opportunity to bounce back by opening their screens with other forms of entertainment and projections such as concerts or sporting events.Enough to return to the class rooms of viewers who had abandoned the big screen. "

Film Studies and French Médiamétrie fall even more steeply that the debate has raged all summer in the big Hollywood studios face the same public resistance which gradually moving away from 3D screens to return to the conventional screen. In its edition of August 12 the very serious Wall Street Journal noted that if 70% of revenues from Alice in Wonderland 3D projections came in 2010, however, 57% of viewers were content to the 2D projection of the last Harry Potter Business Card Holders. There were only 45% choose the 3D much for The Green Lantern and Kung Fu Panda, and 47% for the last Pirate of the Caribbean.In comparison, Avatar, despite the lack of 3D displays of the time, had achieved 75% of its revenue projections through 3D.

Minimize the reversal of consumers

This loss occurs even Hollywood has doubled its number of 3D productions for 2011 compared to the previous year. As many as 16 films planned for this year. Not least because the three main sponsors of the American cinema – Francis Ford Coppola (Twixt), Martin Scorsese (Hugo) and Steven Spielberg (Tintin and the Secret of the Unicorn) – announced rotate in 3D. Not to mention that Ridley Scott is preparing its new Alien, named Prometheus. They try to minimize this reversal of consumers claiming the quality of films.In essence, they recall that a bad movie is always a bad film and even 3D viewers the sanction as such.

Add to this the fact the United States the number of cinema admissions fell by 9% over the first six months of the year and the animated films, privileged territory of the 3D n ' have much more coast than in the past. Rio de la Fox, Paramount and the Rango Hop Universal have jointly made fewer entries than Shrek 3, four years ago, noted the New York Times last May.

What lead to the skepticism of financial markets, the Wall Street Journal, the stock market would have penalized companies specializing in 3D technology, such as RealD. All indicators that are forcing studios to rethink their strategy for production and slow down.Bad news for manufacturers of 3D TV, 3D content eager to boost their sales to come.

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Twenty-four years after the first world held in New Zealand, rugby world last week signed a homecoming, celebrating the opening ceremony of the 7th edition of the World Cup. Certainly, in the meantime, the world of rugby has changed profoundly, from many countries in an amateur status to a professional model. However, the edition that has just begun in the land of long white cloud, earth history of the discipline, will not be remembered in terms of costs and economic benefits. New Zealand, a small country of 4.2 million inhabitants, has in fact not the same financial resources than previous organizers. Plunged into an economic crisis, it was also affected in February by an earthquake that devastated the city and the stage of Christchurch, the second largest city.What add to the bill related to the organization, and limit the financial benefits expected from the competition.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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Time to pay the bill has come. The Federal Housing Finance (FHFA) has filed Friday in New York a complaint for fraud against the banks it considers responsible for the subprime crisis. In the end, it is not twelve, as originally announced by the New York Times, but seventeen institutions (ten U.S. and seven foreign) that are affected by this complaint. Among them, the French bank Societe Generale.

Nearly $ 200 billion of securities

The FHFA criticizes all of these institutions have sold financial products backed by mortgages on the two parastatals of mortgages Fannie Mae and Freddie Mac, between 2005 and 2008. At the time, the banks had facilitated access to loans of U.S. households to recruit new customers and sell homes often too expensive betting on rising prices.The system had finally collapsed during the summer of 2008, taking with it Fanny Mae and Freddie Mac.

The FHFA estimate that the seventeen banks have concealed certain characteristics of the securities they sold, including lying about reality checks on the creditworthiness of borrowers households. "The complaints allege violations of federal law governing financial assets and rights (common law) in the sale of securities backed by residential mortgages designed by these institutions," said the FHFA.

All the losses by the two organizations, which then 40% of the outstanding loans granted to the United States is estimated at 30 billion.Placed under public guardianship, Fannie Mae and Freddie Mac have so far cost $ 170 billion to American taxpayers.

The FHFA was assessed for each of the banks in the dollar amount of securities sold to two giants of credit (see box). In total, nearly $ 200 billion of securities that were sold. Most involved, the JPMorgan U.S. (United States) would have sold itself for more than $ 33 billion of securities. Societe Generale for its part would have yielded $ 1.3 billion.

"Fannie and Freddie knew"

The complaint of the Federal Agency is expected to lead to negotiations and a financial agreement to avoid a trial. In all cases, the procedure could be very expensive institutions in question, particularly in the largest U.S. bank by assets, Bank of America.The group should in fact not only defend his own actions, not the worst according to the FHFA, but also the mortgage lender Countrywide and investment bank Merrill Lynch, bought in 2008 payday advance. Last June, the U.S. bank said it had agreed to pay $ 8.5 billion to end the prosecution of several investors and intended to spend an additional provision of $ 5.5 billion to clear the situation with Freddie Mac and Fannie Mae. The Wall Street Journal fell when it was the agreement to compensate the largest ever signed. The group also announced on the night of Friday to Saturday it plans to reduce its workforce by 10%, equivalent to the elimination of 30,000 positions.

The defensive line of Bank of America today is that Fannie and Freddie knew very well what they were doing."They said they understand the risks" and "now seek to hold other market operators to be responsible for their losses," the group said in a statement.

Regarding the French bank Societe Generale, no figures were given, but the injury is considered "important" by the Federal Housing Finance.

Amount of securities sold by banks

1. JPMorgan (USA): more than $ 33 billion

2. Royal Bank of Scotland (UK): more than 30.4 billion

3. Countrywide (United States, Bank of America): about 26.6 billion

4. Merrill Lynch (United States, Bank of America): more than 24.9 billion

5. Deutsche Bank (Germany): more than 14.2 billion

6. Credit Suisse (Switzerland): over 14.1 billion

7. Goldman Sachs (USA): more than 11.1 billion

8.Morgan Stanley (USA): more than 10.6 billion

9. HSBC (UK): more than 6.2 billion

10. Ally (USA, formerly GMAC): over 6 billion

10. Bank of America (USA): over 6 billion

12. Barclays (UK): about 4.9 billion

13. Citigroup (USA): over 3.5 billion

14. Nomura (Japan): more than 2 billion

15. Societe Generale (France): nearly 1.3 billion

16. First Horizon (USA): 900 million

17. General Electric (USA, parent company of GE Capital): 550 million

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Good student, but must continue its efforts. It is, in short, the message delivered by the rating agency Fitch in France. She confirmed the debt rating "AAA", the best possible, with stable outlook. The French government has taken "a series of measures", says the agency, "which have improved the outlook for public finances." And mention the pension reform, or the draft law in fixing the principle of balance of public finances.

"However, these efforts must be extended to stabilize and then reduce the level of debt of France, which was the end of 2010 to 81.7% of gross domestic product (GDP)," warns Maria Malas-Mroueh, responsible scoring countries at Fitch. A number of risk still hovers in effect on the financial health of the state. Starting with 2012, a major election year.It should not, Fitch warns that the budget skids on the bottom of the presidential election. Especially since the forecast growth in the medium term Bercy (+2.5% per year) are considered "optimistic."

It should not, the agency said that the newly elected unleash the flange to the public finances in 2013. Instead, the agency left little choice to the government that emerges from the polls: "We expect the 2011 budget will meet its objectives (a deficit of 5 Internet Payday loans.7%, Ed), but further efforts are needed to reduce the deficit to 3% of GDP in 2013, as agreed. " Debt levels will then stabilize at a level higher than before the crisis, reducing the flexibility to cope with future crises.

Note "under pressure"

In the medium term, Fitch added that "the memo from France could be under pressure (read: be revised downward, Ed) if the competitiveness of France was deteriorating again and if the position of France was weakening." The agency plans and the current account balance, ie the difference between money coming in and who leaves the territory, will remain negative in 2011 and 2012, approximately 2% of GDP. Fitch impels France to further reduce its "structural rigidities".

Despite these black spots, the Hexagon rest for now, said the agency, a "healthy and diversified economy," equipped "social institutions, civil and effective policies." He added: "financial flexibility reflect its status as a major issuer of sovereign benchmark in the eurozone. Clearly, the markets like, so far, take on France.

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Telecommuting to the rescue of employees with children. The latest barometer of the Observatory of parenthood published this Friday, parents, employees expect more flexibility from their business to help reconcile work and family life. One third of them even 35% of managers would like in particular that their employer encourages telecommuting. It is the measure within the daily organization they would most like to see implemented before the observance of simple rules such as the lack of meetings late at night, or the creation of family leave.

Companies seem to have gotten the message. They are more likely to offer their employees the opportunity to work from home. Microsoft, Oracle, Renault, EDF or Alcatel-Lucent, have recently concluded agreements encouraging the practice.Even the public service there is, indeed long overdue. Before signing an agreement last January, Secretary of State for Public Georges Tron still lamented that only 1% of state employees working remotely.

20% of employees teleworking in Northern Europe

More generally, 16% of parents surveyed employees say they can already regularly work from home, against just 10% two years ago, he stresses the barometer. In Paris, this proportion rises to 26%. The latest figures published on the subject by the Center for Strategic Analysis revealed a rate of employees teleworking slightly lower at 7% in 2009. In this game, France is lagging behind: in northern Europe, this proportion rises to 20%.

Because employees are not the only ones to win.A study by the National Agency for the Improvement of Working Conditions (NAALC) in March highlighted the many benefits of telecommuting for the employer. According to Denis Berard, in charge of the NAALC, the productivity of employees off from 20% to 30% in this configuration. Less fatigue related to transport, more motivation due to increased autonomy, boost the efficiency of employees. One way, however, reduce property costs and build up a reputation for ecological and social cheaply, said Anact.

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Facebook and Google are constantly adding new features to their services. Skype could be to them. The social network and search engine would, each in turn, is negotiating a possible takeover of Skype, or a substantial stake.

For those who have forgotten, Skype was a major Internet phenomenon of the mid-2000s. This software provides the means to speak freely to his friends around the world. One condition: that two people have installed the Skype software on their computers. Founded in 2003, the company has added new features Pay, becoming a supplier of low cost calls to mobile phones and wired.He also developed offerings for businesses, focusing in particular on the development of teleconferencing and videoconferencing to several speakers.

Monetize its subscriber base

Finally, since last March, Skype integrates advertising. Bands can be inserted into the video chat. One way for the service provider to diversify its revenue sources and monetize its subscriber base. Although the development of other players makes the offer less attractive Skype. For example, some applications can call for free smartphone to smartphone. In addition, the offensive of ISPs that tend to expand the free international calls and fixed to mobile communications is encroaching on turf Skype.More generally, the advent of services connected to the TV could be fatal to many of the activities of Skype my credit score.

However, the brand portfolio and his clients have a real value, including its shareholders would benefit. There is talk of an IPO since 2009. The project, a time for mid-2010, and January 2011, was again postponed until the fall. However, the capital of Skype is owned by Silver Like notably, a private equity fund, which by its nature, is not intended to remain indefinitely in the capital of the company. Another of its shareholders, eBay, has already expressed his desire to leave the capital of Skype. Two years ago, the site online sales expected to take at least $ 1.4 billion operation. An amount that would have since been revised downwards.

IPO

Skype also interested in Facebook and Google, according to Reuters.Both groups would examine, independently, back. Mark Zuckerberg, the owner and founder of Facebook, lead discussions to buy Skype, or to set up a joint venture. This track would also be explored by Google, even if it has a similar service, Google Voice.

If that fails, Skype, which would seek at least a billion dollars from a partial sale of its capital, has not closed the door to an IPO. The company is currently valued at between 3 and 4 billion dollars.

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Back to business in Bettencourt. Reconciled since last December, Liliane Bettencourt, heir to L'Oreal, and his daughter Françoise Bettencourt Meyers, working actively in the management of Tethys and Clymene, the two holding companies responsible for managing the family fortune and owner of 18% stake the cosmetics company. The first fruits of this management amounted to 300 million euros. According to the Journal du Dimanche, it is money that Françoise Bettencourt Meyers affect the result of a subtle tax game.

Specifically, the company Tethys, which has since reconciliation Director Jean-Pierre Meyers, husband of Françoise Bettencourt Meyers, voted after a special general meeting a capital reduction. As its name implies, this operation is to reduce, directly or indirectly, the amount of equity in society.It can be done by a bid for a certain amount of shares outstanding. The latter will then be canceled and the redemption price will be deducted from equity.

Tethys has purchased the 380,000 shares owned by Liliane Bettencourt and her daughter Frances fast cash advance. At 900 euros per share, this means that 300 million must be paid to the latter while the mother must receive 41 million euros.

Operation of law

Rather than paying the 300 million directly to Françoise Bettencourt Meyers, the company Tethys has decided to borrow 100% of this amount to the bank. From an accounting perspective, this takeover will enable Tethys to reduce their taxes by deducting finance costs of the loan. By inflating its debt and reducing its equity, the company should also pay more tax on corporations.These are the dividends that will be paid by L'Oreal for five years which will then allow the company to repay the loan.

For his part, Françoise Bettencourt and puts his hand on a jackpot of 300 million euros during this period. A transaction tax optimization work that illustrates the cooperation of the family clan and that is perfectly legal.

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