For the first time in three years, the hiring intentions of managers in business are down for the second quarter. According to the barometer established by the Association for the employment of executives (APEC), only two companies provides for recruiting at least a framework by the end of June. Rate down by three points from last year to the same period. The situation also seems particularly bad in the trade, transportation and consulting and business services where the declines, year on year, reaching 4 and 7 points respectively.

Lack of visibility on growth

Worse, it is the general forecast the worst for 18 months, although it remains well above the low reached in the third quarter of 2010 (43%). Another negative point, but not least: APEC has been a fall of 12 points in the proportion of firms indicating that their recruitment of executives are more numerous than last year at the same time, to 29%.

Last factor of concern is the monthly index of dissemination on the Internet offers executives lost 3 points in March from the same month a year earlier. Again, the first since February 2010.

The reason? "Great caution" partly due to the uncertain outcome of the presidential election, the association notes. "The fall was also linked to lack of visibility on future growth in France, says Marie-Francoise Leflon, its president. However it is too early to tell whether this decline will continue, recruiters surveyed being confident on improving the situation of their business in the coming months. "

This is an unprecedented project in France by its size: 70 local authorities have plans to issue a loan grouped by 1.2 billion euros in the bond market. One way to overcome the credit crisis. Banks are now more reluctant to lend to municipalities, counties and regions. And the establishment of the new structure replacing bank Dexia takes time. Certainly, the Deposit has released this year a budget of 5 billion credit. But despite this, local officials fear they will not find banks to 17 billion needed to finance their investments. That is why they are turning increasingly to bond markets. Issuers usual, like Paris and the Ile de France, joined newcomers as Marseille. But this system has a limit: only a few very large entities have the ability to raise capital markets individually.

Hence the idea of ​​a pooled loan, which will allow a larger number of communities to access the bond market. Indeed, this kind of initiative is not new. Urban communities (Bordeaux, Lille, Lyon, Strasbourg …), joined last year by the departments, cities and regions, have issued loans grouped from 2004 to 2008 business card. "But the amounts were much lower. This time, seven regions, twenty departments and more than thirty cities and towns are part of the project, "said Olivier Landel, the Chief Executive of the ACUF (Association of urban communities in France). Two options are on the table: raising the funds at once in the fall or make a first installment in late June, then another few months. "According to preliminary estimates, the rate of the bond issue would evolve between 3.8% and 4.4%. It's cheaper than bank credit, "says one to AMGVF (Association of Mayors of major cities in France). Associations of elected officials are meeting Thursday to refine the draft. It is urgent. A study shows that AMGVF mayors of large cities, concerned about the financing, have reduced their investments by 8% in 2012.

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"Violations unacceptable." Constable of the London Stock Exchange, the Financial Services Authority (FSA), a verdict without pity Coutts, a financial institution of the most prestigious yet. Founded in the late seventeenth century, the asset management company is famous for hosting the assets of many aristocrats, including Queen Elizabeth, as well as athletes and pop stars.

Apparently giving too much credit to the pedigree of its distinguished clientele, the bank, now a subsidiary of Royal Bank of Scotland, has failed to monitor the source of funds for new clients considered "at risk". The FSA has therefore imposed a fine of 8.75 million pounds (10 million) for its laxity in the fight against money laundering easy payday loans. Details of customers or transactions at issue were not disclosed.

The bank agreed to review its procedures, which enabled him to obtain a 30% discount on its fine, but protested that no evidence of bleaching was found. If this sanction may be bad effect on the reputation of the very exclusive private bank, this is not the first difference: in November, Coutts had already fined 6.3 million pounds (7.5 million) for selling an investment product that contributed to the 2008 financial crisis. Besides London, the bank has offices in Switzerland, Hong Kong, Dubai, Jersey, Isle of Man, Monaco and the Cayman Islands.

Young graduates and young professionals dream of living and working in the Rhone-Alpes region, Lyon is their favorite city. This is the result of a survey of APEC conducted among 750 managers and 500 graduates, published Thursday. According to them, "Rhone-Alpes region appears to be the best combination of economic vitality and quality of life. It is cited as the first region for the quality of life and the second in terms of economic dynamism, "said Apec.

Rhone-Alpes is followed by Midi-Pyrenees, Aquitaine and Paca, which are cited by over a quarter of executives. A total of ten regions appear attractive to this population, if we add the Languedoc-Roussillon, the Loire Valley, Brittany, Ile-de-France, Alsace, Nord-Pas de Calais. A map of the regions combining economic dynamism and quality of life that was consonant with some of the INSEE forecasts according to which, "Rhone-Alpes, Languedoc-Roussillon, Midi-Pyrenees, Paca, Loire and Aquitaine know the evolution of their most dynamic workforce by 2030. "

As for the Ile de France, it occupies a special place in the heart of managers and young graduates. As stated in Apec, "it is the most attractive region for economic dynamism with rates above 90%, but in terms of quality of life, the region ranks only eighth, also among both executives than for graduates. " It is true that in the eyes of this population, an unattractive region is a region that concentrates a number of disadvantages such as "a living environment degradation (pollution …), a real estate market saturated or too expensive, time transport home / work or too great a high unemployment rate. " Many criteria that may affect near or far the Ile de France guaranteed online payday loans.

Attractiveness criteria: transportation and climate

In total what are the criteria for this population to judge "attractive" region? In terms of quality of life, to attach great importance to the travel time between home and office (over 49% among the two categories of people surveyed), the living environment (34% for graduates and 40% in frames), climate (31% for graduates and 39% for managers) and the range of leisure (41% for graduates and over 33% among managers). From the perspective of dynamism is mainly a regional economy dense (over 62% for graduates and 67% for executives), the presence of head offices (45%), transport infrastructure (more 40%) and wage levels (44%).

To live in an attractive region, it is often willing to move. This is the case of young professionals and graduates surveyed by Apec: 76% of junior managers and 69% of graduates are ready to take the plunge and go to work in another region. Candidates are the most mobile people currently residing in Ile de France, with nearly nine out of ten positive responses. For many of the young workers, it is "not just a wish-list" notes Apec: third make a short-term and 28% long term. Still, the fact of life made their finger on a number of constraints. "For many young professionals and young graduates, geographic mobility is simply not an option because employment opportunities are few in the area of ​​their interest" and it is often necessary, in addition, find a job for spouse.

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Swiss citizens have said "no" referendum, the establishment of "six weeks of vacation for all", or fifteen days of paid vacation and more. The initiative launched by the unions was rejected by 67% of voters. The text called for the passage of six weeks compulsory leave to a minimum, while the Federal Constitution allows four since 1984.

The result was not surprising: the economic and the Parliament had voted against. The initiators of the argument was based on the deterioration of working conditions. "But the economic calendar was not favorable and the opponents have played on fear," responded Josiane Aubert, Vice President of Swiss Labour, the group behind the referendum.  

"More than the French? Unthinkable! "

In the opposing camp, the president of the Vaud Chamber of Commerce and Industry, Bernard Rüeger, said he was "proud that the Swiss citizen is aware that work causes less poverty and deindustrialization."

"We would have been world champions holiday, more than the French, is to say …" jokes at Swiss Television Cristina Gaggini, Director of Economics Swiss Romande, an employers' association. The Helvetians refuse more vacation "because deep down, deep in their memory, are still the idea that the holidays are the invention of a lazy fortunate few," says the newspaper Le Temps.

Morality has finance can be made up. After the controversy and the outcry raised by a fund speculating on death, Deutsche Bank was forced to backtrack. The German bank will thus not resuscitate the dead was betting on which one of its hedge fund but housing investors who subscribed to this fund morbid! To end the controversy, Deutsche Bank offers in effect reimburse 100% of investors wishing to withdraw funds from the "Kompass Life 3" which is about 200 million euros.

The operation of this investment vehicle looks like yet to be mistaken for that of life in real estate. The fund's returns depend on the effect of life expectancy of a panel of 500 Americans anonymous and voluntary. The principle is deadly simple: more people die prematurely candidates, plus fund earnings are high. Conversely if the deaths are slow, the bank won gains

.

The fund, which now has about 10,000 investors, mostly small carriers based in Germany, may soon sign his death warrant no fax payday loan. In fact, however, the fund created in 2007 recently prompted an outcry in Germany when Deutsche Bank wanted to boost the fund in promoting it. The German public has discovered with amazement the investment principles of the fund and called for her killing.

Ethical issue or profitability?

An investor has complained that he particularly agreed with this hedge fund without knowing its function. The mediator of the German private banks (BdB) has taken up the matter: he acknowledged that this financial product could hardly be "consistent with our values ​​especially in the area of ​​the inviolability of human dignity" , reported in early February the weekly Der Spiegel.

But ethics to the limit. In fact, some carriers would have complained more of poor returns on the funds, 3% per year between 2009 and 2011, that his departure from the moral …

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Centerpiece of the second bailout of Greece, the restructuring of Greece's debt, which will result in a deletion of 107 billion euros of private debt, already starting to worry. Wednesday, Greek banks have fallen by over 11% of the stock market as investors fear needs more capital than expected. These institutions are most exposed to government bonds in their country. They suffer, like all private creditors, over 70% losses on their securities Greek, but it will weigh more heavily on their balance sheets. Under the rescue plan EU-IMF, recapitalization could be accompanied by a partial nationalization.

Meanwhile, the Greek Parliament will vote Thursday a law matching Greek bonds of "collective action clauses" (CACs). All holders of these securities Greek government will accept 70% loss at least. "Let's stop playing with words: the Greek case is a forced restructuring," says unexpert.

The rating agency Fitch does is not wrong. Describing the exchange of Greek debt "restructuring under constraint," it has downgraded Greece's long-term two notches, to C against "CCC" before saying "that default is likely in the short term. " The bonds will be exchanged rated "D" as "fault". And note the country will, initially, to "partial default". Wednesday, interest rates on Greek debt repayable on March 20 soared to 4,000% in the secondary market, reflecting concerns about the implementation of the debt exchange with the private sector.

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Once again, U.S. investors had their eyes on the Old Continent, where an EU summit was to deliver a plan to end the debt crisis in the eurozone. With four objectives: helping Greece to boost the capacity of the EFSF, recapitalize banks and improve governance. Among the items already announced: the strengthening of the EFSF, the strike force is multiplied by four, an agreement on the recapitalization of European banks and probable assistance of emerging countries, notably China.

This battery is able to prevent contagion of the crisis, while fears now focus on Italy.The country also undertakes to submit a growth plan by 15 November in the letter that the prime minister Silvio Berlusconi to present Wednesday night in Brussels, said the agency Ansa.

Sales of new homes leave

On the macroeconomic front, orders for durable goods in the U.S. fell 0.8% in September, slightly less than what the market expected (-0.9%), according to figures released Wednesday by the Department of Commerce. Sales of new homes, have them, jumped 5.7% in September, the fastest pace in five months, but prices still down report that the housing market is still far from recovery.

As for commodities, oil prices have come down sharply on Wednesday in New York, under the blow of an unexpected rise in U payday loan.S. crude oil inventories. They rose 4.74 million barrels to 337.63 million.Economists on average had expected an increase of 1.3 million barrels. The barrel of "light sweet crude" for December delivery dropped 2.97 dollars to 90.20 dollars on the New York Mercantile Exchange, after gaining nearly six dollars on the first two sessions of the week.

Amazon severely punished

• Amazon (-12.66% to 198.40 dollars): the world leader in Internet sales announced Tuesday a net profit of $ 63 million for the third quarter, against $ 231 million (51 cents per share) a year earlier.

• Lockheed Martin (-3.19% to 76.37 dollars) saw its profit grow 25% in the third quarter to $ 700 million.The group also raised its targets for 2011.

• Ford (-4.55% to 11.87 dollars): The U.S. automaker Ford has released Wednesday a profit for the third quarter down 2% but slightly above expectations, together with a turnover up 14%. The Group posted a profit of $ 1.65 billion. Based on the number of shares and excluding exceptional items, it amounted to 46 cents a share, where analysts had forecast 45 cents.

• Boeing (4.47% to 66.57 dollars) issued on Wednesday a net profit up 31% to $ 1.1 billion for the third quarter, exceeding expectations, but it has revised down its forecast commercial deliveries for the year.

• ConocoPhillips (1.78% to 71.94 dollars) has reported a net profit of $ 2.62 billion in the third quarter, down 14% year on year.Turnover was up 33% to 62.78 billion USD.

The $ 108 billion euro responds to both a technical and more political trade-offs. Technically, the European Banking Authority (EBA) has made his calculations on the assumption that banks will have eight months to meet the essential requirements of the new regulations – "Basel 3" – which formally enter into force that in 2019.Objective: that all institutions show a capital ratio of at least 9% of their assets. Specifically, compared to its previous simulations, EBA is considered as the most robust to estimate the amount of capital now available to banks and was more rigorous assessment of their risks, especially those of market activities, and above all, she valued at close to their market price sovereign debt they hold.

No details have yet been given official in this regard, but the write-offs adopted by the EBA would range from 8% for Italian bonds and 60% for Greek securities, to Ireland, Portugal and Spain .In contrast, gains were recorded in German and British debts, for example, who have for the time of the "flight to quality" that characterizes the movements of the market since early August. Which "limit the damage" on the final bill, particularly in relation to IMF estimates, which amounted to 200 billion euros needs area banks.

Restoring confidence

In fact, anything and everything has been said – by the EBA, the IMF, the various States or analysts – the "hole" facing the industry in Europe. Therefore difficult to separate numbers. Most, however, they will give confidence, and for this area of ​​the 100 billion seems appropriate. The goal is indeed to remove the doubts of the market about the ability of banks to the shock of the crisis. Take into account the devaluation of the debts of European countries in this regard was indispensable.But the operation "truth" of banks should not create new concerns about the ability of Europe to bail them out.

The general rule is certainly that financial institutions are themselves the solutions by reducing their balance sheet, affecting more profits to strengthen their capital rather than dividends or raising new money market or from large investors. But if these remedies do not pay the entire bill (in France, they should suffice), states, and ultimately the EFSF, will take over. This requires that the effort required to banks or to the extent of the means that Europe is ready to release for them.

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The group offers non-binding expected by early October. If the evaluation of Redcats by the buyers does not seem in doubt, difficulties in finding funding from banks could encourage them to drop their offer of a few hundred million. A possibility that PPR, well known for selling its subsidiaries, refuses to accept in advance. "I'm not going to sell off assets with a view short-term approach, says François-Henri Pinault.I have no debt, no big acquisition to do. "

In addition, PPR does not seem to need to sell Redcats to finance acquisitions of medium size. François-Henri Pinault has acknowledged that the group was discussing with the families of the Italian owners of ready-to-wear Brioni, officially on sale for many months. "Unfortunately, we are not alone," smiled the CEO, by refusing to specify whether it has filed a binding offer to sellers. Brioni, who directed last year a turnover of 117 million euros, is also of interest to other luxury groups and investment funds. The owners have so far taken their time. François-Henri Pinault, who wants to strengthen the pole on the PPR luxury segment of the jewelry available, however has refused to confirm his interest in Italian Pomellato.