Known for its ranking of billionaires, business magazine Forbes embarked on an exercise far less complimentary: the winners of the "worst bosses" of the United States. Analysis comes as two large groups have made headlines on Wall Street this week amid controversy. A case of fake CV and will cost him his post at Scott Thomson, the CEO of Internet giant Yahoo!, while the major bank JPMorgan Chase is seriously undermined by a "trading error" of over $ 2 billion bad credit pay day loans. But his boss Jamie Dimon, he will not have suffered the wrath of its shareholders at the general meeting of the group. Far from these controversies, some bosses would nevertheless "far more harm to the groups they lead, and their investors, employees and suppliers," according to Forbes. In his sights, five CEOs who "should have been transferred for a long time"

Steve Ballmer, Microsoft CEO. Photo credits: FREDERIC J. BROWN / AFP

CFDT reminded the president-elect's "strong discourse on the need to collect the French" and his promise of making the social dialogue "a priority in his working method." The central François Chérèque believes that there is no time to lose, including employment and purchasing power. It requires "stimulus" and request an initial meeting with the new government before the parliamentary elections.

Jean-Claude Mailly, head of FO that does not give instructions to vote and feels "free face to the new power," also calls for "bilateral meetings" to prepare for the social conference in mid-July. He called Francois Hollande to resume a "normal dialogue". "This means that you are not criticized, treated intermediary bodies, stigmatized, as this would only worsen things."

Quiet during the campaign, the CFTC was the first to express wishes for success at the president-elect. The Central Christian wishes "that the five year term is synonymous with social justice" and invites Francois Hollande to "question the effectiveness of policies of austerity in times of recession" – what, candidate, he had by himself .. .

The UNSA also refers to "the conference on growth and employment" of mid-July. "If we want to effectively solve social and economic problems, we must mobilize all social actors," says Luc Bérille, its general secretary. Not entirely disinterested, since the UNSA is not officially representative …

The silence of the CGT, the telegram Medef

The Solidarity union (SUD) welcomes "good news" for the defeat of Nicolas Sarkozy and asked Francois Hollande to take "immediate" decisions. For example, increasing "in 1700 euros net" the minimum wage, suspend layoff plans. However, silence yesterday in the CGT, the union that had the most spectacularly called out Nicolas Sarkozy.

As employers, Laurence Parisot Sunday night sent a telegram of congratulations to President-elect, giving him all his "good wishes". The president of MEDEF had cringe during the campaign by touting the "extraordinary job" done by Nicolas Sarkozy.

Prior to rectify this and ensure it will work with the winner, whoever he is. CGPME, meanwhile, merely to recall the promise of Twitter Francois Hollande reduce the corporate tax for small businesses.

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"The change is now!" The slogan is that of Francois Hollande, business leaders have clearly in mind. For good reason: the change, it is not their cup of tea. Standards changed according to the news, a tax system that grows with the economy, laws that impose new overnight … "If Francois Hollande is elected, tell us once and for all that it will do to businesses but especially then he takes it for five years, 'says almost begging a boss in the industrial sector. "From small to large group of local CAC 40, the stability is claimed hue and cry for years," says an official of Bercy.

Take five years the same policy is still not easy. Nicolas Sarkozy has learned to its cost, which had to come back, as and as Europe plunged into crisis, and unemployment and deteriorating public finances, on key measures of the beginning of his mandate: tax shield, tax credit on real estate loan interest, windfall tax on bank bonuses …

Windfall

Meanwhile the second round of presidential elections, so businesses take their troubles patiently. Is wait-business show – "they have especially put aside their investments," the economists note. Delay the initiation of social plans, according to unions. Wonder about their future boss, their compensation strategy or dividends, when they state as shareholder. And express their concerns about topics that they feel the winds, without really feeling the direction cheap business cards. The research tax credit (CIR) is one of them.

If Francois Hollande said he does not challenge this device "because it is necessary to support research" in France, the employers have understood that his team was working on a shift. "There is a windfall for big business, where we will end so that the CIR has more to SMEs", explained last week Alain Rousset, in charge of the "pact productive" in the PS candidate's campaign, speaking to redirect up … one billion euros. Enough to significantly modify the decisions of entrepreneurs!

Large and small companies also expect to know how they will be affected by "modulation" of the scheduled corporate tax that must be done "for the benefit of SMEs and companies that reinvest their profits."

Banks, they, stomp whether the Socialist candidate will carry out its threat to introduce what he calls his bill consolidation of banking which provides for "the separation of deposit and speculative activities." They should be fixed quickly, the project is provided, if any, for next summer.

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Drive improvement in public finances in Europe. The 17 euro zone countries have reduced their cumulative deficit to 4.1% of GDP in 2011 against 6.2% in 2010, Eurostat reported Monday. It is however still far from pre-crisis level: in 2007, the deficit of the euro area amounted to only 2.1%.

Throughout the European Union, "the largest government deficits high, relative to GDP were recorded in Ireland (-13.1%), Greece (-9.1%), Spain (- 8.5%), UK (-8.3%), "Eurostat reported. France, it has reduced its deficit from 7.1% in 2010 to 5.2% in 2011. It's better than expected initially, the first estimates assuming a gap between revenue and expenditure of -5.7%.

This is especially out of belt-tightening that 17 countries have successfully reduced by more than 2 points the hole in public finances. Government spending has in fact fallen faster than revenues have increased, to reduce the deficit. The first shrank by 1.6 points, to 49.3% of GDP, against 0.5 points for second, with 45.2% of GDP. Throughout the European Union, "24 Member States recorded an improvement in the deficit (including France, Ed), deteriorating two and one remained stable," leading the European Institute of Statistics.

Although the deficit in the euro area has narrowed, the public debt, it has continued to swell. Certainly, at a slower pace than previously. Debt rose by almost two percentage points, to 87.2% in 2011, exploded after nearly five and a half points in 2010 and almost ten points in 2009, as a result of the crisis. Still, the observed level, 14 states have had their debts exceed the bar 60% of GDP limit set by the European Treaty. Among them, Greece (165.3% of debt), Italy (120.1%), Ireland (108.2%) but also France (85.8%) and Germany (81 , 2%).

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Traders are torn between fatalism and resignation. According to the ninth wave of the observatory shops conducted by Ifop for the retirement of independent mutual Medicis, 86% of traders are worried about the French economy. 70% are for the future of their trade. These figures are up sharply over 2009 and 2008.

Many find that a very real way the economic downturn. Observe a 43% drop in attendance of their stores. An increase of 9 percentage points compared to May 2011. Two out of five professionals interviewed explained that their revenue has fallen since January. 46% expect their turnover is stable.

Traders have a positive on various measures taken by Nicolas Sarkozy since the beginning of his term in April 2007. 77% qualify as "good" tax exemption for overtime, the 67% increase in the age of retirement. 61% favor the elimination of business tax. But they are only 51% to defend the introduction of VAT at 7% in restaurants. They are hostile against the increase of 1.6 percentage points of VAT. 62% feel it is a "bad thing".

Reduction of charges

Concerned about the future of small shops they fear of losing, traders are worried about their retirement and for their welfare. Little interest in the presidential election, they condemn the indifference of political leaders towards them. 81% feel that the candidates for president do not understand their professional concerns.

Almost one in three believes that candidates are not aware of the weight they represent in the French economy: France has 750,000 merchants employing 2 million people and generating 343 billion euros in turnover. Asked about their expectations, 73% required a reduction of charges. Specifically, almost one in two merchant would be they who lower employer costs. More than one in three plead for a lower wage costs. But they are only 23% want trade to be protected and promoted by measures. A minority (8%) asked for more financial aid from the government and banks to hire or grow. Only 4% consider it a priority the defense of "Made in France" or the taxation of imports in favor of French products.

Not surprisingly, Nicolas Sarkozy remains their preferred candidate. 37% say they would vote for him in the first round of the presidential election when they were 44% in the first round in 2007. Francois Hollande is second with 19%. It is followed by Marine Le Pen (18%) and Francois Bayrou (16%).

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The Chinese have hit hard. They decided to freeze orders 45 Airbus to protest against the carbon tax that the European Commission imposed from January 1 to all airlines flying over European airspace. Beijing remember vividly that he has very strong case when a trading partner dares challenge him. The Middle Kingdom also knows how to play the national preference. It requires six high-tech sectors to buy Chinese. China is not the only country to use every weapon at its disposal to defend its interests.

Other states willingly play the card of patriotism and protectionism. In the U.S., the Pentagon chose the U.S. in February 2011 at the expense of Airbus Boeing to equip 179 tanker aircraft. The battle, which has experienced tremendous twists, lasted ten years. In France, more than 180 MPs signed a petition in June 2011 calling Air France to equip Airbus, not Boeing.

Broader range of measures

A study by the consulting firm Roland Berger, the use of defensive protectionism is rising sharply. The G20 countries have taken defensive measures 122 between November 2010 and April 2011, against 54 between May 2010 and October 2010. The first concerned imports amounting to $ 77 billion. The second for $ 31 billion. They drew on a wide range of measures ranging from quotas to technical standards, sanitary and environmental, through administrative procedures, restricting access to public procurement, export restrictions. Countries can also go on the offensive by providing support to an industrial sector, export subsidies, antidumping action or increase tariffs.

Europe can be even more tempted to protect themselves, the trade deficit with China rose to 170 billion euros in 2010 and has lost 3.3 million manufacturing jobs between 2003 and 2009 when China created 56 million jobs in the industry during the same period.

Refusing the border closure, Roland Berger experts advocate that Europe plays the opening for several reasons. European countries can not ignore the markets of Brazil, India, China and Russia who represent 40% of global GDP in 2050. They have strong assets (qualified staff, quality of infrastructure) that enabled them to attract in 2009 twice as much foreign investment (216 billion euros) that the United States. Europe can count on champions entered in the top 3 worldwide in their sector, such as GDF Suez, LVMH, EADS, Bayer, Sanofi Aventis, Michelin, BASF, Volkswagen. But it must also be facilitated by the political will to resist threats. The standoff Airbus-carbon tax is a good test.

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Saturday accused by Marine Le Pen to slaughter according to halal "all meat" distributed in the Ile-de-France, industrialists defend themselves. President of the National Association of interprofessional Livestock and Meat (Interbev), interviewed by France Info, the judge charged the president of the National Front "absolutely false".

"In the Ile-de-France, a vast majority of meat is not slaughtered according to halal or kosher," which involves killing animals without stunning, ensures Dominique Langlois. "It may be that parts or pieces of meat from carcasses are slaughtered according to these rites, but that does not change the quality of meat and it does not change at all the qualities of the product," adds Will it.

For professionals in the meat, the charge of Marine Le Pen "is meant strictly political and did not match the reality of things." "It's a debate that can only be detrimental to both the meat industry to French and French production that does not need it," warned the president of Interbev.

The animal rights groups mobilized

This debate is not new. Last year, six associations have denounced the increasing proportion of animals slaughtered according to Jewish or Muslim rites. According to the Foundation Brigitte Bardot, who had made an investigation in slaughterhouses, more than 60% of sheep and goats, 28% of adult cattle and 43% of calves were then killed without stunning, but that consumers are warned.

In France, however, requires the slaughter, since a decree of 1964, the stunning of animals before killing, thereby mitigating their suffering. But European legislation provides an exemption, "when stunning is not compatible with the ritual prescriptions under the free exercise of religion same day payday loans."

Approval before waive stunning

Two bills were filed in late 2010, the Senate to the Assembly, without success, to obtain a specific labeling of meat slaughtered without stunning. "The consumer has the right to know what he eats. He has the right not to eat meat slaughtered in a ritual which does not believe him, "argued the UMP deputy Nicolas Dhuicq. A new amendment, introduced in September 2011, was also rejected.

On 29 December, a decree was published in the Official Journal, however, requiring 275 French slaughterhouses to obtain, on or after 1 July 2012, before an official authorization from the rule of stunning. "It does [may] be granted only to slaughterhouses in favor [...] of a registration system to verify that it is used to slaughter without stunning as a result of justifying the commercial orders, "said the Ministry of Culture.

Marine Le Pen wants to complain

The animal rights groups have expressed quite satisfied with this text. "Being able to justify a ritual slaughter is a specific order is important because, currently, most of the meat of this kind of slaughter is found in conventional circuits without any indication to consumers," recalled Christophe Marie, spokeswoman Brigitte Bardot Foundation.

Marine Le Pen was not in favor waiting for the entry into force of the decree. On the sidelines of the convention of his party, being held this weekend in Lille, it announced its intention to attack "a few major retail supermarkets in Ile-de-France for misrepresentation of the product." She said wanting to file a complaint with a civil order for a judge to be seized, which could lead to an investigation of several months.

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American giants distribution keep their cool. The absolute record of purchases in one day is certainly to be beaten after the national holiday of Thanksgiving.

This Friday, malls and independent stores in the United States sold more than 11.4 billion worth of goods. But up from last year about 7% of purchases this Black Friday (known since the 1960 Black Friday in the sense of "black people") does not necessarily mean that the holiday season, crucial for annual profits of distributors, will be memorable. The purchasing power of Americans do not progressing. Only by drawing on their modest savings that households increased their spending in the fall.

To draw in their paths some 152 million Americans, most major retailers like Wal-Mart, Target and Best Buy have dared to open their doors in the middle of the night from Thursday to Friday. Offering discounts up to 60%, they mobilized a group of customers eager to use after months of deprivation. Commerce online has participated in the movement also offering exceptional discounts. Friday and for 24 hours, Apple has reduced by 10% and the prices of its popular digital tablets. The net impact of these promotions on margins in the industry to be determined. Monday is called Cyber ​​Monday.

Worse, the agency confirmed that the withdrawals were higher than inflows. In October, the balance is negative to the tune of 1.4 billion euros. It is, indeed, a little less bad than a month earlier. In September, withdrawals have exceeded payments of more than 1.8 billion euros.But above all it confirms that life insurance through a bad patch with unprecedented for the first time two consecutive months of negative collection cash advance america.

Questioned by AFP, the FFSA wants to be reassuring. "Let us not forget that these are data points. If you look from the beginning of the vision is very different, "cautions Bernard Spitz, President of the FFSA, underlining that the payments exceed 17.7 billion euros withdrawals in the first ten months of 2011 . A figure that compared to last year's data with the same period, however, shows a precipitous drop of 63%, the statement of the FFSA.

Pensions of baby boomers

These results reflect a combination never seen before, the structural and cyclical factors unfavorable. Life insurance suffers from the retirement of baby boomers. These offset the drop in income by drawing on their life insurance.

The bell sound is little more optimistic in. The experts of the French subsidiary of the Danish bank focused their attention on the delays of politicians."Speeches are encouraging to reassure the markets a while but in the absence of concrete solutions, the downward trend should continue," they said in a note sent to clients. The same applies to the specialists of the broker, "no concrete steps have been taken and so it has not been made, the euro will continue to r suffered."

Repatriation of capital in dollars

With the strong underperformance of European markets, investors, especially American, have reduced the share of assets invested in European equities. The repatriation of capital cause lift the dollar against the euro.

The downward spiral is likely to continue in the fourth quarter. Earlier this year, Saxo Bank had made a bet of one euro to 1.15 dollar. This goal seemed absurd end of April (the euro now approaching $ 1.5) no longer is.In any case, the euro could be worth between 1.20 and $ 1.25 at the end of the year. In this zone, the euro would only return to its value in purchasing power parity further point out the experts. Some exporting companies that have had the good sense not to cover may already be rubbing their hands. This is the case in particular that benefits both an aircraft carrier cycle and a decline of the euro against the dollar.

It seems that the era of the strong euro against the dollar is behind us. For individuals, it is possible to speculate down on the euro-dollar by selling the currency pair in cash in a currency broker. It may also be wise to buy put options or put options due in March (for example). This strategy can multiply its earnings but does concern a limited part of a portfolio.The current movement is also favorable to purchases of dollar assets (U.S. real estate, stocks on Wall Street …).

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