Wage discrimination between men and women has been the subject of numerous reports. That between heterosexuals and homosexuals had never been studied. Until today. Two economists from the University of Evry have considered this matter and found a gap of 6.5% on average in the private sector and 5.5% year on public Liberation reported Saturday. A result based on a sample of 904 cases.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

What the cash advance is designed for is to cover temporary financial difficulties without damaging your credit score.

Like its French counterpart and rival PSA Peugeot Citroen, Renault has found the way of profits under the first half. The manufacturer headed by Carlos Ghosn said Friday sales up 23.1% in the first half of the year. The manufacturer recorded a net profit of 823 million euros, against a net loss of 2.712 billion euros a year earlier.

The group's operating margin reached 4% of turnover to 780 million euros.Renault also released a free cash flow positive at 1.4 billion euros, which remains the "principal purpose" of the group in the second half as Carlos Ghosn, president and CEO of the group.

Renault worldwide sales rose also by 21.7% and its global market share of 0.15 percentage points to 3.8%.

While claiming to be cautious "in an unusually uncertain," Renaut listing provide a "global marketplace in 2010, up about 8% compared to 2009, despite a drop in European market estimated between 7% and 9% compared last year.

Your money banks interested again. The financial crisis, coupled with new regulations "gave all the players in the taste of traditional trades, collection of savings and lending, far from the glitz and the pitfalls of corporate finance and investment .

Against this backdrop of growing competition that the group-BPCE about 20% of retail banking in France-muscle ambitions. "We want to win market share," insists Olivier Klein, CEO of commercial banking and insurance BPCE since 1 April.

For the first time, in fact, the group born of the merger of People's banks and savings banks in 2009 was appointed a pilot common to both networks. But out of the question specialize signs, Savings on individuals and Banques Populaires on SMEs and professionals.

"These are two strong brands that do not say the same thing. The client does not confuse them and he chooses, "says Olivier Klein. And he concluded: "The 20 Banques Populaires and Caisses d'Epargne 17 are competing with each other on their own territory. The synergies are generated upstream in the production subsidiaries of which are shared in information systems or purchasing, for example. "Conquest through major campaigns such as that recently launched on the Squirrel young.

Reflecting on times

However, it is to protect margins. "We have no strategy to lower mortgage rates or increase deposit rates in order to take market share.We are already very competitive, "says the former head of the Caisse d'Epargne Rhône-Alpes, relativize:" The rates are not determinative paydayloans. Customers want especially well taken care of them. "

For him, in fact, "the revolution is accelerating customer" with individuals and other professionals who want butter, eat it, too … and the smile of the banker.

Mesh agencies, remote access and advisor, the banks must offer everything. Hence, a meticulous adaptation BPCE the group boasts of having initiated all directions. "Some Savings reflected at their hand on schedule to deliver on time can make appointments later to better serve the needs of large cities," reports Olivier Klein.Meanwhile, "we launch all channels of distribution: the bank on mobile, ready to Savings, will be in September at the Banques Populaires. It adds "a lot of work ergonomics to facilitate online purchases, such as life insurance contracts. Some banks have created BPCE equivalent of bank branches 100% online. At the same time, the computer must be reviewed to allow salespeople to track customers realize that their operations remotely. All these facilities where other signs seem more advanced. Decentralization own mutual groups do not promote rapid implementations.

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The talks promise to be lively this weekend in Toronto, Canada. Indeed, at a time when opening the G8 summit followed the G20 this weekend, the participants have already stated their differences. The International Monetary Fund (IMF) published its "Ten Commandments" for developed countries to help them reduce their public deficits. The institution advocates the lower ratio of debt to gross domestic product (GDP) and the rapid adoption of reforms of pensions and health insurance, saying the current system "not viable". For its part, the World Bank puts the G20 in warning against a decline of international aid.According to her, "continued favorable investment growth in infrastructure and human capital in a context of declining tax revenues will be especially difficult if the current financial and economic causes a decline in international aid and increased competition for global savings collect ".

Tensions Europe-USA

Fiscal policy is most appropriate in this period of feverish economic recovery does not unanimous. Two camps. On the one hand, the United States continue to warn against their European counterparts the implementation of drastic measures to reduce deficits, negative effects in a context of slow growth recovery instant payday loans.On the other hand, Germany and the United Kingdom both advocate the establishment of strict policies and able to quickly reduce debt levels and thus avoid repeating the same scenario as in Greece. Already, the British Prime Minister David Cameron has claimed he wants to avoid making a single event in Toronto "salon where they cause". In an article published in the Globe and Mail, he called on participating countries to take action.

Burning issue of the yuan

And it's already done China. While the international community, particularly the United States, pushed for China values its currency, the country has lowered its reference rate of exchange to its lowest level in five years this morning, thus enhancing the value of the yuan against the dollar.The institute has decided on a central rate up 0.3% to 6.7896 yuan against the dollar.

In addition, banks expect to them, to have won a battle in convincing the Basel Committee to reduce the level of capital adequacy requirements. The regulatory measures affecting them shall be presented this weekend as part of the debate on global financial regulation.

Eiffage prances at the head of the Paris stock exchange Thursday morning, rising about 9% to 16.30. The construction group said Wednesday evening after the close of the Paris Stock Exchange that its subsidiary, jointly with Macquarie Eiffarie has signed an agreement with funds for the purchase 13.73% of Autoroutes Paris-Rhin-Rhone (PRPA) they hold a total of 854 million euros (55 euros per share). APRR is the second largest French motorway and the fourth in Europe.

Eiffarie owned by Eiffage and Australia's Macquarie have after the operation 95% of APRR. The subsidiary also plans to launch a buyout offer, that is to say that APRR would no longer be quoted on the Stock Exchange (right when the majority shareholder holds more than 95%).A project must receive the blessing of the AMF to be realized.

If this is implemented, and upon its conclusion, it remains on the securities market, these shares would then be a squeeze, which will be performed at the same price of 54.16 euros per share: 84 cents per share are restated as it is the amount of the dividend qu'Eiffarie decided to pay shareholders of APRR June 30 next.

The transaction is expected to close by the June 24 APRR listed on compartment A of Euronext, flies too, from 7.65% to 54.75 euros.

Eiffage and Macquarie have finally heard

The two shareholders of Eiffarie seemed irreconcilable. On this issue, in fact, Eiffage wanted to make a capital increase of 400 million euros in APRR, here just one year.One way to avoid a deterioration of its financial rating would increase the costs of refinancing. Macquarie's refusal earlier this year.

Use markets? The CEO of Eiffage, in turn, rejects the idea. The stock market conditions are too uncertain. Another option would be to buy back its shares in Eiffarie. But Macquarie had not responded.

Investors enthusiastic

"The acquisition of the balance of APRR is positive news for Eiffage.The group can calmly deal to refinance Eiffarie 2013, "commented analyst Aurel BCG, for whom this would be" accretive by approximately 3% based on Eiffage tax integration we estimate that approximately 70 million euros.

Indeed, Eiffage will benefit from the tax integration: from 1 January 2011, interest paid on debt to acquire Eiffarie * – 3.77 billion – will be deducted from the tax base APRR, say the strategists Natixis Securities. In addition, the tax losses generated by the interest paid on this debt between 2006 and 2010 will be tax deductible APRR, they said. For them, the economy reached 314 million euros. APRR, in fact, will not pay tax according to their estimates.

* Eiffarie, had been chosen by the state in late 2005 during the privatization of Autoroutes Paris Rhin Rhone (APRR).

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The CAC 40 index opened down 0.88% to 3416 points on Thursday morning. The benchmark index of Paris had shown a steady increase Wednesday night at closing thanks to reassuring words from Ben Bernanke, the Fed chief, after three consecutive sessions of decline. Other major European markets have also hoisted the green flag.

Same trend on the rest of European markets. In Spain, the Ibex 35 lost 1.16% to 8765 points. The Dax index of thirty blue chips of the Frankfurt Stock Exchange plaice 0.42% to 5959.11 points. The London Stock Exchange fell by 0.42% compared to Wednesday's closing at 5064.55 points.

Early this morning, Asian stock markets have posted positive counters. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.

The euro is ironed beyond $ 1.2.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates. The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget.He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

In France, industrial production in France fell 0.3% in April, but production of the only manufacturing industry continued to grow, according to data released Thursday CVS-CJO by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today. A status quo is preferred.

Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one aggrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

The securities yield 0.36% to 15.3 euros.

Air France-KLM: -1.49% to 9.6 eurosSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total: -1.35% to 37.6 euros The oil company involved in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

The above shares retreat amid plummeting BP shares, which fell by 15% to the London Stock Exchange on Thursday morning – they dropped 15.8% yesterday on the U.S. markets. In its wake, Technip signed the largest drop in the CAC 40: -2.3% to 47.7 euros.

Renault: -1.18% to 28.9 euros change in the financial department head. Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys: 0.11% to 40.3 euros The Strategic Investment Fund (ISF) announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, including it should become CEO in 2011, to succeed Gerard Buffière.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

Societe Generale drops 1.9% to 31.1 euros.BNP Paribas, -1.6% to 33 eruos, Credit Agricole, -1.2% to 8.1 euros.

EADS: -0.96% to 17.05 euros Eurofighter has launched negotiations with Germany, Spain, Great Britain and Italy in order to convince these countries to invest 10 billion euros in next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday.A first for the family business.

Changes in recommendations

Lafarge and Saint-Gobain Citigroup raised its recommandaiton from "hold" to "buy". Lafarge appears among the only five values in the green on the CAC 40, 0.66% to 47 euros. Saint-Gobain is 1.22% to 30.64 euros.

Vinci: 0.05% to 36.6 euros ING has started tracking the purchase, with a target price of 44.20 euros.

The New York Stock Exchange closed higher Friday the Dow Jones gained 0.64% and the Nasdaq 0.42%.

On the foreign exchange market, the euro rebounded on Friday against the greenback after falling the day before to its lowest level since April 30, 2009, sealed by the revaluation of the Greek public deficit and the deteriorating Greece's financial rating by Moody's. The euro is worth 1.3370 dollars (1.11%).

On the front macro?nomique, the Commerce Department reported a decline of 1.3% of controls after a revised 1.1% growth for February. Analysts polled by Reuters had forecast an average increase of 0.3% in March after the 0.9% originally announced for February.

Sales of new homes rebounded strongly, more so than expected in March in the U.S., reaching their highest level in eight months in volume, buyers seeking to take advantage of tax benefits offered to them . According to figures released by the Commerce Department, sales rose 26.9%, its fastest pace since April 1963, at 411,000 units annually against 324,000 in February, ending four straight months of declines.

These encouraging figures on the macroeconomic level have overshadowed any doubts that still grasped investors launched after the formal request by Greece for financial support to the European Union and the International Monetary Fund to cope with its huge budget deficit.

Salvo results

On the side of values, many companies have announced their quarterly after the close of Wall Street.

This is particularly the case of software giant Microsoft (-1.37% to 30.96 U.S. dollars) which has reported net earnings up 35% to over $ 4 billion for the third fiscal quarter offset a result slightly above expectations as its sales.Revenues increased 6% to 14.50 billion, driven notably by strong sales of the new operating system Windows 7, released in late October, which is a "growth engine".

Also note the numbers of chemist Eastman Chemical (5.96% to 71.12 dollars). The company announced $ 101 million profit in the first three months of the year against $ 2 million last year. Its turnover rose 39% to 1.56 billion dollars against 1.38 billion expected by the market.

The eagerly awaited American Express (2.74% to 48.05 dollars) has announced a profit of 885 million, nearly doubled in the first quarter. Net revenue, after interest expense, was also above expectations.It is 6.61 billion (+11%).

In the same area, the group specializes in credit cards Capital One (2.59% to 46.73 U.S. dollars) has announced a profit of 636.6 million dollars, against a loss of 172.3 million the year last. As for Amex, the results improved significantly thanks to a significant decline in credit provision.

In the technology sector, Amazon.com (-4.30% to 143.63 U.S. dollars) has announced a profit of 299 million (+68%) for a turnover up 46% to 7.13 billion dollars. Gross margin climbed to 5.5% against 5% last year. A note sales on the U.S. are up 22% to $ 1.6 billion.

The euro has hit a low last ten months amid European agreement for assistance from the International Monetary Fund (IMF) in Greece. In the early morning, the euro traded against less than $ 1.34 in London. The euro had recovered to around $ 1.38 last week, but the statements of German Chancellor Angela Merkel this weekend, hostile to European intervention in Greece, drove the currency earlier in the week.

Tuesday evening, the unofficial announcement of an agreement on French assistance from the IMF under a Greek rescue plan Wednesday morning precipitated the fall of the euro. "The emergence of the IMF sounds like an admission of weakness of the euro area, which does not seem able to run on her own problems," Nordine Naam analysis, currency strategist at Natixis."Suddenly the market was relocated to the sale."

These days, the euro could fall to $ 1.30, according to the strategist, according to news from Brussels. At three months, the currency could drop to $ 1.28 and stabilize around $ 1.30 by end of 2010.

After the sharp market downturn in Paris last weekend, with the Cac 40 lost nearly 7% in 48 hours, optimism is in order at the beginning of the week in the Paris Bourse. Around 10:30 am, the CAC 40 is up over 1.2% to 3607 points.

On the macroeconomic front, gross domestic product (GDP) of France is expected to grow by 0.5% in first quarter 2010, according to a first estimate of the Banque de France (BdF) on Monday.

The latest forecast from the National Institute of Statistics (INSEE) published December 17, the economic recovery in France will be confirmed in early 2010 but will be "laborious and delicate, with a growth of around 0.3 % to 0.4% per quarter until midyear.

The government recently revised upward its growth forecast for this year, rose 0.75% to 1.4% in the revised budget.

INSEE has published Friday its first figures on French growth in the last quarter of 2009.The government forecasts a GDP drop of 2.25% over the last year.

As for values, the revival of this earlier this week arises: half a dozen values were lower at the opening.

Dexia climbed after strong green light from Brussels

The year 2010 will be tougher than 2009 for the Franco-Belgian bank Dexia (6.56% to 4.29 euros) due to the acceleration of the implementation of its restructuring plan which has received the green light with Brussels, said Sunday the group's managing director.

EDF (+1.54% at 38.20 euros) and Areva (0.45% to 313.75 euros) announced late Friday it reached an agreement on the processing of uranium used in nuclear power plants of 'electrician question at the heart of a dispute between the two groups for several weeks payday advance online .The CEO of EADS (+0.04% at 14.11 euros), Louis Welsh said in Munich last Saturday he expected a "clarification" on the financing of additional costs for the Airbus A400M military "before the end of next week. "

GDF Suez (+1.05% at 26.50 euros) could revise its bid for International Power Plc, particularly the terms of its offer in cash, reports the Independent on Sunday, citing sources close to the French group.

The Autorit? des march?s financiers (AMF) has asked for new commitments to B?lv?d?re (-5.28% to 34.07 euros) in the case of warrants, which in recent weeks between the group of spirits Association Defense of Minority Shareholders (ADAM).

Bongrain (-1.68% to 55.53 euros) has reported a turnover down 7.4% on a comparable basis in 2009, affected by unfavorable economic environment.

Eiffage (+0.68% at 36.42 euros) was able to stabilize its sales in 2009 thanks to a rebound in activity in the fourth quarter.

Several publications of companies are expected on Monday: Altran Technologies (-1.18% to 4.20 euros) pre-market Unibail Rodamco (-0.80% to 155 euros) after-hours trading, Le Noble Age (-1, 72% to 15.40 euros) and Devoteam (stable at 18.50 euros). Faurecia brings an extraordinary general meeting regarding the capital increase related to the repurchase of Emcon.

Who will succeed Philippe S?guin as its first president in the Court of Auditors? For now, the Dean of Presidents of the Chamber of the Court of Auditors, Alain Pichon, 64, automatically ensures the Acting Senior Chairperson of the institution. The choice of his successor, returned to the Elysee. The Head of State must choose a person internally. Meanwhile, several questions arise, including that around the next hearing solemn Kids are back. Who will preside in effect?

The Court of Auditors has seven bedrooms consist of a Chairman of Board of Advisors masters, counselors, auditors, rapporteurs and experts. Each room is assigned areas of responsibility.

The first president, appointed by decree of the Cabinet is a magistrate irremovable.He divides the powers of the Court between the seven rooms hereby schedule the work of the Court. He addressed the ministers and presidents of organizations controlled by the deliberate observation rooms, communicate to Parliament the reports that were requested and published reports that the Court decided the publication.

Philippe S?guin has to give the Court any influence

Philippe S?guin was appointed July 21, 2004. He succeeded Francois Logerot member since 2005 Committee to honor the bicentennial of the Court of Auditors. Since taking office in 2004, Philippe S?guin has strengthened the influence of the Court. The former president of the National Assembly had given a mission: to give the Court a true institutional and political role. The reports are chained, the advice has taken on a different scale, including greater media coverage.Strong messages but have not really been heard by the government.

For five years, the Court of Auditors has repeatedly expressed its serious concern when the debt of the French state, the explosion of government spending, the necessity of fighting the deficit Security sociale.Sans forget spending the Elysee screened.

But Philippe S?guin was also set in motion the reform of the Court of Auditors. He wanted to abolish the 22 regional chambers of accounts for the group in some rooms interregional. The former president also believes that the rooms are not dispersed the critical size needed for optimal functioning.

He hopes to coordinate control policy at national level: currently, the rooms are autonomous and define their own control programs.

A project which at the time was presented as a "back hand" by his opponents.

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