Showing posts with label French. Show all posts
Showing posts with label French. Show all posts

Tuesday, 12 October 2010

Exited French transport slowed by strike

French transport slowed by strike


Sarkozy's pension reform has triggered a showdown with unions that sunk a previous effort 15 years ago [REUTERS]
French workers are staging a one-day strike against the government's plans to raise the retirement age, in what is the fourth major action against the reforms in a month.

Rail, sea port and flight workers went on strike across the country on Tuesday, while the Paris metro was slowed to a minimum.

Up to half the flights at Orly Airport and a third of flights from Charles de Gaulle-Roissy in Paris are expected to be cancelled, although airlines had already re-booked many passengers ahead of the strike.

The action, which comes a day after the French senate voted to raised the country's official minimum retirement age from 60 to 62, is threatening to turn into a showdown between the unions and Nicolas Sarkozy, the French president.

This time, the unions have threatened to stretch Tuesday's strikes past the usual 24-hours.

High turnout expected

The unions have called nationwide protest marches later in the day, and say they are expecting millions of people to turnout.

Three prior protests have attracted crowds numbering in the hundreds of thousands but have not halted Sarkozy's pension reform plan.

"The government is taking the risk of a radicalisation of the movement," Francois Chereque, head of the powerful CFDT union, said. "There will be a very big turnout today."

Sarkozy faces re-election in 2012, and his opinion poll ratings are at all-time lows. David Assouline, an opposition leader, accused Sarkozy of trying to provoke a "showdown" and bring unions "to their knees".

Monday vote, which came in at a narrow The 174 to 159, shut the door on the most controversial aspect of the reform package, which Sarkozy's administration hopes to pass by the end of the month.

The senate also voted to raise the minimum age to receive a full state pension from 65 to 67.

Strike will halt train and air transportation

While two-thirds of the high-speed TGV trains were expected to be cancelled, those running between Paris and London are set to operate normally.

The oil industry and education workers have also joined in the strike.

Employees at France's biggest oil port, Fos-Lavera, have now halted work for 15 straight days, and the education ministry predicted that more than a fourth of the country's elementary and pre-kindergarten teachers would strike on Tuesday.

One poll of around 1,000 people published in the newspaper Le Parisien found that 69 per cent of the respondents supported the new strike, while 61 per cent supported a "continuous and lasting" one.

Like other European governments looking at austerity measures, France faces a yawning deficit and a need to improve its finances if it hopes to retain a AAA credit rating, enabling the country to borrow money at a lower interest rate.

The reform bill has already been approved in its entirety by the lower house of France's parliament, the National Assembly. The senate is now voting on it piece by piece.
Coppied by http://english.aljazeera.net/news/europe/2010/10/20101012051949142.html

Watch French unions set for major protest

French unions set for major protest


President Nicolas Sarkozy's pension reform has brought about a showdown with powerful unions who sunk a previous effort 15 years ago
ollowing a close Monday vote in the French senate that raised the country's official minimum retirement age from 60 to 62, several major labour unions have vowed to strike for the fourth time in a month, viewing this week as a defining moment in a showdown between labour and President Nicolas Sarkozy.

Three prior protests have attracted crowds numbering in the hundreds of thousands but have not halted Sarkozy's pension reform plan. This time, the unions have threatened to stretch Tuesday's strikes past the one day they have previously lasted.

Sarkozy faces re-election in 2012, and his opinion poll ratings are at all-time lows. David Assouline, an opposition leader, accused Sarkozy of trying to provoke a "showdown" and bring unions "to their knees".

The 174 to 159 Monday vote to raise the retirement age shut the door on the most controversial aspect of the reform package, which Sarkozy's administration hopes to pass by the end of the month. The senate also voted to raise the minimum age to receive a full state pension from 65 to 67.

Strike will halt train and air transportation

The walkout will hurt air transit in and out of Paris particularly hard: Half of all the flights landing and departing the Orly airport will be cancelled, along with a third of the flights at Charles de Gaulle and Beauvais-Tille airports, the AFP news agency reported.

While two-thirds of the high-speed TGV trains were expected to be cancelled, those running between Paris and London were due to operate normally.

The oil industry and education workers have also joined in the strike. Employees at France's biggest oil port, Fos-Lavera, have now halted work for 15 straight days, and the education ministry predicted that more than a fourth of the country's elementary and pre-kindergarten teachers would strike on Tuesday.

Unions have threatened to extend the strike beyond Tuesday; it is technically open-ended and subject to a renewal vote by workers.

One poll of around 1,000 people published in the newspaper Le Parisien found that 69 per cent of the respondents supported the new strike, while 61 per cent supported a "continuous and lasting" one.

Like other European governments looking at austerity measures, France faces a yawning deficit and a need to improve its finances if it hopes to retain a AAA credit rating, enabling the country to borrow money at a lower interest rate.

Francois Chereque, the head of the French union CFDT, told French iTele on Sunday that Tuesday's strike is "one of the last chances to make the government retreat".

The reform bill has already been approved in its entirety by the lower house of France's parliament, the National Assembly. The senate is now voting on it piece by piece.
Coppied by http://english.aljazeera.net/news/europe/2010/10/20101012051949142.html

Wednesday, 6 October 2010

Watch French trader gets 3 years in jail, must pay $6.7B

French trader gets 3 years in jail, must pay $6.7B


PARIS - Ex-trader Jerome Kerviel, speaking for the first time Wednesday about his tough sentencing in history's biggest rogue trading scandal, insisted he is a scapegoat for his former bank and compared the penalty to getting "hit on the head with a club."
The 33-year-old was convicted Tuesday, sentenced to three years in prison and ordered to pay his former employer damages of euro4.9 billion ($6.7 billion) - the equivalent of 20 Airbus A380 superjumbo jets.
"I'm starting to digest it, but I'm nonetheless crushed by the weight of the sanction and the weight of responsibility the ruling places on me," Kerviel told Europe-1 radio.
Kerviel maintained in court that the bank and his bosses tolerated his massive risk-taking as long as it made money - a claim the bank strongly denied, saying he took great pains to cover up his actions.
"I have the feeling they wanted to make me pay for everybody and that Societe Generale had to be saved," he said.
Of the verdict, he said: "It's difficult, obviously, when you get hit on the head with a club that way."
Kerviel is appealing the ruling and says he hopes in the new trial "to prove once and for all that I wasn't the only one in the boat."
The bank says Kerviel made bets of up to euro50 billion - more than the bank's total market value - on futures contracts on three European equity indices, and that he masked the size of his bets by recording fictitious offsetting transactions.
The euro4.9 billion figure is the sum the bank says it lost unwinding Kerviel's complex positions in January 2008. It's a sum nobody realistically expects him to repay.
Kerviel said he is currently making about euro900 ($1,245) a month working part-time as a computer consultant - he reduced his hours to concentrate on the trial.


Read more: http://www.kansas.com/2010/10/05/1527452/french-trader-gets-3-years-in.html#ixzz11ZgbiEDw
Coppied by http://www.kansas.com/2010/10/05/1527452/french-trader-gets-3-years-in.html