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"Industrializing access to start-up." This is one of the goals sought by Electronova Capital, the investment fund which EDF has announced Tuesday. This new tool will prioritize the "cleantech", these companies specializing in innovative technologies environmentally friendly.

"Our approach is flexible: it can be anything to support a project to take an equity stake," said Bernard Salha, director of research and development of EDF. The electrician tricolor, via an annual budget of 500 million euros, is one of those that invest most heavily in R & D.

Turn to France and Europe

Electronova Capital Fund will have a capacity of 60 million minimum investment, and the envelope will increase to 90 million euros, said Thomas Thornton, chief financial officer of EDF faxless pay day loans. The French group has teamed up for the occasion to Indivest Partners, a recognized specialist in SME financing.

"The launch of this fund is a further step in our policy for innovation. We have already taken similar initiatives in China and Canada, while qu'Electronova Capital will initially intended to turn to France and Europe, "said Thomas Aldridge.

Meanwhile the first operation, areas of intervention should not be missed: "The energy landscape is changing; between issues related to CO2, the development of renewable energy and the desire for improved energy efficiency, we are a turning point, "says Bernard Salha.

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Danone Nestlé pipped to the post. After months of bidding, both groups had submitted their final offers Friday the pharmaceutical company Pfizer to buy up his infant nutrition division. At a Board of Directors held this weekend, Pfizer, according to our information, preferred the Swiss giant, world leader in food, the French group.

Danone had yet put on the table just over $ 11 billion for the opportunity to strengthen its branch child nutrition (Blédina, Dumex) in Asia and Latin America. To prevail, the group led by Franck Riboud was finally does not ally with American specialist baby milk Mead Johnson, as he had been a time draft. Anxious not unsustainable debt and not having to sell its bottled water to fund this acquisition, Danone was however associated with investment funds for a portion of the acquired business to Pfizer, and intended to sell assets in infant nutrition in Europe (excluding France), Australia and New Zealand.

Three times larger than Danone, Nestle has used its war chest to win. By paying more than $ 11 billion for an activity of 2.1 billion, including the Swiss group will be able to recover some of its delay in this sector in China.

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Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.

The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.

This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.

Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.

An aberration of market

Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies short term personal loans. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.

Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.

The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .

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To guard against the resurgence of robberies and burglaries, petty traders are increasingly likely to opt for these cases of a new genus. Invented some twenty years in Sweden, one in 3000 has settled in France. Since banks and hypermarkets are equipped with powerful anti-theft devices to protect themselves, offenders are folded over the shops, where people pay in cash.

According to the Confederation of tobacconists, which represents 28,000 professionals in France, 1,176 tobacconists have been leveled at their institution at least once in 2011. With 95% of payments made in cash and hundreds of transactions per day, bakeries are also at the forefront.

This benefits two leading suppliers of anti-steering boxes, Swedish and German CashGuard Wincor Nixdorf, which both claim the leading position in France. CashGuard has already installed 687 systems in France, with 170 orders for the first half of 2012, according to Laurent Jamin, director of the French subsidiary of the company while Wincor Nixdorf, associated with the French Gervais WTO celebrated in Paris in mid-December the hundredth bakery equipped its devices.

More efficient, hygienic

These boxes which have the appearance of a large piggy bank are placed on the counter or directly integrated into the cash desk. And calculates the machine makes the currency in a time close to the second. The principle is simple: once the price announced by the merchant, the customer slips his coins in a slot or a note inserted in a swallower that detects and filters out spurious, all landing in a sealed box quick payday loan.

In addition to safety, this system has the advantage of eliminating any errors in cash and allow an immediate calculation of the recipe. The currency board is closed, no employee has access to cash which prevents internal theft faced by all traders. They generally find an increase in their sales after the installation of these machines. These boxes are also hygienic: the sellers no longer have to handle cash and food. If these smart boxes and inviolable may discourage some robbers, they have a cost. With the purchase, depending on the model and the management software you choose, it takes between 20,000 and 25,000 euros while in rent, the daily cost between 20 and 30 euros.

For Carole Poulain, who owns a bakery in the 15th arrondissement of Paris, this device has made an improvement in the management of his business every day. But the customers they meet there? "If initial attempts are a little hesitant, customers get used to it and take the hand" recognizes the owner. This new automated payment system does not, however, unanimously, some recalcitrant regretting the loss of human exchange in favor of technology.

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This is not the strong political message expected by Paris, but Europe has decided to speak up to protect themselves from competitors judged disloyal. Under control of the Commission, certain public may soon be prohibited suppliers from countries that close themselves the door to EU exporters.

This "reciprocity" commercial, written in a bill introduced Wednesday, is officially open to third markets rather than to protect the old continent. "Europe is an open market, and we do not see why others would not like us. It is therefore encouraging, "said EU Trade Commissioner, Karel De Gucht.

The compromise, snatched after eighteen months, is far from 'Buy European Act "recently proposed by Nicolas Sarkozy, even in small-step approach

. "Protectionism"

The bill is based on two mechanisms. One, almost consensual, will allow Brussels to close the procurement of Member States to a third country guilty of repeated discrimination against European companies. Beijing, which closed its borders to any technology that has not previously "registered", is like a number one target.

This is the second mechanism that clashed European capitals, notably France, the Netherlands and Britain. It would enable a single Contracting Party in the EU – a municipality, for example – to get the Commission to prohibit a tender to foreign competition under the pretext of non-reciprocity, if the procurement covered exceeds 5 million euros.

To impose this device, which struck the most liberal of the Commission, Michel Barnier had to defend himself publicly accused of "protectionism". With a strong argument in a recession: Brussels amounts to 12 billion euros a lack of European companies to export because of obstacles put in third countries. Furthermore, public procurement represents about 20% of GDP in the EU, and they escape to international competition rules, set by the WTO.

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Can we judge the Heads of State or Government for their responsibility in the economic crisis that has shaken the world since 2008? To this question, the parties have used to respond that the verdict will urns – some have already experienced at their expense. Iceland is in court that the former head of government is accountable. Geir Haarde appearing before a special court – the exclusive right to try ministers – for his role in the collapse of the financial system. Adjourned in September, the trial resumed on Monday and will last until March 15. The accused faces up to two years in prison.

That's an understatement to say that Iceland has suffered from the crisis: the economy of the island with 320,000 inhabitants was literally blown away by the explosion of the global financial system in 2008. The three largest banks in the country, which held assets equivalent to 923% of national GDP, went bankrupt. Plunged into deep recession, the country owed its salvation to EUR 1.6 billion loan from the International Monetary Fund. Popular anger caused by this disaster had forced the then Conservative government of Geir Haarde to resign.

"We saved the country from bankruptcy"

But Iceland is not stopping there 0cherche guilty. In spring 2009, a parliamentary commission of inquiry concluded that the main leaders of countries have made serious mistakes in managing the crisis. The expert report specifically criticized Geir Haarde to have stifled the information leaving early in the year 2008 point to a major financial crisis guaranteed payday loans. The former head must also meet its inaction to reduce the size of banks hypertrophied.  

According to the accused, let the banks go broke "was the right thing to do" and "saved the country from bankruptcy." "The banking sector has collapsed but the real economy, the entire production capacity of the country, remained intact and continues to run," he pleaded last summer. In fact, Iceland has since returned to growth. If the state had guaranteed foreign debts of the banking system, Geir Haarde believes that Iceland would have "the same mistakes" as Greece, for example.

Beyond the merits, the defense challenges the very principle of this trial. She recalled that none of the other ministers implicated by the inquiry commission has not been charged. But among them were two Socialists, and it's socialist majority in Parliament to what income the decision to refer Geir Haarde court. The latter has a field day denouncing a "settling of accounts" policy. More broadly, the former leader sees himself as a scapegoat for the crisis: "There was a collapse of banks around the world (…) Why is there no other political leader in a court like? ".

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Apple has concerns for the rich. What to do with $ 100 billion in free cash? The question is more embarrassing than it seems for Apple. It happens more a presentation of results without the fuse questions from analysts on the subject. They call for the resumption of dividend-practice abandoned by a moribund Apple in 1995 – the establishment of a share buyback program or acquisitions. Even Tim Cook, Apple chief executive, admitted late February that his group has "too much cash", fueling rumors of a possible resumption of dividends. But this is not so simple.

Two-thirds of the cash Apple are outside the United States. The repatriation of this war chest, including the form of dividends, would have a huge fiscal cost. It could cost more than $ 22 billion in taxes, according to Bespoke Investment Group. The geographic dispersion of cash Apple is primarily due to its organization based on many subsidiaries abroad. With a first consequence: some countries, like China or Russia, limit lift cash. Apple is "sentenced" to spend there or all of the profits.

But the Californian company is also a willing victim in other territories. As Microsoft or Google, Apple has found his tax haven in Ireland. A small expatriation that allows Apple to display an average tax rate of 24.2% worldwide for its fiscal year 2011. Ten points lower than the average tax rate for U.S. companies.

This type of organization, however, has absolutely nothing special. All multinationals, or almost, have adopted the same legal and tax scheme. This selection draws the ire of American protest groups, who dream of seeing repatriated profits and taxed in the United States. Faced with these attacks, such multinationals, united in a group called Win America, do not hesitate to conduct intensive lobbying campaigns aimed at getting a tax amnesty.

More acquisitions

Failing to do this, each brings its solutions. For Apple, it passes through acquisitions of companies abroad. End of 2011, the U.S. has set his sights on Anobit, an Israeli start-up specializing in flash memory, paid $ 500 million. A transaction modest by Apple, but the most important of the last fifteen years. And that could foreshadow other. Apple also raised equity investments in production facilities in Asia, which would also be a way to secure its supplies. To takeovers abroad could finally be added that of patent portfolios. Apple has already completed several major transactions in this area, although for the moment, they were all performed in the United States.

Finally, the development of Apple Store (owned stores) is a good way to reinvest the cash. Tim Cook, Apple chief executive, has reaffirmed its commitment to strengthen the distribution network. Since we do lend to the rich, there is talk now of the upcoming Apple Store opening on the Champs-Elysees.

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The financial and economic crisis in full swing throughout the world, with its procession of bankruptcies, plant closures and layoffs? But lo and behold, it does not stress CEOs unduly: this is certainly the result of a study conducted by the audit firm and consultancy, Grant Thornton, with 6000 companies worldwide .

According to figures from the International Business Report, the rate of business leaders saying be stressed has never been so low for seven years at the global level, 28% (it reached 45% in 2010). The phenomenon is identical to the European level, with a stress level in company from 40% in 2010 to 22% in 2011.

Another lesson for the least surprising, who would have thought that France is part of the least stressed in the world: this is a reality, says Grant Thornton. It is indeed in France found the rate of the lowest stress patterns, with 29% against 34% at EU level.

For Jean-Jacques Pichon, partner at Grant Thornton, "these figures are encouraging but the stress level within companies is still high. However, satisfaction and well-being of employees are important data for growing businesses, "says he.

The Southeast Asia is the region of the globe where we find the highest proportion of employers stressed (44%), however, a figure lower than in 2010 (58%). And large countries, the study highlights a perfect correlation between the worsening economic crisis and soaring job stress, "the three European countries have undergone the recession and the biggest increase in stress level in 2011 are Greece (67%), Spain (37%) and Italy (32%), "she says No teletrak payday loan. In contrast, only 5% of Danes and 8% of Finns said they had been stressed during the year.

Need a holiday

The causes of stress are varied but the primary concern of business leaders is "to achieve the performance goals." Then come the workload, the internal politics of the company and the balance of work life / personal life.

To evacuate "the evil of the XXI century", which still costs € 20 billion for European companies, the International Business Report recommends several remedies: play sport regularly, delegating tasks, better organize the teams, keep pace regular work … and take more vacations!

Countries with rates lower the stress are those in which firms make the most of holidays. This is the case of France, but also Denmark, the Netherlands and Russia. "Obviously, with employees who feel rested, better about themselves, who can control their stress and make decisions with a clear vision, performance for the company is considerable," says Jean-Jacques Pichon.

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Nicolas Sarkozy's promise to the workers and employees is clear: lowering of 4 billion euros labor costs at the minimum wage, will increase their take home pay. To finance the measure without worsening deficits, it intends to eliminate the employment bonus (PPE) and increase the taxation of dividends. A device that is the electorate.