Things settle a bit, the first social service that the government should take. The decree establishing the terms of a partial return to retire at age 60 for employees "who started work at 18 or 19 years and have contributed for 41 years" will be released "late June, early July at the latest," said Marisol Touraine, the Minister of Social Affairs and Health. "It is a priority measure of justice", she insisted on the eve of the opening of the consultation with social partners asked him to run Jean-Marc Ayrault on the subject.

The Prime Minister on his part said that there would be some leeway on how to start part 60. For now, only employees who actually contributed 41 years are concerned. Those who reach this time thanks to bonuses under the military service, unemployment, maternity or sick leave are not. Well, not yet

.

Because before the growing discontent of the unions that put pressure to expand the scope of beneficiaries, Marisol Touraine has already begun to make concessions. "The maternity leave or military service will count," has for the first time recognized the minister, who has nevertheless remained somewhat fuzzy on the periods of illness and unemployment – it is precisely the subject of discussions with social partners – may be "embedded within certain limits." The Minister has merely to recall the target year of the return to retirement at age 60 (150,000 beneficiaries) and cost (one billion). "I will make a trade based on financial constraints", for his part nuanced Jean-Marc Ayrault faxless payday advance. In short, nothing is locked and discussions within the government have not started.

SMIC: no fork

Same uncertainty about the level of boost to the minimum wage before the summer that Francois Hollande said. Jean-Marc Ayrault has even refused yesterday to give a range. "The same rule applies in this matter as on others, dialogue and respect for partners, justified the Prime Minister. We spent five years with a president who decided everything, and it worked poorly. "Do not bother to repeat past mistakes, even if the decree should be published quickly increase, in any event before the conference Social in July.

"The Prime Minister has no incentive to plant on these two decrees augurera as this evil if his vision of social dialogue," warns Pascale Cotton, the general secretary of the CFTC. Number 2 of the central Christian "refuses any escalation of the minimum wage" and recalls that "supplementary pension funds do not have the means to finance a partial return too much to retire at 60".

These points, in opposition to the demands of the CGT and FO, are at the heart of consultations that began Michel Sapin tag. Labour Minister called on Wednesday night at union leaders to discuss these topics. Making contact before entering the hard

.

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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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Two billion euros. The Intermat 1350 exhibitors, which was held from April 16 to 21 in Villepinte near Paris, have not mégoté their investments as they exposed construction machinery and construction worth a total of 2 billion. "This very large sum shows business optimism this year," explains Maryvonne Lanoë, commissioner general of the show.

This event is the meeting point for all actors of the French markets, Southern Europe and North Africa. "The trend is quite good, says Philippe Haugenauer, Sales Director France of Japanese Komatsu. We have seen the show many people who have projects, although few orders were signed on the spot. "With a turnover of EUR 18 billion, the Japanese group is the second largest manufacturer of equipment BTP in the world.

Strong rebound of the market

Reinforces a sense that the latest figures released by manufacturers. "The aggregate producers, who are our customers, have a very good first quarter, so a little unexpected," says Michel Herr, CEO of France Sandvik, the Swedish group specializing in drills and milling machines. The reason: the great works decided by the government after the 2009 crisis. "We take advantage of highway construction and high-speed lines, including those linked to Tours and Bordeaux, Michel Herr says low interest personal loan. This allows us to benefit from a good order book for the second quarter. However, we lack visibility for the future. "

Despite its 15% growth in its European business in the first quarter, Saubot Alexander, general manager of Haulotte Group, Europe's leading manufacturer of aerial work platforms, believes that "this increase is lower than it should be given the fall market in Europe since 2009. " The activity is still far from the highest recorded in 2007 and 2008. Above all, Europe pales in terms of total growth over the period of Haulotte: 24%.

"The strong rebound in the global market for public works equipment recorded in 2010, to 17%, and 2011, 24%, is due in part because it had collapsed by 50% between 2008 and 2009" , said Maryvonne Lanoë. The activity remains well below the pre-crisis level.

"There are many projects, the problem is now often funding," says Philippe Haugenauer elsewhere. Dynamism that allows Buronfosse Renaud, chief representative of ICASA, the union representing the manufacturers of construction machinery, metallurgy and handling, be optimistic for the current year: "We envision an increase of business activity of the profession of 5 to 7% in 2012. "

They are young, teeming with ideas, with a bright professional future and – especially – refuse to see leave a ruined world. The crisis that is sweeping the Western economies over the past four years and upsetting the global equilibrium leads to a resurgence of activism among young entrepreneurs. Alongside institutional think tanks – Davos and other circles of economists – forums bringing together young leaders "of tomorrow" are multiplying on the planet. And, more recently, now these kids want to be heard from their elders.

One of the oldest forums, the St. Gallen Symposium will meet for the 42nd time in Switzerland, 3 and 4 May. 200 young entrepreneurs, teachers or students compare their ideas to "deal with the risks" threatening the planet, watched by 600 business leaders or senior officials, including several "guest stars" – Josef Ackermann (Deutsche Bank) and Jean -Claude Trichet (former President of the ECB).

But in the East also arise new think tanks wanting to prove that their young entrepreneurs are equally able to invite the sharing of growth. Created in Rhodes in 2010, the Youth Forum, an offshoot of the think-tank based Time Youth in the Czech Republic is one of them. His goal, happy idealist, is "to reconcile the views of emerging nations" to "lay the foundations for a better future."

300 youth from 70 countries, activists, environmentalists, industrialists but also specialists in new technologies meet once a year to get to know and "create the world of their dreams," aided by economists or experts phenomena societal. All under the protective wing of the "Global Forum of World Civilization".

Groundswell

The forum that promotes traditional values ​​intends to "strengthen cultural exchanges on an equal basis," says one who directs, Vladimir Yakunin, President of Russian Railways and close to Vladimir Putin. "Clearly, today, we can not conceive of unilateral world." Fed on an example that of Russia: "We have in our country 190 nationalities and 80 different faiths cohabiting together, and the only way to achieve this is to let mingle our histories and traditions on an equal footing, without that one takes precedence over the other, "says the Russian leader.

A speech that collects a strong chord with young activists from the developing world, who want to invite to the table of developed countries. "The bipolar world is finished," said the businessman and political leader of India, Sam Pitroda at the last Youth Forum held in New Delhi in late March. "The American model based on consumption can not agree to the three billion poor people who have access to anything," he added. For the latter, which could contribute to the post of President of India, in 2013, "we must build a new world, a new model, based on connectivity."

Anecdotally, even idealistic, seen from France, young people reflect these forums, in fact, a fundamental shift, in parallel with the emergence of Brics, from which emerges a desire to make its voice heard on a global scale, for the fast-growing economies. And when one is surprised to see yet few young Europeans to participate are answered on the side of the Youth Time, that "the ultimate goal is obviously to attract more young Western entrepreneurs, to enhance dialogue and exchanges. "

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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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This time it's done. Philips has withdrawn its television division. Finally. Because it took nearly a year to Franz Van Houten, CEO of Philips, to complete this operation. It is also the patron of the first strategic decision, arrived at the head of the Dutch company just last year.

Over the last two years, the division of Philips TVs has accumulated just over 500 billion euros of losses – including the costs of disengagement from Philips. Now, the new entity should be able to go on a sounder footing. "Philips has made its teams, its innovations, expertise and POS … its competitiveness and mastery of the supply chain," says Marie-Veronique Cazeaux, CEO of TP Vision France. This distribution corresponds well to the state of the TV market. The traditional players are innovative, but no longer able to cope with Chinese manufacturers competitive. Not to mention the Korean Samsung and LG, which now occupy the top two spots on the podium.

Recurrent source of losses

"POS is a registered almost unknown in France electronic check payday advance. Yet they are world number three, "says Marie-Veronique Cazeaux. The group of Hong Kong, which is also a world leader for PC monitors, manufactures televisions under the brand AOC label and distributor. It will add TVs Vision Lab, exclusively sold under the Philips brand.

For Dutch, the operation should allow it to disengage from a recurring source of losses, while remaining present to the general public about the TV market. Market oh so iconic. "We have an excellent brand image, says Marie-Veronique Cazeaux. Now we move into a replacement market. There are six or seven years, Philips held 25% market share and it is these customers who return to shop. "

The question is whether the effect will be faithful enough to come back into favor as Philips. In 2011, he held less than 7-10% of the French market, against 25% for Samsung.

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The worst of the debt crisis past, the "peripheral countries" do not enjoy all of the lull. Italy borrows almost three times cheaper than Portugal, the country most at risk in the euro zone, after Greece, according to the markets.

Began in December by the massive injection of liquidity by the ECB, relaxing on the yields of government bonds has increased with the green light to the second bailout of Greece. But it did not erase the differences. The gaps widen, reflected changes in interest rates. Italy clearly winning out with a cost of borrowing to ten years, which is strongly relaxed since early January, falling below 5% – 4.83 yesterday – against 7.5% last November. For the first time in months, Italy borrows cheaper than Spain.

Emissions Italian week confirm this relaxation. Wednesday, the Italian Treasury has borrowed 6 billion euros, the maximum, at rates much lower: 2.76% over three years, against 3.41% in mid-February, and 4.30% over seven years, against 5.81% last October. "The decline in yields is in itself a source of very substantial improvement in the situation of the country, which suffers mainly a problem of debt burden (1900000000000)," said Patrick Jacq, rate analyst BNP Paribas. This is the effect Mario Monti. Thanks to the reforms announced, the curves were reversed ten years between Italy and Spain.

New help

Despite the massive purchases of Spanish debt on the ECB funds at year end, Spain just to reassure markets. The upward revision of the deficits from 2011 to 8.5% of GDP and the trade snatched from the Ecofin on Tuesday on a new deficit target for 2012, 5.3% instead of 4.4% worried investors. The Government Leader Mariano Rajoy, who campaigned for 5.8%, ruled yesterday the new EU objective "reasonably accessible" even if it involves an effort further 5 billion euros.

The dunce cap comes in Portugal, whose rates exceed 13% ten years, despite the level of EU support, the IMF and debt purchases by the ECB. The cost of borrowing is too high for Portuguese expect a return on the market in 2013. So, the rumors about a second bailout or restructuring of debt is increasing. The European Commissioner for Economic and Financial Affairs, Olli Rehn, was expected Wednesday night in Lisbon to take stock of the nation's finances with the Prime Minister and Minister of Finance.

Berlin: 22 billion for the European fund

The German government approved Wednesday by the Cabinet, the on-call rescue the euro area. The European Stability Mechanism (SPM) has a $ 500 billion of lending capacity and 80 billion euros of capital. He will take office on July 1. Germany is the largest contributor of TSS.

Berlin will provide 21.7 billion euros in capital and more than 150 billion euros in the form of loan guarantees. Germany must pay 8.7 billion euros this year. Which will require a supplementary budget. The MES will be submitted to the Bundestag and the Bundesrat, which represents the regional states.

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Airlines in the world play the shows. While the carbon tax was introduced on 1 January by the European Union in respect of all airlines that fly over the European area, the latter will be forced to carry them out in spring 2013. Time for States to shout out loud that "their" companies will not pay. India, Russia, China … a total of 26 members, not least, on 36 of the Aviation Organisation (ICAO) are resisting. In the U.S., the House of Representatives voted late last year to ban text to American companies to pay.

Like China, reiterated yesterday that his refusal to comply with European legislation, most Member States of ICAO criticize legislation "regional" which will result in new financial burdens. The system of emissions trading scheme set up by the Union provides that companies normally open in the coming weeks "Account" with their national administration of civil aviation and implement a system to measure their CO2 emissions.

Doubly penalized

In March 2013, then they should pay the amount corresponding to 15% of 2012 emissions by the amount per tonne of CO2. And China has calculated that his companies would have to pay 97 million euros for 2012 and four times in 2020. In total, the measure would cost € 705 million to companies in the world, still under 2012.

Penalties set by the Commision are of two types: a fine of 100 euros per tonne of CO2 emissions and, even more dissuasive, the flight ban in the European Union. But, meanwhile, out states may also set up an arsenal of retaliation. It may include trade measures in respect of Airbus, the European aircraft manufacturer, whose best customers are called China Southern, China Eastern and Air China but also India Indigo Air Asia or Malaysia.

Leaders of European companies fear they will be doubly penalized. First, because they are inherently more vulnerable to European tax. On the other hand, because they also fear being victims of these countries slingers. "These states may ask us to pay a landing fee that would offset the amount that our competitors outside Europe have to pay when coming home," is concerned officer of a company of the Old Continent. The European Commissioner for Climate Connie Hedegaard judge it just increase the ticket prices a few dollars to offset it. An argument inaudible at times of crisis.

However, companies seem to rely on the slow pace of international decisions for a relaxation of regulations occurring before the first deadline for payment of this tax, in principle the first quarter of 2013.

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The day before, Asian stock markets had already declined, lead-talk statements of Greece announced that it would lack its fiscal targets.In the process, Europe had closed down, followed by Wall Street where the Dow Jones dropped 2.37% to 10.655 points and the Nasdaq 3.29% to 2336 points.

Monday evening, the finance ministers of the Eurogroup have pushed the "the month of October," a decision on a new tranche of EUR 8 billion, needed to Greece.Despite the announcement of new measures by Athens deficit, the markets fear more than ever a default of Greece.

Oil down and the yen at the highest for ten years

"In addition to the growing European concerns, there are also fears about the level of the yen and its impact on the results of Japanese companies," said Hiroichi Nishi, a broker at Nikko Securities SMBC fast payday loans.

Nippose currency, considered a "safe haven", is indeed at record levels: about 7 o'clock this morning, the euro bought 101.21 yen against 102.6 yen on Monday morning. During the day Monday, he even reached 100.96, yen, lowest in a decade. The dollar also declined against the Japanese currency to 76.59 yen against 77 yen on Monday morning. The rise of the yen penalizes income from Europe of Japanese exporting companies.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

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