International News

The ears of Michel Barnier, European Commissioner – French – in charge of Financial Services, had whistled Thursday morning. Jean-Pierre Jouyet, the president of the Financial Markets Authority (AMF), which held its annual interviews, did not mince words in criticizing his proposed reform of the financial markets in Europe. "The responses of this text do not match" issues, said Jean-Pierre Jouyet who fears that "to continue the movement toward more opaque."

The European Union last month presented a draft revision of MiFID came into force in 2007, which led to a proliferation of trading platforms, which make more complex markets work and the work of monitoring their police.Today, "it replays the same scene!" Complained Jean-Pierre Jouyet.

The tackle of the President of the MFA vis-à-vis Brussels has earned strong support from representatives of the Paris present yesterday morning, as Mestrallet (GDF Suez CEO and president of Europlace), Dominique Cerutti ( Nyse Euronext number two) but Ramon Fernandez, director of the Treasury. But on this subject as on others, the good alignment between gendarmes and police positions in finance in France lack relay abroad. But "it is here that we must share our ideas," Ramon Fernandez fell Thursday. "It's the G20 that plays the game."

Credit Risk

Global or European scale, several parties have just recently lost by France. The recapitalization of the banks decided at the Brussels summit of 27 October had not favored by Paris.

Long relegated to playing second fiddle, women are playing an increasingly active in economic life. They upend the established positions and make their voices heard, as evidenced by the seventh edition of the Women's Forum which runs through Saturday in Deauville. Notably, they enter the highest levels, for example by investing the boards of large listed companies with the Zimmermann-Cope Law, which requires 20% of administrators by January 2014 in the groups listed on Paris and unlisted companies employing over 500 people. Anticipating that date, the giants of the CAC 40 they received from this year 20.99% of their directorships, according to Ethics & Boards, the first international observatory board and monitoring of listed companies, chaired by Alexandra La Martiniere.But women are only 15.21% to hold this type of responsibility in smaller listed companies belonging to the SBF 80.

Even the state is beginning to apply the principles it imposes on the private sector. Saffron, which is a shareholder, allowed him finally to have the first three women's representative in a large group when he joined the CAC 40 index in September.

Support networks

The verb "undertake" is combined also becoming more feminine. Women represent an entrepreneur in three. Some embark necessity. "After working twenty years as product manager and then as marketing director, I was forced to give up my profession for family reasons. When my husband died, I had 50 or more years of employment.The idea to set up my own business has become a highlight and a necessity, "said Agnes Terrillon who created Voskel, an art gallery for young talents. Others launched by personal desire. "I always knew that I would one day own guaranteed fast personal loans. The trigger came from a personal need for which I could not find a solution. I could not rent equipment for childcare for the birth of my children. Separated with two children, I also wanted to take a new turn in career almost 50 years, "says Florence Pouzergue, who created Louli & Go Kids, a site that offers baby equipment. Younger do not hesitate to give up the comfort of well-known companies.

"I created the Factory Design to 24 years at HEC," explains Emily Gobin.Women can especially make the attempt and assert their professional ambitions that support networks are increasing. InterElles, Women's Network, O'Pluriel, Action'elles help them win in businesses. Force Femmes, EPWN, the first European network of women executives and entrepreneurs, and encourage others to take responsibility and develop their society. Martine Liautaud, founder CEO of investment banking Liautaud & Co., launched in September 2010 a mentoring program called Free WBMI, including BNP Paribas is a partner. "I met by chance WBMI at a time when I was at a standstill. With my mentor, I found the keys to move, "said Martine de Richeville, head Svelt'Coaching, now in Paris, Brussels and Milan. The financiers also are mobilizing.Women Equity, founded by Dunya Bouhacene, loop a fund raising 100 million euros for investment in growth SMEs run by women and made his first investment. With an aim to discover the female champions of tomorrow.

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The contours of the nationalization of Dexia emerge. When Nicolas Sarkozy and Angela Merkel discussed the rescue of banks in the euro area in Berlin, Prime Minister François Fillon, his counterpart Yves Leterme and representatives of Luxembourg have them addressed this issue in a summit to looks like a marathon. And this morning, after a council of ministers, Belgium has decided to take control of 100% of Dexia Bank Belgium, the Belgian entity of the institution present in retail banking, with an investment of 4 billion euros. A price at the bottom of the valuation range expected by shareholders, who were betting on an amount of between 3 and 7.5 billion euros. The Belgian Finance Minister Didier Reynders believes that this amount is "reasonable."Belgium intends to remain for several years proprietor of the bank in order to "continuity" before the network to lean a private actor.

The board of directors supports the offer of Dexia in Brussels, saying it is part of the "social interest" group. It also ensures that the 600 employees of the Dexia holding will be reclassified to the various subsidiaries promised a recovery.

Meanwhile, states have agreed on the allocation of guarantees to make to the future "bad bank" that remain after the dismantling or the defeasance structure to isolate the assets at risk. "States have agreed to divide this guarantee in proportions similar to those of 2008 (during the rescue of Dexia), 60.5% for Belgium, 36.5% for France and 3% for Luxembourg," said the Belgian government.

For its part, the French state must create a new bank dedicated to communities, both owned by the Postal Bank and the Deposit CDC. The Board of Directors has appointed Dexia director Pierre Mariani to conduct these negotiations. His copy to a detailed plan of recovery of the industry is expected "in the coming weeks."

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This is a severe blow to Samsung and a victory for Apple. This may well be a mere confirmation of a judicial decision made in August, the pill is no less bitter for the Korean manufacturer who is outright ban the marketing of its top shelf, the Galaxy Tab 10.1. It "presents an overall appearance similar" to that of the iPad, according to the German judge seized of the matter.

Such a decision is worrying Samsung that focused on this tablet to boost this market. It means that beyond the patents on technical issues, courts are increasingly sensitive to another argument, visible to the naked eye: the appearance of the product design.The German decision comes two weeks after a Dutch court has taken a similar decision, and while litigation between Samsung and Apple are in the United States, Korea and Australia, where the Apple brand has already achieved a first favorable ruling.

For now, Samsung is still able to sell the Galaxy Tab in other European countries, and do not hesitate to do much advertising best payday advance. The Court of Düsseldorf has finally found not competent to prohibit the marketing of the Galaxy Tab across Europe. Nothing prevents Apple to take legal or other countries. The U.S. has also filed a complaint against Samsung for the same reasons, September 8 in Japan.

This offensive against Samsung, which is otherwise also one of its major suppliers, enabling Apple to establish its supremacy on the market shelves, which he holds from 70 to 80% with both iPad.The Galaxy Tab 10.1 was seen as the most serious rival. By preventing the market, Apple terminated the debate … that takes a different turn on the Internet, with netizens concerned about the relentlessness of Apple, who made his reputation by being the anti hegemony of Microsoft, which builds on present its own hegemony with a lot of trial and eco closed system.

Good harvest for Publicis Consultants. After a long consultation process in the first half, a subsidiary of Publicis Groupe, chaired by Fabrice Fries is entrusted with the overall communications budget of Motor Vehicles (Interior Ministry).

The agency was opposed to Euro RSCG C & O, TBWA, Lowe and BDDP Stratéus & Fils, the sign outgoing. This is one of the largest budgets of public communication: the agreement reached nearly 15 million euros (excluding purchase of space) over four years. Publicis Consultants, whose campaigns will begin in November, was selected, according to its president, for "the creativity of the proposed mechanisms, its emphasis on the Web and its ability to mobilize all the expertise – public relations, lobbying, social networks payday loans with no fax… – on a complex subject. "

The signature "Road safety, all responsible" is retained.Author of iconic campaigns such as posters yellow vest with Karl Lagerfeld and the film Unbearable crowned with a gold lion on the top of pub Festival in Cannes, Stratéus Lowe began his collaboration with the Road Safety in 2001 and returned the contract 2004 and 2007. This change of agency comes after the controversy over speed cameras and the appointment of a new Road Safety Officer, Prefect Jean-Luc Nevache.

Thursday milestone for the general construction equipment from France in optical fiber, the network of the future which must provide high-speed Internet to homes and replace the old telephone network today. France Telecom offers to all competitors who wish to offer access to its future fiber optic network in sparsely populated areas, with the possibility of co-financing. He has published Tuesday offers a very detailed in this direction. And it seems to do so fair play as Free immediately signed a co-financing rates ruling "economically reasonable".

After roaming agreement on 3G mobile, the partnership of the fiber is the second major agreement signed between France Telecom and Free in the space of a few months. But the incumbent would also be discussion of the fiber with SFR and Bouygues Telecom.This agreement will give a boost to fiber deployment in France, whose government is a priority. "What are the different actors as their strength together and avoid a dispersion of investment is really a giant step, which launches the real start of the top fiber," said Pierre Louette, secretary general of France Telecom.

If the number of Internet subscribers high-speed barely reaches 150 000 in late June, Nicolas Sarkozy has set a target coverage of 100% of the country with broadband by 2020. In the heart of major cities, very densely populated areas and therefore profitable, Orange, SFR and Free deploy each with its own fiber network. But the issue is acute in areas less dense. France Telecom's offer and provide an initial response to the many local officials who want high-speed on their territory.

Sixty cities

In concrete terms, with the agreement signed between France Telecom and Free the cities of Dijon, Brest, Reims, Le Havre, the community of loops of the Seine around Chatou near Paris, some sixty in total, representing 1,300 Public and 5 million homes will be equipped from 2011 to 2012. France Telecom will deploy its network and will own in the end. But competitors can participate in the financing and get strong trading network usage. "It's very flexible. Our competitors can buy access rights for every 5%. They are true indefeasible rights of use, kind of very long-term concessions, renewable, and can assimilate into their investment accounts, "said Yves Parfait, program director at France Telecom fiber.Since France Telecom agrees to work with its competitors, exit the idea of ​​a centralized national structure "Fibre France" imagined by some. "This fantasy of a national operator vanishes," said Pierre Louette.

The agreement validates the framework established by the regulator (Arcep) and meet in Brussels considered it too little binding. "The framework adopted in France is good, since it works, that France Telecom did what was expected of her and it avoids wasting public money," says Pierre Louette.

In total, France Telecom will invest 2 billion euros by 2015 in deploying fiber. It has covered 3600 and communes, 3440 outside the areas dense. It aims to cover 10 million households in 2015 and 15 million in 2020, nearly 60% of French households.

While falling the first quantitative estimates on the losses caused by the bacterium E. coli (EHEC) on the French market garden industry, the doubts expressed Friday by Bruno Le Maire, who feared a "very negative impact" on the French production of vegetables, proved correct. So much so that the French Minister of Agriculture will visit Brussels on Monday to ask European authorities to release the compensation for French fruit and vegetables. That's what he said last night during a trip to Washington as part of the preparation of a G20 meeting.

The bill could climb quickly, especially if other European countries adopted the same position. Only in France, in a week, the losses for the chain of cucumber and tomato were almost 5 million.In Spain, they reach for the entire industry around 200 million euros, according to the Spanish Federation of Producers and exporters of fruits and vegetables (FEPEX), 75 million euros for the single chain of cucumber.

Germany will not pay

Ultimately, who pays for that damage? The issue remains unresolved, some arguing that Germany, by criminalizing the original Spanish cucumbers in the spread of the disease, is mainly responsible for the current situation and the financial losses suffered by producers. Since then, the vegetable has been exonerated, no evidence has been presented that is causing the infection. For some, Germany should pay the compensation sought. A scenario has completely rejected on Saturday a Reinhard Schäfers Europe, the German ambassador in France no fax payday advance."I can not imagine it will financially compensate," he said, justifying the information given by a need for transparency. "When we did, we had found something on some cucumbers Spanish. When you have information to one point, you must tell the public, "he added.

"We are victims of an epidemic," he said. That is what concerns us for now. There are mechanisms at European level to deal with it ", confirming the position of Bruno Le Maire.

Expected meeting June 17 in Luxembourg

In addition, the Minister recalled Friday absolute necessity "not to lower our guard for food safety," tackles and the attempts by some European countries to "re-nationalize agricultural policies."Having considered excessive embargo imposed by Russia on European imports of fresh vegetables (594 million euros in 2010), the Minister has however called for a "total safety" at the intra-European and its boundaries, based on traceability and controls. There remains the question of the cost of such tests. A question that Bruno Le Maire has not evaded, but without giving numerical estimates. This position closes, the minister should defend it on June 17. A meeting with his EU counterparts in Luxembourg should indeed be confirmed within 48 hours to study the responses to health crises, but also to improve their prevention.

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British phlegm is not what it was. Exasperated by American diplomats who refuse to pay the London congestion charge ", the congestion charge in place since 2005 to move or to park in the capital, the conservative mayor of London, Boris Johnson, has decided to directly attack the President Barack Obama.

Taking advantage of his official visit this week in Britain, he decided – not happy with him claiming some 8.7 million euros in arrears – all cars of the procession would pay tax like everyone else. Starting with the Cadillac of Chief of the U.S. state, nicknamed "the Beast" by the Secret Service because of his size and armor that are, according to experts, a real tank on wheels cheap payday advance.Transport for London, the agency responsible for managing the toll, which depends on the mayor, is trying to calculate the bill at the rate of 11.50 euros per day per vehicle.

The Pope, himself, had nothing to pay in September 2010 but says Boris Johnson in the Evening Standard, the roads were closed to other traffic, while this time, they were not . And beware of other heads of state who want to go to London! All diplomatic missions should in fact the tune of 59 million.

What partly explain the irritation of the elect, who has seen the end of March a half-million English between Westminster and Hyde Park to protest against cuts in the government.

In Greece, the good news is rare lately. The most indebted country in Europe would be out of recession in the first quarter of 2011, thanks to a rebound in activity of 0.8%, according to Eurostat and the Greek Authority statistics. A surprise, after a dip of 2.8% over the last three months of 2010, a figure significantly revised downward from earlier estimates of -1.6%.

"The resumption of growth in Greece is surprising: we expected the continuation of the recession," says Thibault Mercier, economist at BNP Paribas. "But that blip, probably driven by external trade, does not fundamentally change the situation: the austerity program has a strong impact on household consumption.Businesses can not borrow at very high rates and banks, whose health depends on the state of public finances, have limited access to liquidity. "Clearly, they can very easily give credit to their customers.

"The recession is it defeated?" Asks BNP Paribas. "Not really: the figures published so far do not provide details on the components of growth and numbers are often revised significantly after the first publication." These factors explain the downward revision by the European Commission's forecast Greek economy to the same Friday. It now expects a fall of 3.5% of the activity, against a fall of 3% previously envisaged. Accordingly, the government deficit is forecast at 9.5% of GDP, against 7.4% previously estimated.

The recovery is strengthening in the euro zone

Moreover, growth in the euro zone has more than doubled in the first quarter at +0.8% against +0.3% end of 2010, according to a first figure published by Eurostat.

It is true that several countries are still experiencing difficulties. Portugal has thus fallen into recession, with a contraction of 0.7% of GDP and the Italian economy has stagnated (+0.1%). Spain has recorded its share to a timid growth of 0.3%.

The average growth in the euro area was driven by the dynamism of its largest economies: France reported a surprise increase of its activity by 1%. Growth of 1.5% was even made by Germany!

A supervisory board was held Friday night at Areva, with the menu preparation of the general assembly of the nuclear group, on 27 April. While some members of the supervisory board mandate coming to the end, these included establishing the list of those whose names will be submitted to shareholder vote.

Unsurprisingly, Jean-Cyril Spinetta is part of the list. The current president will be renewed during Supervisory Board provided at the end of the GA. However, Rene Ricol, author of an audit on behalf of the government leaves office, as he wished. Anne Lauvergeon, Chairman of the Board whose term ends June 30, reappointment of Jean-Cyril Spinetta is a good thing: he wants his support.

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