International & World Report

While the rating agency Standard & Poor's downgraded three notches note of Greece who becomes the country with the lowest rated in the world, the eminent economist Nouriel Roubini sees the end of the eurozone. In an article published in the Financial Times, the man who announced the financial crisis of 2008 estimated that countries of the European periphery abandon the euro within five years.

In the eyes of Nouriel Roubini, the debt crisis that weakens current euro area highlights the flaws in this monetary union. In fact, the euro zone has never been an "optimum currency area", ie a group of countries has any interest in sharing a single currency. There is indeed always been too strong and competitive economic differences between countries in the euro area.The founding fathers of the euro area, however, hoped that the differences between fiscal, monetary and exchange rates are offset by an acceleration of structural reforms within the euro zone countries. These measures would then have enabled the countries of the eurozone converge.

Without economic convergence, the euro area is doomed to failure

But "the reality is quite different," says Nouriel Roubini. Following the establishment of a common monetary policy, countries are folded on the weapon budget to adjust their economic policies. Very different policies have been implemented within the eurozone. Consequently, the lack of fiscal discipline in countries like Greece and Portugal involved in the birth of speculative bubbles in other countries like Spain or Ireland. And finally, the peripheral countries have become less competitive.

Economist reaffirms that to work, creating a currency area must be accompanied by a fiscal policy even as the establishment of supranational sources of income or the issuance of sovereign bonds Commons. In the absence of economic convergence, the euro area is doomed to failure, according to the economist.

Thus, Nouriel Roubini believes that there is now a way to restore the competitiveness of peripheral countries: leaving the euro, return of national currencies and depreciation. Such a scenario seems inconceivable today, is the economist who said that nothing says that in five years this idea has not gained ground, especially if the economies of peripheral countries are stagnating. Unless the idea of ​​a Euro reaches more federal drilling, some European leaders call for that greater European integration.

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After several months of development, GDF Suez has now officially launched its website for the 218,000 employees of the group, to enable them to support the development of micro-enterprises scattered around the world. While the week of microcredit is nearing completion, this unique initiative could give a fillip to microfinance solidarity.

Specifically, the site presents a selection of projects to be financed in a variety of countries (currently Peru, Lebanon, Senegal, Tajikistan, Cambodia pending, the Philippines and Madagascar). On the basis of information given to them, employees may choose to assist a particular activity: the purchase of pigs, creation of woolen hats, launching a candy … The proposed assistance takes the form of a 0% interest loan of EUR 20 minimum, payable in 6 to 18 months.The money is paid directly online (via credit card or Paypal account) and the loan is secured by local microfinance institutions. After retrieving their application, lenders are obviously free to reinvest or not the amounts paid on other projects. The site is open to employees and everyone who would be invited by employees.

The project has been fully assembled by MicroWorld, a subsidiary of PlaNet Finance, an NGO founded by Jacques Attali in 1998. Until now GDF Suez already funding specific programs through PlaNet Finance (Microfinance & Energy in Morocco and Egypt "Business in Suburbs in France). With this initiative, "Suez regains its banking business," joked Jacques Attali before noting: "Today's world is not socially sustainable.To reduce this gap, democracy is the first medium and the second is to give people the means to achieve ". Knowing that many of them will create their own jobs, he said that credit is a key lever for growth of these enrepreneurs. Even should you avoid some pitfalls: microcredit must learn to go along with ecology to be truly sustainable and must avoid certain abuses observed in India in particular or some companies claiming solidarity finance is much closer to practices of loan sharks.

GDF Suez side, if the group has funded the launch of this initiative and promises of matching shapes subsidized loans, it also recognizes the benefits expected from this operation. Firstly in terms of internal cohesion.The website encourages the creation of virtual communities and circles that can strengthen the bonds within a group and engage the best young troops. And then of course there is the group's image. CEO Gerard Mestrallet has also not stood in the preamble to introduce the launch of the new advertising group whose slogan is "Be good to men" and his view that illustrates the positioning of the company.

The European Union (EU) comes to the rescue of its farmers. The European Commission agreed Tuesday to revise upwards in a "substantial" his proposal to release 150 million euros to compensate producers of vegetables in Europe. This is to cope with the losses suffered by the fruit and vegetables after the psychosis to EHEC bacteria has killed 24 people in Europe.

Brussels proposed to compensate the losses up to 30%. But a large majority of European countries have found that it was not nearly enough and have had "strong pressure" to review the amounts rise, according to a diplomatic source.

The exact amount of aid will however be adjusted estimates by country. "We will take the period from late May, marking the beginning of the crisis at the end of June" to calculate the amount of compensation, "said Agriculture Commissioner, Ciolos.This envelope will be accompanied by compensation to 30% of the actual value of losses since the outbreak of epidemics in early May in Germany.

Insufficient support

The only Spaniards consider that the bill because of the boycott of their products by European consumers has cost them 200 million euros. In France, the bill, according to professionals, is approaching 5 million.

French and Spanish Ministers of Agriculture have also questioned the principle of a refund only 30% of losses paydayloans. "What we want is there an answer for all producers, whether or not members of producer organizations and 100% of fair market value of losses," said the Spaniard Rosa Aguilar. The French Bruno Le Maire for his claims for a refund "to the nearest euro.

Berlin slammed

Germany on the other hand was roundly criticized for his handling of the crisis by European Commissioner for Health in the European Parliament meeting in Strasbourg on Tuesday. She had made allegations, soon withdrawn, cons of cucumber Spanish after the demonstration of the first cases of contamination. "It is critical that national authorities are not lining up to give alerts unproven, because it creates problems and psychosis," warned John Dalli."It is important to trigger alerts when certain scientific data," he said.

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Arnaud Lagardere is now the sole master on board of a subsidiary of sports rights and live shows, Lagardère Unlimited. Discreetly and after two years of wrestling with his bodyguards, the head of the Lagardère group has decided to dispose of Olivier and Stéphane Schindler Guiguet, numbers one and two sports. Two evictions, revealed by the website of the Nouvel Observateur and La Tribune, which is concomitant to that of Christophe Bouchet, the CEO of Sportfive sports rights agency and principal subsidiary of Lagardère Unlimited.

In 2006, Arnaud Lagardere has the intuition of the potential market for sports rights. He also knows that this activity requires a critical mass consistent. To quickly position, he must hit fast and hard. He does not hesitate to put on the table 865 million euros to acquire Sportfive, a leading market players.

In the process, it will expand this activity with the arrival in the lap of the group of players such as IEC in 2007 and World Sports Group in 2008, followed by the acquisition last year's Best (Blue Entertainment Sports Television) American expert in the representation of athletes and the purchase of 30% stake in the American academy of sports training Saddlebrook. Two operations to "several tens of millions of euros," he admits. Arnaud Lagardere, it is clear that the market for sport and entertainment is its future. "Sport is a market of 100 billion dollars", he still recalled when publishing the final results of the group.

Trading at European level

Aware after the time of acquisition is that of consolidation, it equips its assets in May 2010 of a new structure called the Unlimited, which succeeds Lagardère Sports.She becomes the equal of other major subsidiaries of the media and he becomes the president instead of his lieutenants.

But this tutorial is not enough to take off the activity. In 2010, its sales collapsed by 23% to 396 million and its losses amounted to 96 million euros. In defense of Arnaud Lagardere, new players with deep pockets is coming to the market beginning with the Gulf countries. In addition, the European Commission is considering changing the rules of trading rights to be bought at the European level rather than nationally. What sharpening a little more competition. For the entourage of Arnaud Lagardere, it is clear that to succeed we must therefore focus its resources on a few key disciplines such as football. The head of the Lagardère group has not given up "to be the world's number one sport in five years."

While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing in support of candidates from their ranks. It is "a moment of change" for a non-European leader, has estimated that Friday morning, Angel Gurria, secretary general of the OECD. As of Wednesday, the Brazilian Finance Minister Guido Mantega said that "time is gone when this important post was reserved for a European citizen." Touefois, he has changed his tone on Friday stating that Brazil was ready to support a European candidate for the leadership of the International Monetary Fund if it pursues the reforms of the "democratization" of the financial organization, said Friday the Minister Brazilian Finance Guido Mantega. "There may be good candidates for advanced and emerging countries, including the European Union (…).The important thing is that the new director of the IMF to continue the reforms initiated by Dominique Strauss-Kahn of democratization of the Fund, "said Mantega in an interview published Friday by the daily Folha de Sao Paulo.

For now, the Brazilian seems to have only moderate his speeches since the beginning of the affair Strauss-Kahn. In China, calls for change are increasing. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published in the official newspaper Global Times. Its purpose is thus part of the continuity statements yesterday from the spokesman of the Chinese Ministry of Foreign Affairs.Jiang Yu said in effect that "newly emerging markets and developing countries must be represented to the leadership of the IMF."

Shan Renping adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China." The commentator noted in particular the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

Asia does not seem united enough to push one of its representatives.At a recent meeting of the Asian Development Bank in Hanoi, many are even ministers expressed support for Christine Lagarde, Julius Caesar by Parens, an expert from the Institute for Monetary Affairs in Tokyo.

Other emerging countries are pushing their own candidates

And other emerging countries would indeed one of their representatives take the reins of the institution. Thus, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens, assuring the Mexican press that "it is the best candidate for the IMF."

The Commonwealth of Independent States (former USSR minus the Baltics and Georgia) has decided to propose the head of the Central Bank of Kazakhstan Grigory Marchenko. And many observers are betting on former Turkish Finance Minister Kemal Dervis.

The latter, however, indicated late Friday that day was not a candidate to succeed DSK as Director of the IMF.

Emerging economies will need time to agree on a common candidate and thus be able to weigh into the debate. Enough to explain why the Brazilian finance minister urges that the succession of DSK to head the IMF is not "decided in a hurry." And Wolfgang Schäuble's impatience, the German finance minister, who urged his partners in the European Union to designate someone to bring their colors in the race for the overall direction of the IMF.

Lipsky includes Christine Lagarde among candidates "well qualified"

Since the inception of the institution, the position is traditionally awarded to a European as the World Bank management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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In recent weeks, rumors suggest that the industry group could carry a big external growth. Jean-Pascal Tricoire wishes to explain its strategy for acquisitions and announced sustained business earlier this year.

LE FIGARO: Schneider Electric has been rumor of a possible acquisition of Tyco U.S.. You have issued a statement that has not dispelled all doubts. What is it?

Jean-Pascal TRICOIRE: In principle we do not comment on rumors. But quite exceptional, we decided last week to respond because we were the subject of persistent rumors and speculation. I can confirm that we have no discussions with Tyco International.To be more precise, Schneider Electric does not perform in the current year, a big acquisition.

Stand back for much larger operations?

We prefer small-scale operations, a few dozen to several hundred million euros. We have already announced four since the beginning of the year. We may also be interested in the business of medium size, a billion to several billion euros, but, I repeat, we have no large acquisitions planned today.

Do you plan to evolve your strategy on acquisitions?

We must first specify the model of Schneider Electric delivers a very strong organic growth. Between 2004 and 2008 it reached 10% per year. There is also a highly focused acquisition strategy in a market of 200 billion euro still very fragmented.In this market, Schneider Electric is a leader in its sector and still does not realize that 20 billion euros of turnover. This pattern of external growth is now proven. We have demonstrated over the years that we know how to select companies, correctly assess the strategic and financial plans, and successful integration. Last year, nearly 13,000 people joined the Group. In just six years we have gone from 70,000 to 110,000 employees.

Why not apply this model to purchases of larger scale?

Collaboration with large companies do not necessarily pass through acquisitions payday loan lenders. This can be done through business partnerships, joint ventures or purchases that included only the branches. My duty is to do acquisitions that are meaningful to the strategic plan, emit very strong synergies and meet our financial criteria.They must also integrate into our business portfolio: our strategy is not that of a conglomerate! And we are much more demanding these criteria when we look for large transactions. To consider a very large acquisition, you need a good alignment of the stars individual and is extremely rare.

Why are there so many rumors about you now?

I already see that we are perceived as more buyers than as prey, which changes a few years ago.I think we have constructed a clear strategy, an economic model that works and have demonstrated an ability to make intelligent and profitable acquisitions.

Does the pursuit of critical size in order to protect yourself from a possible hostile bid in a sense for Schneider?

Increase its size in just to protect themselves from potential buyers does not seem a good idea. Our priority is performance. I believe in continuous improvement of our performance to give our group the ability to develop and provide our customers with unique skills.

How did the first quarter?

We are making a strong first quarter. We post organic growth high at 11.8%. This is our fourth successive quarter of organic growth above 10%. North America shows a nice bounce, + 15%.And Western Europe, our growth reached 6%. In these geographical areas, our strength comes not so much the growth of markets-very-low that our initiatives. Where they sold the products, we offer solutions, services, energy efficiency, an overall set of offerings to higher value added. Over the year, we maintain our outlook that are always on a rise in business organically between 6 and 9%.

Leading expert in royalty, Stéphane Bern comment April 29, alongside Marie Drucker, the marriage ceremony of Prince William with Kate Middleton of England, live on France 2. 5 hours, public television will broadcast the event live, which should be followed by at least "2 or 2.5 billion viewers worldwide," according to Stephane Bern. "This is an event of contemporary history. A global event and unprecedented, "he pleads. All the big chains will diffuse into the world. " What explains the popularity of this royal wedding in a republican country like France? "De Gaulle said:" The French have a taste of the Prince and will look abroad. We have two monarchies replacing the Windsor and Grimaldi. This year is finally a year for the French! Moreover, the news is enough anxiety.From this point of view, marriage is timely to break the torpor. Finally, it is a significant historic event in the history of the monarchy. What is reassuring for people is knowing where it goes, that will embody its future Marriage is a promise for the future because children may be born after. "

Broken for about 25 years, with the exercise of great ceremonies commentary (that of Prince Charles with Camilla Parker Bowles) as well as funerals (like those of Prince Rainier), Stéphane Bern believes it is "' be both very "first degree" in the narrative of the event, to decipher the codes and rituals that we see in the image, but also sometimes bring a little distance, to be entertained because this is a happy event. "2 France for the occasion send his special envoys "to Buckingham Palace, to Westminster, on the course and ceremony in the small village of origin of Kate Middleton."

If there is "certainly issues of audience," Stephane Bern ensures they "escape him." An asset plus the freedom that the public service vis-à-vis the advertising. "In other channels where I officiated, we always left before the kiss, because he had to make the antenna to log 13 hours. Here, we will keep the air from 9 to 14 hours to kiss on the balcony. Then we can distribute the newspaper. There is no requirement for advertising on France Televisions. The pressure is less strong, "welcomes the journalist payday loan.

The duo will end July 2 live next to comment on another royal wedding, that of Albert of Monaco and Charlene Wittstock.What are the differences between these two ceremonies? "Marriage is English protocol, the Windsors are good at this kind of colorful show. The marriage of the Prince of Monaco is very different from his parents. It is his style, very modern, relaxed, warm. "

The marriage of Prince William should bring some "700 billion to the UK economy." French side, the amount of broadcasting rights of marriage to Albert of Monaco must be "donated to the Foundation Prince Albert II and Charlene Wittstock future foundation. The director Jerome Revon rotate images. There has been talk for a while that his team provides all the financial means for marriage, then resell. There, in fact, Monaco supports the device of marriage. However, as in England, all products will feed directly into the foundation.I will declare myself a book published by Albin Michel Marriage (Monaco), whose rights will be donated to the two foundations, "explains Stéphane Bern.

Besides the show "How it goes!" On France 2, Stéphane Bern animates every day since 2000 "Mad King" on France Inter, live. Every season, his name is circulating in the list of the "transfer window" of the radio. The next school year will she change that? "I have no idea. The game is very open. I have been approached by various radio stations. I already asked the question for the ten years of "Mad King". It may need (to) renew. It's a job where you always question yourself. I can not imagine sitting on a throne for years. The game is open, perhaps for the first time, "he concedes.Expected response "in early May between the two marriages …."

This summer, the facilitator will be back on the air in "Secrets of History" on France 2, one issue will be devoted to Buckingham Palace, and one at the Elysee Palace, released in September on the Heritage Days event.

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While Free was sentenced on March 22, following a complaint by the association UFC-Que Choisir, to end a number of illegal practices, the operator has decided on Thursday to amend the terms and conditions (GTC) of its contracts, as revealed Freenews site. Free was a period of 15 days from service of the decision to end four practices deemed unfair, under penalty of 2000 euros per day of delay.

Major change: the cancellation fee will now be fixed at 49 euros, replacing the former "activation fee collection deferred to" step-down. This is the average amount for most operators. Previously, Free billed 96 euros lower than 3 euros a month old. Termination charges thus became void after two and a half years (32 months).

This is the most important provision of the ruling because it blew the system of "loyalty" set up by Free. "Again, an association of consumers, without even asking their opinion, defended and passed a decision that is far from the benefit of all subscribers, the site responded Freebox Universe. Subscribers will pay more termination fees after 2.5 years. It will not be the case. This system therefore no advantage that customers who stay less than a year and a half to Free. " "The system will be much more transparent. If the customer moved or changed box, restart from zero, "says Edouard Barreiro of UFC-Que Choisir cashadvance.

Another change is that Free users will now have their choice of method of payment: debit or credit card payment.Previously, Free debit imposed upon subscription of the subscription and required management fees of EUR 4 per month if the client insisted on paying by check or credit card. For refractory to direct debit, a deposit of 400 euros will be established.

New clauses

It is also now possible to terminate during the month, with repayment of overpayment. Previously, started month was due. Finally, the option "Service Plus" (to 9.99 euros per month) disappears. He was criticized for Free not to indicate it was purchased for a period of 12 months automatically renewed when the main subscription is taken for a period of one month renewable.

Free declined to comment Thursday.These new provisions will apply immediately to new customers who will validate the GCS, then automatically to other customers in the coming weeks, after a period of information.

Free is not the only one in the crosshairs of the UFC. The association has initiated proceedings on the GTC SFR six clauses were deemed unfair. And his complaint against eleven clauses Numericable is currently on appeal.

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It only took ten days for the disaster that befell Japan to produce its first effects on European industry. Difficulties, suffering the effects of Hitachi, PSA Peugeot Citroën, today reduced the rates in most of its European factories. The activity will drop to 75% at Sochaux, Mulhouse and Sevelnord, and between 40% and 50% of normal level at Aulnay and Poissy, Madrid and Vigo (Spain) and Trnava (Czech Republic). Only Rennes Mangualde (Portugal) are not affected.

The price of lean

Hitachi manufactures flow meters, an electronic component essential to diesel engines fitted to 68% of cars sold in Europe by PSA. This supplier "gradually resumed its production," says the manufacturer, who expects "a return to normal within a week." In total, PSA works with a score of suppliers in Japan."In light of available stocks and the status of their production, apart from Hitachi, we have no particular problem so far," said a spokesman.

At Renault, only the Korean plant in Busan, more dependent on Japan, saw its production drop about 20%. Shipments of components left by ship from the archipelago to the continent before the earthquake. "We have before us a few weeks' supply, says the Diamond brand. Meanwhile, the group meets every day "several crisis centers" to list, among the parts come from Japan, "those that could pose a problem." Among the solutions: air supply or transfer to other suppliers.

According to the American Institute of forecasting IHS, all major manufacturers will still be affected by the disaster from mid-April.These, as well as many other industry groups of all sizes are now paying the price of the strategies carried out over two years. Once essential to profitability, the flow became tight, financial crisis requires a condition of survival. Manufacturers have made drastic efforts to preserve their liquidity. And to that end, they accelerated their policies to reduce their inventories.

Being lean makes some firms more vulnerable today. "The policy of active management of stocks is assumed that there is no break in the supply chain," said Philippe Waechter. The director of economic research at Natixis believes however that the model should not be questioned, "it is probably not possible to run a business as a rule by considering the occurrence of very low probability event."

The sensational espionage case that shook Renault continued on Sunday to "deflate". One of the three security officials of the automotive group into custody-to-view this weekend, Dominique Gevrey, was indicted for "organized fraud" and imprisoned following the dismissal last January three group executives for espionage.

Two other officials cautioned to view this weekend, including the director of security and close to Carlos Ghosn, Remi Pagni, however, were released Sunday morning, without any charges being brought against them.

The two frameworks safety first taken into custody-to-view, and Marc Dominique Gevrey Tixador, both authors of the report which led to the dismissal of three employees, have so far refused to reveal the name of the informant the source of accusations of espionage.By the reckoning of Renault's lawyer Wednesday to Europe microphone 1, the automotive group has paid an amount "of around 250,000 euros" in this anonymous informant, through an intermediary agent of a private company intelligence, to collect data that led to three dismissals.

Renault claims a "manipulation"

Renault's lawyer, Jean Reinhart, said the group will speak on Monday, probably in the afternoon, "by taking a long and detailed speech" that must be followed statements of expected attorney Republic.

The group claims not to know either the name of that source, and have asked the two security officials, "who are only to know, to deliver his name and address to the investigators," said Renault's lawyer .This same source who gave Renault numbers of three bank accounts which was based on the automotive group to accuse the three executives have coined strategic information on the program of Renault's electric vehicles.

However, investigators of the Central Directorate of Internal Intelligence (DCRI) claimed last week they had found "no evidence of bank accounts" on behalf of these employees, nor "any evidence of espionage." As a defense, Renault now evokes the idea of ​​a "manipulation". In an interview with Le Figaro, the number two carmaker, Patrick Pelata, said that if this hypothesis was confirmed, "Renault will be attentive to repair any injustice."He also designated himself as a scapegoat, saying the group will draw all the consequences of this case until the highest level of business is to say to me ".

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