The seventeen countries of the euro reached an agreement Friday to raise 500 to 800 billion euros their "firewall" against financial crisis. Germany has dropped the ballast, but the compromise is far from meeting the expectations of the European Commission, IMF and OECD.
The envelope, which represents a theoretical capacity of loans, includes three components: 500 000 000 000 ahead for the European Stability Mechanism (SPM) which will be launched in July, 200 billion already committed by the temporary fund established in 2010 (EFSF) and 100 billion in loans already spent or pledged various EU.
This elaborate structure – and perhaps questionable because it mixes future and past – allows everyone to say it held its position. For Germany, it was essential to avoid having to raise the ceiling of the MES to avoid another vote in the Bundestag payday loan. Wolfgang Schäuble, the favorite in the race for the presidency of the Eurogroup, but agreed to keep alive a year for the EFSF, which temporarily inflate the pot.
In contrast, those that grew as the French Baroin a figure of around 1 trillion, did not get satisfaction. Discussed in Copenhagen, the project of an additional tranche of 240 billion to be used "in exceptional circumstances", has disappeared from the final declaration of the Eurogroup. Here too, Berlin has been successful. But the question remains the strength of the new firewall in the event of a major financial accident, involving, for example Spain or Italy.
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This choice is a surprise. A native of Korea, physician training, graduate of Harvard and Brown, Jim Yong Kim is not known in international financial circles. However it is in the world of health and development, particularly for his efforts against AIDS and tuberculosis. He specifically directed the Department to Fight against AIDS of the World Health Organization.
The management of the development institution is traditionally an American, while the International Monetary Fund (IMF) has always been attributed to a European. The odds of Jim Yong Kim selection by the board of directors of the bank amounted to the extent that the United States, the largest shareholder of the World Bank, has the support of European countries, Japan and many countries emerging.
Hours before the announcement by President Obama, South Africa had formally proposed that Ngozi Okonjo-Iweala, Nigerian Finance Minister, and former World Bank director, succeeds Robert Zoellick, whose term as U payday lenders.S. President the bank comes to an end in late June. As at the choice of Christine Lagarde last June to head the IMF, rich countries have promised an emerging open and transparent process of selection that results in the designation of the most qualified candidate. Despite this commitment, developing countries find that their chances to win one of them are tiny. Their inability to agree on a single candidate is indeed an enormous handicap.
Jim Yong Kim is expected in the coming days begin a journey in the great capitals of the world to present his candidacy and convince shareholders of the World Bank of the correctness of its strategy to fight poverty and underdevelopment.
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The roses will bloom again next year in the nursery Delbard. But the vast area of 600 acres in Malice (Allier) will have changed hands once again. The history of the empire built by George Delbard in the 1930s, long and consists of garden land production, has not been smooth sailing.
Outlets have been closed or sold, and the Commercial Court of Montluçon decide Monday the fate of the production unit Delbard nurseries of roses and fruit trees. Two bids were reviewed for the company Friday, went into receivership 18 November 2011 and followed since by the administrator Gregory Wautot. One meets Henry and Arnaud Delbard, son and grand-son of the founder, who plan to invest 650,000 euros and keep 54 of 122 employees.
The competing offer comes from Muriel Devoucoux, founder of the company Nurseries Tronçais, associated with the Targa Capital funds. It plans to invest an equivalent amount and retain 51 jobs. "This is more likely. It offers the most sustainable for Delbard, which enjoys a solid reputation, but whose production systems and marketing must be reviewed by a specialist in horticulture, "says a close case.
This experience is most needed to the current owners, the family Torck, which took the entire capital in 2005 from the hands of fund IDI and Henri Delbard. The latter was for seven years in charge of horticulture at LVMH, owner of Delbard, to try to translate his techniques of roses to the vineyards of Moët-Hennessy. The failure was at the height of the ambition of Torck, founder of the brand family clothing Camaïeu. Jean-Pierre Torck was the top spot with its sign of Delbard garden, where roses were marketed its own. He appointed a former Leroy Merlin CEO, responsible for modernizing and growing network of stores very disparate. Within two years, the number of garden centers to the iconic red-and yellow rose has doubled. Delbard has owned up to 35 and counted up to 1,000 employees.
Strategy too expensive
This strategy proved too costly. The Torck invested 80 million euros. In addition, "other garden centers, nursery clients Delbard sanctioned policy Torck, which came to compete directly," says one expert. The nursery has seen sales decline, from 8.7 million in 2008 to 7.4 million euros in 2011.
In 2010, the family Torck has agreed to sell 20% stake in the nursery, deficit, Nalod's group, which operates garden centers around Saint-Etienne. Especially, the latter took over the distribution brand, 14 garden centers and the website Delbard. Today's has 17 stores Nalod Delbard own, in 40 free.
Since last summer, the Torck no longer have any stores. The most emblematic, Tannery Wharf in Paris, was converted into store decoration. Despite this withdrawal, the Torck could not keep Delbard roses in their garden.
The Stock Exchange? Biotechs believe more than ever. The Lyon Adocia, revisiting existing drugs in order to increase efficiency, was introduced Feb. 20 on the stock market. It was followed by specialists in medical imaging, Eos Imaging, which lifted the passage 38 million, and Intrasense. DBV, focused on food allergies, will jump on March 29.
The biotechnology sector health (drugs created from living organisms) and medtechs (innovative medical devices) is still dreaming investors despite stock route more or less convincing. Carmat has not implemented its first artificial human heart but it is worth 490 million euros, up over 400% from its initial listing in 2010. Genfit, which is developing a diabetes drug can be marketed in 2019, took over 57% since January 1.
Less than 25 biotech companies listed in Paris
Less than 25 biotech and medtechs are listed in Paris. It's a bit more than in the creation of the Next Biotech Index in 2008. But their market capitalization weighs only 2.2 billion euros, far from the 4.7 billion euros at the time. The French biotechnology remains microscopic facing a global industry that weighs nearly 270 billion and the stock market rose nearly 15% in one year. A universe dominated by real heavyweights. Amgen, the American champion, worth 54 billion, Genzyme was acquired last year by Sanofi for $ 20 billion.
"France has completely missed the turn biotech thirty years ago. She gradually recovers from five to eight years, "says a pharmaceutical boss. No large company has, for now, emerged from French soil. But "the Hexagon biotech together weigh as heavy as the largest laboratories," said Andre Choulika, President of France Biotech. Nearly 280 biotech and medtechs use from 5000 to 6000 employees in the Hexagon. They develop over 270 products, primarily for human health, divided almost equally between drugs, diagnostic products and innovative medical devices.
But how many medicines will emerge? Fifteen products are already from the French biotech today, says France Biotech. The mucoadhesive buccal tablet Loramyc BioAlliance is. Cationorm for the symptoms of dry eye is another example. It is produced by Novagali, a biotech acquired in September 2011 by the Japanese Santen. But the vast majority of these companies still sells no products. The total turnover of some 20 listed biotech and active in health averaged just 112 million euros in 2010. The prize goes to BioAlliance, with 22.5 million sales. Yet medtechs fared rather better than biotech. Gestation of innovative medical equipment is often shorter and less random than drugs.
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The European carbon tax causes coughing sector of the European air. Corroborating sources, and six Airbus airlines are head wind against the tax for the European fight against the emission of carbon dioxide, which is theoretically in force since 1 January 2012. This tax, imposed on all companies operating in the EU whatever their nationalities, for a total of nearly 4300 companies, and would cost 705 million euros for 2012 those involved in the air around the world.
The aircraft manufacturer Airbus and the airlines British Airways, Virgin Atlantic, Lufthansa, Air France, Iberia and Air Berlin have thus associated to "alert" on "economic consequences" of this tax, in letters to the heads of the French government, German, British and Spanish. French equipment Safran and German MTU would also be associated with this outcry.
These groups believe that the application of the tax threatens "inadmissible" for the sector as it could revive a trade war with China, but also with the United States and Russia, the Financial Times. The protagonists also challenge "the unilateral nature of this measure and require" the establishment of a general discussion with all stakeholders within the ICAO, "the Organization of International Civil Aviation, told a familiar with the matter told AFP.
In fact, China has threatened trade retaliation at the expense of Airbus, said Thursday the group EADS, parent of Airbus. Beijing could well cancel orders for 45 Airbus (10 A380 superjumbo and 35 long-haul A330) amounting to several billion dollars. The freeze order would represent a potential shortfall of $ 12 billion for Airbus, according to the catalog prices. More than 2000 jobs would be directly threatened by the Financial Times. But so far, the EU refuses to yield, saying Friday that it stands ready to respond to any discriminatory provision in Beijing.
The Swiss Parliament voted yesterday the revision of an agreement allowing the U.S. to get lists of bank customers Helvetian for suspected fraud. This addition to the double taxation agreement of 2009, which may be applied retroactively, goes much further than those signed thus far. The IRS will not need to demand details in the form of 'group applications', confidential information to banks Helvetians.
A major issue
This new cut to the sacrosanct banking secrecy does not delight the Swiss deputies. "Nobody does it with a light heart, but we have no alternative, said Christophe Darbellay, president of the Christian Democratic Party. Play the showdown with the Americans could have serious consequences. "The stakes are high: eleven Swiss banks (Wegelin, Credit Suisse, Julius Baer …) are the subject of a complaint for helping U.S. taxpayers evade taxes. If Bern does not play the game, Washington threatens to withdraw the banking license to establishments Helvetians.
Yesterday, only the Central Democratic Union (UDC) has objected to signing the text. "Banks have done wrong and they should pay the bill, but it's not MPs to bow down," says Guy Parmelin, vice president of the parliamentary group CDU.
According to press Helvetian, the success of the United States in this matter could lead to the European Union, too, have strengthened administrative assistance. An option that the President of the Confederation, Eveline Widmer-Schlumpf, refuses to consider. In an interview with Time, it maintains that the priority remains the final withholding tax at source, called the "Rubik" whereby Switzerland would pay a lump sum to partner countries to compensate for the loss of tax revenue.
"Applications bundled"
Despite the optimism of Bern, "Rubik" soon however to be validated by the Germans and did not interest the French authorities. Pierin Vincenz, CEO of Raiffeisen, the third Swiss bank, recently broke a taboo by speaking to the automatic exchange of information. Philippe Kenel, tax lawyer near Lake Geneva, also defended this solution, which in return would allow "the free movement of financial services, that is to say the possibility for Swiss banks to work in European countries."
But the debate is far from over, as Switzerland will have to adjust by the end of the new OECD standards, which should also include 'group applications'. The American victory could turn into an international standard … Meanwhile, the Swiss tax advise their customers in Europe to come to Switzerland to avoid tax evasion charges.
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They are every year more and more people choosing agriculture to bounce professionally. It used to be was a farmer from father to son. "Now more than a quarter of young people have just installed another workplace or have been outside the farm before returning," says Christiane Lambert, senior vice president of the FNSEA (National Federation of farmers). This is for example the case of five young people who come to create a GAEC (farming group operating in common), Radish & Co, specializing in organic farming, located in Mayenne.
They include a baker, farmer, Gwendal Bazin, two gardeners, Robert-Jan and Yannick Devinik Rouseau, a rancher, Marc Besnier, and a cheese maker, Steve Milosevic. "We chose to produce basic food with a commitment to practice for organic farming using compost from such an activity of milk to fertilize the land, farmers' seeds and collecting the runoff," they explain . While focusing on short distribution through the AMAP (Association for the maintenance of peasant agriculture).
The women won
Another example is that of Jean-Cyril, former spokesman of an international NGO fighting against poverty and injustice paydayloan. Farmer's son, he spent a patent professional farm manager with the prospect of settling in the Dordogne.
Women, too, conquered by the call of the earth. Isabelle Horses, stay at home mom for seventeen years, participated in a training assistant sommelier in 1997. It incorporates a large area and then a plant and finally a group of winemakers operators of Lons le Saunier in 2006, working as wine. "The wine and the agricultural community fascinate me. I like working outdoors and crafts, "she says. Only downside, it gets a little more than the minimum wage, "which is not very rewarding when you know the price of bottles. We must encourage young people to integrate this kind of jobs they will not regret it. "
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"I'm not a businessman, I'm a business, man! *". This sentence from Jay-Z – the title Diamonds From Sierra Leone Remix by Kanye West – sums up the prevailing situation in the world of American rap. At the head of a fortune respective $ 450 million and $ 100 million, the two artists will be performing in Paris-Bercy in June, are real business men. And they are not alone. P.Diddy, 50 Cent, Dr. Dre or Pharrell Williams, these rappers are also producers, composers, actors sometimes but mostly contractors.
For most self-made men, from disadvantaged backgrounds, the American rap stars today are wealthy. In addition to the income they derive from the music is by increasing business partnerships, equity investments or launching their own brands that they have become real cash machines. The latest example, Snoop Dogg released in April his trademark cigars Executive Branch. P.Diddy expected him to launch his own tequila.
Jay-Z, entrepreneur model
Investing turns to alcohol, clothing or food, these artists have become multimillionaires. Thus, the famed producer Dr. Dre has seen the brand of headphones he had founded in 2008, Beats by Dr Dre, being acquired last year by the Taiwan-based HTC for a whopping $ 300 million.
Thanks to its partnership with Diageo, the world of spirits, P. Diddy could become the first billionaire rapper dollars if we are to believe Forbes magazine. Ambassador of the Ciroc vodka brand, it also supports its development. Marketing, management, the rapper takes care of everything and receives 50% of profits. His fortune is now estimated at $ 475 million.
But he who is cited as an example is Jay-Z. Author of a biography of the rapper from Brooklyn, Empire State Of Mind, the reporter Zack O'Malley Greenburg of Forbes sees in him a model for ambitious of any contractor to build a business empire. In 2007, the sale of his Rocawear clothing line, had allowed him to pocket $ 204 million. Label boss, he is also a minority shareholder of a NBA basketball team, the New Jersey Nets and co-founder of the chain of clubs 40/40.
French rappers go at it too
To advertise their own brands, they can rely on themselves for long references in their rap songs. They also benefit from their address books thick and artists they produce to make a perfect product placement in their videos. The ambition and the cult of success are perfectly claimed. They are even in the heart of their brand. The rappers are betting on the fact that in addition to consuming their music, fans will adopt, and therefore buy, their lifestyle. "My brands are an extension of myself, Jay-Z told the magazine Men's Health. All my things are a part of my culture. " His music is inseparable from his business.
American rappers are not the only ones to diversify their incomes, French rappers go at it too. Like Booba who launched his clothing brand streetwear Unkut in 2004. Precursor, was created in 1998 JoeyStarr brand Com8 (Come-Eight) with two partners. It has benefited in its early stages of the promotion by both members of NTM.
Some fans will blame these rappers emblematic of a new kind of move away from the original message of the rap genre protest denouncing the inequalities and injustices. Still, in 2010, Jay-Z was the one of Forbes magazine along with the American billionaire Warren Buffett. A form of consecration.
* "I'm not a businessman, I'ma business"
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The State is not the only one to benefit from the largesse of the SNCF. Society of French railroad will indeed pay its railroad a "wage dividend" of up to 400 euros gross to net income for the year 2011, according to the CFDT. This premium, which amount is adjusted according to the time spent in the company in 2011, will be paid on the payroll of March. "The management announced this evening (Thursday) that it would pay to the CFDT from the results of 2011, a dividend of 400 euros gross wage for employees of the company," said the union. An amount that could be much greater than that paid last year because the railroad had received 76 euros. Thus, if the CFDT "welcomes" the payment of a dividend to employees, it "regrets the randomness of its payment" because the amount differs from year to year.
In fact, the group's results do not explain this surge fast cash. Group profit accuses indeed a decrease of 82% to 125 million in fiscal year 2011. A cons-performance however be explained by asset write-downs of 840 million euros, 700 million under its TGV. Last year, operating margin, favored by management indicator, soared 41.2%, to 3.02 billion euros. As for sales, it rose 7.2% to 32.6 billion euros.
But despite mixed annual results, the company unveiled at the end of 2011 the payment of a dividend "record" in the state, said the CFDT. The draft budget 2012 Railway Group provides for a payment of 230 million euros. An amount that should be reinvested in the renovation of the rail network, the government promises.
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Faced with a collapse of its real estate market, Shanghai intends to relax its measures restricting purchases. According to the Shanghai Security News, the city will soon authorize the purchase of a second residence for people who had lived there at least three years. An acquisition until formally excluded for "non-local" to curb speculation and soaring prices. "This should push up sales of real estate 20% to 30% in Shanghai, said Jack Gong, an analyst at Jefferies Group Inc.. Hong Kong, but that does not mean that the central government also intends to implement such measures to relax. "
Striving to deflate the housing bubble, a source of social unrest and destabilization of the economy, Beijing has implemented since 2010 on measures to limit credit and the number of apartments that individuals can buy.
Pillar of growth
But today, the Chinese real estate sector was found particularly affected by a drop in demand as prices began to decline, causing a wait of many potential buyers.
A statement from the National Statistics Office, the property prices in January continued their downward trend in most Chinese cities. Of 70 cities covered by a monthly survey, 48 have seen the price of flats down by the previous month, while it remained stable in 22 others, no increase was noted.
The Chinese government does not seem to want as many concessions. "In the name of fairness and stability, restrictive measures can not be released," said Premier Wen Jiabao in mid-February, ending, after three days, the measures of the city Wuhu in eastern countries, which were to subsidize the purchase of apartments to stimulate activity in the sector.
Always fight against speculation, the Chinese government announced in late January to create a file owners covering 40 cities. This is to prevent wealthy Chinese to circumvent the prohibitions imposed by municipalities to purchase several apartments, increasing acquisitions in different cities.
But the Chinese government also needs to avoid a contraction in the construction sector, a mainstay of the Chinese economy, while it is slowing its growth.
China's central bank announced it would reduce the reserve requirement ratio for banks to release more of their maneuvers to lend, especially first-time buyers who struggle to find housing.