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Deficit: Italy rejects its objectives

In Rome,

Even Professor Monti can not perform miracles. In the Document for Economic and Financial (DPEF) covering the years 2012 to 2015, on Wednesday approved Wednesday by the Cabinet, it is written that Italy will experience a recession in 2012 equal to 1.20% of GDP. However, until now, the government expected a 0.4% growth this year. The activity will walk away from the front in 2013 – timidly – to double next year to 1.2% in 2015.

Logical consequence of this failure of growth, the government recognizes that a balanced budget, wielded far as priority, will struggle to be reached in late 2013. Vittorio Grilli, Deputy Economy Minister now speaks of a deficit of 0.5% of GDP next year, adding that "overall structural balance and not episodic" is reached. A scenario much more optimistic than the IMF in its forecast released Tuesday estimates that Italy will not reach equilibrium before 2015.

Another sensitive indicator: public debt, which stood at 123.4% of GDP at the end of last year. It would decline to 120.3% this year, 114.4% in 2014 and 110.8% in 2015, when the simplification and liberalization adopted earlier this year will come to full speed, generating additional growth assessed 2.4% of GDP in 2020.

In presenting these figures, the chairman, Mario Monti, sought optimistic: "Our action has demonstrated safety of the public accounts. We will have a primary surplus (excluding debt service) of 3.9% next year. " Despropos primarily for financial markets, which have recently hosted the Italian slippage. MIB30 index of the Milan Stock Exchange closed sharply lower by 2.29%.

The balancing act that requires Mario Monti has become particularly difficult fast payday loans. It must assure citizens that their efforts are, not to undermine confidence without complacency. Mario Monti has paid tribute to the sacrifices "very high" imposed on the Italians, "we are fighting every day to avoid the fate of Greece," he said, deliberately severe.

But in a country where the tax burden – 45.1% of GDP – reached a record high and unemployment was 9.3%, an increase of rigor seems now to be excluded. The salvation is through more growth. This is why the government on Wednesday adopted a national reform agenda based on five priorities, which will mobilize tens of billions of euros. The 'major projects and public infrastructure "alone include 20 billion euros in public funding per year for three or four years for priority equipment, rail, road, airport, hospitals, schools, … Another sensitive issue: the immediate payment of the arrears that the state owes to private companies, whether of central or local governments. Twenty billion euros of state guarantees will be released to allow private creditors to enforce them at banks. Six billion will also be reimbursed immediately by local governments. Tax incentives, practical support to business creation and drastic simplification of administrative procedures should also encourage the resumption of activity. An effort of three billion euros a year for twenty years will be made in favor of renewable energy. Finally, the Senate passed Wednesday on a final golden rule placing a balanced budget in the Constitution. Mario Monti handling is the core growth budget and stick.

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SFR has to reinvent itself quickly

This is the first interview with Jean-Bernard Levy, CEO of Vivendi, since he took over the reins of live SFR, after the departure of Frank Esser end of March. Jean-Bernard Levy happening every day at Defence Headquarters SFR. Including Saturday. Then he joined the headquarters of Vivendi, avenue de Friedland, near the Arc de Triomphe.

At 57, this X-Telecom – who began his career at France Telecom and Matra, before being chief of staff of Gerard Longuet, Minister of Industry under Balladur – knows that his time is short. It should give fresh impetus to the second largest French mobile, thrown by the arrival of Free Mobile and convince the supervisory board of Vivendi to preserve its trust. Some accuse him of having bought at full price – € 8 billion – the 44% stake held by Vodafone SFR yet, just a year before the arrival of Free Mobile does not strongly affect the margins of SFR.

21 million mobile customers

Today, Jean-Bernard Levy must reinvent SFR, which weighs 12 billion in revenue and has almost one in two French among its customers: 21 million mobile customers and 5 million subscribers to Internet broadband no fax payday loans. Faced with the loss of 200,000 customers in six weeks, the operator has responded by lowering prices of its offerings classic "Square" and its low-cost offerings sold online "Red". An adjustment that will weigh on margins in 2012 but in 2013, gradually as current customers under contract will reach the end of engagement. The margin of EBITDA (EBITDA) and should decrease by 12% to 15% in 2012, representing a shortfall of around 500 million euros.

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The flying car passed his first test flight

Reality is catching up a little more science fiction follows the success, yesterday, the first test flight of a flying car. The U.S. company Terrafugia has announced that its prototype small plane that runs on the road with folded wings flew for 8 minutes.

The vehicle called transition could well be marketed within a year, said the company whose name is Latin for "escape from land". The group's founder, Carl Dietrich, believes that the dream of many motorists is now within reach the steering wheel! "With this flight, our teams have demonstrated their ability to make real what was until now considered an impossible dream," he said.

The vehicle is expected to cost 279,000 dollars (213,000 euros). The company said that the new materials and a computer aided design used to reduce the price and weight of these vehicles to make them more accessible. More than a hundred copies have already been pre-ordered as well.

Failure of previous attempts

Moreover, the model approved in the U.S., has a range of 787 km and a width of 2.3 m version of the car can park in a garage classic. Once the wings, the model is 8 meters wide.

A track of 762 meters is necessary.

HP leverages its printers to revive his PC

This is the first major policy decision announced by Meg Whitman, CEO of HP since September. PC and printer divisions of the group will be merged, as the company said Wednesday.

Since arriving at the head of the company, Meg Whitman will finally been consistently good the consequences of the announcement in August by his predecessor, Leo Apotheker. The latter had then referred to the release or surrender of HP's PC division. Which cost him his job and has had a disastrous impact on group sales. During the last quarter of HP – ended Jan. 31 – Sales of the division plunged 18% in volume and its revenues fell 15%. At the same time, the printer division saw sales fall by 7%. Combined, the two product divisions of the group will represent half of total HP revenue (127 billion). The other portion going mainly to dynamic two divisions: services and servers.

Since September, the world's number one PC had to swallow a few snakes. In particular, see Apple proclaim everywhere the last quarter, he had sold "more PCs that HP iPad". Although the difference is played with one digit after the comma, the comparison is no less painful for HP, which more conspicuous by its absence in the segment of tablets. Worse, Chinese Lenovo continues to gain market share and HP could double by the end of the year payday loan no faxing.

Reduce costs

In the last quarter of 2011, the worldwide market share from HP in the PC fell to 16%, while Lenovo has risen to second place with 14% market share. In one year, the gap between the two groups was reduced by 6 points. But the U.S. does not intend to cede its global leadership without a fight.

Todd Bradley, appointed to head the new entity, will have the burden to reinvigorate PC sales and reverse in printers. HP also aims to achieve further cost reductions through this merger. Savings could indeed be generated in the supply and marketing of equipment. While the line between professional and individual equipment fades, it becomes increasingly important to industry players to establish their brand. This allows to charge prices a bit higher, as does Apple. A point particularly important that the owner of HP has already said a return of the group on the market shelves were not excluded.

The announcement of the reorganization was moderately popular with Wall Street. At the opening, the title has sold 2.23%. Todd Bradley, former head of Palm, is known to cause the redemption of Palm in 2010 by HP for $ 1.2 billion. Instead, Vyomesh Joshi, head out of the printer division, was reputed to have doubled the operating margin for this division.

Suicides: Post freezes its reorganization

Unions of La Poste have been heard. Rocked by three suicides in six months, the postal group has taken the measure of social malaise that reigns within its walls. According to the Journal du Dimanche, its CEO, Jean-Paul Bailly, is expected to announce Monday a suspension until September of the reorganization of the branch e. A break of nearly six months during which discussions will be held with employees to improve their working conditions. At the local level, first, the regional offices of the Post Office will begin negotiations on the reduction of work patterns in post offices. At the national level, then, Jean-Paul Bailly launch the establishment of a "social warning unit" and could also release a budget to support the weakest agents, specify the sources cited by the weekly Sunday. Contacted by The Figaro.fr, the group was not immediately available for comment.

La Poste has accelerated its timetable for ending the crisis, after the suicide last Sunday as part of a group in Britain. In a folder left behind, this forty, who had been off long illness since November and was found hanged at his place of work in Brittany, had denounced a hard three years from its hierarchy. This was the second suicide in Breton Post in ten days. February 29, Jeremy Buan, a senior of 28 years, had committed suicide by jumping from the top floor of La Poste in Rennes, in the Ille-et-Vilaine. He too had reported his "outstanding work" in a letter released by his partner. Immediately, the Post Office had opened on Tuesday for talks with the unions on "health and welfare at work", promising that "proposals" would be made "before summer".

The bracketing, albeit provisional, of the restructuring of the business mail should satisfy the unions who denounced social climate "anxiety" since the suicide last September of a 52-year employee who was, also, défenestrée the fourth floor of the financial center of the 15th arrondissement in Paris payday loans. "This situation is unfortunately not unique to the post office," said Antoine Le Séguillon this week, a union representative GSC in Figaro.fr. "And it is not unique to Britain," he said hoping that the leadership would engage quickly "concrete actions".

Action plan against erosion mail

Faced with the erosion of its mail business, which it considered that the volumes would collapse by 30% over 2008-2015, the Post Office had drawn a new plan in 2009. Jean-Paul Bailly had emphasized that this branch should "reinvent themselves" by offering new services. Gradually, the schedules of post offices have been extended throughout France, robots have been installed to reduce waiting times for customers and, last September, The Post has completely redesigned its line of mail.

A strategy that has "paid off", welcomed the group during the presentation of its annual results on March 8. While lower volumes continued with a decrease of 3%, after falling 3.3% in 2010, the mail business recorded a turnover stable at EUR 11.5 billion (+ 0.3%), more than half of the total activity of La Poste. But for the unions, these good results have been costly to employees. According to the CGT, it was obtained "at a price of 10,091 job cuts" and an increase in sick leave.

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European groups headwind against the carbon tax

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.

Banking secrecy: Switzerland transfers

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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Competitiveness: the opinions of four contractors

CLAUDE TAR: "I will lose market"

CEO of Ultralu, specializing in scaffolding, member of the movement Ethic.

"Since I started my business in 1988, I am facing problems due to the rigidity of employment. Like many entrepreneurs, I have suffered the brunt of the crisis. The shock was brutal since 2008 should be a year of strong expansion. I predicted a 30% increase in sales and I hired six people. In our business, it is necessary to train an employee for six months to make it operational.

The crisis caused a 20% drop in sales. The six people hired have become an unbearable burden for the company. I had to part with it. Unfortunately, no administrative delays allowed me to do that in 2009 when the company had posted a loss of 50,000 euros in 2008. A dismissal for economic reasons cost me 40,000 euros.

After having recovered in 2010, my company was again able to be increasing. So I could rehire taking a risk because nobody can be sure that a new crisis will not occur. I will not do. I decided to retain the current workforce by stabilizing my figure and therefore of losing markets.

I chose this solution because the bankers who supported me in 2008 and 2009 will not understand if I do not learn from previous years. I can not take the risk of disappearing. "

CHRISTOPHER Collignon: "Let the air companies'

COO call center IMA Technologies, a subsidiary of Inter Mutual Assistance. Member of the Young Business Leaders, it animates the ethics commission and good practices Medef 44.

"We manage with existing regulations. We strive to meet everyone's expectations respecting the law and to the extent that this does not hamper production. We allow people who want to work at 60% to do so. Half the members of the Executive Committee are women who have decided to work at 80%. We also set up the working time of three people who wanted to start their own business. Any record created a strange atmosphere. But it is not possible to work more to earn more. The law does not permit an employee to work ten hours more if desired. We must let air companies and employees so they can negotiate their working hours.

I regularly discuss this topic with other entrepreneurs. It is important that leaders speak truth with employee representatives. I have set up agreements tests. It is also important that people can choose the working time. Someone may need to work 35 hours at a time and 39 hours to another. Our needs are not the same at 20, 40 or 60. It requires both trust and be realistic and do not forget one reality: the first objective of the company is to generate profits. "

Stanislas de Bentzmann "Managers have to work longer"

Co-CEO of the IT services company Devoteam, vice president of the employers' association Growth Plus.

"Policy makers plan to increase taxation frameworks to solve the budget problem, while the subject lies in structuring the value creation for the country. French managers take eight weeks and a half of vacation per year on average, five weeks against the rest of Europe. It is possible for a factory employee working over 35 hours thanks to the tax exemption of overtime, but this flexibility can not be applied to frames. But they are the ones who drop out contracts that run factories.

This is not only problematic for the industry, it is also for services. Service companies who work in large groups on international markets, because of RTT among other things, higher production costs than their competitors German or Italian. We must change the rules and give companies the ability to adapt to customer needs. Feasible by allowing businesses to reach agreement directly with employees, who are winners on both sides. France can accelerate its dynamic economy and reduce its debts if managers are willing to work longer, at least for the next five years. "

JEAN-RENÉ BOIDRON: "Being able to depart from the law"

President of the DL Health software company, President of the Social Committee of Growth Plus.

"It is absurd to impose the same working time everywhere. The unraveling of 35 hours has its limits. To meet their particular situation, companies need to discuss with staff representatives on the duration of working time and if necessary within the law or an industrial agreement. It is a matter of survival for many companies in the services, on the verge of suffocation, and whose turnover is correlated with working time. In from 39 to 35 hours, these companies have lost up to 10% of their turnover and nearly as many results. The rise in working time is their only option. For others, the decline in working hours can help through a difficult – while giving assurances to employees who must find more than their implementation, once the recovery of the acquired business.

These solutions are only possible with a quality relationship between an employer and its representatives. Otherwise I would have filed for bankruptcy in my previous company in 2001. Attitudes have evolved. Since 2008, the conventional termination showed that one could consider an employer and an employee adult enough to solve a problem. Have confidence in the company of actors to find solutions when it comes to saving jobs. "

Fnac goes hand in telephony. In this sector, the specialist distributor has a market share below 1% with only 80,000 packages sold last year. Marketing offers from most mobile operators, Fnac had to manage a complex set of over 1200 different packages!

As a result, the company decided last June to associate with a single operator, SFR, for the management of its telecom corners. Last night, Alexandre Bompard, CEO of Fnac and Frank Esser, CEO of SFR, inaugurated the new sales concept to the Fnac in Paris CNIT La Défense. This is the first to rock and eventually all the rays of the 80 mobile Fnac become "SFR space." "We hope to sell 200,000 lines via Fnac stores a year," said Frank Esser.

Specifically, the client who wants to buy a mobile Internet subscription, a fixed line, access to fiber optics as well as terminals or incidental to the Fnac will head to the "corner" SFR located within the store. It will be supported by advisers SFR, distributing only offers from this operator. The sales force, merchandising, and information systems of these areas will be managed by SFR. The operator will share the revenue with the Fnac. In return, Fnac provides SFR with prime locations in city centers and suburbs.

SFR 500 vendors

After the first opening in November in the Fnac of Sainte-Geneviève-des-Bois, Portet-sur-Garonne, Herblay, Annemasse and Paris la Défense, five new spaces will be installed in Fnac by Christmas in Velizy II Créteil, Nantes, Bordeaux and Parly II.