The European Bank for Reconstruction and Development (EBRD) has a new president: the senior official of Indian origin Suma Chakrabarti, currently serving in the Ministry of Justice UK. The candidate endorsed by London was elected last night at the general meeting of the bank on the third ballot, with some 52% of the vote. He was then still opposed to the French Philippe de Fontaine Vive Curtaz (23% of the vote), Vice-President of the European Investment Bank (EIB), supported by Paris, and German Thomas Mirow (18% of votes) , the post of chairman since 2008, candidate to succeed him – who had the favor of Berlin.

This is the first time in the history of the EBRD, the presidency of the bank escapes to France or Germany. A result largely due to the impossibility What had the countries of the European Union to agree on an upstream joint application.

The EBRD was created in response to the fall of the Berlin Wall in November 1989. While the Soviet bloc fell one by one, Western leaders had been seized by the fear of emptiness. And it took them just six months to organize an international conference at the Elysee, in the month of May 1990, the treaty establishing the EBRD was signed by 40 heads of state or government, plus the European Commission and the EIB .

Expanded mission

Less than a year later, in April 1991, its headquarters was in working in London in a building of marble, with a little too flashy luxury that will require Jacques Attali, its first president, to resign two years later . The latter, as "special adviser" of Mitterrand, will not remain forever under his real designer.

"A third World Bank, two-thirds Lazard," was launched Attali, who wanted to avoid the rigidities of official development assistance. Today, with a capital of 30 billion euros, it never occurs alone but in partnership with private operators, mainly banks. In principle, its participation in financing projects should not exceed 35%.

His second feature, which distinguishes it from all other international financial institutions, its mission is to promote the market economy, but with intervention only in countries that are subject to "democratic principles", according to terms of reference. Its scope is vast, ranging from the restructuring of public enterprises and SME support to nuclear safety and decommissioning of old plants, including the Chernobyl site.

More original still, the EBRD is defined as deliberately "a bank of Transition" (sic). It is not intended to stay on forever, she believes. "Once the mission is to support the market economy accomplished in a country, we close representation," we said Jean Lemierre, who chaired the EBRD from 2001 to 2008. Initially, she had to withdraw in 2010 the countries that joined the EU in 2004, and it may seem paradoxical that the EBRD remains in Slovakia and Slovenia, which joined the euro area. But because of the financial crisis of 2008, it was agreed that she would remain until 2015.

While the volume of its loans reached a cruising speed of 9 billion euros a year (a quarter in favor of Russia), the shift in the South has been the hallmark of the mandate of Thomas Mirow. He believes that the EBRD is now able to "attract 7.5 billion euros of investment per year in North Africa and Jordan."

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The growth figure of France for the first quarter, published this morning, was highly anticipated: it sets the tone of the beginning of the quinquennium the new president. And with sluggish growth in the first three months of the year (after a small increase of 0.1% the last three months of 2011, revised downwards), the least we can say is that the situation will not help Francois Hollande to the implementation of its program. None of the drivers of growth and gives no sign of strength: consumer expenditures of households are "sluggish" (0.2% in the first quarter, after +0.1% the previous one), while investment companies folds (-1.4%), INSEE said. And if imports return to growth, they do not offset the slowdown in exports sufficiently to prevent the trade weighs on growth. As for the production of goods and services, it turns "idle". In total, the growth overhang at the end of March – that is to say, the theoretical progression of GDP if the activity remained stable until the end of the year – amounted to 0.2%.

This stagnation of activity is not a surprise: the National Institute of Statistics had anticipated in March, when it published its quarterly notes on "the fever subsides, recovery will be slow." But the institute did not know then is that this turn of events in Greece could slow it down even further … If the time is not yet at risk of contagion to the Hexagon, "he Avoid the chaotic moments that disturb everyone, Greece is 2% of EU GDP, but this may be part of the little things that become large if not managed properly, "said an official of Bercy.

Dealing with an uncertain

Still, Francois Hollande will have to deal with an uncertain environment low fee cash advance. While the European Commission approved last week forecast growth of 0.5% this year, she expressed doubts about the ability of the new government to reach the figure of 1.7% growth in 2013. However, Francois Hollande believes in his ability to bounce activity. His lieutenant, Michel Sapin, cites as evidence the industrial policy announced by the candidate – more favorable, he said, growth – and European initiatives to materialize before he sees the end of next year, thanks an agreement between France and Germany.

In fact, the new team has no choice if she wants to meet his campaign promises and not be forced to reconsider all of its forecasts. Less growth because it means more unemployment, more deficit and more debt.

To balance its budget equation and honor commitments of public finances – down to 3% of GDP next year – François Hollande planned 29 billion in additional revenue by the end of 2013. But the task is of great magnitude. INSEE has confirmed that the government deficit in France at the end of 2011 stood at 103.1 billion euros, or 5.2% of GDP (decreased by 33.9 billion euros compared to 2010) , "because both the revenue buoyancy and expenditure restraint." It must come down to 4.5% this year. Public debt, it has reached 86% of GDP in 2011. Francois Hollande can not afford any off the road.

Especially since only a few hours meeting with Angela Merkel, Germany has put pressure on France: in the first quarter the economy across the Rhine has seen its GDP grow by 0.5%, bringing its growth on a rolling year to 1.7%. Numbers well above economists' forecasts.

Guarantee legal protection applies when the insured is pursuing a third justice, but also when it is itself continued. It allows the insured to avoid having to pay the legal costs in case of procedure following a dispute automobile. Legal costs are often higher, supported by their guarantee legal protection may therefore be useful.  

Guarantee legal protection can exist in two forms:

Directly-enrolled in the auto insurance policy it refers only to disputes cars (against another driver, a mechanic, …)

-Outside the proposed auto insurance policy, it can be extended to fields larger than the only automotive world.

The warranty coverage legal protection

The warranty coverage can prevent legal protection proceedings in justices (through a mediation phase) and, where appropriate, to ensure their support. Thus, the guarantee allows the insured to receive legal advice provided by professionals.

In case of trial, she supports legal costs: legal fees, court fees and expert fees. In most cases, the guarantee legal protection is still subject to a ceiling as well as a threshold of support. These elements must be clearly presented in the contract signed by the insured.

Namely: the guarantee legal protection also covers dependents of the subscriber.

If the insured has to defend himself or wants to act against someone in court, he must contact his insurance company to obtain approval of management. Then, the insured is free to choose the lawyer who will defend its interests at trial. The fees of the latter are set in agreement with the insured.

Most insurers also offer their policyholders a formal relationship with their network of lawyers. For individuals who are not lawyers, it is often simpler!

Note: the guarantee legal protection does not indemnify the third party. If the insured is ordered to pay compensation, the latter are not supported.

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Very offensive, Eric Leclerc, head of site leparisien.fr, stated flatly: "In 2007 we were in cabbages, with 300,000 unique visitors per month. Today we have peaks at 5.6 million. ".

National information site highly leveraged local info, leparisien.fr is a special case. 74% of its visitors live outside the Ile-de-France. It is therefore the first and by far, in attendance among the sites of the regional daily press, with 38 million total visits, according to OJD. "Our strength is responsiveness, explains Eric Leclerc. Once an event of national scope is identified, it sends reporters then fed into the site every minute. "

The Battle of the hearing, everyone is set. In the footsteps of their fellow Ile, sites in regions learn to boost their traffic, high growth in recent years. Ouestfrance.fr, which generates 45% of its traffic outside its coverage area, also focusing on the hot news, the "breaking news" and the video. The hearing ladepeche.fr out of the Midi-Pyrenees region reached 36%.

The events taking place in regions which detonate hearings fast payday loans. Thus, the case Merah ladepeche.fr allowed to reach over 12 million visits, as many as ouestfrance.fr. And the day after the election of Miss France in Brest, on December 4, the hearing on letelegramme.com reached 290,000 visits.

More services

The next battle is the pay info. Ladepeche.fr is not the only site to clear this minefield. "We do not expect to be profitable to invest," said Fabien Charmetant letelegramme.com support the site, which, as lavoixdunord.fr, began to form bases of loyal readers online and then look to monetize content.

The big question is which. If free access to information is an unavoidable, media groups know that the information value-added will have a future where users have been réhabitués to pay. In the short term, the safest path is to create more services, that, by their proximity to natural, local newspapers are able to do. Even if they have to relearn this role in a highly fluid technological environment.

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It would have been a shame to keep the good news to yourself! With two months ahead of the traditional Accounts Committee of Social Security, the government announced Tuesday that the results "still provisional" general scheme for 2011. The deficit reached 17.4 billion euros, 3.5 billion less than budgeted and $ 600 million better than expected in the fall. This "hole" remains the third highest in the history of Social Security, according to records from 2009 and 2010 mainly due to the crisis. The improvement should continue in 2012.

The relatively good surprise of 2011 comes from the health insurance. Its revenues were higher than expected and expenditures lower. "This is essentially care city," said its director for Voices. For Frederic Van Roekeghem although welfare is "slightly under-funded," balance the books "is within reach, without embarking on reforms brutal." A whiff of optimism that the two favorites for the presidential does not contradict probably because of brutal reform, there is no question in their programs.

A tax on CO2 emissions

Logically, Nicolas Sarkozy proposes the continuation of actions taken. Down drug prices and volumes consumed, rationalization of the hospital with the development of ambulatory care homes nearby emergencies to relieve these …: these measures should help contain rising health care costs in rates historically low of 2.5% per year. Faced with medical deserts, the president candidate wants to multiply nursing homes and assist in the installation in rural areas or the suburbs – an ineffective way to date – without seeing the freedom of settlement. Against the excess fees excessive, he put on the new system of government (voluntary physicians to limit the excess and reimbursement by complementary), which does not yet meet the main question.

Nothing fundamental about the pension reform after Woerth – only promise to pay the basic pension from the first of the month, instead of 8. Finally, funding side, social VAT will alleviate employers' contributions, so the cost of labor.

Francois Hollande,, cancel account this increase in VAT if it comes at the Elysee. He announced an increase of one billion euros per year pension contributions to fund its only specific promise in retirement: the possibility of retiring at 60 for employees who worked continuously for 41 years. But he also outlined on Tuesday lexpress.fr other avenues for funding Social Security is no longer based "solely on the work", "go further" in the financing of Medicare by the CSG in particular. This time it would reduce employee contributions – a measure of purchasing power rather than competitiveness, without maturity displayed. The socialist candidate also evokes a tax on CO2 emissions it would be at the European level, said his entourage. Responsible for the "social hub" of the Holland team, Marisol Touraine also promises to abolish social niches, beginning with the overtime.

What Safely restore the balance "on the five-year", with an increase in health spending of 3% per year. This envelope would enable hospitals to escape the alignment of their tariffs with those clinics, lower. Holland is also focusing on third-party payer in town doctors to limit the use of hospital emergency rooms. And to reduce the amounts paid out of pocket by patients, without increasing spending Safely, Marisol Touraine threat to frame the excess fees by law in the fall, except that physicians accept by there limits through negotiation. As for medical deserts, it envisages the partial transposition of the device begins to bear fruit among nurses: ban fees for doctors free to settle where they are already numerous.

]]> http://sundialsnakes.com/safely-candidates-clarify-their-program/feed/ 0 http://sundialsnakes.com/tax-revenues-weaker/ http://sundialsnakes.com/tax-revenues-weaker/#comments Tue, 10 Apr 2012 06:32:08 +0000 admin http://sundialsnakes.com/tax-revenues-weaker/  

The main presidential candidates have one thing in common: they announce tax increases for years to come. None of them claim to return to zero deficit by cutting public expenditure only: they know that the remedy would be too much for the French social model. In addition, candidates are aware that economic growth alone will not fill the public coffers.

On this point, economists are even more cautious. Nicolas Sarkozy expects a GDP growth of 2% from 2014, Francois Hollande 2% in 2014 and 2.25% thereafter. "It would be wiser to predict growth of 1.5%," said Jean-Christophe Caffet, economist at Natixis. "And above all, to the same level, growth will generate less tax revenues spontaneously that during the expansion phase of pre-2007", warning Mathieu Plane, an economist at OFCE.

Mechanically, when the GDP is up, after the mandatory deductions. More profit, this means more corporate tax (IS), higher wages, better social security contributions and income tax (IR), etc.. But according to the type of growth, the correlation is stronger or weaker.

The economy of the early 2000s, characterized by a housing boom, was particularly conducive to tax revenue. And transfer taxes, a tax on real estate transactions, they reported to local authorities 9.6 billion in 2007, against 4.7 billion in 2000. The revenues of the ISF have almost doubled (2.2 billion in 2000, 4 billion in 2007). "Growth was also driven by household spending. A boon to the State whose main tax, VAT, sits on consumption, "adds Jean-Christophe Caffet. Finally, the SI was doped up to 2007 by record profits of banks. In a 2008 report, Philippe Marini, then general reporter (UMP) of the Senate Finance Committee, spoke of the hypothesis of a "bubble" of € 10 billion on tax burden.

"Adjustment Period"

A bubble that broke with the financial crisis. Scarce, taxes and social contributions decreased in 2009. The IS has collapsed, yielding 21 billion in 2009 against 51 billion in 2007. Since then, the tax burden returned to their pre-crisis level, with the exception of the SI (39 billion in 2011). "But if there had been no crisis, levies would exceed 23 billion that they are today. There is indeed a structural loss of revenue, "said Mathilde Lemoine, director of economic studies of HSBC.

In addition, revenues will not recover their train of yesteryear. "The growth model due to housing boom and strong consumer is finished. We have entered a period of adjustment, where wages will rise slightly. VAT, transfer duties, but also social contributions will grow less quickly, "said Jean-Christophe Caffet. So over the spontaneous surge of revenues, as before 2007. That's why taxpayers are involved since 2010. And if the economic growth forecast by the candidates was not at the rendezvous, higher taxes might be higher than 50 billion program of Francois Hollande and 16 billion provided by Nicolas Sarkozy.

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For tender in giant offshore wind, it's time for final arbitration. After a series of exchanges non-stop for 48 hours at the top of the state, the verdict is very close and although nothing has yet been formalized, EDF would be the big winner. The electrician tricolor should be assigned by the government three fields respectively in Saint-Nazaire (Loire-Atlantique), Fécamp (Seine-Maritime) and Courseulles-sur-Mer (Calvados).

A total of five fields within the scope of this tender, but the allocation of the remaining two sites – in Saint-Brieuc (Côtes d'Armor) and Tréport (Seine-Maritime) – could be called a later date. The schedule is not known but "a period of discussions should be reopened," does one advance in the entourage of the file no fax payday loans. Some background information might be reconsidered, particularly affecting the price of electricity.

If this scenario occurs, EDF would therefore gain all of the fields for which the government has decided. It would be a victory for the utility but for its main partner, Alstom, which would be commissioned to build and assemble the wind turbines. Two weeks ago, the industry group presented in Saint-Nazaire the prototype of his machine: it has a capacity of 6 megawatts (MW), making it the most powerful wind turbine market.

]]> http://sundialsnakes.com/edf-poised-to-win-the-french-offshore-wind/feed/ 0 http://sundialsnakes.com/unions-are-very-political-in-florange/ http://sundialsnakes.com/unions-are-very-political-in-florange/#comments Mon, 02 Apr 2012 21:04:10 +0000 admin http://sundialsnakes.com/unions-are-very-political-in-florange/  

In the daily press Lorraine, Nicolas Sarkozy stood this weekend against the attitude of union CFDT ArcelorMittal Florange. "As for the permanent of the CFDT, they betray the trust of employees, has accused President. They came to insult me ​​and try to break my campaign headquarters. Do not confuse the employees of ArcelorMittal, that I will not let go, and trade unionists who are misleading their members by making policy instead of defending the interests of employees. "

The position of the Inter, which includes the CFDT but also the CGT and FO, was clearly inflected in February, when ArcelorMittal's management confirmed that the blast furnaces would restart Florange does not in the second quarter. February 16, Edward Martin, representative of the CFDT in Florange, stated the following: "Florange be the nightmare of government." Similarly, the Inter visited March 15 at the headquarters of candidate Nicolas Sarkozy, although Edward Martin rejects absolutely any act of violence.

"Our members are worried"

Proof of this political positioning, "the CFE-CGC withdrew from the Inter Florange mid-March, because our union wants to totally apolitical," said Francois Pagano, CFE-CGC Section Florange. "Our members are also very concerned about this policy orientation," he says again.

Concern that does not detract from the representativeness of the CFDT and the Inter Florange. In the last elections, in January 2011, the CFDT has confirmed its position as the union on the site. And three members of the Inter unions represent no less than 75% of the vote with a turnout of over 90%!

"On Steel"

Their attitude now very policy may be explained partly by the proximity of the presidential election but also by the discouragement with the government of some trade unionists, still marked by the permanent closure of Gandhinagar in 2009 business card. Result: claims very close to the program of Francois Hollande: "We want the government to ban any dismantling of the site and seeks an industrial partner to take it back," he explains, while participating in a "march of steel ", which covers about twenty employees and must lead them in Paris on April 6.

Except that Lakshmi Mittal, chairman of the steel group, is not this in mind closing the entire site. If restarting the blast furnace is in no way guaranteed, ArcelorMittal announced, as reiterated Nicolas Sarkozy, 17 million euro investment in the coking plant, upstream of blast furnaces, and finishing, downstream. Ads that perpetuate these activities for several years.

The risk of claims is that they are too political cons-productive futures. The example of Liege, whose furnaces have permanently closed at the end of last year, is not reassuring. A report commissioned by the Walloon region and explained earlier this year that "unions have adopted an approach almost exclusively protest, based on the challenge of any permanent changes, the systematic use of the strike, protest against any change in method work (…) which discouraged all the intentions of successive shareholders. "

A risk which seem aware, however stakeholders Lorraine: "There were only four days of blocking the site, precise and Edward Martin. And the plant has resumed normal operations for several weeks. "An information confirmed by ArcelorMittal.

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The 45 employees of Air France in Corsica term employees who were protesting for months to be appointed permanently to a permanent contract (CDI) will not be reintegrated into the company which already employs 500 people in Corsica.

The Court of Appeal of Bastia has indeed delivered Wednesday for compensation ranging from 9,000 to 14,000 euros for each of the plaintiffs, holding that the CSD were "illegal". But she did not follow the decisions of industrial tribunals which included, besides their tenure, payment of 5 million euros in fines. "In December, we proposed to pay more than five times the amount fixed by the court today. The 45 employees had declined the transaction and offers of reassignment to have us come on the Continent, "says an executive of Air France.  

The CGT, one union representative at Air France in Corsica, caused them to go "to the end." Wednesday after the judgment, Albert Malausse, CGT Air France, stayed on the line: "If we do a cold summer, we will. It is necessary that those responsible for this judgment are paying the consequences. We are ready to fight a flawless, probably illegal, and radical as this decision is absurd. "

A posture that will not facilitate the task of Air France, which seeks to reduce the 25 million loss recorded by the company on the Island of Beauty. The Corsican authorities concluded there ten days an increase of 11 million grant awarded to Air France (41.5 million) as part of the public service delegation. It now remains to make peace.

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