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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.

Wednesday after the nationalization of the first network of savings banks Bankia, the Spanish government on Friday introduced a new banking reform, the second in less than three months. Madrid requires banks an additional provision of $ 30 billion. This will add to the 53 billion that should already be provisioned by the end of the year to cover the risk of real estate the most problematic, representing € 184 billion globally, according to Bank of Spain.

This caution will also be extended to 123 billion of property assets considered non-problematic "for their hypothetical deterioration" in the words of Minister of Economy, Luis de Guindos. In total, Spanish banks will be funded 45% of their total real estate assets by the end of the year. Before the first government reform Rajoy, the rate was only 14%, the minister recalled. Other decision, banks will separate the real estate assets from their balance sheets and place them in specialized agencies, to better assess the right price. "It will be mandatory for all entities," the minister said. In the interests of transparency, and meet there at a request of the Eurogroup, Madrid will carry out audits of accounts. "Two independent evaluators" will be responsible for judging the soundness and credibility of assessments.

Recession in 2013

The question is how banks can finance such levels of provision and how much will be deducted from their own funds. Guindos recalled that during the last injection of public money made by the previous government, the fund Frob had lent 15 billion euros to banks. "The total should be this time significantly lower," he thought, noting that the state would receive an interest rate of 10% on money lent. "The Frob keeps 5 billion in cash. We will see how it will be necessary to supplement, "said Guindos. The Minister further stated that this funding through convertible bonds to five years, would cost "nothing" to the taxpayer.

The exercise of clarity has not convinced the markets: the Madrid Stock Exchange immediately plunged 3%, carried away by banks. The chief minister, Mariano Rajoy, nice hammer that the deficit will not be affected, the target of 5.3% of GDP this year, against 8.5% in December, and above 3% target in 2013 , is very hypothetical. The European Commission, which today released its new forecasts for the euro area, anticipates a deficit of 6.3% of GDP in 2012, even worse, 6.4% in 2013. In less than three months, Brussels has revised up sharply the recession, to 1.8% of GDP, against 1% previously. Next year, the economy would be even the only Iberian euro area to be in red.

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France has not lost fiscal credibility in one night: the election of Francois Hollande suddenly does not make the country less able to finance its debt. While remembering not to take any "political position" is the message that wished to address the rating agency Standard & Poor's Monday morning, issuing a statement saying that the memo from France – "AA +" with perspective negative – was not challenged.

"We still believe there is at least one in three chance that we may need to lower the long-term rating of France this year or in 2013," says S & P, however, with regard to finances public.

Test market 16 May

In its statement, the agency says it will "analyze the choice of new president and new government" and take into account in any future decision on the outcome of the June elections payday advances.

The next auction of debt, which will be held Thursday, May 16, should serve as a real test markets. It is at this moment that we will know if investor demand to fund the French debt is as important as ever.

At the Agence France Trésor (AFT), we simply note that Monday morning, "the 10-year yield continues to relax"

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The lake has almost caught fire Thursday in Zurich. The traditional meeting of the shareholders of UBS has turned into a quiet but determined fight. The shareholders of the largest financial institution Swiss have strongly criticized the remuneration policy of the group, before voting 36% against it.

Lengthy explanations of President Kaspar Villiger have done anything to calm the discontented. The welcome bonus of 2 million Swiss francs (1.66 million), booked his designated successor, former Bundesbank President Axel Weber, was singled out. After the trading loss of $ 2.2 billion last fall, bonuses for market operators and their representatives also shocked. The vote is only advisory, but Kaspar Villiger was assured that the bank "takes this result seriously."

Executive Officer of UBS expected to live a difficult meeting. After four years of crisis, which results in the lowest equity valuations, bank shareholders, the U.S. and Europe are growing impatient. Everywhere, the remuneration is in sight. And for the first time, the challenge of these salaries and bonuses to seven figures than the man in the street. Driven by consulting firms or foundations, as Ethos and Actares Switzerland, institutional shareholders, insurers and large pension funds amounted to turn the tone against these huge salaries.

Last week, Credit Suisse, 31.6% of shareholders voted against the plan and executive compensation. Only 23% opposed it a year earlier. Meanwhile, the wage paid to Brady Dougan, the chief American institution, had been halved, 5.8 million Swiss francs (4.8 million) in 2011 against 12.8 million a year earlier. Over the same period, the share value has fallen by 41%. The same day, at the Royal Festival Hall in London, Barclays faced a protest vote by 26.9%, still on the part of remuneration guaranteed pay day loans.

Opposition all the more remarkable that management hoped to have cleared the situation by announcing a week before the general meeting that the executive directors and financial, Bob Diamond and Chris Lucas, would submit half of their 2011 bonuses to performance targets . Originally, Bob Diamond would receive 17.7 million pounds (nearly 22 million euros). The bank chairman, Marcus Agius, has "apologized (to shareholders) and promised that we will move differently in the future."

No vote in France

At the Citigroup, the reaction was even more severe: 55% of shareholders refused to pay $ 15 million promised to the Director, Vikram Pandit, after two years paid a salary by a dollar. This vote was, once again, not binding, the subjects of remuneration remain the prerogative of the board. But the impact in terms of image is of course considerable. Executive Officer of Citigroup has promised to "take seriously the shareholder vote and to consider carefully their remarks."

These votes on compensation plans have gradually imposed from Britain to all OECD countries. Only France is still resistance. "While employers have everything to gain by legitimizing their remuneration, French companies are now the only ones in Europe not to submit payments of their leaders to a general vote of the shareholders," said Pierre-Henri Leroy and President Proxinvest, the French agency governance analysis. The subject was asked in the presidential campaign. Nicolas Sarkozy has declared in favor of a shareholder vote on pay. Francois Hollande has not explicitly expressed on the subject.

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Scene of guerrilla warfare to CGT. Tuesday morning, Bernard Thibault has changed the agenda of the Confederal Executive Commission – Government organization – to tackle the delicate subject of his estate, scheduled in 2013. According to several sources, the current Secretary General is violently attacked Éric Aubin, head of the Federation of Construction and Mr. Retreats plant, now in the best position to replace him internally. He was particularly criticized for having "declared available for the organization" – see, to replace him – which could "jeopardize the CGT." The tradition is indeed whether the outgoing Secretary General proposes that the name of his successor and not potential candidates who declare themselves. The officers, totally subject to Bernard Thibault, drove home the point by comparing the current situation to that of 1946 when FO had decided to split … Atmosphere.

Launching in December a major consultation to discuss his succession, the head of the CGT has pulled himself shot in the foot. He was convinced that the name of Agnes Naton (or Nadine Prigent, disqualified from because of its rigidity) would come out of the hat. But this is Eric Aubin, supported by large federations Building, Energy, of Railway, Postal, Chemical and others who came out. "Bernard Thibault was completely outdated and no longer knows how to get out today, a judge as part of the organization. Then he attempts a coup but nobody is willing to let him. "  

Thoroughly review the organization of the confederation

It must be said that Eric Aubin warned that if named secretary general he would review thoroughly the organization and operation, very self-centered around the general secretary of the confederation. "It scares some people who will lose their influence," an expert analysis. Including a whole bunch of "retirees" who gravitate to Bernard Thibault and continue, in fact, to hold the reins of the organization.

Nobody really understands what Bernard Thibault to blame Eric Aubin. "He keeps saying he does not reproach him and everything is fine between them but he can not help him put banana peels in its path," Judge a close. The secretary general of the CGT argued for including Eric Aubin is not highlighted at the general meeting on pensions on January 31, at the Zenith in Paris, which marked the launch of the anti-reelection Nicolas Sarkozy. Mere fact truly "objective": the current boss of the CGT – who would have liked to re-enlist a fifth term before members of the Executive Board make him understand that they were not at all favorable – would leave a trace in the history of Central imposing a woman to head the organization. "It's now or never," continues he repeated: Naton Agnes, one of his close confederate in the office, not the name. "Unfortunately Eric Aubin is a man and it does not stick with the designs of Bernard Thibault," quips one part of the plant.

In the end, the Executive Board on Tuesday urged Bernard Thibault to continue its consultation, without changing the terms continually. The head of the CGT must deliver a name to the next meeting on April 17 before embarking on a tour of France to test in the territories. "He will not propose that Eric Aubin, provides one of its members. He will try one last time to push Agnes Naton but we will not be impressed. "

The final decision will be taken on May 30, at a special meeting of the national confederal committee, the parliament of the organization. In the meantime, the Executive Board will have retained a name

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In this book the day of 12 April 1992, there were a death and birth. While journalists of The Five announced the "definitive interruption of picture and sound," Euro Disney executives were celebrating in front of cameras and music from around the world the opening of Disneyland Paris, an amusement park of 51 hectares. The happy event welcomes all the French and much of their European neighbors. It must be said that the project, past six years in the hands of the Prime Minister at the time, Laurent Fabius, then his successor Jacques Chirac, had had time to stir curiosity. If the creation, California's first park Mickey (Walt Disney himself) was in 1955 and the Walt Disney World was born in Orlando in 1971, for our old continent, it was a novelty.

Twenty years later, the "baby" is all grown up but his fans do not get tired payday loan. With over 250 million registered users since its opening, Disneyland Paris, with its 57 attractions, its 62 shops, 58 restaurants and seven hotels, has become the first tourist destination européenne.Dès April 1, they should still be Many are not rushing. For if Disney has demonstrated his expertise with regard to birthdays, for 20 years, he predicted great. Great. (Mickey) Maousse. Night show revolutionary, unprecedented parade, being revamped, new decorations … many surprises imagined by the creators of the new company to delight guests and regulars. "This anniversary we celebrate the progress, ensures Philippe Gas, Euro Disney president since 2008. And we want to do with all those who have made Disneyland with us. "

The castle of Sleeping Beauty turned

"An explosion of magic, light and color"

In the context of the presidential campaign, while the left and right compete with virulence, it is an image that does not lack piquancy: two former prime ministers of opposite edges, on a single platform, providing in substance that not a leaf of cigarette paper between their appreciation … not on the investment program for the future. "We welcome the results of this initiative," assured Alain Juppé and Michel Rocard, both co-chairs of the supervisory board of investment for the future, the program led by Rene Ricol.

Two years after the decision to launch a national loan of 35 billion euros to fund the priorities of France tomorrow (higher education and research, industrial sectors and SMEs, sustainable development, digital economy), 894 projects are already funded, according to the latest report released Tuesday. To date, 25 billion euros have been allocated to projects and "several thousand companies benefit directly or indirectly cash advance loan." The leverage of the device should also allow the injection of private money euro per euro of public money.

The General Commission for Investment, has been praised for not having done dusting, not to have been influenced by considerations of land use and to have "ended the French habit of the grant ".

The program funds both campuses of excellence that future vehicle projects, digitization of French films, new generation nuclear reactors or the refurbishment of some thermal units. Tuesday, ten projects were selected in the field of e-education (8.3 million euros in total). Two poles university hospital oncology (Ile-de-France and Toulouse) were also selected (10 million each).

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The marketing of the new iPad Friday has generated less than tails on the sidewalks, but probably more sales than at the launch of the iPad2 a year ago. Apple stores of the largest cities in the world have often opened their doors earlier to satisfy customers eager to see, touch and hold the new object is critically acclaimed. In April 2010, the first iPad has sold 300,000 copies the first day. Estimated Friday night, over a million buyers have fallen for this model faster, with a screen resolution of unprecedented and consistent with the fourth-generation telephone networks. Among them, ironically, Steve Wozniak, co-founder of Apple, who stood in line Friday in Los Angeles as an ordinary customer.

Reducing queues at Apple Stores in the U.S. is explained by the supply of new iPad by many other retailers, like Wal-Mart, Target, Best Buy and by telephone companies and AT & T Verizon payday loans lenders. Sold in Wi-Fi setup to 499 American dollars, 489 euros in Paris, 42,800 yen in Japan, the new iPad promises to consolidate for now ahead of Apple on the niche of digital tablets against rivals such as Samsung and Amazon. Gartner estimates that by 2015 this market will be as important as that of PC with 368 million units will be sold this year. The guts of the new iPad show including a screen made by Samsung and electronic components from Qualcomm, Broadcom, ARM Holdings, Toshiba and Avago Technologies. This information will drive some to buy the shares of these companies to take advantage of the popularity of the iPad Apple has already made the company the world's most expensive with a capitalization of $ 546 billion, twice that of Microsoft.

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What is the liability insurance?

The liability is defined as the obligation to repair the damage or injury caused to others. In case of accident, then it is the insurance that replaces the insured to compensate the victim.

Any land motor vehicle must necessarily be covered by liability insurance. Automobile, and this formula is the minimum requirement of any insurance contract. It is known in the insurance practice "in person".

The liability insurance for the vehicle even if it does not circulate. It therefore covers the damage caused to others by their drivers as well as by its passengers or guardian

Fact: Even the unauthorized driver (that is to say, not specified in the contract) is covered by this insurance. But the insurer can then turn against him to pay

Passengers also have a special status with regard to liability insurance. Indeed, she covers them for damage they may cause, but also those they personally may suffer.

May be compensated by the liability insurance?

The driver of the insured vehicle is not covered for injuries or damage it causes to himself. Thus, the damage to the insured vehicle are paradoxically not insured. This applies even damage to other property belonging to the driver.

This exception aside, the insurance covers almost everything else. Thus, it may indemnify such:

– The passengers,

– Drivers and passengers of other vehicles,

– Pedestrians, cyclists … ,

– Owners of damaged property (windows, walls …)

What are the legal requirements of liability insurance?

The absence of liability insurance of a vehicle is a misdemeanor punishable by a fine of € 3,750, which may be added to any other penalties provided in s. L 324-2 of the Highway Code. These penalties can range from the cancellation of driver's license and sentenced to community service and forfeiture of the vehicle.

Note: the insured also has the obligation to submit any request the insurance certificate of the vehicle, ie his green card.

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Cedric Mendes, head of recruitment of Colas.