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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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Cards, Vitale, SIM for mobile phones, biometric passports, Navigo … The smart card, created by Roland Moreno, resulted in a multitude of high-tech objects indispensable in our daily lives. Amateur science fiction, self-taught, this French born in Cairo in 1945 and died Sunday in Paris had the idea to invent a portable device to store information. He had filed the first patent of the smart card in 1974 and it took him eight years to convince bankers, RATP and other industrial utility of his invention.

A small fortune

But his perseverance has won the chip has become a social phenomenon on a global scale. And Roland Moreno has made a small fortune. "Before the patent of the smart card does not fall into the public domain in 1998, it brought me close to 150 million euros faxless cash advances. Since I saw through the excess cash, "he explained in 2007 the newspaper La Croix.

The inventor has sold ten years ago its shares in Gemplus, a French manufacturer of smart cards. But he remained at the head of his company Innovatron, which continues to collect fees on contactless cards as Vélib 'or Navigo. A method based on radio transmission of data qu'Innovatron was developed in 1994 with the RATP.

Passionate about new technologies, Roland Moreno worked in parallel, to launch a poker site online. He was also busy writing the second volume of the ambient theory brothel, a book which is against the "tyranny of the original in the field of art."

At a time when many companies are trying to renegotiate the pricing terms of their gas supplies, this is a decision that will make noise: Tuesday, the supervising judge of the Commercial Court of Valenciennes has decided to terminate the contract of long-term supply that united the power plant Poweo Pont-sur-Sambre (North) to Italian energy giant ENI.

March 12, the production plant, now owned by the Austrian Verbund electrician, had been placed under safeguard procedure. Reason: it loses about one million euros per week. Three days later, on March 15, the receiver can catch the commercial court by an application to terminate. There is indeed a difference of nearly 40% between the market price of gas and those supply contracts in the long term, indexed to oil prices – which soared for several weeks. What makes the situation untenable for the Pont-sur-Sambre.

A canceled contract

In fact, the judge may decide the termination under two conditions: firstly, this option is necessary to safeguard the debtor on the other hand, the termination shall not affect significantly the activity of the contractor, in ENI case. The Commercial Court of Valenciennes finally concluded that these two conditions were met, indicating that the supply of Poweo Pont-sur-Sambre – to the tune of 150 million euros per year – accounted for only 0 guaranteed fast personal loans.13% of net Business ENI.

After this decision, the Transalpine oil has several ways to try to counteract it: application for annulment with the commercial court, appeal to the court of appeal, cassation … All these procedures require weeks or months. Meanwhile, the Commercial Court's decision is not suspended and the contract between Poweo Pont-sur-Sambre and ENI is actually terminated.

Whatever the intensity of this battle, it will give ideas to large consumers of gas. They now know that they are likely to be heard before the commercial court if their incumbent supplier does not agree a discount to the extent of the plunge in gas prices. Since the development of shale gas in the U.S. (now exporting) in particular, the economy of this energy has completely returned with an offer suddenly extremely abundant.

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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.

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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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"

The French beheaded their king. Do they want to behead the richest of them? One might think that it is in the order of things and words. "King" in Latin rex, and "rich" that just in Gallic rix (as Vercingetorix), share the same etymological family. Both mean "powerful". To cut down?

Francois Hollande and plans to impose 75% income in excess of one million euros, at the risk of appearing confiscatory and unconstitutional. Nicolas Sarkozy wants to tax the tax exiles, threatening implication of deprivation of nationality, and is also limited vis-à-vis the Constitution. The both are attacking a minority that is the envy. Paradoxically, the rich more concerned about public opinion that the poor in the Hexagon. Poor little rich girl, sang Claude François.

Who do we speak? In the U.S., the debate on the "1%" has become a dominant theme of the 2012 presidential campaign. It was launched by the movement Occupy Wall Street ("Wall Street deal"), with the slogan "We are the 99%" ("we are the 99%"). It is stigmatizing growing inequality. Today, 1% of the population accounts for 17% of national income, according to statistics from the Internal Revenue Service (IRS), IRS. This proportion more than doubled since the early 1980s throughout the country. It even reaches 44% in the city of New York, according to the Fiscal Policy Institute, an independent body to observe the living conditions of the city.

To be part of the "top 1%" across the Atlantic, he had declared to the tax authorities .927 343 dollars of income in 2009 (before various exemptions, ie "tax loopholes"), about 265, 000 euros. In France, the club's ticket is much more modest. According to INSEE, it was enough for a single person to have a "stated income" of 88 200 euros in 2008 (latest figures available) to be among the 602 most successful French .500 (1% of the 60.250 million population metropolitan France which reports income). Paradoxically, the threshold is proportionately much lower for a couple (132 euros exactly .300), as INSEE reason in what he calls "consumption units". Example, a two-person household accounts for only 1.5 units of consumption: statisticians feel they have less to spend, if only because they share the same roof

. The rich must prove they are effective and useful

The "rich French", the "very high income" in the language of INSEE (at least 7 .350 euros per month for a single), are three times less than Americans. The main reason is that in France the club "of 1%" focuses 7% of national income annually, instead of 17% across the Atlantic, where the overall wealth of the country is also higher (by about a quarter capita) low fee payday advance. Another major difference from both sides of the Atlantic, nine-tenths of the French who are part of the "top 1%", ie 540, 000, with annual sales revenue of less than 239, 000 euros, according to INSEE. This does not allow them to figure in the American Club!

More and more observers believe the criterion of 1% insufficiently selective and that the group is too heterogeneous. It would be more appropriate to focus on the cream of the crop, "one thousandth" of the highest incomes, we believe more in the United States. We are 99.9%, "headlined last fall Paul Krugman, columnist featured in The New York Times, also Nobel Prize in Economics in 2008.

In doing so, it intends to develop two arguments. First of all this "super-elite" – whose annual revenues are on average 5.3 to 7.5 million – has seen its resources after tax increase by 400% since 1979 (increase in real terms, net of inflation and after taxes). But for the average American, who is in the exact middle of the income distribution, purchasing power has increased by just 21%.

Paul Krugman denounces especially the claim of "super-elite" to justify its gains by descréations job. "Very few of them are innovative type of Steve Jobs," he said. He noted that 18% are from finance, 12% are lawyers or real estate industry, "professions where there is no evidence of a clear link between income and contribution to the economy." The rich must prove they are effective and useful. Today more than ever when growth just to leave.

The debate is as old as time. "What the rich have they more than others?", Asked in the 1920 F. Scott Fitzgerald, author of The Great Gatsby. "Money," replied his friend Ernest Hemingway. As if the wealthy had neither merit nor talent. The opposite attitude is that of the famous parable of the talents: "The master gave five talents to one of his servants, who knew them for profit and is rewarded, while those who did not receive that one hastens to bury in the earth … "This is the origin of the word" talent ". He pointed coins, it became "the gift that is made fruitful." The ability to create jobs for example.

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The time was expected. First of the three major presidential candidates invited to decline on Tuesday his plan at a symposium on "the challenges of competitiveness," co-organized by the French private companies (which brings together 100 companies from the Hexagon ), Francois Hollande has held the outlines of his program: a list of measures already known (contract generation, modulation of the corporate income tax according to their size, targeting of state subsidies on exporting companies, strengthening the research tax credit, development of strategic sectors, removal of certain tax loopholes …).

The Socialist candidate has also confirmed its intention to bring the public accounts in balance in 2017, through increased levies on businesses and wealthier households, as well as via a public expenditure control. Confirming that an effort would be de facto called on business, without raising disapproval in the audience, he said he was ready to "deal individually" each boss in the room who would care

.

Francois Hollande also recognizes a problem of labor costs in France in some sectors, particularly in relation to Germany. But he believes that cost almost the same on both sides of the Rhine in the manufacturing industry. Consequently, he criticizes "the so-called social VAT" the President has enacted before the end of the legislature: a measure "unjust, ineffective and inconsistent." He said the social VAT will have only a modest effect on exports as it will particularly benefit sectors not exposed to competition.

"There's a bidding war right now"

Only novelty of the discourse of the socialist candidate: the proposal for implementation of a "national pact of competitiveness" that would combine the State, enterprises, social partners and also, perhaps, the financial system quick cash. All this small world would agree to set "goals of competitiveness," which could exceed the cap of a five-year term. "The State would be to set the vision, through taxation, regulation, avoiding social change all the time and especially in the last week of five-year," said Francois Hollande.

The former head of PS is also expressed in two recent tax measures unveiled by Nicolas Sarkozy. Minimum taxes on corporations that do not pay taxes in France? This provision would penalize, he said, companies that have decided to keep their headquarters in France. It was much more verbose, and verve, on the taxation of tax exiles made Monday night on TF1 by the Head of State.

"There's a bidding war right now," he quips, perhaps in reference to his own project to tax at 75% on incomes above one million euros per year. "Whether the measure is an illusion because ultimately, if it does not apply to artists, athletes and those who put their heritage in the countries concerned, it's about that? Only those who have capital income?, He tried. Or the measurement is much stronger and the question of the overall tax exile and assume it all to negotiate tax treaties with the countries concerned. "

Lapidary conclusion: "I feel that right now there is a candidate who will do anything except renegotiate the treaty has been signed." Francois Hollande has indeed drawn the ire of Nicolas Sarkozy, to want to add a component on the growth of fiscal discipline pact, signed but not ratified by European states. "I leave you with this judgment on how to campaign," decide the favorite in the polls.

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Thierry Martel speaks for the first time since his arrival eventful last October at the head of Groupama. This 48-year polytechnic has climbed the ladder of mutual group. He was propelled to the Managing Director following the sudden ouster of Jean Azema, in the fall. The new boss is going to present the annual results in heavy losses, marked by a series of writedowns on Greece and its major shareholdings, including Societe Generale and Veolia. To strengthen the solvency of the group, the leader began a series of disposals. It is expected to announce in the coming weeks than EUROCOURTAGE, one of the nuggets of the group. After years of rapid growth and acquisitions at high prices paid, Groupama will focus on its business heart.

LE FIGARO. – You have taken the lead on Groupama end of October. How do you assess the state of the group?

Thierry Martel. – The economic fundamentals are very solid group. We also present a very good operating results in 2011. However, it should be expected, due to the fall in equity markets in the second half of 2011 and our high exposure to the Greek crisis, to a net loss. But our level of liquidity has not suffered, it is even exceptionally high.

Can you detail these impairments?

The Greek crisis will have cost us just over 2 billion euros. Moreover, the fall in equity markets in the second half in 2011 has weighed up to 1.2 billion in securities and Societe Generale to the tune of 600 million euros for the stake in Veolia, which experienced a low in December 31, 2011 . That said, just since January 1, 2012, our securities portfolios have taken 2 billion euros.

You have announced your intention to sell EUROCOURTAGE and your UK business. Where are you?

Both operations are progressing smoothly. Several candidates have emerged and are currently in the data room. As expected, the name of the buyer EUROCOURTAGE be announced in March. The divestiture will occur then British.

Are you concerned that the action of the minority, who consider themselves injured by the transaction price, call into question the sale of Silic to the Deposit (CDC)?

No, I have every confidence in the success of this operation. The reconciliation between Icade and Silic is a great industrial success. The price at which we sold our interest is the market price, as demonstrated by studies experts.

Your accounts at the end of December would they have been approved by your supervisory authority without funding from the CDC?

Yes, our solvency at 31 December was above the legal limit without the operation of EUROCOURTAGE payday loan lenders. I heard of a "rescue" of Groupama: it makes no sense. The operations we have conducted with the CDC are primarily industrial operations that create value for both Groupama for the CDC.

To what extent do your customers have been affected by your financial difficulties?

Not only do our customers have remained loyal, but we increased our market share in our core businesses in 2011, thanks to excellent business results. Our 16 million members and customers have always been central to our priorities. Our financial losses they have not been passed: we will absorb them through our own funds.

How do you steer Groupama?

This crisis makes me put more than ever before in our mutual values: transparency vis-à-vis members and elected officials who represent them, sharing strategic decisions with regional banks, prudent risk management, commitment to dialogue Social. Confidence is the key to success is the reason why I will travel to many general meetings of regional banks to engage directly with members of the group's orientations.

And on a more operational?

I want to focus on Groupama markets where it has strong positions and the most profit potential. In France, we continue our strategy of global financial player in insurance and banking because we believe in the synergy of these commercial activities. In addition, we will complete in 2014 the convergence of all regional banks on the same information system, which will lower our costs. The Group has the widest range of offers, services and distribution channels. My ambition is to run at full capacity this great economic machine.

Precisely, do you have to tighten the savings plan announced in October?

We will refine and accelerate but overall we remain on the plan announced in the fall, that is to say 400 million euros in savings, by 2014. Meanwhile, we reinforce our policy of controlling technical risk is an essential factor in the outcome. Let's be clear: even at the height of the crisis last fall, employment has never been for us an adjustment variable.

Continue you always plan to become one of the top ten European insurers?

No, this is no longer a goal. Similarly, we decided to stop the proposed listing of the group. We are moving from a strategy of size to a performance strategy that will enable us to further strengthen our solvency.