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It is a paradox. Michel Combes, the current CEO of Vodafone Europe will become CEO of SFR and board member of Vivendi from August 1, 2012. Jean-Bernard Lévy, Vivendi's chief executive who assumed the interim of Frank Esser arrived in late March, has finally chosen the man who best knows the file. And for good reason! It is precisely Michel Combes, who just last year, sold at high prices to the 44% Vivendi Vodafone's shareholding in SFR. Since 2008 and became head of European operations of British mobile giant, Michel Combes was also a director of SFR. He proceeded to examine every angle SFR.

Shortly after the departure of Frank Esser, Vivendi launched a search to find a replacement. And soon the name of Michel Combes has surfaced. It is a great French telecom specialist for the financial director of France Telecom in 2003 before becoming the right arm of Didier Lombard until 2006. But it is also a leader who has acquired an international dimension to the head of Vodafone Europe since 2008 low fee pay day loans. Meanwhile, the X Telecom 50 years, known for his enthusiasm and hyperactivity, led TDF, the technical broadcaster of television and radio and wireless mobile telecom. His brief tenure as head of TDF was marked by the construction of an ambitious business model that attracted the new shareholders of TDF, the TPG, Axa Private Equity and the CDC.

At the head of SFR, Michel Combes will have to implement the plan to win back customers attracted by offers Free Mobile. It will also improve profitability of the mobile operator heavily affected by the general decline in package prices. In 2012 and 2013, the EBITDA of SFR should decline by 15%. A challenge for Vivendi, who paid € 8 billion to acquire the entire share capital of SFR few months before the arrival of Free Mobile market. The destruction of value for Vivendi would be valued at nearly $ 2 billion.

Google, Apple, Amazon and Facebook have better watch out. The French presidential candidates are determined to stop tax evasion which these American giants of the Internet are guilty by repatriating their revenues in France to countries like Ireland or Luxembourg, where tax companies is softer.

In their profession of faith addressed to the Digital Collective of digital players, Nicolas Sarkozy as Francois Hollande promised to introduce fiscal measures to impose American groups as their French competitors in the Hexagon. "We will favor the European way (…) but we also work with a national solution," said the Socialist candidate as well. Specifically, it is to negotiate the "establishment virtual stable" at European level even with the OECD and to use the short term, to "complete business cycle" that can be considered as localized in France transactions of a company headquarters abroad. Both solutions also contained in the program menu of digital Nicolas Sarkozy, who wants "a fair taxation system in France and Europe." These tools would produce more revenue than the proposed "Google tax" championed by Senator Philippe Marini UMP, limited him to online advertising revenues.

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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 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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Friday night to Saturday was quieter at the meeting, but the measures in favor of Purchasing Power announced Friday night failed to extinguish the fire of protest against the "cost of living." Among the nudges forward, lower gasoline prices, freezing or lower prices of 40 basic commodities, and a social tariff for electricity.

Measures "insufficient" and "incomplete," according to the protesters. The meeting recorded an unemployment rate of 20% to 60% and explodes for youth under 25. Social minima are the same in the mainland but the cost of living is more expensive.

• Decreased 8 cents per liter of petrol and diesel

From 1 March until the end of the year, the price of gasoline at the pump will be reduced by 8 cents per liter. The question of fuel is essential for Reunion, forced to move by car or scooter as public transport is scarce and disorganized. In the department, a liter of gasoline costs 1.66 Unleaded 95 euro more than the French average of 1.58 euro (absolute record at February 17, 2012), but the diesel will cost "only" 1.29 (1.42 against euro on average throughout France).

Each month, fuel prices at the Meeting are set by prefectural order, depending on the variation in supply costs. This discount of eight cents and will be decided each month and achieved through a reduction of taxation. It will be financed by a renunciation of communities and the Chamber of Commerce to certain taxes, while importers of petroleum products will agree an effort.  

In France, for every liter of gasoline paid, the TIPP (domestic tax on petroleum products) is 60 cents for Unleaded and 42 cents for diesel. In some cases – this is the meeting – a fraction of the TIPP has been attributed to the regions, which may modulate the rate. Moreover, the prefect wants the establishment of a new storage of fuels, to create competition against the monopoly of the single fuel distribution company on the island.

In addition, the UMP president of the regional council, Didier Robert, will remove the "dock dues" on fuel, local taxes related 24 million euros per year, collected by the Region and then shared with other communities.

• Gel or lower prices for basic commodities

The price of forty staples will be either a decline or a gel. The list will be developed with retailers and consumers and published Thursday.

The council said that among these products, there would be "ten countries products, that is to say, as locally produced milk, oil, diapers, bleach, pork or chicken, which decline by 20 to 30%. " An effort of 23 million euros for this community, chaired by Nassimah Dindar, who is also counting on an effort by producers. Negotiations should continue throughout the weekend.

At the meeting, the social minima are the same in the mainland. Among the 830,000 inhabitants on the island, 52% live below the poverty line, or with less than 795 euros. 20% are unemployed. Among youth under 25%, the unemployment rate explodes to 60%. Now the population is young at the meeting: 56% had less than thirty years. However, prices of consumer goods, from food to clothing, there are more expensive than in the mainland, since most are imported. According to figures from INSEE, prices in 2009 were 15.6% higher at the meeting in the mainland. In 2010, the gap narrowed to 12.4%, for an average consumer basket, including rent. By comparison, in Guadeloupe, prices are 14.8% higher on average than in metropolitan France (in 2010), 16.9% more expensive in Martinique and 19.6% in Guyana.

• A social tariff for electricity

The effort on the forehead of electricity would represent a decrease of about 40% of the invoice concerned Reunion. The prefect said the families receiving the minimum social wage and minimum wage up to 1.4 are affected by this social tariff. These rates apply EDF funded by the General Council.

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Friday morning, Francois Fillon, in turn, Francois Hollande accused of lying. The president-candidate Nicolas Sarkozy had criticized Thursday his Socialist rival of "lying day and night" to the French. "It is unfortunately true," added the Prime Minister on Friday morning on RTL.

"I could still hear Francois Hollande said yesterday it had 70 billion euros in gifts to the rich: nobody is able to document this assertion, it's just a lie!" Launched Fillon. "When asked where socialists are these gifts, they are indiscriminately business tax, as if it was a gift to the richest, the VAT on restaurants, overtime …" he listed. He said that "when one wants to be president, you can not base his campaign on lies."

"The tradition of the Socialist Party is to be always left in opposition and governing Liberal rather, on pensions, privatization, taxation," he has pointed out, also calling the candidate of PS being a "conservative defender acquired," which "offers only to keep things as is".

"It is never a mistake to debate its identity"

Asked about the tax shield, Francois Fillon, who like other leaders of the majority is trying to fight against the image of "President of the rich" whose left dons the head of state, held that it this was not an "error in the context of pre-crisis." But it was "inappropriate for a decision from the moment the crisis led us to increase a number of taxes, eliminate a number of tax loopholes and the tax shield which could render all of these unjust decisions" .

The prime minister also regretted the turn of the debate on national identity, while maintaining that "it is never a mistake to debate its identity."

We "always makes mistakes, especially over a period of five years," he admitted. "I told myself it was probably too reluctant to engage the lower cost of labor to be closer to Germany and its competitiveness," he reiterated, referring particularly to the reform of the VAT called "social" as the government finally decided to conduct in the home straight. "We met a number of blocks that have led us to make reforms less ambitious than we wanted," said the Prime Minister.

"The referendum is not a goal, it is a way"

It has justified the willingness of Nicolas Sarkozy to hold referendums if re-elected to, "on some strategic issues", to "overcome these obstacles." "The referendum is not a goal, it's a way. This is not a dirty word in democracy, "said the head of government. "In some cases, simply brandishing the possibility that the intermediate bodies find ways and means of the agreement."

Returning to the idea of ​​a referendum on the unemployed, Francois Fillon said that it was to ask the French if they approve a bill allowing the transfer of 30 billion euros of vocational training to training for job seekers.

Avoid a default of Greece

While a second bailout of Greece is in loopback, the Prime Minister said that "playing the default" of the country would be "grossly irresponsible", recalling that there was "a commitment of the Greek Parliament, of all Greek political forces to these efforts. " "Bankers have agreed to relinquish 70% of loans made to the Greeks. Now we need Europeans to their promises, "he said. The effort required to Greece "are not much larger than those that are the Portuguese, Spaniards or Italians, that they do not burn their capital," he added, referring to the violence that erupted in recent days in Athens.

"We must exclude" Vanneste

On Christian Vanneste, François Fillon expressed the need "exclude" the member of the UMP after her recent statements denying the deportation of French homosexuals during World War II. The member, already known for slippage homophobic, could be ruled Wednesday of the UMP and lose his inauguration to legislation. "We need to exclude the statements he made and we must stop these controversies that hurt entire categories of the French population and divisive," said the Prime Minister.

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The majority of French (63%) believe that pensions will diminish in the future, according to a poll conducted for CSA-Cecop Circle Fund. Professional categories most affluent are most worried (78% of executives).

To address this possible shortfall, more than half of respondents (54%) plan to save a priority to prepare for retirement (45% of them have savings to cover their expenses insurance). For them, life insurance seems inescapable. "It is still perceived as the ideal investment," said Jerome Jaffre, director of the Center for Knowledge and Public Opinion (Cecop).

Only 2% of redemptions reinvested in other investments

However, life insurance was shunned by investors in 2011. For the first time, they withdrew more money than they paid. Net inflows fell to 7.6 billion euros in 2011, almost seven times less than in 2010.

"Most investors have mostly drew on their savings to consume or purchase real estate payday loan lenders. Only 2% of redemptions were reinvested in other financial investments, "says Philippe Crevel, general secretary of the circle of investors. This trend may ease this year, with 85% claim that they do not intend to touch the savings in the coming months.

In this election, more than one French respondent in two (55%) think that the left, if she wins the 2012 election, will not restore the statutory retirement age to 60 years. And 58% of them anticipate even ultimately rejected a legal age to 65. In 2011, there were only 30% think.

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The atmosphere is gloomy in the Paris Stock Exchange on Monday morning. The CAC 40 lost 1.74% to 3069.70 points. The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.

The new government should be made official today, before the meeting of Ministers of the euro area to be held from 16 hours in Brussels to discuss the strengthening of the European support fund (EFSF).

In France, Prime Minister Francois Fillon on Monday will unveil a second multi-year austerity plan. New measures could include an accelerated implementation of pension reform.

Oil markets, a barrel of "light sweet crude" rose 24 cents to 94.50 dollars in early electronic trading. The price of Brent North Sea on the other hand wins $ 1.31 to 113.28 dollars. The euro remains fragile: the euro is worth 1.3757 dollars against 1.3788 dollars on Friday night.

Moody's has raised the spiral of fear by breaking down Tuesday night, three notches note the country of Silvio Berlusconi. Of course the capital of French banks are not sufficient to withstand the collapse of the third global bond market. But no one could. Want to increase bank capital to absorb that risk, it would be like worrying about the thickness of sandbags protecting a barricade when a nuclear explosion threat.

Beings consanguineous

Wait and bite the bullet. It is the only rational response. The pressure is so strong, however, that the government is trying to sweep these arguments make sense to force the banks to recapitalize. Why not finally, if that would reassure everyone and restored the flow in a system where banks no longer find lenders? Even better if it is a coordinated European action.But then, the market experts themselves have good problem turning in all directions for days: there is no guarantee that this would be enough to calm the speculation.

The crisis of today has nothing to do with that of 2008, when the suspicion was limited to the health of financial institutions. This time, banks are just the scapegoats for a crisis of confidence is most striking over-indebted States. Banks and States are beings inbred. Once recapitalized banks will continue to be viewed askance because of their exhibits sovereign will continue to suffer from higher funding costs because of concerns about their country, continue to be threatened by a rise in questionable provisions as the economy is sinking. It will probably recapitalize banks. But there is only one cartridge.Better not pull too early, when there are still many uncertainties elsewhere.

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