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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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In 2008, he cherished the hope of becoming the first secretary of the PS. But he had finally lined up behind the candidacy of Bertrand Delanoe. In 2011, he thought he could be a candidate for the Socialist primary. Then he threw in the towel, choosing to support Dominique Strauss-Kahn, then rallying Francois Hollande not without obtaining the position of campaign manager. Pierre Moscovici, 54, has learned to give up. Here he is rewarded. He is back in force to the government and assigned the Ministry of Economy, Finance and Foreign Trade. Certainly it does not get the Quai d'Orsay which he dreamed, Laurent Fabius was his favorite. But he inherited a portfolio to match its ambitions. And thereby in passing some disappointed, Michel Sapin in mind. "Mosco" consensual socialist, social democrat, is now a heavyweight team Ayrault, number five in protocol order.

It is he who will be at the forefront of the debt crisis. There is no shortage of assets since knows the workings of Europe. He was, for five years, from 1997 to 2002, Minister Delegate for European Affairs in the Jospin government. At the time, the rise of the Express near the then prime minister, who had just been elected deputy of the Doubs for the first time, had been criticized. But, he will prove himself. Former MEP, a graduate of Sciences Po and ENA, he will prepare no quack the French presidency of the EU, negotiating the Treaty of Nice and the European Constitutional Treaty. During this period of cohabitation, he managed also to find his place against Jacques Chirac. In fact, the President of the Republic and the Socialist Minister for European Affairs are of course in these five years: Chirac taking the young minister with no experience under his wing, even to comfort him when he doubted. An agreement with Lionel Jospin was annoyed.

After the failure of the left in 2002, Moscovici was defeated in the parliamentary elections in the Doubs. A year earlier, he had already failed to municipal Montbéliard. Without parliamentary seat, without mayor, he tried his luck with the 2004 European and found his seat in Strasbourg. In 2007 he was again legislative candidate in the Doubs. This time he wins.

Pierre Moscovici, tried by the Revolutionary Communist League when he was young, joined the PS in 1984. He was close to Michel Rocard, Jospin and Dominique Strauss-Kahn, his former professor at the ENA. He is the son of a social psychologist Serge Moscovici, who was a member of the Romanian Communist Party and fled his country in 1947. Pierre Moscovici was the first to openly criticize the Socialist Francois Mitterrand and his relationship with Rene Bousquet. "What shocks me, he said, is that he can spawn with someone who has been a tool of the state anti-Semitism and an accomplice of the final solution of the Reich." … …..

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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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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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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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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

.

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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Vivendi confirmed Monday, after market, the departure of Frank Esser, CEO of SFR, revealed by Le Figaro. This departure will be effective from the end of the week. Jean-Bernard Levy, CEO of Vivendi, this function takes live indefinitely. No other redesign teams SFR is expected. The announcement of a smooth transition reassured the 10,000 employees of SFR, where the announcement of the departure of Frank Esser, who presided over the destiny of the group for twelve years, has been a bombshell.

Vivendi wants to take the time to find a new boss for its subsidiary SFR, a pivotal moment in its history. Greatly shaken by the arrival of Free in the mobile sector, Vodafone is obliged to rethink its economic model. And why the research group "rare bird". Several names of potential candidates circulate: Bertrand Meheut (current CEO of Canal +), Thierry Breton (CEO of Atos), Didier Quillot (former CEO of Lagardère Active), Michel Combes (CEO Vodafone Europe), Gilles Pelisson (ex- Accor CEO) and Jacques Veyrat (Direct Energy) … But none is needed.

One thing is certain, the chosen one will have a profile of "cost killer" while SFR expects a decrease of 12% to 15% of its EBITDA margin in 2012 and Jean-Bernard Levy said at the Vivendi earnings presentation in early March, the need to "tighten the bolts." The future head of SFR should be able to reassure financial markets, while the declining profitability of SFR weighs on Vivendi. The stock has lost 17% since the beginning of the year.

The departure of Frank Esser was decided Friday afternoon during a supervisory board of Vivendi, and presented Monday at 5:00 p.m. in the Board of SFR. It does not seem to be a coup as often in the wars of succession, but a decision by mutual agreement. Friday, same day that his fate was sealed, Frank Esser was attending a lunch with the entire executive of Vivendi, in which Jean-Rene Fourtou, director of Vivendi, and Jean-Bernard Levy have sent him some very complimentary. Frank Esser, Mannesmann's German came (acquired by Vodafone), is indeed recognized and appreciated by both teams by his peers.

Free to adjust the face

But, before the onslaught of Free Mobile, it was essential to give new impetus to SFR, which lost 200,000 customers between 10 January and late February. "Jean-Bernard Levy knows SFR. We are confident in its ability to revitalize all appear the beginnings of a stabilization of the situation. After the initial excitement, Free began to experience a certain loss, "said a spokesman for Vivendi.

The task does not look easy. We'll have to cut some expenses without burdening the future. "In the hundreds of service developments underway at SFR, it will have to choose between those that are essential for the future and those who can be stopped, says an inside source. Always painful choices that force teams to redeploy réinternalisant projects that were previously outsourced to external service providers. "The suppliers and providers of SFR should be the first affected by this clampdown.

Add paid features

It will also have to rethink the positioning packaging opportunities. Free Mobile face, all operators have launched entry-level offerings, sold only on the Web at very aggressive prices. But where Bouygues Telecom, the first chopping last July, has managed to impose "B & You", followed by Orange with "Sosh" SFR has not really enticing with its brand "Red" launched in late September.

But offers low-cost, direct response to Free, are not the only priorities. The operators were able over time to all-inclusive packages (visual voicemail, MMS, mobile Internet …). We must now all unravel for a basic package comparable to that of Free, which you must add a number of services at extra cost. A vast perspective.

"My proposals are known, I made 60, which will not prevent me to add one or two during the campaign," warned Tuesday Francois Hollande, the move in the Drôme. Indeed, the Socialist candidate has completed his list of promises last week. On the theme of the University and Research, Monday to Nancy on the family and gender, in Reims for Women's Day; for associations, Saturday and finally on low wages, on Sunday M6 , in "Capital".

At first glance, additions marginal to the program announced in late January, which accounted for 20 billion annual expenditure. Yet, according to Enterprise Institute, which projects sales of the leading candidates (www.debateco.fr assumptions and calculations), the addition is not negligible: in a week, from 3.9 to 6.5 billion of additional annual expenditure.

A real public service early childhood

The largest piece is the creation of places for young children, with the goal of "creating a true public service early childhood." The think tank is assumed between 200,000 and 400,000 people plus, half in and half manger among childminders (for reference, the 2009-2012 plan, the government provides 200,000 spaces created). Result: 1.8 to 3.7 billion spending per year by 2017.

These amounts include the provision of services for young children (Paje, paid by the family allowance funds in custody cases by a "nanny" approved), the construction of nurseries and their staff costs, tax credits on income, net of savings on benefits paid to parents on parental leave free online credit report. "This will encourage the return of parents to the labor market, with positive effects on value creation and contrasted the unemployment rate," said the Business Institute.

Second major expense: the change in calculating the minimum wage. At the current formula, based mainly on inflation, would add a "bonus" equal to half the growth rate. Companies bear most of the cost, but public finances will be affected, mainly in two ways: higher salaries for civil servants – who can not be less than the minimum wage – and reduced charges granted between 1 and 1.6 SMIC. The total estimated cost is between 1.3 and 1.6 billion euros in 2017.

"These measures, the Socialist candidate did not state financing, in addition to others in the draft (…), whose cost does not appear in the detail of spending 20 billion new release by the PS, "notes the Institute: ecological transition, valued at $ 1.8 billion for the state, very high rates over 100% of the territory (1 billion), hires employment center (0.8 to 1.2 billion), energy retrofit one million homes a year and establishment of a fifth branch of social security to fund addiction (to encrypt).