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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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The new president, Francois Hollande, he will see in the figures released Thursday one more reason to fight to include a growth component in the European priorities? He will find anyway confirmation that we will have to roll up their sleeves for the activity to return to France.

The Banque de France (BDF) has announced a forecast of zero growth of the economy in the second quarter 2012 – INSEE, it provides a small rebound in the spring, 0.2%. The BDF had previously announced a steady growth for the first quarter. That is to say that the French might be sluggish activity in the first six months of the year.

The unknown Greek

To quote the head of its program, Michel Sapin, a few days ago, Francois Hollande will have no state of grace on the economic front! The latter based his economic program on a growth forecast of 0.5% this year (followed by 1.7% next year and 2% in 2014 and 2% to 2.5% thereafter until 2017 ). A hypothesis that remains credible, unless the Greek turbulence does just weaken the entire euro zone.

In tests conducted by the Banque de France, the prospects in the services today are estimated by "slight erosion". As for industry, they indicate that the order books do not evolve and are also counting on "a slight decline in activity for the coming months easy payday loans."

The National Institute of Statistics, parallel, published a study that confirms this gloom. In March, the production of the entire industry declined (-0.9%), consumption of electricity and gas has "declined sharply with the warm weather." Production of manufacturing industry, it has increased over one month (1.4%), but it is only to offset the decline in February.

Judgment of the Petit Couronne refinery

Moreover, throughout the first quarter, production fell 0.5% in manufacturing. A sharp decline (-1.7%) compared to what the production of the first quarter of 2011. In one year, some areas have suffered more: the production has fallen sharply in electrical, electronic and computer (-1.7%) and to a lesser extent, transport equipment (-0.6%). Refining, marked especially by cessation of the Petit Couronne refinery, fell sharply (-18.4%), also stresses the INSEE. Conversely, the agricultural and food industries have their own in the game

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"MY DIGITAL FIGARO – For an industry conquering, by Jean-Pierre Gerard

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."

The export machine of South Korea is emerging. After suffering the brunt of the crisis of the euro, the Land of the Morning Calm-recorded in the first quarter its strongest growth last year, demonstrating its ability to rebound. Seoul announced Thursday a 0.9% growth, a significant increase compared to 0.3% the previous quarter, fueling hopes of an annual expansion of 3.5%, the OECD predicted.

"We're doing relatively well, given the weak global economy", says Kim Young-bae, director of the Bank of Korea. Relief is required by decision makers of the fourth largest economy in Asia, 46% of GDP depends on exports, particularly to Europe, its second largest trading partner after China. This slight increase is a lifeline ripped by large groups, such as Hyundai Motors, which recorded an increase of 31% of its revenue through increased sales in the U.S. and Europe.

But behind these numbers right, the clouds on the horizon. An OECD report, published Thursday in Seoul, tip the scale of the demographic challenge that awaits the young democracy of 50 million people and threatens its future development. With a fertility rate among the lowest in the world (1.05 children per woman), the country will suffer in the coming year accelerated aging which will impact negatively on growth.

"Marriage strike"

Followed by the specter of Japan, model and longtime rival, the path of decline. The OECD calls on Seoul to take the bull by the horns by implementing proactive measures to adapt to the demographic shock. First, by raising the birth rate by funding systems affordable child care, while most South Koreans are forced to choose between career and motherhood. If women entered heavily on the labor market, often times Stakhanovists companies make it difficult to balance work and motherhood. So, 40% in their thirties who are employed are single. This "marriage strike" is a major cause of the bust according to the Korea Development Institute (KDI).

The OECD also stresses the urgency of improving the productivity per hour, two times lower than that of advanced countries, reforming an education system where cramming is the key to success.

These measures are all the more necessary that the country is not ready for mass immigration, as evidenced by a recent survey that only 36% of South Koreans favor the coexistence of different cultures on their territories. On April 13, Jasmine Lee's election, the first member of foreign origin, has unleashed a slew of racial slurs online, highlighting the challenge.

Only a major geopolitical upheaval in Pyongyang leading to early reunification with North Korea seems able to thwart the predictions of the OECD.

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

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

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

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

"Adjustment Period"

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

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

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The gas leak that caused the evacuation of 238 people on the platform of Total Elgin in the North Sea, 240 km east of Aberdeen in Scotland, still has a risk of explosion.

The BBC said that the flare used to burn non-exploitable gas was left burning on the Elgin platform, despite the risks involved with all the gas that is brought to the surface. A surprising situation, considering that the oil company has yet taken every precaution to avoid an explosion, especially by cutting the current on the farm. A spokesman for Total, quoted by the BBC, ensures that risks are limited, since the flare is 90 m high and the winds are favorable, causing the gas cloud in the right direction.

Preston Martin, an expert in marine pollution at the University of Liverpool, in turn ensures the BBC that the explosion risks persist and that "nobody will be able to approach the platform as the flare is lit . As it burns, they will have to find a plan B, "he said.

The director of health, safety and environment at Total, David Hainsworth, also acknowledged that a risk of explosion existed.

The flare is not supplied with gas, and had decreased in size Tuesday night. It can not be turned off remotely, but should eventually go out of itself, according to the spokesman for Total television quoted British public.

The evacuation of the platform Elgin has avoided a repeat of the worst disaster in the history of oil, the explosion of the Piper Alpha platform, which had 167 deaths in July 1988 after a gas leak on a similar offshore operations.

According to the British magazine New Scientist, quoting a source at Total, the leak did not come from the main geological reservoir in which natural gas is extracted, but an intermediate layer, closest to the surface. The gas goes back to the surface by the casing surrounding the drill pipe.

This would explain why all the efforts of staff the platform to plug the leaks found Sunday were unsuccessful. Only positive, the amount of gas in the intermediate tank should be smaller, and lower pressure than the main tank, which in turn, was secured.

Total would not confirm or deny this information, providing only that "studies are underway to analyze the causes of the leak." Industry experts estimate it will take several days to positively identify its origin, which is made very complicated by the fact that nobody left on the site.

After Greece, out of bankruptcy risk through the release of a second bailout of 130 billion euros, it was Spain who finds himself in the crosshairs of the Eurogroup, meeting on Monday evening in Brussels. The Spanish finance minister will have to explain on the skids deficits Spanish before his peers, the European Commission and the ECB President.

The prime minister, Mariano Rajoy, had a surprise, on March 2, alongside the European Council, stating that Spain would build his 2012 budget with a deficit target of 5.8% of GDP, while that agreed with the EU was 4.4%, to reach 3% of GDP deficit in 2013.

The market reaction was not long in coming. Following this, the cost of borrowing from Spain to 10 years jumped to nearly 5% more than for the first time in months, that of Italy. Guardian of the future "fiscal pact", the European Commission ordered a "serious blunder", brandished the threat of financial sanctions and sent experts to Madrid to assess the fiscal situation. Last year, the Spanish public deficit soared more than expected to reach 8.51% of GDP in late 2011.

Threat of sanctions

"There is no questioning of objectives," says the Spanish Minister of Economy, Luis De Guindos, in an interview Sunday on ABC newspaper. "Spain is a loyal member of the EU who feels bound by the European fiscal rules," he says.

Engaged in a very severe austerity measures, faces a general strike in late March because of its reform of the labor market, Spain is weighed down by losses of its regions, which have slipped to 2.9% of GDP against only 1.3% under-the Madrid region meets its objectives, which weighs heavily on central government accounts.

Barely out of the Greek crisis, "the euro area can not afford a new speculative attack," recalls one in Brussels. The Commission will ask the government to submit a plan "credible" to bring deficits to 3% in 2013, implying a say in Brussels on the draft budget 2012 Spanish.

Monday night, finance ministers from the euro area will give the green light to launch the second program of aid to Greece. Of 130 billion euros, the IMF should be involved up to 18 billion, said Christine Lagarde.

Even the Germans say they are reassured about the situation in Greece. "I am confident that the measures taken hard by the Greek government will put the country on the road to recovery," said German Finance Minister, Wolfgang Schäuble, unwilling to speculate on a third plan to help … To parry , the European Central Bank will continue its buybacks of bonds on the secondary market, ensures Coeuré Benedict, a member of the Executive Board of the ECB to Japanese newspaper Nikkei.

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Cedric Mendes, head of recruitment of Colas.

It was to be expected. Recruitment of young graduates in the audit consultant should decrease in 2012. However, nothing to do with the situation of 2009, the year of drastic reduction in hiring plans. Overall, the activity of firms is maintained but the turnover of employees, which can reach 20% in good times, tends to slow. With the financial crisis, young consultants do not receive many job offers from their customers. This is less of starters to replace. "Earlier this year, our recruitment should be more selective, confirms Baculard Hervé, President of Syntec management consulting. But we can not exclude surprises for the second half, with a wave of more opportunities for young graduates. "

Pending a hypothetical thinning, caution is called for. As with Deloitte, which provides 750 to 800 hires graduates, two-thirds of tray 5 and a third tray for two or three trades of public accounting. Same trend at Mazars, announcing 350 new hires for beginners, the same as in 2011. Sylvie Bernard-Curie, HR Advisory, KPMG Audit, estimates that it will hire "as much or slightly less than last year. Our goal is 720 graduates in CDI. " For its part, PwC expects a small decline: 470 recruits out of school against 520 last year. Less CDI also to sign with Accenture, which provides all the same 350 to 400 reinforcements of graduates (excluding trainees).

Open to university profiles

Side outlets, this is a return to fundamentals. The financial audit is to remain the preferred gateway for juniors. "This area is much more resistant than other more sensitive to economic conditions, such as transactions and mergers and acquisitions," says Isabelle encumber, director of recruitment at PwC. Beginners are also popular in the Outsourcing and Accounting and consulting in strategy and management. For these trades, "the needs are very important from our customers in areas affected by new regulations such as bancassurance, or the energy sector," says Jean-Marc Mickeler, Brand Manager of Deloitte employer .

In an uncertain economic times, employers do not they go play it safe by focusing on candidates in business schools at the expense of academics? The firms insist they will continue to open in the same proportions in the Masters 2 (bac +5). "Beware of clichés. The courses are less uniform than a decade ago. Now, there are Masters who have interned, completed a double degree or completed a stay abroad, ensures Sylvie Bernard-Curie. This makes them interesting and graduate school of management. "

According to the firms, recruitment of academics could be more if some schools were more open to the world of business. "We must do a great job of selection to identify the best Masters in terms of skills and language among the thousands that exist, says Caroline Haquet, Recruitment Manager at Mazars (25% of academics). However, to communicate with campus, we have not always clearly identified as an interlocutor. There is an entry barrier higher than in larger schools. "

Demanding recruitment processes

Personality test, business cases, interviews … processes differ from one firm to another.

Deloitte. Successful applicants are entitled to an initial interview with a collaborator. Meanwhile, they pass a personality test and English. The best after a second interview with a partner. The objective: to verify the intellectual agility, openness and adaptability of the candidate.

KPMG. After an initial selection of CV, the candidate is received for a "discovery interview" accompanied by an English test and a personality test by questionnaire. If it passes these tests, he participated in a morning with the program: a presentation of activities, a second interview with a manager or a partner in the area of ​​their choice and a lunch with a young executive in the firm who will advise on the new recruit.

PwC. Candidates whose CVs have been identified individually meet with an HR manager in a key English test computer. Second step for the survivors: the realization of a business case directly with an operational manager. Finally, the "cream of the cream" is entitled to a final validation interview with a partner. The purpose of this very selective process, "validate the candidate's interpersonal skills, ability to listen and understand customer needs."

Accenture. First step, an interview of "motivation", conducted partly in English with a manager. The same day, the candidates must address collectively, in groups of about 10, the resolution of a business case. Then, the floor is, this time individually on solving another case business. The best are selected to meet a partner.

Mazars. No personality test, or resolution of business cases. Each session (in January and June) begins with an oral presentation of the firm to selected candidates. Then place two successive interviews with the firm's business. Each interview covers a portion of the CV. If the candidate is selected, it has a third interview a few days later with a more senior manager or partner.  

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Internet gets more in tune with other media. After enjoying a full return to growth in 2010, investments online in 2011 after the French advertising market trends, with a more moderate increase of 7.6% (+5.2% over the same period for all the corporate media). According to the barometer of the Interactive Advertising Bureau France (IAB) and the Union of regulated Internet (SRI), the investment volume has reached last year, 3.48 billion euros gross (non-negotiating and decreasing) . "Very dynamic in the first half of the year, the display (banner advertising, sponsorships and video, Ed) was marked by breaks and a slowdown in year-end. This confirmation of the maturity of the Internet who now lives at the same rate as so-called traditional media, "said Catherine Gotlieb, VP of IAB France.

The data released Friday by the Institute Kantar Media also show that the share of the Internet in French advertising investment has stabilized at 12.5% ​​(+0.3 points compared to 2010). "With only this level of market share, the Internet remains underinvested in France, which suggests good prospects for development of the media," notes Arthur Millet, a director of SRI. Even if there is more than "outbreak of the Internet", in the words of Catherine Gotlieb, the media has installed devices at the heart of cross-media advertisers. In 2011, some 4972 advertisers have been active on the Internet, most loyal spending an average of over 15% of their communications budget.

Advent of video

Especially, two-thirds of advertisers now combine the "display" with at least one other media. The couple TV-Web continues to grow, stimulated by the advent of video. Last year, 690 advertisers used this form of advertising, 20% come from the consumer.

Culture and Recreation (370.1 million euros), banking and insurance (360.1 million), automotive and transport (352,100,000) are the three dominant sectors on the Internet. The IAB France and the IRS noted, however, increased investment in food and distribution. The latter has a "high growth", while the sector is currently under-investor with a market share estimated at 6.7%.

Similarly, with a share of 8.3%, food is "an important reservoir of growth for the display." Between 2010 and 2011 budgets devoted to food web have developed strongly (+10.5% to 190.4 million euros), including through "devices incorporating digital video," indicate the BFI and SRI. For 2012, the two agencies do not advance prediction.

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