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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The growth figure of France for the first quarter, published this morning, was highly anticipated: it sets the tone of the beginning of the quinquennium the new president. And with sluggish growth in the first three months of the year (after a small increase of 0.1% the last three months of 2011, revised downwards), the least we can say is that the situation will not help Francois Hollande to the implementation of its program. None of the drivers of growth and gives no sign of strength: consumer expenditures of households are "sluggish" (0.2% in the first quarter, after +0.1% the previous one), while investment companies folds (-1.4%), INSEE said. And if imports return to growth, they do not offset the slowdown in exports sufficiently to prevent the trade weighs on growth. As for the production of goods and services, it turns "idle". In total, the growth overhang at the end of March – that is to say, the theoretical progression of GDP if the activity remained stable until the end of the year – amounted to 0.2%.

This stagnation of activity is not a surprise: the National Institute of Statistics had anticipated in March, when it published its quarterly notes on "the fever subsides, recovery will be slow." But the institute did not know then is that this turn of events in Greece could slow it down even further … If the time is not yet at risk of contagion to the Hexagon, "he Avoid the chaotic moments that disturb everyone, Greece is 2% of EU GDP, but this may be part of the little things that become large if not managed properly, "said an official of Bercy.

Dealing with an uncertain

Still, Francois Hollande will have to deal with an uncertain environment low fee cash advance. While the European Commission approved last week forecast growth of 0.5% this year, she expressed doubts about the ability of the new government to reach the figure of 1.7% growth in 2013. However, Francois Hollande believes in his ability to bounce activity. His lieutenant, Michel Sapin, cites as evidence the industrial policy announced by the candidate – more favorable, he said, growth – and European initiatives to materialize before he sees the end of next year, thanks an agreement between France and Germany.

In fact, the new team has no choice if she wants to meet his campaign promises and not be forced to reconsider all of its forecasts. Less growth because it means more unemployment, more deficit and more debt.

To balance its budget equation and honor commitments of public finances – down to 3% of GDP next year – François Hollande planned 29 billion in additional revenue by the end of 2013. But the task is of great magnitude. INSEE has confirmed that the government deficit in France at the end of 2011 stood at 103.1 billion euros, or 5.2% of GDP (decreased by 33.9 billion euros compared to 2010) , "because both the revenue buoyancy and expenditure restraint." It must come down to 4.5% this year. Public debt, it has reached 86% of GDP in 2011. Francois Hollande can not afford any off the road.

Especially since only a few hours meeting with Angela Merkel, Germany has put pressure on France: in the first quarter the economy across the Rhine has seen its GDP grow by 0.5%, bringing its growth on a rolling year to 1.7%. Numbers well above economists' forecasts.

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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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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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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2011 a year full of contrasts in terms of employment. After a positive first half, payroll employment has declined significantly over the second half of the year. In the fourth quarter of 2011, the French economy has destroyed 22,600 jobs in the principally market sectors (-0.1% over the previous quarter), according to revised figures released Thursday by INSEE.

This is slightly less than the third quarter, when for the first time in two years, the statistician public records a decline in employment of 31,500 jobs (-0.2%). Gave its provisional figures until the third quarter slightly creates jobs. With a dynamic first half, 67,300 jobs have been created, however, over one year is a positive trend of 0.4%.  

The ACOSS, which accounts for job creation on a slightly different scope, in turn finds a changing "stable in the last quarter as in the previous quarter, after five consecutive quarters of increases," with 9,300 jobs created. Both agencies agree on a shift in the trend in the second half, where the employment has clearly stalled.

Temporary employment down

Over 90% of job losses announced by INSEE also follows the decline in temporary employment fast cash without a hassle. The trend is accelerating in the fourth quarter, with 21,100 destroyed in acting positions, against 12,900 the previous quarter. A first after nine quarters of the rise, INSEE said. This leading indicator of labor market, more sensitive to cyclical fluctuations, does not bode well from the beginning of 2012.

In detail on this last quarter, the industry, which had suffered severely from the crisis of 2008-2009 before stabilizing its workforce in mid 2011, again losing 1700 jobs, slightly less than the third quarter (5100) . Over one year, the sector recorded a negative trend of 0.1%, or 2,100 jobs destroyed.

This is less than the construction, which lost 0.8% of its workforce over one year (11,900 jobs) and 0.3% in the fourth quarter (4600 positions). After a decline in service employment excluding temporary in the third quarter, the industry found in the fourth quarter, however a small increase (4,900 jobs).

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

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

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

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

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

May be compensated by the liability insurance?

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

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

– The passengers,

– Drivers and passengers of other vehicles,

– Pedestrians, cyclists … ,

– Owners of damaged property (windows, walls …)

What are the legal requirements of liability insurance?

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

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

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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.

A first for thirty years! The U.S. utility Southern Company said Thursday it would launch the construction of two new nuclear reactors at the site of the Vogtle plant in Georgia. The U.S. nuclear watchdog, the NRC has in fact given the green light, the final stage of an administrative process that began in 2005. The award of this license comes eleven months after the nuclear disaster at Fukushima and at a time when, in the opinion of most American experts, the historically low gas prices in the U.S., thanks to the abundance of gas shale, makes uncertain the profitability of the construction and operation of a nuclear power plant. Thomas Fanning, CEO of Southern Company, hopes the two new reactors of 1,100 megawatts each will respectively be operational in 2016 and 2017. They feed one million homes. The project represents an investment of $ 14 billion (10 paperless payday loans.6 billion euros).

Southern chose the long AP1000 designed by the American Westinghouse, now controlled by the Japanese giant Toshiba. If the last U.S. nuclear power plants came online in 1996, the NRC had not awarded a license since 1978, the year before the accident at Three Mile Island in Pennsylvania, where a nuclear reactor had partially melted, causing no victims. Announced the revival of nuclear power in the 2000s has been slowed due to a combination of the accident at Fukushima in 2011 and the spectacular development of shale gas that made the United States, in the space of three years , an exporter of natural gas.

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But these numbers make you dizzy do not stop there. According to information from Parisiende this Friday, players Parisians would also take the upper hand with regard to wages. If this is the side of the Canebière found the most important emoluments (midfielder Lucho Gonzalez for 360,000 euros gross per month), 11 players received wages in the capital to more than 200,000 euros according to the daily gross , 9 against Olympique de Marseille.Among the better-off PSG, there is the Brazilian Nene, with 335,000 euros a month, the Uruguayan Diego Lugano (330 000 euros per month) and Mamadou Sakho and Mohamed Sissoko with 320,000 euros each. Marseille side, only Andre-Pierre Gignac and Alou Diarra reach 300,000 euros gross, behind Lucho Gonzalez.

Result of what the newspaper called the effect Qatar "for the first time in many years, the Paris payroll exceeds that of the OM, yet most consistent club in its results in recent seasons." Last season the two teams were still tied, with 60% of their budget going to pay their players, according to the site salairede.com.

The biggest salary in the stands

Not really surprising, when Qatar Sports Investments, the buyer in June 70% of the Parisian club is known for his ability to put their hands in the pocket.