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CaixaBank became the largest bank in Spain by total assets. At its 270 billion in assets, "La Caixa", continue to call it like the Spanish, in addition to 72 billion Banca Civica, absorbing the entity resulting from the recent merger of four cajas (savings banks) . Exceeds the group and the two Spanish giants, Santander and BBVA. But size does not balance the economic: the stock market, Santander (54 billion) and BBVA (30 billion) will remain far ahead of their new rival (15 billion after months of reconciliation.)

On the ground, however, Caixa will expand significantly. The network of 1,400 branches and 7,800 employees of Banca Civica will expand the 5000 branches and 25,000 employees that already CaixaBank across the country. Especially in northern Spain and the Canary Islands. The operation occurs just days before the deadline set by the government. Credit institutions must have in effect before March 31, a sustainability plan. In total, banks and cajas must be provisioned 50 billion euros to cover the risk real estate.

The merger movement continues

In the case of Banca Civica, it was found in one year € 2 billion. According to Spanish press, Madrid feared that the bank fails to achieve its own objectives. The government should therefore encouraged to approach CaixaBank Banca Civica cheap payday advance. If integration is achieved, it will be two more years to clean up its accounts. Financial reform adopted in early February was precisely to promote the absorption of entities problematic by the biggest banks.

The merger movement has not yet come to an end in Spain. CatalunyaCaixa, another group that also emerged from an initial burst of mergers, also seeking a partner. Santander and BBVA are in the running.

110 billion injected into the financial sector

Between 2008 and 2012, Spain has injected 110 billion euros in its financial sector. 80 billion in the form of bank guarantees, assumed by the State, and 30 billion in asset purchases and direct payments by the public and the banks themselves. In 2011, the government of Jose Luis Rodriguez Zapatero has merged the fund deposit guarantees, and has forced banks to take losses in the sector. This policy was pursued by the Conservative government of Mariano Rajoy. "The restructuring will not cost taxpayers one euro," promised the Minister of Economy, Luis de Guindos. Large banks, however, require the government to participate in the national effort.

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Unions of La Poste have been heard. Rocked by three suicides in six months, the postal group has taken the measure of social malaise that reigns within its walls. According to the Journal du Dimanche, its CEO, Jean-Paul Bailly, is expected to announce Monday a suspension until September of the reorganization of the branch e. A break of nearly six months during which discussions will be held with employees to improve their working conditions. At the local level, first, the regional offices of the Post Office will begin negotiations on the reduction of work patterns in post offices. At the national level, then, Jean-Paul Bailly launch the establishment of a "social warning unit" and could also release a budget to support the weakest agents, specify the sources cited by the weekly Sunday. Contacted by The Figaro.fr, the group was not immediately available for comment.

La Poste has accelerated its timetable for ending the crisis, after the suicide last Sunday as part of a group in Britain. In a folder left behind, this forty, who had been off long illness since November and was found hanged at his place of work in Brittany, had denounced a hard three years from its hierarchy. This was the second suicide in Breton Post in ten days. February 29, Jeremy Buan, a senior of 28 years, had committed suicide by jumping from the top floor of La Poste in Rennes, in the Ille-et-Vilaine. He too had reported his "outstanding work" in a letter released by his partner. Immediately, the Post Office had opened on Tuesday for talks with the unions on "health and welfare at work", promising that "proposals" would be made "before summer".

The bracketing, albeit provisional, of the restructuring of the business mail should satisfy the unions who denounced social climate "anxiety" since the suicide last September of a 52-year employee who was, also, défenestrée the fourth floor of the financial center of the 15th arrondissement in Paris. "This situation is unfortunately not unique to the post office," said Antoine Le Séguillon this week, a union representative GSC in Figaro.fr. "And it is not unique to Britain," he said hoping that the leadership would engage quickly "concrete actions".

Action plan against erosion mail

Faced with the erosion of its mail business, which it considered that the volumes would collapse by 30% over 2008-2015, the Post Office had drawn a new plan in 2009. Jean-Paul Bailly had emphasized that this branch should "reinvent themselves" by offering new services. Gradually, the schedules of post offices have been extended throughout France, robots have been installed to reduce waiting times for customers and, last September, The Post has completely redesigned its line of mail.

A strategy that has "paid off", welcomed the group during the presentation of its annual results on March 8. While lower volumes continued with a decrease of 3%, after falling 3.3% in 2010, the mail business recorded a turnover stable at EUR 11.5 billion (+ 0.3%), more than half of the total activity of La Poste. But for the unions, these good results have been costly to employees. According to the CGT, it was obtained "at a price of 10,091 job cuts" and an increase in sick leave.

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A few weeks before the start of the tourist season in Greece, industry professionals are concerned about given the country's image abroad. The clashes that broke out between police and demonstrators, repeated strikes in public transport and the crisis affecting the economy, trade and health, greatly tarnish the reputation of "Mediterranean paradise" Greece had so far.

For Francoise Deschamps, Director of Travel Agency Profile in Athens, it is a bad trial because the country. "Violence is not the nature of the Hellenes. There are fewer demonstrations and strikes if they only last a few hours when it comes to archaeological sites. The Acropolis is always accessible to all, "protested she.  

Lower prices

While acknowledging that bookings were down this summer, Francoise Deschamps makes a point of honor to overcome stereotypes, "apart from the American Express (which is rarely accepted because traders are unwilling to pay 7% commission) you can pay everywhere with a credit card or a Visa. No need to bring cash into oneself. Distributors are always stocked, "she says.

The large luxury resort with beach, private pool and gourmet restaurant at the guesthouse, hoteliers were for the most part, forced to lower room rates and offer additional services to each reservation. "Our prices have dropped by at least 20%," says Adrian Vassilikos, director of Airotel, owns six hotels in the country. If the crisis is especially hoteliers, because of increased taxes and reduced bookings, Adrien Vassilikos remains confident: "Tourists know that Athens, like the rest of the country, is one of the most safest in the world. No risk of terrorism or crime. The crisis has not increased the number of pickpockets. To this we must add that in case of accident or illness, we have very capable hospitals, providing care free and urgency, "he said cash advance payday loan.

Of solidarity

Tourism is the second largest economic sector in the country, representing 17% of GDP, after shipping. In 2011, Greece has benefited more or less the effect of revolutions and Arab tourism, compared to the previous year, increased by 10%. This year, some professionals rely on the solidarity towards Greece, shot by the crisis. This movement is gaining ground worldwide and in all sectors. Twenty major Greek groups, as the airline Aegean or Coca-Cola Hellenic, even financed full-page newspaper ads French, German, Dutch, Belgian and British. Under the slogan "give a chance to Greece", these advertisers show a country in flux, despite its economic vicissitudes.

A bank of tourism in the study

To improve the competitiveness of the tourism sector, the Greek government uses the aid of the "task force". This working group of the European Commission, whose representatives are installed in the Greek capital, shook the tourism industry. "Being competitive yes, but then to build infrastructure for mass tourism, there is a margin," worries Francoise Deschamps, Director of Travel Agency Profile. "Greece is a country that fits the needs of every tourist. You can still find himself alone on a beach, eating in a tavern or family homestay accommodation is unique and should not destroy it for the sake of competitiveness, "she adds. Several projects are in preparation at the Ministry of Finance including the creation of a bank or tourist development projects of ancient sites, remote islands from Piraeus or agricultural areas.

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Despite a second half which was to fear the worst, business failures were flat last year compared to 2010 when they were increased by 20% between 2007 and 2009.

According to a study by Deloitte and Altars, 58,195 companies have experienced serious difficulties in 2011. A decrease of 1% compared to 2010. 18,518 were placed in receivership. 39,677 direct into liquidation.

These figures are significantly higher than pre-crisis, during the period 2000-2007. "The failure level is impressive," says Martine Rivet, magistrate from the Commercial Chamber of the Tribunal de Grande Instance, Strasbourg cited in the survey Deloitte-Altares.

Areas heavily affected are the retail, grocery stores and food processing. The building also continues to suffer. Companies that have the highest increase in defaults are those with less than six years of existence (31,813 procedures) and companies conducting more than 50 million euros in turnover. Geographically, most of the failures are concentrated in the Ile-de-France (20%) in Provence-Alpes-Cote d'Azur (11%) and in the Rhone-Alpes (10%). The momentum of the second half of 2011, 2012 promises to be difficult. In January and February, 10,889 companies were placed in receivership, liquidation or judicial safeguards against 10,294 in 2011 and 9724 in 2010 over the same period.

March, "the heaviest month"

Companies with more than 50 employees are the first victims with a 42% increase compared to January-February 2011. Mars will be a good barometer to know the trend of the year. "This is traditionally the heaviest month for the number of firms in difficulty," Thierry Millon analysis, design manager at Altares.

The crisis has sometimes served as a catalyst to speed falls predictable. Some companies in fact knew of the difficulties for several years, due to insufficient capital and a fall in profitability for a long time. Others could no longer compete with their competitors. "The competitiveness of the French economy needs to be asked," concludes Vincent Batlle, a partner at Deloitte.

In transport, many small companies have thrown in the towel, victims of declining sales, rising fuel prices and foreign competition. German companies have cut jobs in Alsace, where they had settled in the 1980s, to turn back to Germany. "These companies were looking for a cheaper production base and an opening on the French market. Today we are witnessing a counter-movement, "says Claude master-Maxime Weil, court administrator in Strasbourg. In Marseille, the commercial court only deals with records of small businesses because the industrial base has weakened.

The coming months could be very difficult for LBOs (leveraged buy-out) purchased with funds that are struggling to repay their debts.

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Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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Who will be the big loser of the arrival of Free Mobile? While Orange, Bouygues and Vivendi have just published their annual results and must submit his Free Thursday, the operators have their accounts.

In only six weeks, Free Mobile would have earned 1.5 million customers, according to estimates by Stéphane Richard, CEO of France Telecom. Free for now refuses to confirm.

But everyone sees what he lost. Orange said 400,000 of its customers had left for Free Mobile. Bouygues Telecom, a quarter of customers since January parties have joined Free Mobile or 134000. SFR did not elaborate, but analysts said it could provide around 300,000 customers Free Mobile.

500,000 net new subscription

It remains to evaluate clients lost by MVNOs, network operators without these, like Virgin Mobile, La Poste Mobile, Auchan Telecom, etc.. "Some of these operators have lost heavily at the start of Free Mobile. While some have reacted very quickly, it was to stop the bleeding. They have de facto acted as shock absorbers for Orange, SFR and Bouygues, "said one analyst.

MVNOs with models based on commitment and with a strong distribution network suffered the least. And NRJ Mobile, which has 90% of customer engagement in and benefits from the network of bank branches CM-CIC, has limited the damage. The operator that displays 1.1 million customers continued to win in January, before losing around 5,000 in February. "Ultimately, MVNOs may have lost between 200,000 and 300,000 customers," said one analyst.

Summing up all these figures, Free Mobile would have earned about a million customers in the market in its various competitors. The remaining 500,000 would net creation, that is to say, new subscriptions. Given its attractive price, consumers who already have a subscription and can be subscribed to the offer 2 euros (EUR 0 Free for subscribers) as a second subscription or subscription relief.

One thing is certain: the fierce competitive battle was triggered not leave room for all operators and everyone is fighting for its survival.

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It is a repudiation for the Competition Authority. The institution, which had inflicted 385 million euro fine in September 2010 with the main banks operating in France on their pricing of check processing, has seen its decision questioned by the Court of Appeal of Paris. In a ruling Thursday, the latter took the view that in this case, "the grievances of Understanding (…) can not be accepted" and that the banks concerned "should therefore be exonerated ".

The case dates back to the early 2000s, when banks have embarked on the computerization of processing checks. They are then granted to establish interchange fees, naturally passed on to end customers.

Fines must be repaid to banks

Banks have justified the introduction of these fees, which were abolished in 2007, the cost that they accounted for the modernization effort of check processing. One argument considered to be unfounded by corporate treasurers, who saw the impact fees.

In September 2010, the Competition Authority found in favor of the latter, and denounced an agreement on final prices payday loan. A vision not shared by the Court of Appeal of Paris, sought by banks complained, BPCE, Post Bank, BNP-Paribas, the National Confederation of Credit Mutuel, Crédit Agricole, Crédit du Nord, CIC, LCL HSBC France, Societe Generale.

In its reasoning, it considers that the commissions were "directly related to the new system paperless exchange of checks, public interest project neutral in terms of competition law …". It also believes that the Bank Agreement does not constitute "an agreement on final prices."

The Competition Authority may lodge an appeal. When asked, a spokesman said the institution consider what action would give the matter. Fines paid to the Treasury must be repaid to the banks.  

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Inequalities between men and women die hard. On wages, women continued to earn 20% less than men in 2009, INSEE said Wednesday in its latest publication on employment and wages. If this gap has narrowed significantly since 1954 (he was then 35%), it is virtually stagnant since the early 1990s.

This inequality is calculated based on hours of work the same for men and women. But if one takes into account the number of hours actually worked over the year, the gap increases again, due to the higher proportion of women working part-time while they earn nearly 30% of less than men. Positive, however, wage inequality tends to be reduced in less than 25 years.

INSEE explains this persistent inequality by "a qualifying structure" different from each sex. More men, for example, are managers (19% against 12% of women). Even within the same occupational category, inequalities remain payday loans. And sometimes compounded: a female manager in the private sector and 23% earn less than men.

Involuntary part-time

This is partly the effect of the famous "glass ceiling" that prevents women from accessing certain positions. It is also, according to INSEE, the resulting choice of training, industries or career operated by women. Many of them, for example, moving towards the sectors of health or social work, pay less.

The highest proportion of female part-timers do not necessarily result also a choice, especially motivated by family reasons. Even among those who have no children, the proportion of part-time employees is 17% higher than that of men. A figure that reflects the overrepresentation of women in the service sector, where part-time is more widespread.

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Just arrived in Brussels Monday afternoon, Christine Lagarde has distributed the good report was expected of her: "Greece has clearly made major efforts … Now, we need others to do so efforts, and International Monetary Fund (IMF) is ready to work on these bases. "But the CEO was well refrained from giving any indication of the magnitude of the amounts that the Fund might have to put in the pot.

Curiously the German Jörg Asmussen, one of six board members of the European Central Bank (ECB), had announced yet for granted: "We Europeans are waiting (IMF) participate again in height third of the new program "(130 billion euros). This is totally excluded, it says in the entourage of the patron saint of the IMF.

Gone are the days when Dominique Strauss-Kahn had established de facto, in spring 2010, a totally new principle, that the IMF would participate in up to one third in terms of aid to Greece and Ireland and Portugal, the Europeans providing the other two thirds. This rule was applied to the latter two countries, but not quite to Greece where the IMF in assistance loans was only 27%.

And for good reason. It was noted in Washington that the loans in Athens have already exceeded the usual ratios: a country can not receive aid exceeding ten times its share capital to the IMF, according to an unwritten rule but was consistently observed for more sixty years. However, the facilities already enjoyed by Greece reach a multiple of 25.

Accountable

Second difficulty, according to the Wall Street Journal on Monday, the latest "Report on the debt sustainability" would show that by 2020 the ratio was 129% instead of 120% which are considered the maximum allowable. If teams Fund refuse to confirm the risk of skidding, the better to reaffirm that it is imperative that the limit of 120%.

Christine Lagarde, more than ever needs to be accountable to all its 187 shareholder countries, including the United States, which have veto power. While Tim Geithner, U.S. Treasury Secretary, said Sunday that "the United States encourage the IMF to support the agreement (European)". But this does not mean that his country is ready to increase the capacity of the Fund.

The Deputy Tim Geithner even said last Thursday before the Senate, he was no question that Washington is participating in the strengthening of the IMF, including Christine Lagarde has officially set the bar at $ 500 billion. Remember that this project all the countries of Southern Europe that the IMF might have to rescue them.

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Chroniclers weather will give heart to joy. Not only it is cold, but with the wind, "the temperatures experienced" are even lower. The fold is taken: we now no longer communicating indications of the thermometer observed "under cover". It highlights the feelings of bystanders facing the wind. This is obviously more spectacular when it's 0 degrees on the thermometer and the wind blows at 10 km / h, the wind chill is – and it falls 3 ° – 5 ° at a speed of 20 km / h.

This phenomenon that scientists call "wind chill" was discovered in 1940 during an expedition in Antarctica by Paul Siple. But it was popularized there about ten years, when the media, first in the U.S. and Canada, and Europe, have provided consistently figures in their weather reports. Note that this is a physical reality, and not merely a psychological representation: the protective layer of warm air generated by the human body itself at 37 °, must be renewed more frequently that the wind is strong. Perception of cold is very real.

In the economic field also, "feel" of households and between bosses increasingly into play. It even tends to become the main instrument for measuring the economic climate, for convenience of calculation. It is indeed much easier to ask a panel of business owners if their production increased last month to collect their sales activity. The latter procedure requires aggregate car sales, kilograms of tomatoes and air tickets, which is long and delicate.

The services of the European Commission and questioned each month 125,000 businesses and 40,000 consumers in 27 countries of the Union, both on past activity and prospects coming months. These results, expressing the sense of economic actors – soft data, in English – are obtained almost instantaneously. They are often considered more accurate than traditional statistical data on quantitative (hard data). In France, INSEE shows real-time views of households on the labor market, while the Ministry of Labour provides a month late with the number of job seekers.

The medal has its reverse, however. Discrepancies may arise between the vox populi and accounting realities. Upon the introduction of euro notes and coins, there are just ten years, European consumers have moved to a surge in consumer prices by 4% to 5%. The European Central Bank held instead that the drift did not exceed two or three tenths of a point of additional inflation. This discrepancy between official figures and their perception of "real people" led to a series of explanations: consumers are more price sensitive in their everyday purchases, such as baguette, which were most affected by the introduction of the euro, etc..

Policymakers are rightly concerned about how households perceive things. Like the eighteenth century Irish philosopher George Berkeley, they are led to believe that "only what is perceived to exist." When soliciting votes public, which is in the minds of voters has truth value.

The French "are tired of the growing gap between statistics that show continuous progress and growing difficulties they experience in their daily lives", had expressed concern in January 2008 Nicolas Sarkozy. And to bridge this gap between men of art and the general public, he asked Joseph Stiglitz and Amartya Sen, both Nobel Prize in economics, to think about other ways to measure economic wealth than in the sacrosanct GDP. Responding to this concern to "humanize" economic indicators, and other INSEE national institutes have set up a "personalized price index": everyone can calculate – on the website of INSEE – its own inflation rate based on its expenses.

This is laudable, but it is also paradoxical. "The statistics were invented to go beyond what people can see themselves and are now under attack because they do not reflect what people perceive of reality!" , according to former Chief Statistician of OECD Enrico Giovannini.

Worse, it became impossible to escape the image of ourselves, constantly updated, we see in the mirror figures. Its redundancy – just check out the long list of indicators days pending publication – main function to supply high-frequency stock markets, which are fond. For individuals we are, the velocity of circulation of this information produces exactly the same effect as the wind on our bodies. It forces us to constantly renew the idea that we have of our situation. This can only be rehashing debilitating. Feeling of resentment, there is one syllable, and not just any.

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