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Angela Merkel will host the new president of the French Republic "open arms", but firmly defend its rigorous design of economic policy in Europe.

The Chancellor reiterated on Monday that it intends to oppose the limits to the will of Francois Hollande to enrich the fiscal pact of measures to support growth. "The Growth Pact is not negotiable. [...] It is not possible to renegotiate everything after each election ", otherwise" Europe no longer works, "said Merkel at a news conference. "Greece could also ask to renegotiate" the austerity plan that it implements in exchange for international aid, for example, she warned. The spokesman for Angela Merkel, Steffen Seibert, also reiterated on Monday that 25 out of 27 countries had ratified the pact adopted snatched a few months ago, and it was therefore "impossible" to renegotiate .

Angela Merkel, provided, opened the door Sunday, the adoption of a new Growth Pact for the euro area, which would add to fiscal pact. But it has clearly defined the limits between what is acceptable and what is not. "Germany is not a growth deficit, but growth through structural reforms", said Steffen Seibert on Monday. In line with about Mario Draghi, the chairman of the European Central Bank (ECB), German Chancellor intends to primarily boost growth in Europe by a sucroît competitiveness, notably by reforming the labor market no fax cash loans.  

"Working well and intensively"

For his part, Francois Hollande called for a resumption of growth through capital investment in infrastructure, new energy and industry. The Socialist would draw upon the European Investment Bank (EIB), he wants to strengthen, and remount the EU tax on financial transactions. The contrast with Chancellor Angela Merkel would be so much more frontal Francois Hollande wanted to introduce shared Eurobonds, or reform the statutes of the ECB. The two countries should compare their growth strategy in the coming weeks. Chancellor, who invited the new president on Sunday in Berlin, said she was ready to "work hard and intensively" with him.  

President of the European Union, Herman van Rompuy, announced late last week preparing an informal meeting on growth and employment, to the end. This meeting will aim to prepare the EU summit on 28 and 29 June next devoted to the same topic. Several European countries have in recent weeks called for further stimulate growth in Europe. In addition to Greece, whose austerity policy has been sanctioned by the polls, Italy and Ireland were pleased to see growth back at the heart of the European agenda.

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Under cash advance loan facility borrowers are not required to fulfill tedious faxing process.

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

 

Financier, philanthropist, George Soros published by Presses de la Cité The Global Financial Chaos, a book in which he details the relentless chain of events that precipitated the world of the subprime crisis than in the euro area. He shares his solutions for the financial reform and save the single currency.

LE FIGARO. – How do you judge the situation in the euro area?

George Soros. – The crisis is worsening day by day. Politicians have said that it was prematurely terminated, but that is incorrect. The situation is even worse since the beginning of this year certainly intelligent and exceptional measures taken by the ECB has lent € 1,000 billion in three years European banks have helped alleviate these and indirectly support loans States, but they have only to save time. The underlying problems remain. The differences in competitiveness between countries, which have widened when interest rates were converging, remain. Furthermore, the differences between creditor and debtor countries have worsened. One of the most disturbing in the euro area is currently re-nationalization of the debt markets to which we are currently observing. Spanish banks buy debt Spanish and French banks of the French debt, but you see more of French banks to buy Spanish debt. This could potentially blow up the euro. As if we were trying to recreate eggs after making an omelette. It is however not an inevitable process and there is still time to reverse things by taking political decisions really original.

Why?

Europe must establish a real growth policy. We can not escape from a situation of excessive debt just by practicing austerity, because it causes GDP to fall and, ultimately, in nominal terms, the debt burden increases compared to the national wealth. The ultimate risk with too much austerity, it is plunging into a deflationary trap of over-indebtedness, which is the road to disaster. The best way to reduce debt is therefore parallel to the rebalancing of accounts, to maintain GDP growth.

How to sustain this growth? By stimulus measures or structural?

Structural reforms are necessary but not sufficient. We must put money back in growth projects. It is impossible for countries to have exceeded the limits of Maastricht. The only solution is to raise capital throughout Europe.

The rest of the world can he finance this stimulus?

No. If Europe makes the right decisions, they can save themselves only. She has no choice: it is absurd to be financed by the Chinese whose standard of living is one-tenth that of Europeans. How can we ask in these conditions for China to continue to pay our way of life? In addition, we should not always rely on help from the IMF, because the loans from the fund are always compared with other seniors. Mechanically, this degrades the value of other debts contracted by governments and costs more to them, which does not solve the problem of financing the fund. And do not forget that IMF assistance in exchange for drastic savings measures, the country may plunge into a lost decade, as in Latin America of the 1980s.

How can Europe pay her own recovery?

One of the problems of the common currency is that it prevents countries from issuing their own currency and that their obligations are, somehow, in foreign currency. However, we can reverse things a bit, because states have transferred their right of seigniorage – the one to beat the currency – the ECB, which draws 25 billion profit a year. According to independent studies conducted by two economists, Willem Buiter, Citibank, and Huw Piil, Goldman Sachs, the seigniorage represent a capital value from 2000 to 3000 billion euros. We could group them in a special fund to lend to states to finance their raise in exchange for serious budgetary commitments of the latter.

The Germans would they agree to such a policy?

The German people have difficulty understanding why a policy that worked in his case may not necessarily work for all of Europe. Reduce wages and profits to regain competitiveness is an expansionist policy one way he can not play consistently across an entire area. In a closed system, not everyone can be a creditor at the same time. The Bundesbank should understand but it is unfortunately prisoner of his ideology that recognizes the dangers of inflation and prevents him from seeing the risks of deflation. His situation is ambiguous because she feels that the eurozone is threatened. Proof, it is taking steps to limit its losses in case of dissolution of the euro area. This coverage is raising, asking for higher guarantees to other central banks of the Eurosystem in which it lends money, is potentially self-fulfilling.

The euro bonds are they a solution?

I agree with President Sarkozy when he said that the euro bonds may not happen at the end of the process, when better budgetary cooperation is established between the countries.

Bank regulation is necessary?

Yes, more than ever. The crisis is more a banking crisis a fiscal crisis. With the exception of Greece, all other European states experiencing fiscal difficulties have now slipped because of their banks: Ireland has cut its deficit to nationalize its financial institutions and Spain is experiencing tension because its banks suffering from the bursting of the housing bubble.

France can it be attacked by the markets after the second round?

France must prove its ability to quickly boost its economy, taking strong structural measures, but they may not be sufficient. There is a reality in any case in which France can not escape: his difficulties in reforming the place permanently in a weak position against Germany, which is only in charge of Europe at the moment.

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"There is no market in the world where one can say that our expansion is complete." Signed Thomas Lourenco, owner of H & M France, this assertion could be pronounced with the same assurance by his peers Zara, Gap and Uniqlo. From New York to Shanghai through Roanne and Cape Town, the four largest clothing retailers in the world are opening every year by hundreds of shops.

Spanish Zara, Swedish H & M, Gap and American Japanese Uniqlo are all facing the same problem: on their home market, the sales growth slows, when it is not negative. "Diversifying internationally is an emergency, insists Luca Solca, head of research at CA Cheuvreux Europe. The economic slowdown, particularly in southern Europe, is likely to be higher than expected. "

Zara and H & M are still dependent on Europe for more than half of their sales, while Gap focuses 68% of its activity in the United States. Last year, the benefits of Fast Retailing, Uniqlo's parent company, they have been sealed by its poor profitability in Japan, where the brand 80% of its sales. The Japanese group has up its sales targets for this year, but its growth (14% to EUR 9 billion) will come mainly from abroad.

Uniqlo and its three main competitors have no choice but to accelerate in emerging markets, starting with the most promising, China. In 2011, Inditex (Zara's parent company) has opened 156 stores and is 400 by the end of the year. Decided to carry more than half its sales outside Japan within four years, Fast Retailing plans to open 100 stores in Asia this year, including 80 in China, before doubling the pace in 2013. The Japanese want to pass Zara and H & M in China, where Gap has to spend 15 to 45 stores this year.

Adaptation of forms and colors of clothing

The four giant jacked and on other emerging markets. H & M has just opened in Mexico, Thailand, Latvia. Swedish now eyeing South Africa, where Zara plans to open in Johannesburg and Cape Town. The Spanish also investing Australia, Taiwan and Peru. The Gap American ventures in South America, via Chile.

Uniqlo also hunt on the land of origin of its rivals. After all, Europe is still, by value, the first in the world market for clothing. The Japanese also sees the potential in the United States. After opening two "flagships" in New York, he announced a first store in San Francisco, and an innovation center and offices to handle logistics and human resources. It plans to open hundreds of stores in the United States, seeing a market of $ 10 billion by 2020. H & M, which opened 200 stores in the U.S. since 2000, and Zara, which has 47, can not take the risk that the Japanese enjoy one of the disappointments of Gap in the U pay day loans.S..

Neither group can not abandon its traditional market, the risk of yielding market share. Zara and H & M and continue their offensive in France. The Spaniard will land in La Rochelle (Charente-Maritime) after the summer; Swedish invests him with smaller cities like Roanne (Loire).

This conquest accelerated on every continent requires the giants of fashion to reshape their strategy and working methods. Paradoxically, refining collections is relatively simple. They remain in effect to 80% common to all countries. Zara added a size XXS for Japan, Gap smaller sizes in Shanghai, "where people are smaller," and other major Beijing … H & M has dedicated her clothes formatted in the UAE.

Brands also avoid sending too much green (color of the husband or wife cheated) and white (color of mourning) in Asia, and juggling the short or long sleeves at the option of climates. Lines of spring H & M are adorned with pastel colors, such as Uniqlo, yet partisan bright colors. Blades are apparently more seyants skinned fashionistas Chinese very well and flatter your tan Europeans. Globalization can sometimes synergies in the colors …

Higher prices by 30% in the Chinese market

For now, the Chinese conquest of clients has not changed the procurement strategies of the giants of fashion. They have responded to higher cotton and wages in China. H & M still produces most of its collections in Asia, but increasingly in Bangladesh. Uniqlo stocks up 80% in China, but part of its production is relocated to Vietnam, Indonesia and Bangladesh. Zara, meanwhile, increased its production in Asia and will continue this strategy. But "we will always maintain at least 50% of our supplies in Europe," says a manager of Zara, whose production is mainly located in Spain, Morocco and Portugal. This asset can deliver within 24 hours of Europe, and in little more time in Asia, where customers are fond of European products.

Result of this procurement strategy, the giants of fashion practiced in China prices averaged 30% greater than those displayed in Europe, partly because of taxes and customs duties. So, high prices encourage Chinese purchasing power remains low, to consider Zara, H & M and Uniqlo brand as "premium". "This will force these retailers to improve their quality," says a consultant. Or, conversely, to harmonize their prices. "Especially since they are exposed to local competitors, the European-sounding names, such as Hong Kong's Giordano, much cheaper," says Anne-Laure LINGET, the Federation of knitwear and lingerie. In China, the war between Zara, H & M and Uniqlo may be more complicated than elsewhere.

 

High school students and students seeking a future career or employees looking for your conversion, go to CareerCast.com. You'll find 12 jobs in gold favored by the Americans, but also those to avoid at all costs because of their low growth prospects, levels of remuneration, the stress function or quality of the environment working.

Among the jobs to avoid at all costs, across the Atlantic, the lumberjack (dangerous, poorly paid and endangered) of dairy farmer or a soldier! Other trades that are no longer dreaming, perhaps because of their poor prospects for hiring in the coming years, that of a journalist in a newspaper or radio reporter

. Trades dream

Conversely, the best job for the Americans is that of a computer engineer. The salary range is between 55,000 and 133,000 dollars, with an average salary level of 88,000 dollars high risk personal loans. About the prospects of hiring, they are important short-medium term. Other "dream jobs", actuaries and human resource managers (whose development prospects are greater than 20% per year by 2020) hold the rope.

These positions correspond to business students that dreams are made of this side of the Atlantic? Several surveys have been conducted in recent years on this subject, with sometimes surprising results. 18-25 The overwhelmingly popular crafts such as actor, ambassador, singer or airline pilot. While others see themselves as secret agent, a successful writer … or supermodel.

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Less than three weeks of its annual general meeting, it is very bad news just learned that the 40,000 shareholders of Berkshire Hathaway. Buffett suffers from prostate cancer.

"This note to say that I was diagnosed with prostate cancer stage 1. The good news is that my doctors told me that my health does not put anything in my life in danger or does not weaken me enormously, "says legendary investor highly respected in the financial community, in a letter. In his message, he explains that he and his doctors decided he would undergo radiation therapy for a period of two months starting in mid-July.

This protocol will restrict its ability to move, but not prevent it to work everyday, he said. The shareholders of its holding company, Berkshire Hathaway, will be required to the evolution of his health, he further said.

However, the American billionaire sought to reassure its shareholders. "I feel very well – as if my health was perfect – and my energy is 100%" guarantee multibillionaire. More importantly, this announcement comes six weeks after the guru of finance said that the estate is already assured. He concluded: "I will inform the shareholders (Berkshire Hathaway) immediately if my health changed. One day, of course, it will happen. But I am convinced that this day is still far from us, "he concludes.

 

Undisputed king of big hypermarkets, Auchan is still not satisfied with its supermarkets in France. The revival began in 2009 has not had the desired results. That year, Atac supermarkets had moulted within a few months in Simply Market, a concept "midway between discount stores and supermarkets," considered at the time as one of the most innovative.

Like the hard discounters Aldi and Lidl, the sign promised to offer low prices permanently, without promotion, building on the savings from reducing the number of references. The investment of 100 million was the largest ever made by the supermarket industry. But in the first month the Simply Market are struggling to approach two goals: increase revenue by 5% to 10% and volume growth of 10% to 15%.  

"We started to rework the concept in April 2010, adding between 400 and 500 references, including national brands and premium stores in 21 tests. The results were improved immediately, Hamet recognizes Gilbert, chief operating officer of the Ile-de-France Sud, which inaugurated Tuesday in Saclay, near Paris, a concept more upscale, radically different from the original. We had to go even further. The Market Simply type, like Saclay, has 14,000 references, 4,000 or more than three years ago. "

This description applies only to the Simply Market in category "food supermarket of attraction." As Auchan is also reneged on its uniform concept, which was not sticking to park Atac, very heterogeneous. Supermarkets, which vary from 500 to 3,000 m2, now have no fewer than five different vocations, the store "ultraproximité" located at the foot of the buildings in the downtown "store of great attraction" in rural areas, compared to small hypermarkets.

60 stores will be revamped this year

"All the Simply Market are committed to being the cheapest way to store their catchment area, Gilbert said Hamet. Our price image has suffered from the gradual introduction of national brands. We lower our prices again and communicate about it in May. We insist particularly on the products in less than a dollar, supplemented by our own list of 52 products permanently low prices, including for example the croissants and steaks. "

Simply Market also relies on promotions, which were reintroduced: an article in ten is now sold at a discount. It is still two times less than the average recorded in supermarkets, but it's the level of promotion in Monoprix.

By the end of the year, sixty Simply Market will be revamped in France. They are especially enlarged to accommodate more products. Auchan seeks a return on investment in 5 years instead of 7. Gives an important family group, which has invested heavily in 2009 and wants to finally find the right formula for its supermarkets. Despite these tentative beginnings, the group is still growing 12% a year for this industry, which must have 3,000 stores worldwide, including 1,000 built in 2015.

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"Ask the fiscal program of Sarkozy!

"Ask the fiscal program of Holland!

It speaks only of "it": family, friends, in shops, on leaving school … Less candidates in the presidential election evoke, he obsesses over the French. "It" is the higher taxes will fall on taxpayers in the coming months. For if not all are promised the same tax hell, few people are certain to escape. ISF for VAT through the income tax, local taxes or the CSG, all candidates for president – without exception! – Promise to raise taxes. More than seven in ten French expect, according to our survey Opinion Way – Fiducial.

Recognizing the need to redress the public accounts, the French are frankly skeptical about how go about policies. According to our survey, 83% believe it would be better to start by addressing the reduction of public expenditure. Las … Both favorites of 6 May, Nicolas Sarkozy and François Hollande, have detailed these days their tax proposals, which leave little doubt about their intentions.

Click on the thumbnail to enlarge the graphic.

Side of the president candidate, it is argued that the rebalancing of accounts goes to three quarters by controlling public spending. Higher taxes will do that for one quarter. Moreover, it adds in the entourage of the head of state, the bulk of tax increases has already been voted. In recent months, 32 billion in new revenues were indeed acts by Parliament and began to take effect. It is largely due to the increase in the tax burden that France was able to record a deficit lower than expected in 2011: 5.2% of GDP instead of 5.7% originally expected.

The reduced VAT rate increased from 5.5 to 7% in late December (except for staples). Social charges on savings have been identified, tax loopholes, planed, and an outstanding contribution is requested with the highest incomes. A total of 11 billion euros of additional levies on households' most-favored "have been decided," because the solidarity required "at this time of crisis, Nicolas Sarkozy justified in his Letter to the French. How to respond to the argument of "tax giveaways to the rich made" repeated by his opponents to long speeches.

Conspicuously absent from the count of the president candidate, rising by 1.6 percentage points of VAT, already passed, is expected to come into force on 1 October. "It is not a levy increase, as it will be fully offset by reductions in social charges on low wages," says one of his entourage. Not sure this is enough to convince the French, skeptical of this "social VAT" (52% opposed, according to our survey).

Nevertheless, it remains to be Nicolas Sarkozy another 8 billion euros to find to meet its goal of a return to 3% deficit next year. But the UMP candidate has promised if re-elected, "no tax increase will weigh on households', except the famous" tax on tax exiles, "which he expects 500 to 700,000,000 euros year.

tax reform is the No. 1 priority of Holland

With Francois Hollande, however, taxpayers will not have completed the tax increases. If elected, the Socialist candidate wants to make tax reform the "mother of all reforms" of his five years. He warned that the tax burden would contribute half the recovery of accounts of the country and announced a forty billion of new taxes, of which 16 billion would weigh on individuals, especially the "most affluent". The team of the socialist candidate is careful to note that these increases would be added to those of M. Sarkozy … because, apart from the increase in VAT on books (from 5.5% to 7% since April 1) and the "social VAT", the PS candidate does not come back on measures already enacted.

By the summer, according to its "road map" published on April 4, Parliament would be asked to vote shock measures announced during the campaign, such as capping of tax loopholes to 10,000 euros per year, great tranche of 75% for revenues of over EUR 1 million, but the end of the tax exemption of overtime.

Despite this clarification in the calendar, remains a big blur of headlights more ads. For example: measures of higher taxes on income, such as super-slice or ceiling niches, would come into effect this year or January 1, 2013? The tax on millionaires would it apply to income tax or the home, such as tax practitioners presentiment, by hand? What about the ISF – payable in June – that Francois Hollande plans to burden? Would it be postponed until September? Is there a tax shield to 85% of income as suggested by the candidate? His entourage of these questions is swept out of hand: "These are questions for a budget minister, not a candidate as president." Tuesday, Michel Sapin, in charge of the socialist project, said the super slice to 75% would last "as long" as the recovery of the finances of France require.

Beware of leaving headquarters

Meanwhile, it was panic. Tax consulting firms claim to be inundated with requests for expatriation. "There is a before and after 75%," says a Parisian tax. Unprecedented fact, artists stamped on the left as Jamel Debbouze have spread in the media against proposed tax of Holland. Francoise Hardy has even been suggested (Paris Match 5 April) that it would move to London if they win socialist. Not sure that her friend is still a rose … Especially as the Socialist candidate, in reply, accused the stars of "whining" about their taxes! But the Dutch team, in private, multiplies the reassuring statements. The super slice? This is to "send a signal to the bosses of the CAC 40 and their extravagant salaries," they say. Everything will be done to protect athletes and artists (how? Mystery, equal taxation is a constitutional principle sacrosanct).

And for everyone else? For the Socialist tax plan, if passed as is, would increase the rating of millions of taxpayers, far beyond a few hundred privileged, as shown by simulations that we have asked the Cabinet Delsol Lawyers. Certainly, large estates and high income are at the forefront. But they are not alone.

Take the alignment of taxation of capital income on those work. This provision "could have important implications for public shareholding," warns Mathieu Le Tacon, Delsol of Lawyers, which states that dividends are already taxed once at the corporate income tax (33.3%) in the company before being taxed at the shareholder. The taxation of overtime? It will affect many employees, and 235,000 teachers who have won, thanks to them, additional one billion euros last year.

 

One million dollars per day, or 750,000 euros. Such is the cost of operations by Total to plug the leak on board its platform Elgin, North Sea, said Monday its chief financial officer Patrick de la Chevardière. Added to this bill a loss of $ 1.5 million each day (1.12 million) which corresponds to the cessation of production from fields adjoining the Elgin and Franklin, for a total cost estimated to about 1.9 million euros. These two deposits, located 240 kilometers off the coast of Aberdeen in Scotland, representing 2% of the total hydrocarbon production.

The company was still awaiting the green light Monday from the British authorities to dispatch technicians on the platform, removed a week earlier. Total will begin simultaneously on the one hand, to "kill" the leaking wells at the platform, out of the water, and, secondly, to drill two relief wells Faxless payday loans. If the first operation, "relatively easy", according to Patrick Chevardière, successful, drilling (at least 100 million euros and six months of work) will be useless.

According to Total, gas, mainly methane, disperses quickly in the air. Only 7m3 of condensate (light oil such as gasoline) are currently prevalent in sea Greenpeace, arrived on Monday with a vessel area, intend to verify these statements.

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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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