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An "outstanding contribution to the very high income" will take the form of a levy of 3% apply to the portion of income tax reference year – per unit – in excess of 500 000 euros. This measure, which will hit the income received in 2011, will be removed when the public deficit below 3% rise in GDP, the Prime Minister promised. That is to say, after 2013, if France keeps faith by then. It should yield about 200 million euros annually to the state, said François Fillon.

With these sliders, the government has chosen an option rather hard compared to simulations which circulated so far. To deal with the sling MPs claiming an additional tax on income, the executive was committed in the spring to tax the very high salaries, classified as "extravagant" by some ministers.At the time, these were set very high incomes in excess of one million euros per year, as defined by government officials.

But since the bursting of the debt crisis this summer, the political and economic climate has changed dramatically. So much so that sixteen French bosses have called earlier this week in an article in the Nouvel Observateur to the establishment of an "outstanding contribution".

The Germans have set the bar to 250,000 euros

The government has heard beyond their expectations. All income, those of capital and those of labor, will enter the base of the new tax, a requirement of parliamentarians. Finally, the cursor is set at 500,000 euros per unit of revenue. "We hope that even this level falls below EUR 500,000 during the parliamentary debate," says a government source. This hope is unlikely to be disappointed.Pierre Mehaignerie, president of the UMP Social Affairs Committee in the Assembly, wants the tax applies at 80,000 euros per person. No one can say today what compromise out of Parliament. But for the government, the threshold of 250,000 euros seems difficult to cross. Indeed, the Germans more or less set the bar at that level (250,000 euros per person) for each additional tax on income to 45%. A level that touches the very top of the middle class.

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Surf the Internet at home while monitoring its consumption. The 64% of French people connected to broadband Internet via a box, are not used. Yet they should consider this option. According to an information site Owni, operators in considering the effect of limiting access to the fixed Internet to deal with a network saturation.

The thinking has already begun by the operators, with the French telecoms and consumer associations. The idea of ​​a limitation of the offers is suggested in a paper dated July 21, which summarizes the means to implement for better consumer information. Attached to this document is an example of a table summarizing the supposed best offers.It shows, by type of household equipment ADLS (zone bundled, unbundled or very high speed), the boxes in which the operator must notify the "IP flow up to the offer," "the ceiling of consumption" and the consequences of exceeding the ceiling and a limit of downloads per session.

As the mobile

Operators could then be applied to the fixed Internet connection limits already in force on smartphones, which also apply to operators to be regularly singled out by consumer associations. On equipped mobile Internet, the connection itself is seen as limitless is slowed or blocked depending on the offers, beyond 500 megabytes (MB) or 2 gigabytes (GB).The operator then offers to large consumers to buy a new block of bytes.

The reason given by operators to explain the application of these methods is also fixes the same as for mobile phones: network saturation. In the July 21 document, a paragraph that mentions the need to ensure "continuity of service for all users, not financially penalize heavy users" alludes.

French operators and want to learn from the Internet Service Providers UK and U.S. have already implemented this system. United States, Time Warner, Comcast, Verizon and AT & T offer a connection often capped at 250 GB per month, customers finding themselves obliged to monitor their connection counter to avoid unpleasant surprises.

"Unacceptable"

If the operators claim that consumer associations adhere to their thinking, the most virulent of these, UFC Que Choisir, insane. Edouard Barreiro, in charge of digital within the association, cited by Owni said already that "this decision is unacceptable." According to him, "limit on the fixed Internet has no economic justification, he says. Fixed costs do not vary with consumption of users, or very little. Operators are seeking to extort money from both sides: first, content providers like Google and consumers. Traders feel all powerful. " Arcep, the telecoms regulator, was also described this change as "bizarre".

In turn, a spokesman for Orange, Jean-Marie Culpin, stick to his guns. "There are some packages on which we could put the thresholds," says he Owni.But he admits that this strategy is for "people who download movies all day" but is instead "an unacceptable impact if more customers." Proof is that reflection is not yet stopped.

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Markets as nervous, there are words that come to wave the red flag when a decision. In reporting on Thursday that the U.S. financial regulator was concerned about the liquidity of European banks, the Wall Street Journal triggered a new access of hysteria on bank stocks.

If French banks, Societe Generale, in particular, were stigmatized last week, the storm did not make a market area yesterday. The Barclays dipped by 11.5%. Fellow HSBC lost nearly 6%, slightly less than Deutsche Bank or the Italian UniCredit. In Paris, Crédit Agricole and BNP Paribas were down about 7%, while Societe Generale unscrewing of 12.3%. The Franco-Belgian Dexia, meanwhile, lost about 14% of its stock value.Following the opening of Wall Street, U.S. banks have followed the same slide.

The Wall Street Journal, the New York Fed, the financial regulator of Wall Street, puts the pressure on the U.S. subsidiaries of European banks strengthen their liquidity cushion. History of securing their record if their parent would have problems. Most European banks overseas do not have their networks providing local funding. As a result, access to resources in dollars can be complicated for these players. An unidentified European bank and borrowed $ 500 million Wednesday to the European Central Bank.

The quest for the dollar

During the 2008-2009 crisis, European banks had largely entered the office of the ECB for greenbacks for force feed their trading activities or loans in the United States payday loans.We are still far from levels at the time. In May 2010, the Fed and the ECB have replaced the pipes essential to enable them to exchange their currencies.

Since the beginning of the crisis of sovereign debt in Europe, the major concern is that it degenerates into a crisis of liquidity. That is the risk aversion is exacerbated to the point that banks no longer find funds to finance themselves, as was the case in 2008 after the fall of Lehman. On this side, the signals are not very positive. For many small Spanish banks or European banks, the ECB has become the only means of financing.

In recent months, U.S. money market funds began to withdraw from European banks. Last week, the fear that Chinese institutions are following suit had revived the panic over bank stocks.

The problem is that markets are not the only doubt.Regulators also are concerned, not just the United States. London, Paris or Milan engage in the same fight. Remembering how Lehman has siphoned off three days before its bankruptcy all the cash from subsidiaries in Europe to repatriate to the United States, each jurisdiction dearly defended its interests. "We are witnessing an escalation of the regulators," recalls one banker.

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Professionals of the solar French looked forward to these provisions since the beginning of the year. Nathalie Kosciusko-Morizet for Le Figaro reveals new rules for large installations in excess of 100 kilowatts peak (kWp) more than 1000 m2 of photovoltaic panels. They go through a series of tender whose final details were refereed this weekend at Matignon.

The aim, says "NKM", is to stimulate the development of a photovoltaic technology made in France. "The previous system (with the purchase price of photovoltaic electricity by EDF very favorable, Ed) favored the volume and price. The companies have made in the technology standards. "The new scheme aims to develop innovative technologies on which high yield" French companies are well positioned, "says the Minister of Ecology."We have not developed industrial mass on the first series of panels, but we're not trying to go after China and Germany. We are planning the next move, "says NKM.

Now all the facilities of over 1000 m2 will be tender. With two categories. For installations "average" (from 1000 to 2500 m2), the specifications will be simplified, and the main criterion for selection will remain the price. In other words, the candidate who offers the current EDF cheapest wins. A first batch of 120 MWp is to be published on 1 August, in the opinion of the Commission for Energy Regulation (CRE) expected July 26. Follow the quarterly on six 30 MWp each. These volumes will cover two and a half years "to give visibility to the industry," said Nathalie Kosciusko-Morizet.And guarantee of "credibility" of the device – but also clear political signal – the first competition the candidates will be selected before the presidential election.

The second category of calls for tender for the large facilities of more than 2500 m2 and covers a total capacity of 450MWc (read the cons detail below). In addition to the price that will account for 40% of the notes will weigh other criteria: the industrial project, the research contribution and the environment. Example cited by NKM: solar power projects on a brownfield or a former quarry will be clearly favored over a planned plant on agricultural land. Also new candidates must provide guarantees of recycling and decommissioning of their plants at the end of their life cycle.Through these tenders, the government wants to promote technologies such as still emerging mobile mirrors that track the sun throughout the day.

Professionals expressed particularly through the union of renewable energy (RES) denounced the ceiling of 500 MWp per year announced in March for the entire industry. This is not a ceiling but a target, insists on the ministry. Which will be passed this year, since, already, for the first quarter alone, 300 MW were installed, as announced in Le Figaro NKM July 5.

Objective achieved Grenelle

Added to 973 MWp installed in late 2010, according to the Charpin report, the objective of 1100 cumulative MWp for 2012 set by the Grenelle of the environment is already exceeded. "There was no halt in the industry," insists Nathalie Kosciusko-Morizet, supporting figures.However, the minister understands that "the successive changes of the frame, every six months since 2008, have been penalized. But this period is over, "says she.

Meanwhile, the gel three months declared photovoltaic systems weakened in December of SMEs and forced some to put the key under the door. Even if individuals were not affected by the moratorium, nor by lower prices, the market has slowed, we are assured the SER. For some SMEs, between the moratorium in December 2010 and the response to tenders in the spring of 2012, eighteen months without activity have been fatal. Of the 25,000 jobs in the sector, the Ministry states that the workforce in research (8200) should increase. The remaining jobs (16,700 in the installation and consulting firms) are subject to "adjustments" but should also benefit from the new framework.

"I want to make a new pact of trust with the photovoltaic industry," says Nathalie Kosciusko-Morizet. Professionals to respond.

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The idea of ​​a debt restructuring Greek away. Not that the Greek finances are better, but the idea of ​​establishing a new financial assistance plan to avoid bankruptcy again the country is preferred. A year after the granting of a loan of 110 billion euros, and Europeans should put money on the table … to conditions that Greece itself consents to further efforts.

According to latest information, this aid would be encrypted between 60 and 70 billion euros. The IMF would disburse 10 billion euros and the European Union, 20 billion. Greece, she will find 25 to 30 billion. How? Increasingly advanced the idea of ​​involving the private sector in these efforts. The basic idea is that banks maintain their exposure to Greek debt on a voluntary basis, to prevent capital flight.It argues that Germany: "It is important that the private sector assumes its responsibilities," said-there at the German Ministry of Finance. And the ECB seems to favor this solution. Anyway, this Thursday, Jürgen Stark, member of the ECB executive known for his orthodox positions, said the agency did not rule out this hypothesis.

Fiscal restraint and privatization

Following negotiations between Greece and a delegation of the "troika" (European Union, International Monetary Fund, European Central Bank), the Greek Prime Minister George Papandreou has delivered an outline of the new austerity program that will develop. The amount rises to 6.4 billion euros, the price of higher taxes and a revision of tax exemptions on income.These measures will be finalized "in the coming days before they are approved by the Cabinet and deposited in Parliament," the ministry said.

However, nothing has been said about the new aid. Jean-Claude Juncker, Eurogroup President, assured that no crisis meeting between finance ministers of the European Union was expected. A decision will be taken "by the end of June."

Adjusted parallel, the country's bluff, has initiated a process of privatization, which will reap 50 billion euros. Ports, airports, railways, water from Thessaloniki and Athens, racetracks, telecommunications and the postal bank is the first wave of Greek businesses for sale.A strike call was issued for June 9 to protest against the wave of privatizations.

The euro, "strong and credible"

If the equity markets still lag heavily the shock of the degradation of the note in Greece yesterday (Wednesday), the euro, he continues his way to the rise, settling comfortably above U.S. $ 1.44 (1.4472 at the highest this Thursday). Thus, in the underlying trend, concern about the financial world dominates while the Greek bounces back – and worried – almost every day: today at the Paris Bourse, the CAC 40 plunged more than 1.4 % to 16 hours and Wall Street is struggling to resume after signing its worst session since August 2010.Yesterday, the German newspaper Frankfurter Allgemeine Zeitung has confirmed the hypothesis of a new program of assistance to Greece, which the IMF would take part, failing to pay the last part of the initial grant.

But the most volatile foreign exchange market, for sale today are in favor of the euro … and against the dollar. The European currency was primarily driven by reassurances from Jean-Claude Trichet, who said on Thursday in Germany, that "there is no crisis of the euro", and called the currency " strong and credible ". The ECB president has fueled the prospect dune next rate hike. He also suggested the creation of a Ministry of Finance and European imagines that "the European authorities have the right to veto certain decisions of national economic policy."American side, a series of bad economic figures have polmbé the dollar, the euro mechanically pulling upward.

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Ghent, in northern Belgium, hopes to lead by example. Alderman (elected) of Finance of the city, the Liberal Christophe Peeters, announced the withdrawal next 30 to 35 million euros were deposited in the accounts of banks Dexia and KBC in the name of the fight against the "bonus comfortable granted to bosses, "he said.

Dexia has announced the beginning of the payment to its managing director Pierre Mariani variable compensation of 600,000 euros for the year 2010. KBC for its part stated its intention to resume the payment of bonuses to its executives. These two institutions had to be helped by the government during the financial crisis. "When things were going badly, the taxpayers' money has helped the banks. Now that the situation improves, the banks start bonus of the same culture.We are not saying that this is not only ethical, but we act with the language of money, "protested Christophe Peeters.

Compensation "in accordance with legal provisions"

The amount that will remove the city corresponds to short-term investments. Christophe Peeters Dexia and KBC now threatens to turn to banks that do not grant bonuses "unreasonable" for the money to pay his wages and new investments in the long term.

Following this decision, KBC announced its regret while stressing that the city was within its rights. For its part, Dexia said that its compensation policy was consistent with legal and regulatory European, Belgian and French.

Tougher legislation to

Although legal, these decisions go wrong with Brussels.European Commissioner for Financial Services, Michel Barnier, said that calls for moderation "were not heard." It now threatens to tighten the law of the European Union. In Belgium, the new Governor of National Bank, Luc Coene, also deemed "indecent" that banks that have benefited from government support grant bonuses to their executives.

The movement seems well underway across Europe. At the same time, Dexia and KBC, the BPCE (People's Bank – Savings Bank) announced the grant to the President Perol a bonus of one million euros in the year 2010. Like his colleagues in Belgium, the French bank had received a boost of 7.1 billion euros in state aid to help head out of water during the crisis.

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More oil prices are close to their record in 2008 and studies on fossil fuel shortage next bloom. The latest was published in late March by HSBC. The British bank, which was proposed in 2050, sets the tone: "Even if demand does not increase, we are left with at best 49 years of oil." According to HSBC, several oil fields have in fact already reached their peak production and start their decline. Karen Ward, author of the report paints a very black: "In 2050, global demand for oil will increase by 110% to 190 million barrels per day to feed a billion cars down the highway while income emerging countries will increase, "she says.

The growth of emerging countries, the main contributor to the rise in energy demand, in turn lead to a doubling of CO2 in the atmosphere at a level "3.5 times higher than the levels recommended to keep the room temperature to a level which is not hazardous to health. "

The United States is concerned for 2012

The bank joins the procession of sources called "solid" that validate the forecasts made for years by environmental groups. In 2010, when oil prices began their rise, these sources have begun to multiply. Essentially the United States. In March, Glen Sweetnam, tanker market expert teams with President Barack Obama spoke of a decline "between 2011 and 2015.Later in November, the Pentagon was concerned, in its note to the traditional joint force, probable shortages of "severe" in 2012. At year end, Iran, OPEC's second largest producer, is also launching a stir by asserting that "the international markets are approaching a crisis due to oil production uncertain.

The debate was further fueled by a score of Wikileaks earlier this year revealed that Saudi Arabia, the largest producer and exporter of oil in the world, was no longer able to increase its production capacity. According cables published by the Guardian, Sadad al-Husseini, former head of the state mining company Aramco, told U.S. diplomats that his country had enough reserves exploitable to support the pace of rising global demand.Information that was added to the announcement of the end of the explorations of the basement by the Saudi authorities of the country, to leave reserves heritage for future generations payday loan.

The situation is tense as the International Energy Agency expects global demand of 99 million barrels per day by 2035, Sadad al-Husseini said that Aramco will not be able to exceed its current capacity of about 12 million barrels per day.

A barrel price to boost research

In this context, the verdict of HSBC shall be final: "Energy security is the main concern of governments" in the years to come. He added that the "losers" will be "Europe, Latin America and India by 2035" because of the low richness of their basement. Conversely, "Australia, Russia and the Middle East will be better off.Several countries will lose their place in the ranking of global powers and lose their influence, "says the bank.

The HSBC study claims that the world still has the opportunity to turn to gas and 109 years of coal reserves or that has 176 years of world reserves. But these are "hard to carry" or "too polluting." The only solution would be to increase efforts to improve the efficiency of renewable energy that they "can multiply indefinitely."

As noted by the analyst, research efforts are yet too timid due to lack of profitability of green energy sector."The United States spends $ 30 billion annually in health research, while the energy sector receives only $ 5 billion budget," said Karen Ward, who added that the government is lack of motivation found in most countries expected to conduct research worldwide. The current rise of oil is perceived as beneficial by the bank. "It is unlikely that further gains in energy efficiency and deployment of low carbon energy sources materialize without upward pressure on even higher prices for fossil fuels," the report said. HSBC believes a barrel to over $ 150 will force governments to find alternatives.

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It will take a meeting. Scarcely had he gone below 4000 points at the close Thursday that the CAC 40 on Friday a surprise in store for us. At the opening, the index in Paris gained 0.64% to 4014.58 points, going above the 4000 points.

Investors are awaiting the release of U.S. employment figures which will be announced at 14:30. Economists polled by Reuters expect the economy has created 190,000 jobs améiricaine outside the agricultural sector last month. A figure very different from it in one direction or another will probably significant impact on the market. According to Max Bublitz, chief investment officer at SCM Advisors in San Francisco, the number of jobs created could reach 200,000 or 205,000.

Nice program in macroeconomics

The macroeconomic news will be a very busy Friday.Also overseas, are also scheduled passenger car sales in March, construction spending in February (16 hours) and the ISM index of activity in the industry in March (16 hours).

In France, the figures in the automotive market for the month of March and first quarter 2011, the second estimate of the manufacturing PMI (9:50) and the turnover in industry and construction in January (12:00) are expected.

For the euro area, unemployment in February (11:00) and growth in manufacturing activity in March (11:00) will also be monitored.

Oil prices were higher Friday morning in electronic trading in Asia, reaching their highest level since September 2008 for the New York contract, due to the advance of troops against the rebels Muammar Gaddafi in Libya.In morning trading, a barrel of light sweet crude for May delivery gained 54 cents to 107.26 dollars. That of Brent North Sea crude for May delivery took 20 cents to 115.33 dollars.

On the currency markets, the euro is stable against the dollar at 1.4171 dollar.

Banks under pressure

As for values, banks will retain a renewed attention after the publication of the results of stress tests of the Irish banks which have highlighted a need for 24 billion euros of additional capital for these institutions.

France Telecom wants to make further acquisitions in emerging markets, maintaining a pace of two to three a year, but decided to withdraw from the race for the Syrian mobile phone license, Reuters said on Thursday its chief strategy and development Elie Girard bad credit payday advance.UBS analysts have lowered their recommendation on the title to "sell" cons "neutral" before, according to market sources.

According to Les Echos, the government could freeze gas prices until the presidential election 2012.

In an interview with Le Figaro Economie, Chief Executive of BPCE Perol says the group will develop in Africa and Asia in retail banking.

The Dispute Settlement Body of the WTO believes that the payment by the U.S. government 5.3 billion dollars in aid to Boeing is illegal subsidies.

The split that Carrefour plans for its subsidiary Property and Dia meets a new opponent, a family shareholder and son of the co-founder of the group, Herve Defforey, who said in The Tribune on Friday that he would vote "no" to this project.

Several foreign groups including Hermes approached to buy all or part of 45% as the group holds in the Jean-Paul Gaultier.

The manufacturer of silicon on insulator Soitec and electrical equipment manufacturer Schneider Electric team up to jointly develop a chain of solar energy.

TF1 decided to put a definitive halt to its reality show "Square Viiip" which has raised much criticism because of "performance-cons meaningful hearings."

Dexia announced Thursday the completion of the sale of its Slovak subsidiary Dexia Banka Slovensko (DBS), the Franco-Belgian bank held at 88.71%, the investment fund for Central Europe Penta.

The AMF has endorsed the restructuring of the shareholding in Imerys of Belgian billionaire Albert Frere, who was excused from launching a takeover bid for the remaining shares of the French producer of industrial minerals.

Naturex has tripled its profits in 2010 after successfully integrate seamlessly to the activities included a year earlier Natraceutical Group which has doubled in size.

Maurel & Prom Thursday released a new operating loss for fiscal 2010, particularly due to significant exploration expenses, and announced it would focus its efforts in 2011 to Gabon and Nigeria, where he has refocused its activities .

In Madrid

Following the announcement of the resignation of Prime Minister of Portugal, Moody's downgraded Thursday the score of 30 banks in Spain. Coincidence that serves as a warning: Madrid must react quickly and provide guarantees about the soundness of its financial sector if it wants to prevent Lisbon from the edge of the financial bailout, did in its wake.

Until now, Spain had still managed to differentiate itself from Portugal. Lusitanian crisis was indeed a limited impact on the public debt Hispanic. The differential between Treasury bonds and German Spanish this week was located around 200 points, down from 280 in November 2010. Suddenly, the Spanish press is optimistic: "The markets are now the difference between Spain and Portugal," and headlined Thursday newspaper El Mundo."The markets have recognized our efforts," he reassured the Minister of Economic Affairs, Elena Salgado.

Unlike Portugal, Spain conducted last year, major reforms on pensions, labor market and, more recently, she brought order into its financial system.

Two intertwined economies

The two Iberian economies, however, are closely linked. Spanish companies present in their neighbor and realize 9% of Portuguese GDP payday advance lender.As banks and savings banks, they hold 34% of their international assets Portuguese counterparts.

These 76 billion makes Spain the country most exposed to the Portuguese debt, just ahead of France – French banks hold 33% of assets Portuguese.

Spanish financial institutions but also suffer from handicaps of their own, including the complex structure and scattered savings banks. Despite the ongoing mergers, Madrid difficult to explain to partners the logic of his cajas. These regional entities, subject to local political and hit hard by the bursting of the housing bubble, have great difficulty in financing. In fact, the credit companies most poorly rated by Moody's are the majority of savings banks.Argandona for Antonio, a professor of economics at IESE Business School, the rating agency "seeks to protect his rear," because "the problems of Spanish banks have been known for a year and nothing new has occurred with the Portuguese crisis. "

Economists admit the possibility of a domino effect, while limiting its scope. The Portuguese crisis is closely observed in Spain. But in Madrid, is waiting for another trial by fire: the results of stress tests imposed on new banks, expected in June.

Veronica Garnodier, founder of the lingerie Charlott, knows no crisis. His company, which sells lingerie collections at home through a network of 3,000 consultants, has reached 30 million euros in turnover in 2009 against just under 20 million in 2008. And rentablité is spectacular. Dietitian training, Veronique Garnodier led a club sport and worked as a medical representative. She founded Charlott'en 1994 and inspired by the method Tupperware to sell lingerie collections made in Tunisia and Vietnam. The president of Charlott which owns 55% of the capital with his companion, decided to go even further.It targets 100 million euros in turnover in 2014 by betting on a diversification in the loan-to-wear and internationally.

Caroline Leonetti resumed in 2009 with her husband Bernard Leonetti, a company specializing in the creation and distribution of brands of ready-made, founded in 1980, Mado Marcel. She has managed to increase turnover by 43% between 2008 and 2009 to over 12 million euros. The former purchasing manager Twinner-Sports 2000 is determined to more than double turnover within three years by strengthening the distribution network and conquering new markets in Germany, England and USA .

Both companies topped the top 50 growth SMEs run by women under the new Equity Index Women 50 France.The winners of this first top 50 that carry between 4 and 50 million euros in sales and employ between 20 and 250 employees, are present both in the specialized distribution in industry, business services that technologies.

They show far superior performance to that of 31,649 companies with which they are compared. Thus they carry average turnover of 15 million euros against 16 million euros. But their average annual growth in turnover over three years is 26.8% against 3.2%. That of their rentablilité is 21.5% less 0.8% cons.

"The primary explanation for this outperformance is: women leaders are subjected to higher stresses than their male counterparts. They must show greater capacity to grow their businesses.Once they established these companies and their leaders, accustomed to operating under stress, show greater resilience and a higher relative performance. This "natural selection" higher, also explains their limited numbers. Their number is even more limited than the size of the company is high, "said Dunya Bouhacene, Founding Partner of Women Equity Partners, which aims to become the first investment company in Europe focused on growth companies headed by women.

Same conclusions in previous studies

The new Equity Index Women 50 France is not the first to demonstrate the average outperformance of businesses run by women. Numerous studies conducted in Europe and the U.S. have already highlighted.A European survey on nearly 600 technology companies financed by venture capital in 2007 showed that companies run by women achieve far superior performance despite a more limited access to financing.

"Women leaders are under greater selection than their male counterparts because of family responsibilities generally superior to a priori suspicion against them in some industries heavily male. Companies run by women are also subject to differential on financial matters. This has been demonstrated repeatedly in studies on the conditions of bank financing with a higher average cost of credit or capital. The share of businesses owned by women in portfolios of funds is low, "says Bouhacene Dunya.For despite their good results, investors abandoning this category of enterprises. Further evidence of the shortsightedness of the market.

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