In 2008, he cherished the hope of becoming the first secretary of the PS. But he had finally lined up behind the candidacy of Bertrand Delanoe. In 2011, he thought he could be a candidate for the Socialist primary. Then he threw in the towel, choosing to support Dominique Strauss-Kahn, then rallying Francois Hollande not without obtaining the position of campaign manager. Pierre Moscovici, 54, has learned to give up. Here he is rewarded. He is back in force to the government and assigned the Ministry of Economy, Finance and Foreign Trade. Certainly it does not get the Quai d'Orsay which he dreamed, Laurent Fabius was his favorite. But he inherited a portfolio to match its ambitions. And thereby in passing some disappointed, Michel Sapin in mind. "Mosco" consensual socialist, social democrat, is now a heavyweight team Ayrault, number five in protocol order.

It is he who will be at the forefront of the debt crisis. There is no shortage of assets since knows the workings of Europe. He was, for five years, from 1997 to 2002, Minister Delegate for European Affairs in the Jospin government. At the time, the rise of the Express near the then prime minister, who had just been elected deputy of the Doubs for the first time, had been criticized. But, he will prove himself. Former MEP, a graduate of Sciences Po and ENA, he will prepare no quack the French presidency of the EU, negotiating the Treaty of Nice and the European Constitutional Treaty. During this period of cohabitation, he managed also to find his place against Jacques Chirac. In fact, the President of the Republic and the Socialist Minister for European Affairs are of course in these five years: Chirac taking the young minister with no experience under his wing, even to comfort him when he doubted. An agreement with Lionel Jospin was annoyed.

After the failure of the left in 2002, Moscovici was defeated in the parliamentary elections in the Doubs. A year earlier, he had already failed to municipal Montbéliard. Without parliamentary seat, without mayor, he tried his luck with the 2004 European and found his seat in Strasbourg. In 2007 he was again legislative candidate in the Doubs. This time he wins.

Pierre Moscovici, tried by the Revolutionary Communist League when he was young, joined the PS in 1984. He was close to Michel Rocard, Jospin and Dominique Strauss-Kahn, his former professor at the ENA. He is the son of a social psychologist Serge Moscovici, who was a member of the Romanian Communist Party and fled his country in 1947. Pierre Moscovici was the first to openly criticize the Socialist Francois Mitterrand and his relationship with Rene Bousquet. "What shocks me, he said, is that he can spawn with someone who has been a tool of the state anti-Semitism and an accomplice of the final solution of the Reich." … …..

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Not only the Bank of France there is no crisis but it has quite widely. As a firefighter service in the euro area, as part of the federal European Central Bank, of course, have stepped up its activities last year. So it is about to transfer 3.4 billion euros to the state, whose accounts need it most.

The governor of the Banque de France, Christian Noyer on Friday gave details on the occasion of presenting the results of the institution in 2011. 2.014 billion euros will be paid under the corporation tax, what to add 877 million as a dividend to the State, the sole shareholder. And best of all, it will receive 530 million euros that will correspond to the "emission cap" (sic). This expression, smelling the nineteenth century when paper money took off, means the value of franc banknotes that have not been translated into euros at February 18, 2012, the legal deadline for such an exchange in France.

Our central bank, and ultimately its shareholders, thus benefits from the negligence of the French and tourists who kept their tickets now franc convertible. They are forever lost to their owners, except for numismatists.

"More revenue but also more risk"

But its prosperity, it must above all the inconsistencies of the governments themselves unable to control their finances. The sovereign debt crisis in Europe has indeed brought under the leadership of the ECB to intervene in markets. "Our balance sheet has increased significantly" from 481 to 709,000,000,000 euros (+47%), Christian Noyer said. But these extraordinary interventions of securities purchases are made at rates of efficiency than conventional refinancing operations of the banks money. "We have more income but also higher risk, and therefore the need to build reserves." He says.

The Bank of France has decided to include an allocation of 2.065 billion euros in "fund for general banking risks and regulated provisions", which amounts to nearly 10 billion if we add reserves and capital itself. These provisions have cut gross profit of the Bank which in turn "has reached a historic high, at 5.650 billion euros, up 25% compared to 2010," according to the official.

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While Germany has recovered its investment before the crisis of 2008, the French business leaders remain on the defensive. According to a study by the credit insurer Euler Hermes from 1684 businesses for the periods May 2011-September 2011 and November 2011-January 2012, a third of companies have stopped their investment in the second half of 2011. Small companies doing less than 4 million, including retail trade, are particularly affected. The lack of visibility is the main reason. "A fog effect resulted in a sharp decline in investment decisions and the quality of investment deteriorates," said Ludovic Subran, chief economist at Euler Hermes.

All sectors have reacted the same way. "45% of service companies have decided to halt their investments regardless of their size. Conversely, the food industry – particularly large – were able to hold their own game: + 8% investment rate compared to the average of other sectors. This can be explained by the fact that they export more, "says Ludovic Subran.

Uncertainty on taxation

The gloom has also dictated the attitude of two thirds of enterprises which increased their capital spending last year compared to 2010. They did so because they had invested in the first half and could no longer freeze spending in the second half.

The trend remains the same for this year. Only a quarter of French companies expected to increase their investment spending. Wait-they do not invest in new markets or improve their research, but to renew their equipment or to retrofit. "Companies are very concerned," says Ludovic Sénécaut, France region responsible Euler Hermes. It is true that business prospects are not encouraging. Euler Hermes is forecasting growth of 0.4% this year. Uncertainties about the evolution of taxation in the aftermath of the presidential election are high. "Our growth will suffer austerity plans of other countries as well as historic highs in terms of savings and unemployment impacting the consumer," says Ludovic Sénécaut. The credit insurer expects a 4% increase in business failures expected to affect 63,500 businesses.

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It was too dry in southern Europe. Particularly in Portugal, where the month of February was the driest in 80 years, and Spain. "The disturbances do not pass. (…) We are witnessing an upsurge in forest fires and streams experiencing flow rates up to 80% below normal, "noted recently The Weather Channel. "No improvement, or real return of rain is expected," worries do we, as the drought could lead to "catastrophic harvest."

Red indicates a severe drought.

The telecoms market was shaken by the arrival of Free Mobile.

LE FIGARO. – Arcep measured the network's coverage of Free Mobile, but not its actual use or quality. Why?

Jean-Ludovic SILICANI. – ARCEP has verified that Free Mobile has achieved its goal of covering 27% of the population and verify that coverage by 2015. But we did not get involved in network planning or technical choices made. However, the license provides for an appointment between ARCEP and Free Mobile in June 2012 to take stock of all commitments. And we will join the network of Free Mobile in our annual studies on service quality and network coverage that will be published in late 2012. Like the vast majority of traffic Free Mobile subscribers through the Orange network, then measure the quality of service on the network of Free Mobile, with and without the use of the Orange network.

How do you encourage them to deploy its network Free?

It is primarily his own interest. We also have several tools to ensure that Free Mobile arranges to have an effective network. By summer, we must define the price of delivering SMS received by customers Free Mobile. As a new operator, it could benefit, such as Bouygues Telecom, charges higher than those of its competitors to compensate for the handicap start. But Arcep not take into account the additional costs that might result in a strong Free use of its roaming agreement. This should provide strong incentives to deploy its network Free.

Do you think that Free has not invested enough?

Free is committed to build a network covering 75% of the population by 2015. ARCEP can deduce the rate of investment necessary to achieve that goal. And if we find, say in midcourse, that investment is not sufficient to achieve the final goal, we could launch a formal procedure for Free accelerates its spending. A mobile network costs about one billion euros. Today, Free Mobile would have spent about 130 million between 2010 and 2011. We asked its investment plan for 2012. There is no indication at this stage, the investment is insufficient.

The incidents are increasing on the network of Free Mobile. What to do?

The incidents are primarily from technical difficulties in the interconnection between the networks and Orange Free. I think both sides have underestimated both the number of subscribers and the amount of traffic through the Orange network, but also that the offers of € 2 Free Mobile would lead consumers to highlight former phones using the 2G network payday advance online. Today, nearly half of Free Mobile calls are on 2G, but it does not have such a network, customers using the Orange. If necessary, the two operators may agree to restructure their roaming agreement without the intervention of ARCEP. If they fail to agree, they can enter and we will dispose of.

The arrival of Free she too lowered prices in the mobile?

Offers low cost can be criticized when they rely on the labor underpaid, but not when they result in increased productivity or technical progress. It is Free and can have lower prices both because it opens a network with the latest equipment, but also because it has fewer overheads. Politicians can hardly complain that prices fall too heavily in the telecom and rise in energy too.

This creates there a threat to employment in the sector?

No situation can be frozen and must have an overall view of the sector. Some analysts believe the sector could lose about 5,000 to 10,000 jobs a year or two. Of a total of 150,000 this represents 3%, that is to say unless the retirements of the sector. And, at the same time, the digital ecosystem will create many jobs. The balance will surely be significantly positive.

Operators will they continue to invest?

They received ten years of an oligopolistic market in mobile where they have achieved very high margins. They were able to make investments that are no longer to do. The current rate of investment of 8 billion euros a year does not need to be increased. Build a network of fiber optic networks and several mobile broadband covering the whole area costs about 30 billion euros over 15 years, or two billion a year. Reported to the 8 billion, it is not so heavy a load it.

Some accuse you of promoting Free Mobile. Have you exceeded your role?

In December 2008, the Prime Minister has decided to award a fourth mobile phone license. When I arrived at the ARCEP, in May 2009, I had never met the leaders of the Free. I found this and I managed impartially. The Authority has done everything to ensure that other actors such as Virgin or Bolloré Telecom, were not interested. Some have thought, but not decide. It is true that there was a risk that only dared to take Free. Moreover, we knew punish Free when necessary: ​​in 2010, on its unlimited packages fixed, or last year, on the fiber. Free as We treat all other operators.

After Paris, Marseille. The Mama Shelter, the boho hip hotel, launched in September 2008 by Serge Trigano, Philippe Starck and Cyril Aouizerate, will inaugurate a second location in ten minutes from the port of Marseille, April 12. "This opening has been delayed, admits Serge Trigano. But there's no hurry. We open where we want when we want! "He promises, however, an acceleration of openings, emphasizing that" the twenty-first century will be the century of cities for tourism. " The inauguration of a Mama Shelter is announced for the second half in Istanbul. Lyon and Bordeaux before early 2013. Negotiations are also underway for the opening in an old 1920s hotel, in the district of Hollywood, Los Angeles, "late 2013". "We have building permits for all hotels, except Los Angeles, who was responsible DG and CEO of Club Med between 1985 and 1997. The projects are in progress. "It is also seeking a second address in Paris and in Toulouse prospects.

The Mama Shelter in Marseille will be slightly smaller than that of Paris (127 rooms, 172 against), and Philippe Starck, who signs the design again, opted for lighter colors. The rooms, dark in Paris, will be in shades of pink, yellow and blue in Marseille. The first prize will be 69 euros per night, 10 euros less than in Paris. The goal is to reach the first year an average price of 100-115 euros, and an occupancy rate of 50-60%.

Two stars

Attracting a fashionable clientele, a mix of tourists and businessmen, both French and foreign, Mama Shelter is a separate product. All rooms are equipped with an iMac. 95% of sales are on its website. With an average price of 129 euros and an average occupancy rate of 80.5% last year, the institution does, however, that both stars and the residency status of tourism paydayloans. "To save water, we have showers in every room, says Serge Trigano. We are denied today the third star in the new hotel classification because we did not have a bath! "

Since opening, the first price is 79 euros. "We adjust our prices more aggressively: they increase gradually as the occupancy rate also increases," says Serge Trigano. Thus, one room originally proposed to 109 euros can cost up to 149 euros for a client last minute.

Last year, the Mama Shelter has increased its turnover by 14% to 14 million euros, thanks to increased traffic and activity of his restaurant, which represents 50% of sales. It is "500 to 800 covers per day. Even in our wildest dreams we never thought to attract so many people. " Since January, sales of Mama Shelter increased by over 10%.

"Investors were apprehensive at first, says Serge Trigano. Decide to open a hotel in the twentieth arrondissement of Paris, by focusing as much on his restaurant on the rooms, it was a gamble. But the great sagas hotel (Marriott, Hyatt, Hilton …) are often stories of families. The results exceeded our expectations. "Holding today 54% stake in the company with his two son, along with three associates, Michel Reybier (27%), Cyril Aouizerate (11%) and Philippe Starck (8%) he works with the family at Mama Shelter. His son Jeremiah (35) is CEO. His other son, Benjamin (35 years) is in charge of marketing. Residing in Los Angeles, he prospected for brand development in the United States.

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They are few policies with which we can talk about management. Jean-Pierre Raffarin, who before the policy has worked in marketing, communication and management, talk forever about human relationships at work. Young job seekers, future trainees … failing to have stemmed the unemployment, the former Prime Minister gives good advice on how to pass a job interview: ask the right distance, to help engage the recruiter to know you, know not to get choked by the employer too talkative, manifesting his "want to want" suggests the likes of Johny.

And Jean-Pierre Raffarin also gives an interesting perspective on the art of interviewing the wrong spot, "he talks too much and is too hasty cash advance to savings account." Raffarin knows whereof he speaks and knows well. Author of an autobiography, I will walk always affect (Flammarion), he can create a climate in an interview even if we found a little worried when we arrived. A few days before the meeting of the candidate Sarkozy Villepinte, we question the assessment of managerial policies based on criteria. He does not believe it. In politics "you are good you stay, you're bad you're leaving," but adds "the problem is that voters sometimes has a very special notice."

In 2012, Nexter account renew contracts with major exports. "The European markets are marked by sluggish because of difficult budget choices. But outside Europe, they are active. Equipment requirements are important in the segment of armored 20 to 30 tons where each tender involves several hundred vehicles, "said Philippe Burtin Wednesday, CEO of Nexter, the leading French land defense equipment. "We have many pending cases. We submitted 210 bids in 2011, twice more than in 2010, "he says. In Canada, where he is competing with the armored combat vehicle and infantry (VBCI) to provide 138 armored (30 optional) to the Army, Ottawa's decision is expected this summer.

Other prospects are in his sights. Nexter plans to meet next week, at the tender launched by the giant United Arab Emirates (UAE) to supply 700 armored vehicles as part of an industrial cooperation agreement hitherto unprecedented in the Middle East . The winner will create a joint venture owned 51% by Tawazun, a subsidiary of UAE sovereign fund Mubadala. She will be in charge of production and integration of vehicles on site. Since the late 2000s, the UAE say their growing desire to develop high technology industries in order to prepare the post-oil.

Local partnerships

After the aircraft maintenance and aviation-Mubadala has formed a partnership in 2008 with Airbus to manufacture composite fuselage parts in a factory in Al-Ain Abu Dhabi wants to develop its own arms industry land. "We are responding to this offer with interest and caution as this joint venture will be called upon to produce armored close to ours that were intended to be marketed in other countries in the region," Philippe Burtin develops that competes with the VBCI.

In the region, hopes to sign Nexter other equipment contracts. It finalized last week an order for 73 Aravis, a big 4X4 protected. The customer is Saudi Arabia, as confirmed by the DGA. Riyadh had already purchased one hundred Caesar self-propelled guns of 155 mm. The French group continues its offensive on the spot: he allied himself with a Saudi company to negotiate a large order for guns 105LG (Light Gunner).

Meanwhile, Nexter goes upmarket in India where he opened a subsidiary in late March. He teamed up with the Indian group Larsen & Toubro with whom he developed a new towed gun, called Trajan, Caesar's cousin somehow, to answer the call for tenders launched in January 2011 for supply gear 1500. This year, New Delhi has launched a new competition for 500 guns like Caesar. These two markets are estimated at several billion dollars. And India wants to buy 700,000 modular charges used to propel the shell to the desired distance.

Everywhere Nexter faces stiff competition with no less than 10 global players in the only segment of the VBCI. But Nexter "has changed its look and become more agile and international competitiveness," says CEO who has advanced his great project of 25% reduction of production costs of its product line.

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To attract investors petrified by the crisis, managers are looking for profitable investment ideas and reassuring. Therefore, as in 2008-2009, now flourishing bond funds due.

The principle? These funds have a life fixed in advance and invest in corporate bonds they plan to keep the portfolio until the end, except in special cases (damage to the transmitter for example). Objective: To reap the coupon (interest) known from the start, they pay each year.

As a bonus, the capital is protected as the company that issued the refund obligation at maturity, at least if it has not failed.Even if the manager does not provide any formal guarantee or capital, or performance, the subscriber has a good idea of ​​what they can expect to run (he knows in advance the expected average coupon of the portfolio) if of course none of the companies whose shares have been selected not lacking instant payday loan.

Many management companies, Oddo, the French PM, Ofi AM, SPGP, EDRIM, Rothschild & Cie Gestion or Tikehau example, launched or will soon launch such funds. But sometimes very different approaches.

Edmond de Rothschild IM provides such a yield of about 5% per year for Millesima 2016. "Other funds exhibit higher returns, but with longer investment horizons.

Nearly 22% drop for the CAC 40 since the beginning of the year. It the finding bitter than do today small shareholders after exercise 2010 already very morose terms stock. Consequences: these individual shareholders a society often individuals are disoriented face financial markets irrational very volatile and sealed by concerns recurring on debt crisis eurozone. What confirms elsewhere study Investment stock conducted among investors assets.

Conducted last October by the Institute OpinionWay with just over 800 individual operators, the survey did feel a great pessimism on the part of respondents.If 87% believe that investment in business is quite good or very good for the shareholders in general, 60% are quite worried or very worried about the financial markets in general and of their portfolio in particular easy payday loans. Over 42% also state that their opinion regarding the financial markets has worsened, despite the measures of financial regulation put in place following the 2008 crisis. 75% also believe these measures ineffectual.

Concerns salon Exchange

Consequence of this pessimism toward the stock market investment (listed shares, mutual funds, options, certificates, warrants), individuals felt it was urgent to wait. Overwhelmingly self (80% fully manage their own portfolio), these investors have mainly invested any additional amount over the last six months (54% of them).