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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What are the main beneficiaries of the Common Agricultural Policy (CAP) and how do they perceive? The information is all there is to public. The Ministry of Agriculture has indeed publish on its website the names of beneficiaries and the amount of aid they received for the period 16 October 2010 to October 15, 2011. A bond required by the European Commission in March 2008 in the interests of transparency and legitimacy of the main EU budget. France, which is the largest producer of EU agricultural and therefore the largest recipient of aid, receives a budget of nearly EUR 10 billion. This fee is in two forms. The largest portion, nearly 8.5 billion euros, is awarded through direct aids per hectare (single premium rights or DPU). They fall under the European Agricultural Guarantee Fund (EAGF). To this must be added indirect support related to the development of dependent territories of the European Agricultural Fund for Rural Development (EAFRD). An envelope that reaches 1.3 billion euros.

For a year, and for the sake of "respect for private life", the only data with regard to individual farmers but more the corporate structures of the type EARL (farm limited liability) or GAEC (farming groups in common ). They also relate to producer organizations, agribusinesses, communities, not to mention charitable organizations or associations.

Chief among the beneficiaries of the CAP, we find the poultry group Doux Breton which collects about $ 54 million of EU agricultural subsidies. "These are export refunds for chicken, it says the Department of Agriculture. Aid to offset the costs of production and processing higher in France than its international competitors on historical markets of the Middle East. The position of Brussels is to reduce them. "Second Beneficiary: Regional Committee for the conversion of vineyards in the Languedoc for more than 32 million euros. "They are restructuring aid which are managed collectively and are then redistributed to growers," says one rue de Varenne.

Modernization and research

On the third place, the Sugar Reunion (31 million) of Tereos. "They relate to specific incentives for overseas departments to maintain the historical purchase price of sugarcane paid to producers after the entry into force of the common market organization in 2006, says one in 29 million Tereos.Plus are redistributed to farmers, the rest is reinvested in modernizing the industry and research. "followed by the French Federation of Food Banks (30 million) under the European program to help more poor (PEAD). Finally, France Luzerne, cooperative of the Marne, receives 23 million euros of aid related to dehydrated alfalfa. "They are paid directly to producers in 2012," says one to the Department of Agriculture.

3 Suisses must be patient. Three years after removing nearly 700 jobs a year and a half after the launch of a major modernization plan in 2013, the specialist mail order (VPC) is still not the end of his troubles.

In 2011, the turnover of the group 3 Suisses International (3SI) fell a further 5.6% and the accounts are still in the red. Of course, "this decline is partly explained by the market environment somewhat depressed for clothing," says German Otto vpciste which holds 51% stake (alongside the Family Association Mulliez 44%). But the European leader recognizes that the repositioning of 3SI in losses since 2005, is "a little slow."

Denis Terrien, founder and CEO of Amazon. Fr, arrived in June 2009 with orders for 3SI to instill the spirit internet business that made him still lacking. Born in 1932, the group had made back in 1998, however the entire catalog of its flagship brand online in 2007 and had proposed its first application to control from his mobile phone. But the organization was still oriented around the two "big book" seasonal, declined in line with their promotion system increasingly important.

The figures show that the mutation is far from over: according to our information, the three Swiss have a cumulative loss of 165 million euros since 2008, with another 15 million euros last year. For all consumer brands, the loss would amount to 110 million euros. "It is unlikely that the 3 Suisses reach equilibrium this year, as foreseen in the strategic plan. For this particular reason that Laurence Paganini had to give up CEO in late January to the leader of spoiler, "says a close case.

Delete homes losses

While its competitor La Redoute (Redcats) has already increased from 2 to 10 collections a year, a key element of the transformation, the catalogs remain offseason in three Swiss still largely a work in progress. This explains why the 3 Suisses realize only 66% of their online sales against 78% for La Redoute. The average is 50% for the ten consumer brands 3SI (3 Suisses, Blancheporte, Spoiler, Window Magic …), or 11 points less than the subsidiary of PPR. "The challenge of this evolution to the Internet is to keep its best customers, while attracting new, old, and their loyalty," said Olivier Trouvé, a consultant at Kurt Salmon instant credit reports.

Meanwhile, 3SI continues to suppress outbreaks of losses: the last of its 35 stores closed earlier this year. As the site buy / sell 2xMoinsCher, acquired in 2006. What about its subsidiary, resumed in spring 2010 for his younger clients file, it also pulled the curtain end of January.

The transformation should move faster once the redesign of systems of consumer brands finalized. Group 3 SI has indeed devoted nearly half of the envelope of € 70 million plan to modernize the "largest construction site computer currently in France," according 3SI. The links between trade marks may be tightened in order to promote cross-selling, as is done on the virtual shopping mall lechouchou.com, online since late January. "The IT component is the only site where the three Swiss were up," according to critics.

Become a service provider

3 Suisses are now trying two revolutions at once: to turn into e-trader and service provider for other Internet retailers. More than half of the investments are vested in the building at Hem, near Lille, the "largest database storage and order picking in France," according to 3 Suisses International (SI 3). The warehouse, built next to that of Mondial Relay, covers an area comparable to six football fields and will be operational in October.  

The building, where packages are trademarks of the group to mingle with other online retailers, is the missing of the SI strategy 3, which wants to open its various subsidiaries to external customers. Very optimistic, the group expects to double the number of clients, individuals and professionals to reach 20 million by 2020. At its shareholder Otto, the branch services increased 9% in 2011, exceeding one billion euros. Ikea and Oxylane make their photos in the studios of Quai de l'Image. Mondial Relay manages some 1,200 parcels of e-tailers, as the Relais Colis, a subsidiary of La Redoute.

"The picking is more strategic than other services. 3 Suisses may have difficulty recruiting. Especially since many experts have already invested the niche of Logistics, "said an e-merchant, reflecting the view of many respondents. Even private-sale, real reference in the sector, has decided to delegate the logistics of the Digital Factory, its service company for e-tailers.

If the timing of the IPO Facebook is still not known, investors are in turmoil. And gendarmes stock alert. The Securities and Exchange Commission (SEC), the authority of U.S. financial markets, has struck a major blow this week by denouncing irregularities in the market called "pre-IPO" or pre-IPO. She has filed suit Wednesday against SharesPost, a leading specialized platforms in exchange for shares of unlisted companies, like Facebook or Twitter. His main mistake "of having effected transactions in securities without being registered in advance with the regulators as a brokerage." Clearly, the operations were carried out in a strictly regulated market.

Finally, the SEC and the founder of SharesPost, Greg Brogger, reached an agreement. The company must pay a fine of $ 80,000, and its founder will pay $ 20,000 bonus. In addition, SharesPost acquired a brokerage, which allowed him to register with the Financial Industry Regulatory Authority (FINRA), another regulatory body. The SEC announced parallel lawsuits against two managers of private funds – Felix Investments and Free Facie Management Associates – "created solely to acquire shares of Facebook and other Silicon Valley companies, deceiving investors and pocketing commissions unspecified ". The managers of these two companies have sold securities to Facebook prices up to 66 dollars per share, nearly twice the rate at which they had got hold of it, denounces the regulator.  

Gamble "even for sophisticated investors"

"While we applaud innovation in financial markets, new platforms and new products must obey the laws and ensuring fairness and transparency are the basic mark of a good financial regulation", argued a officials of the SEC, Robert Khuzami, said in a statement payday loans. This is a very sensitive issue because Facebook is trading on a gray market with a valuation of nearly $ 98 billion! However, in the first approach, the experts were hoping for a stock of Figaro valuation of approximately $ 75 billion. Finally, it should rather be on the order of $ 100 billion, they say.

The issue of pre-IPO market is considerable, at a time when the SEC ensures restore investor confidence. "When you do not trust your neighbors are happy to see that there are police on the streets," said Max Wolff, in charge of research on the secondary market at GreenCrest Capital in New York, in the columns World. SharesPost and SecondMarket platforms are best known on the secondary market. A market that has allowed tens of thousands of wealthy investors to take their share of companies very popular, as were also Zynga or Groupon before their IPO. Caution, however, not to lose feathers, warns Marc Fagel, director of the SEC office in San Francisco, said in the statement: "This secondary market (…) is dangerous even for sophisticated investors."

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The sudden blizzard that hit on France warms accounts Damart. Sales of underwear Thermolactyl, the fiber's flagship brand, jumped with negative temperatures: + 255% in distance selling and + 155% in-store. This is much better than other products that have received a boost from the cold wave. According Climpact, sales of creams have increased by 86%, while soups recorded an increase of 25%.

At Darmart, we do not shout victory, however. This excellent performance indeed occur after a mild winter, and consequently very bad for business of specialist cold weather. The brand claims to have suffered less Roubaix this winter too lenient than the competition. "February sales have not saved the season, because we can not recover in two weeks what is lost in three months, said Christine Pageot, executive director of Damart France. But however much it helps start the spring season. "

Each degree Celsius worth its weight in gold in the hot underwear. "From late September, the correlation is very strong between temperature and sales of underwear," says Christine Pageot. These flows especially in October and April, the lowest month, where sales have reached only the fifth best month, December.

Two new concepts to shop

Sales are very responsive to temperature: a drop of ten degrees can be doubled. "The weather and the trappings are flocking orders: the windshield of the car he must scratch, the first appearance of gels," says Christine Pageot.

The Thermolactyl, invented in 1953, still accounts for one quarter of sales of the brand (350 million euros last year). The fiber was invented street Dammartin Despature by three brothers, a family of clothiers based in Roubaix since 1850.

In a little less than sixty years, the garment house has changed. The plants are parties in Tunisia, the fiber has evolved into a more silky material and odorless, and lace patterns or trends were established.

If the distance selling is still the majority of sales (55%), the 80 stores in France are the subject of much attention. Two new concepts were launched in 2010 and 2011. First the Damart Sport, with a shelf lined underwear adapted to intensive sport or relaxation, fibers made from breathable or more drinks, designed for summer. Then the Happy D., specially dedicated to the senior client. The favorite of the sign, because it buys for the whole family. Five shops offer ready-to-wear in a style more suited to the "new senior". The early returns are positive. But it is too early to take stock: the new shops did not know the summer season. See you next winter

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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.

After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a sharp decline from 1.89% to 3185.30 points before to increase its losses. He plunged from 3.09% to 3142.59 points in the opening minutes of the transactions. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Madrid plunged by almost 3%.

Traders are not present reassured by the fences down Asian markets this morning and those of the U.S. financial markets yesterday. They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize."Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Greece still worried

Greece, in fact, placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt. If 'no' wins, the Greek Constitution mandates the holding of early parliamentary elections. "This will plunge the country into an economic downturn and unprecedented political," says a member also left anonymously. The news was greeted coolly by the markets on Tuesday.

The European trend: in Frankfurt, Deutsche Bank loose 7.5%, 10% and Commerzbank. In Zurich, Credit Suisse, which announced 1,500 job cuts, collapses to 8.98%.

• EDF: -2.33% to 21.20 euros

The group said Monday it has reached an agreement with the Italian shareholders of Edison on the principles of the reorganization of the second Italian electrician, announced as a step closer to taking control of it.

• Air France-KLM: -3.03% to 5.34 euros

The atmosphere was quiet and posted a thirty flights per hour at Paris Orly airport on Tuesday morning, the fourth day of the strike of hostesses and stewards of Air France, found an AFP .

In the first five days of strike by cabin crew of Air France, the company is organized to provide as promised 80% of its flights. The company has temporarily restricted on Saturday morning to 100 passengers filling its medium-haul flights Orly. Therefore, passengers can wait a little and minor delays can be saved.

This management method was chosen to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. "It blocks the flights a minimum. Is completed according to the presentation of the crews as and when. But we have managed so far to complete the flight and make them go as planned, "says the director of Air France at Orly, George Daher. A strategy that annoys some customers. "We were placed on a waiting list by explaining that there was not enough staff.Air France admits that "considerable uncertainty remains about the level of participation of the cabin crew saving account pay day loan." These are not actually required to prevent the direction of their intentions.

In 2007, a similar strike – triggered by the same six unions to the same period of All Saints – had caused major disruptions. Air France was forced several times to review downward its traffic forecast: 90% of flights expected to be provided the day before, this had increased to 60% during the weekend. "Delays and cancellations hot, that is to say, the day of departure are to be expected," has already warned Air France.

Modified or exchanged for free tickets

The company calls the passengers concerned to check before leaving for the airport, on the website of the company, the list of flights canceled or delayed.

Europe and the International Monetary Fund (IMF) were they the wrong remedy by betting on a radical purge in order to save Greece? Doubt in any case reflected in the Health Check "strictly confidential" that creditors of Athens sent to the Heads of State and Government of the European Union, just in time for their summit. The document, obtained by Le Figaro, postulates that Greece must be prepared "in a recession longer and more severe" than that announced the start of treatment by experts of the troika, the European Commission, the European Central Bank and the IMF .

This is the revision of judgments that led the twin peaks of yesterday to look at both a greater debt forgiveness by the banks (see below) and a substantial extension of the second plan Support Service promised this summer.Signal of the malaise, the ECB has refused to endorse some of the assumptions of the report and the IMF dragging its feet to validate the final tranche of aid Papandreou government.

Three years late

109 billion euros announced July 21, the financing requirement of Athens may rise to 252 or even 440 billion in the darkest scenario of the troika. Greece, which was initially successful in refinance markets from 2021, could see the deadline extended until 2027. In the meantime, the countries of the euro should cover the dead as they have formally committed and maintain a drip Greece, backed up by the IMF payday loans with no fax.

Implicitly, the troika questions the validity of the treatment and the backlash seems he underestimated.Since the summer, "the situation in Greece has worsened," she notes prior to drive the point home: the plan adopted at the summit in July "reduced the pace of debt (the country) but the effect is more than offset the macroeconomic and political. " Clearly, the state of the patient's health deteriorates and Europe continues to hope for a better.

As a complicated medical treatment, management of side effects is crucial. Contrary to expectations, "Greece, part of a very low fail to juggle internal devaluation (through lower wages, Ed), tackling its budget deficit and the completion of its program privatization ", experts say the troika.

Privatization, expected to bring the Treasury Greek part of the resources it lacks, offer a good illustration of the inability to juggle all aspects of shock therapy.According to Troika, the recession and the collapse of financial markets have already reduced 66-46000000000 Product maximum expected disposals of businesses by the Greek State. Athens logically reluctant to sell off its assets at the worst of conditions. European experts in the wake recognize that the program has already taken three years late.

The new dream will all French employees in times of crisis, Airbus has awarded its 16,500 German employees a guarantee of employment until 2016, renewable by 2020 if economic conditions permit. After months of discussions that had turned sour in recent weeks with a warning strike, the European aircraft manufacturer and IG Metall, the powerful German metal union, reached an agreement on new collective agreement to take effect end of 2012.

As part of an "employment pact" Airbus has undertaken not to use any redundancies and maintain the skills of its four German plants. "We did not shut the door to this request for guarantee of employment, because of the visibility we have on our business," said Thierry Baril, HR Airbus bad credit payday loans.

The aircraft manufacturer is leading to a backlog represents more than six years of production. And Airbus has an "exit clause" to protect the company if the crisis was growing, says Thierry Baril. In return, the IG Metall agreed to increase productivity in line with expectations of Airbus, an increase of 5% net per year as against 3% today. The agreement also resolves the question of the use of temporary workers. Their share will be limited to 20% of the workforce between 2012 and 2015 and 15% between 2016 and 2020. These levels may be exceeded temporarily in case of increase in speed.

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