Between austerity and growth, Spain and Portugal chose austerity. The two countries have had the opportunity on Wednesday to position themselves on the subject after the election in France of Francois Hollande. Met yesterday in Porto at the twenty-fifth summit Iberian, the two heads of executive kept intact their desire to fulfill their goals of rigor.

The Spaniard Mariano Rajoy and the Portuguese Pedro Passos Coelho spoke with one voice. Asked about the possibility of surrendering to 2014 – instead of 2013 – the target of increasing the public deficit below 3% of GDP, the Spanish prime minister responded without ambiguity. "The debate is not how to relax the requirements, but how to respect our commitments," said Rajoy. "Do not spend what we do not have is a good policy, he said. Spain signed the pact budget and considers it to be maintained. "

Structural reforms

Passos Coelho has said the same direction. Portugal depends on the conditions of a European aid plan, said the Prime Minister, and "if it fails to meet its objectives, it will engage with a new plan that will be more expensive, longer and more expensive socio-economic terms. Nobody wants that. "

The design of the growth of the two leaders did not have much to do with the defenders of the stimulus. "We run growth policies in Europe and in our country, argued the Spanish head of government. We adopt structural reforms that take effect in the medium and long term. "

Since taking office four months ago, Rajoy flexibilized labor law, encouraged bank mergers and generalized rigor. Passos Coelho also expressed the way forward: "We can not grow if the debt is unsustainable, he thought. Fiscal restraint is the first step of a return to growth. "

Only concession to the stimulus, the role given to the European Investment Bank. "We defend the idea of ​​reinforcing the EIB to take into account SMEs and micro-businesses," said Passos Coelho well.

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From our correspondent in London

Rupert Murdoch and his son James are roundly scolded by a British parliamentary committee responsible for a report on the scandal of the late plays of the tabloid News of the World. Rupert Murdoch "is not fit to lead a large international group," concludes the report, released Tuesday. The board deems "surprising" the allegations of Murdoch, father and son under which they would not have been in practice courtant espionage on a large scale in force in their newspapers. "Rupert Murdoch closed his eyes and demonstrated a willful blindness to what was happening in their societies and publications," the whips 121-page report, the culmination of nine months of hearings. MEPs also say that the News of the World and its publisher News International deliberately "misled the committee about the true nature and extent of the investigations they claimed to have carried on wiretapping."

Several leaders of the media group, are also the subject of harsh criticism. His ex-CEO Les Hinton is considered an "accomplice" of concealment of practices in the home. The parliamentary committee has, however, divided on the report's findings, adopted by six votes against four. Conservative members refused to accept the judgment against Rupert Murdoch's ability to manage. Labour MP Tom Watson, spearheading the investigation, has firmly told the opposite: "News International has conducted a cover-up scale of its illegal actions. Its top leaders have lied to parliament repeatedly. And the two men at the head, Rupert and James Murdoch, should now respond to these facts. They have corrupted our country to shame our police and our parliament. They lied, cheated, practiced blackmail and intimidation. "

David Cameron called

The report leaves the House of Commons to decide on possible sanctions, which could involve the convening of Rupert Murdoch for a public apology. It is an embarrassment media mogul facing some of its shareholders, especially Americans, tired of the damage inflicted by News Corp. in this case. The report could also weigh negatively in the review by Ofcom, the regulator of the British media, the legitimacy of the group to manage the BSkyB satellite TV bouquet, whose license could be withdrawn.

Finally, the parliamentary report increases the pressure on David Cameron, who was summoned Monday to the House of Commons where he justified his support for his culture minister Jeremy Hunt challenged for its proximity to the leaders of the Murdoch group in reviewing the file BSkyB. Tom Watson claimed that the Prime Minister and his predecessors Tony Blair and Gordon Brown, the court submit to their email exchanges with the leaders of the Murdoch group.

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The misfortune of one is the happiness of others! The soaring oil bill burden on household budgets Western made the fortune of the Gulf countries. The Institute of International Finance (IIF) evokes that an increase of over 19% in one year the amount of net foreign assets of the wealthy Gulf states this year. In 2012, Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain, and should show net foreign assets of 1900 billion against $ 1.6 trillion of assets held in late 2011. And the outbreak of the assets of these countries should increase to 2140 billion at the end of 2012, provides for the IIF, provided that oil prices and production levels remain unchanged.  

These Gulf countries should also make record oil revenues of 572 billion this year, against 538 billion in 2011, according to estimates by the financial organization. Their nominal GDP added totaled 1.4 trillion dollars last year, posting an annual increase of 31%. Their sum is expected to reach 1.5 trillion dollars at the end of this year, still provides the IIF.

The six monarchies of the Gulf Cooperation Council (GCC) are indeed the prime beneficiaries of record oil prices since they own 40% of global oil reserves and 25% of those of natural gas. These oil-producing countries have spare capacity in oil production from 2.5 million to 3 million barrels per day (bpd), indicates the financial organization.

But these natural assets are not everything. The institute suggests the existence of risks detrimental to the growth of the Gulf and especially the impact Arab Spring or tensions over Iran. The institute plans to capitalize on a growth rate of the six countries of 4.9% this year and 4.2% in 2013 against 6.9% in 2011.

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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Its facade that gives pride to the larch and its roof like helium-filled, the shopping center that opened Wednesday in Lyon in the new district of Confluence is not like normal plants for sale. Nevertheless, this shopping venue which has 102 stores spread across 53,000 square meters will have to meet quite a challenge. Prove that at the merchant web booming and consumption lowered, the formula is not exceeded. Find its place in a commercial landscape Lyon already quite saturated with 267 shops including La Part Dieu and 85 stores in Ecully fifteen minutes by car. Show that a new center can succeed while the latest openings, especially the Millennium in Paris in 2011 – are not successful.  

To top it off, the latest Unibail is located in a brand new neighborhood with 10,000 new residents already … but where Lyonnais have not yet used to come. A context that does not prevent Guillaume Poitrinal, CEO of Unibail to found great hopes on Confluence. "After three or four years, this center should achieve a turnover of 200 to 250 million with seven to eight million visitors," said he. For comparison, the center of Nice Cap 3000, considered one of the most efficient outside the Paris region reached 450 million euros in annual sales.

Apple Store in gondola

To take his bet, Unibail, which is the leading commercial centers in Europe, here applies the recipe that made its success elsewhere. A large dose of strings prevalent but unavoidable (Zara, Etam, C & A, Grand Optical, Franck Provost …), a pinch of signs that create events (Apple Store, Hollister, California clothing brand of Abercrombie & Fitch) and several newcomers in France and the Spanish brand apparel SuiteBlanco Specialist Portuguese decoration Loja do Gato Preto guaranteed online personal loans. In addition, it adds some local brands such as qualitative Cellerier catering, library Decitre Galix or shoemaker. Obviously, there are a hypermarket (Carrefour one) but small (4500 m). However, there is no distributor of home appliances or TV-type brown goods and computers. No trace either of stores that sell CDs or DVDs. "It's a choice: Today, consumers buy these products online," said Romain-Lavignie Molho, director of the Lyon Confluence.  

Instead, Unibail has developed the leisure part: the second floor is a multiplex with 14 theaters but also a climbing wall, spa and restaurant offers a larger than usual. Of fast food like McDonald's, Starbucks coffee as well as the more upscale chains such as Italian or American Fuxia Razowski. Moreover, to make shopping more enjoyable, Unibail has treated the architecture of the place. Part of the center is open air, in the other part, the transparent roof lets plenty of light, and in public areas, natural ventilation avoids air conditioning, inconsistent with the principles of sustainable development . An approach designed by architect Jean-Paul Viguier, known for directing Heart Defense, the largest office complex in Europe, located in the business district. The coming months will tell whether these efforts will restore the taste of consumers to buy badly shaken by the crisis.

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New stage in the case of illegal surveillance of employees and customers to Ikea in France. The former head of the French subsidiary of the manufacturer of the Swedish furniture giant and a former director of human resources have been "laid off for the duration of investigations," today announced to AFP the current director General, Stefan Vanoverbeke. The two former leaders will have to "cooperate with the authorities."

In addition, two experts from the National Commission on Informatics and Liberties (CNIL) arrived this morning at the offices of Ikea stores Paris-Nord. Came to inspect the computers and other databases, they are seeking internal documents, including letters attesting espionage practices that would prevail in Ikea France.

These practices were revealed by The Chained Duck which reported information obtained from employees and customers with information stolen from the police file Stic. Wednesday again, the satirical weekly publishes new copies of emails that show that these practices were known by several senior executives, contrary to what the management of the subsidiary. Since the publication of the charges, Ikea France has stated its commitment to "respect for privacy." As proof of his good faith, the group has made available to justice, as part of the preliminary inquiry last Thursday, its Director of Risk, Jean-Francois Paris, presented as the architect of these operations flicage.

Several controlled stores

Now, according to The Chained Duck, the "dress cut by Ikea" to the department head may be "a little wide." Several e-mails containing information to illegal recipients had the recruiting officer at headquarters, the deputy finance director, customer relations officer, the director general and human resources. Drug use by a client and is mentioned, as the lifestyle estimated too high of an employee. Monday, the news site Mediapart also published letters exchanged in 2008 between Jean-Francois Paris, Jean-Louis Baillot, the CEO of Ikea France until, in 2009, and the HR manager Claire Hery on the case part of a group suspected of abusing sick leave to stay in Morocco.

According to an inside source, "the CNIL has primarily moved this morning to see if information about the staff had been stored." Experts have also performed the same checks yesterday in another store in the Paris region.

Asked by The Chained Duck, and this morning by AFP, management has stated that it was at the beginning of its internal investigation. Meanwhile, the security manager has been suspended "to protect", and private phone. The person feels about himself "betrayed by those who, for years, urged the inquiries of all kinds," says one of his friends. North of Paris to the store, it was confirmed that the pressure on employees is permanent. This morning, break room, the publication of new mail was in every conversation.

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Sad "bonus day". Not sure that traders and bankers Monday through Societe Generale, the light step, the square of Defence. They know the day their individual bonus for 2011. And they know they will not be at the party. Both because the trend since the 2008 crisis is for restraint and because the results of the bank financing and investment fell sharply last year, even swinging into the red in the fourth quarter. Frédéric Oudéa, CEO of the bank, has already warned that the envelopes of traders' bonuses would be halved compared to the previous year.

The ritual of Friday

Same rate at BNP Paribas. Given that less than 2 billion euros in premiums had been paid last year to market operators by French banks, the overall should be around 1 billion. Like other years, French banks have cut more bonuses that JPMorgan and other Goldman Sachs. Employees of BNP Paribas have been their fate on Friday. The French leader always announces bonuses on the eve of the weekend. "It allows teams to take advantage of Saturday and Sunday to celebrate the contrary or to digest the news," suggests a veteran of the bank. Credit Agricole will follow this advice by performing the ritual on Friday.

In this case, at BNP Paribas atmosphere was dark, but not excessive because the teams were prepared for the worst. "There was less of rabies in 2011, tells a room operator markets. Last year, some had returned home just after their announcement. "This year's very bad news for these professionals used to receive a bonus big part of their annual compensation, is the proliferation of" zero bonus. "

With respect to compensation, banks have long been criticized not only the excesses but also having transformed these so-called variable premiums in almost due. Even in failure mode, it was very rare to receive no bonus. This year, according to several sources, the losses in activity rates have resulted in an upsurge of "zero bonus" at BNP Paribas. "This suggests new carts, reflects a trader. When one has no bonus is that generally has three months to prove himself … "

"It may even be less than zero!" Adds another: according to our information, in fact, BNP Paribas has had this year the right to retain the deferred compensation in case of performance-cons. Societe Generale should not escape the same trends. This year the main challenge of the bank is not so much to retain the talents of a successful social in France. Not easy to find 880 volunteers to start when it's so cold outside.

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The state reform was one of the major projects of the quinquennium. In this reform called General Policy Review (RGPP), launched by Nicolas Sarkozy, the non-replacement of a retirement of two in the public service was the single most iconic. RGPP but is also creating employment Pole, the merger of Taxation and Treasury Bercy or the removal of small courts.

In a report released Tuesday, the OECD welcomes this approach. It considers the RGPP as "an important step in modernizing the State in France" and believes that our country is now in "a relatively privileged position" in relation to others. The international organization noted that the RGPP has a 6.4% drop in employment in the State Civil Service between 2007 and 2012 (or 150,000 job cuts), which had never happened before in the Hexagon.

Method of systematic cuts

Nevertheless, the OECD, France must go further. The process cost optimization should become permanent. The organization advocates to develop a method of systematic cuts, setting an annual goal of lower costs – staff and others – by department.

For this, the future government will have to better communicate with officials. For today, the cost reduction is not part of the culture of public service, according to the OECD. RGPP was seen as temporary. It has not attracted the membership of the employees. "There is a gap between the feeling of the effort made by the agents and the amount of the reforms on the one hand, and budget savings from the other," wrote the report.

In fact, the savings should only reach 15 billion by 2013. This is small compared to a deficit of 136.5 billion in 2010. But that is because the RGPP was limited to a restructuring of the state.

To reduce its debt, France must now carry out a review of its social policies and its tax loopholes. The OECD also asked to set up a RGPP for local communities. "The organization and governance of local government – characterized by many levels of local, a very large number of common, yet significant presence of the state and level of employment increasing rapidly – are expensive and need to be rationalized, "we read in the report. It would be clearer!

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It's not for now, but studies are underway. Club Med, which has endorsed in Mauritius a new cap of real estate by selling villas, in well go further. By offering individuals to buy either villas or apartments in cottages as in Valmorel, but simple rooms in clubs. He will earn the investors and lower budgets than today. The group examines two such projects, the first is an extension of his club in Columbus, the Bahamas, the other is a new facility in Brazil, Buzios, sometimes described as the St. Tropez of Brazil.  

New strategy

Meanwhile, the Club has decided to launch the third installment of La Plantation d'Albion (five villas with 3 and 4 bedrooms available in summer 2013 from 1 no fax needed payday loans.4 million euros) and the second installment of Valmorel ( 19 apartments of 2, 3 and 4 bedrooms from 546,000 euros excluding taxes, delivery at Christmas 2012). A strategy that fits into the new building policy group, determined not to carry all its real estate assets. The general meeting of the Club will be held March 12.

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