Minister of Industry, José Manuel Soria, foreign affairs, Jose Manuel Garcia-Margallo, through the CEO of Repsol, Antonio Brufau is a general mobilization in Madrid. Since the announcement Monday night from the expropriation of the group YPF, Repsol's subsidiary in Argentina, the Spanish government officials and oil company's succession of television sets in press conferences to express their anger.

Because even if it concerns also international investors, largely present in the capital of Repsol YPF, the coup of President Cristina Kirchner is lived in Madrid as an affront to the country. "A decision against the interests of Spain and Spaniards," says Soria. It must be said that YPF is the crown jewel of Repsol. The Argentine subsidiary to the parent provides half of the production of hydrocarbons (or 459,000 barrels per day), 40% of its reserves and a third of its gross profit. Repsol, the coup, wants to pay a high price Buenos Aires: Antonio Brufau requires 8 billion euros in compensation for the 57.4% stake in Spanish oil YPF.

"A very bad signal"

For now, Spain brandished the threat of retaliation, without elaborating. Minister Soria evokes "the consequences of different fields: diplomatic, commercial, and industrial energy." Europe is united with Madrid. The head of European diplomacy, Catherine Ashton, denounces "a very bad signal" sent by Argentina to foreign investors and warned that Brussels is studying all options instant payday loan.

Beyond the rhetorical threats, what are the real possibilities of retaliation? Specifically, Madrid remains an important outlet for Buenos Aires. Spain imports twice what it exports to Argentina. In 2011, Spaniards bought 2.01 billion euros of products to Argentina and that they have sold 1 billion. Chemicals, raw materials, intermediate products as well as fruits, vegetables, fish and seafood are among the goods most in demand in Spain.

"Legal uncertainty" in Argentina

Repsol also is not the only company of Spanish origin present in Argentina. In energy, construction and banks, the Spanish groups have settled in Buenos Aires and the rest of the country. Gas Natural has reached such an EBITDA of 27 million euros last year. Santander and BBVA, the two giants of Spanish bank, achieved respectively 5.36% and 5.22% of their net profits in Argentina. Telefonica de Argentina, finally, achieved a turnover of more than 3 billion euros, thanks to its 24,000 employees in Argentina.

For now, the 400 Spanish companies are located low profile. Spanish executives point out, the image of Gas Natural, "the excellent relations with the Argentine government." But on condition of anonymity, officials complain in the Spanish press of the "legal uncertainty" that takes place in Argentina.

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Nicolas Sarkozy Knights principle of rent. Asked about the German model in this regard, the president candidate is that this is "a good idea." "I take it back. It does not block the rent but a framework. This is why it is interesting. I will apply, "he vowed in an interview published Monday in Current Woman.

In the mouth of the president candidate, unless the idea is new in that it looks. On 2 February, he said already "think" in a measure inspired by the German model. Across the Rhine, a tenant can attack the homeowner if the rent is 20% higher than the market price. The entourage of Nicolas Sarkozy said he had not yet decided the question whether, in France, the initiative would be left to the tenant as in Germany or if the 20% ceiling would be required automatically to owners.

At the campaign headquarters of Nicolas Sarkozy, it ensures that the President-candidate has not changed sides. Is depressed and the socialist proposal: "This is a measure similar to the 1948 Act (the rent freeze) and it is not the German system," argued an associate of the president candidate quoted by Reuters. "What is a priority for us is not to discourage the development of housing supply, that would surely cause a rent freeze," he added.

"Everything and its opposite"

Francois Hollande camp was quick to qualify this statement of complete reversal. "On housing, Nicolas Sarkozy has said anything and everything in five years. After the 'all owners' roadmap of its policy since 2007, he rediscovered that there are tenants in France, they pay rents too expensive and they live badly, "reacted Repentin Thierry, head of the pole housing and urban policy team of the socialist candidate.

The program promises Francois Hollande "by law to oversee the amounts of rent for the first rental or relocation" in areas where prices are "excessive." But little else. Prices are set by local observatories rents and leases new concern. Especially, the measure would be "transitory", until the market relaxes, explains Thierry Repentin in the newspaper Le Monde on Saturday.

Friday, the benchmark rents (IRL) has increased by 2.24% yoy in the first quarter 2012, slightly less than inflation (2.3% yoy in March). Homeowners can increase to the same extent the rents of their tenants during the lease. However, the Observatory Clamor noted a slight drop in rents charged to new tenants (-0.1%).

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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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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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The success of the magazine inspires XXI Francois and Jean-Dominique Siegel. The two brothers, son of the founder of VSD, Maurice Siegel, April 5 launch a new "magbook" magazine mid-mid-book, Tomorrow We. Their ambition is to make a "marker of social change."

In line with Current, relaunched in 1970 by the post-68 generation, or the U.S. magazine Wired, established in 1993 to decipher the impact of technology in society, they hope to re-register in the frame of the time. "This magazine is a showcase to build something new, Siegel says Francois. If the stock settles, we will develop a website, a platform for trade and a think-tank. "We Demainmise on this societal positioning to differentiate itself from other" magbooks "turned to the big story (XXI), Foresight (& Usbek Rica) or polar (Alibis).

Like the latter, We Demainsera distributed in large networks of library. On an initial run of 30,000 copies, most books will be reserved for rays of Fnac, Virgin, Relay and large newsagents, and those of Carrefour hypermarkets, Auchan and Leclerc no fax payday advance. The title is based on the publisher Le Cherche Midi and its distribution network Interforum (Editis). Tomorrow we will start at 12 euros, and will cost 15 euros, the same price level as other "magbooks".

Create a "label"

The project was fully funded by the GS Group, owned by Francois and Jean-Dominique Sylvain Attal and Siegel, who oversees GS Press, governed and publisher of the monthly Info-Driver and two television quinzomadaires for Auchan and Leader Price. Jean-Dominique Siegel Demainun We hope to do the "label" that will generate a new economic model. Without advertising startup, the title is meant to seduce "brands involved," for traditional advertising or through partnerships, but also to attract investors.

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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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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The German Cabinet Wednesday approved the European fiscal pact signed by EU leaders last week. But this is only the beginning of a new showdown to Angela Merkel. For the Chancellor must obtain a two thirds majority in the German Parliament to ratify the treaty, which induces a change in the fundamental law, the Constitution. And the opposition, whose votes will be required by, has already set his conditions to his joining in a letter to the government.

The Social Democrats, like the Greens, calling for the inclusion in the pact of measures to promote growth and employment, and conditions approves the introduction of a tax on financial transactions at least in the eurozone.

Was a hard blow to the Chancellor: his liberal coalition partners oppose wind at both. As for the ratification of the second aid package to Greece in February, his own most risk of it failing again. Disavowal of a new politically weaken to the point of projecting his center-right coalition on the verge of bursting.

The opposition does not hide his satisfaction. "The Chancellor is committed in a losing battle. She was eleven weeks of exciting domestic politics before it! ", Says Thomas Opperman, one of the leaders of the SPD parliamentary group in the Bundestag.

Godsend for Holland

The Bundestag must ratify the text at first reading in late May, before it is finally adopted, always in the Bundestag, three weeks later. However, the opposition did not rein as frank as it wants in negotiations. Because it can ill afford to vote no to a deal supported by an overwhelming majority of Germans thrilled to see the Germanic discipline imposed on the rest of the euro area. Moreover, early elections would focus again Merkel at the chancellery under all the polls.

Inspired by Berlin, the fiscal pact, which comes into force on 1 January 2013, commits the 25 countries of the European Union signatories (of 27) to more fiscal discipline. It generalizes the "golden rule" which requires states to balance the budget. Pillar of the new European economic governance, this text is seen as the essential counterpart to the German financial solidarity towards the most vulnerable countries.

Embarrassing for Angela Merkel, the conditions imposed by the German opposition to ratification of the treaty are a boon to Francois Hollande, who has promised to renegotiate the pact if elected president. But the rallying of the German Social Democrats stops there. The views of the French Socialists on the role of the European Central Bank continue to arouse the greatest suspicion to the SPD.

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"FILE – Crisis: the fear of debt

For what will probably be his last European summit before running for a second term as president, Nicolas Sarkozy could not escape the exercise of stock. Friday the signing of the pact of fiscal discipline, contrived with Angela Merkel, has provided him with the argument: "We're not out of the economic crisis, but we're turning the page of the financial crisis." .. ……

Garden side, the summit without chips seems to end two years of debt crisis. Greece climbs out of the rut, the other countries of the euro will provide the means to finance their debt markets through the "firewall" financial, and the common currency is based on an own last fiscal governance .

The time to relax is actually financial. The France borrows at interest rates lower and – the president is delighted – the differential with Germany was "closer to historic lows." Any risk is spread? "I will not allow myself to say. There is no 100% guarantee. We thank you is always a tragedy. " Or maybe an election

.

Side yard, however, is the looming recession and the new Spanish Prime Minister Mariano Rajoy took it upon himself to embody the danger. The ink barely dry on budget pact, he said he does not comply with the spirit: Friday Madrid has set a fiscal deficit target of 5.8% of GDP, well beyond the 4.4% for 2012 agreed with its European partners. The slippage Spanish adds to the disorder of Brussels, already shaken by the announcement Thursday of a similar drift in the Netherlands. Another crisis does not seem so far away already.

"Temptation liberal"

Regarding means of a return to growth, the European team seems equally divided paydayloans. In fiscal harmonization desired by Paris and Berlin opposes deregulation of services and labor market driven by London, with the reinforcement now in Rome and Madrid. Once again, David Cameron a "frustrated" by the Franco-German immobility had a scrap with Nicolas Sarkozy worried by the return of the "liberal temptation." The summit declaration indicates a match virtually nil. But the French president welcomed the "return to Europe," British Prime Minister, after falling out of the fiscal pact in December.

The day of reckoning is also the one to draw a roadmap for the future. Whatever the outcome of presidential elections, Nicolas Sarkozy has no plans to run for a European mandate. "From the heart not, under any circumstances, either now or later, he quips. I do not have the qualities to be an excellent President of the European Council. Herman van Rompuy is already doing. As for José Manuel Barroso, understand that I can not compare myself! "The head of the Commission will assess the scratch.

If it does not nourish ambition in Brussels, the president surely has for France and for a second term: "I still have something to do five years in Europe, 'says he told reporters. "We put in place tools. We now use the full. "Among his war-horses, he cites jumble of European defense, a true industrial policy, competition, the Mediterranean, and immigration.

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