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Whatever the final scope of the Franco-German compromise on a European recovery plan, a point is a virtual consensus: the European Investment Bank (EIB) will be further tapped. During his campaign, Francois Hollande has repeatedly cited the institution, explaining to want to see more funding for innovative projects. Chaired by a German, Werner Hoyer, the EIB has the added advantage of being compatible with the philosophy of Berlin in public finance.

Created after the Treaty of Rome, in 1958, this arm of the European Union acts as a conventional financial institution with its shareholders – the 27 EU member states – and its own funds – 232 billion – which it serves as collateral to raise funds on the market and in return grant funds to the public sector. In other words, an appeal to the EIB does not dig, as such, deficits in the area.

Finance ministers of Twenty-Seven will meet Tuesday morning in Brussels, the Governing Council to start work on the practical modalities of strengthening the institution. An exercise stress: no question that the EIB, currently rated "AAA" by the three major agencies, lose this precious document. Where applicable, the cost of refinancing is found in heavy and interventions become less effective.

Two schemes in the study

Request more loans the EIB is therefore to provide in return the appropriate funds. Two schemes are under consideration. The first is to rely on the EU budget. The idea of ​​bringing the Commission to the capital being strongly opposed by the Member States, the solution that emerges would be to use part of European funds as collateral for loans which would then be granted by the EIB. It is this pattern that has been adopted in Greece, for example where the Bank has committed to lend up to 1 billion euros for innovative SMEs from a guarantee of 500 million EU.

The second scheme – which holds the rope – is a mere increase of the EIB's capital, financed by the 27 shareholders. The magnitude of this increase would be about 10 billion euros, which would allow the EIB to grant 60 billion of loans that can generate around 180 billion investment, thanks to the leverage caused by the co-investment from the private sector. An overall figure on which refuses to engage the side of the EIB, "everything depends on the type of investment, leverage is stronger in the context of public-private partnerships in SME lending" says an official. However, the figure of 10 billion additional capital seems to be confirmed.

The impact is not negligible for the European states. The two main shareholders of the bank, France and Germany, which each own 16.5% stake, will write a check for $ 1.65 billion. And even if it is not, strictly speaking, additional debt, the stress on budgets is important. The talks between finance ministers will continue in the coming weeks, to stop a scheme before the European Council in late June.  

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Unavoidable. Both right and left, it is fashionable for a Prime Minister to consult the National Federation of Farmers' Unions (FNSEA) before appointing or the Minister of Agriculture. The first president of the French farmers' union, did not hide it. "It seems normal to me, democracy is a living thing," argues Xavier Beulin.

FNSEA three priorities. The first: the jurisdiction of the future minister. It should be expanded to include the food industry, hitherto in the lap of Bercy. "We can not isolate the production issues of value and foreign trade," explains Xavier Beulin. The request was consonant with that of the manufacturers themselves: "The first industry of the country will she finally be taken into account in the new government, beyond the simple farming?", Mused at the end of Last week on Twitter Jean-Rene Buisson, president of Ania, their trade association.

Second priority for the leader of the FNSEA: international. "We need the new minister has a good knowledge of international circuits and especially Europe. 2013 will be a turning point for the common agricultural policy. Many countries expect the French position on this matter. "

Third major point: the capacity for dialogue. "We had in the past ministers entered the office without special knowledge of agriculture, as the outgoing Minister Bruno Le Maire, says Xavier Beulin no faxing pay day loans. He soon learned his style and printed. What seems important is the quality of relationships that we can eat, especially on the environmental record. "

Le Foll holds the rope

Among the names floating around, both have the favor of the FNSEA. "For years we are talking to a number of interlocutors of the PS as Stéphane Le Foll who knows agricultural topics. MEP, he knows how the Commission, Parliament and how to develop the European decision, "Xavier Beulin advance. "We also have the French Parliament out of the speakers as the member of Dordogne, Germinal Peiro, spokesman for SP agricultural issues and rurality. We meet regularly, "says the boss of the FNSEA, with less effusive.

Still, the FNSEA does not seem intrusive vis-à-vis Matignon. "The subject is not the person but what we can build together, concludes Xavier Beulin. We will be loyal and responsible partners. The interest of France through a strong agriculture, agri-food sectors and strong agricultural equipment, a training system and powerful search. "

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For the first time since 1995, the protection of personal data of European citizens is being reformed. This is normal. In seventeen years, the Internet and social networks have radically changed behaviors and risks: identity theft, fraud, misuse of information posted, collecting information without the consent of the internet, etc … January 25, Viviane Reding, Vice President of the European Commission presented its draft European regulation, in a document of 134 pages. The text should come into force in two years in each member country of the Union.

While the CNIL (Commission Nationale Informatique and freedoms) recognizes "substantial progress", particularly by establishing a "right to oblivion" for digital users and creating "a power of sanctions," up until to 2% of worldwide turnover and € 1 million fines on companies, several points are criticized. Reportedly, the CNIL's remarks will be taken over by all supervisory authorities in Europe, gathered in the "Group of 29" European CNIL. Or Friday, no later than Monday, April 2, this group will be concerned about the "bureaucratic risk" introduced by the draft EU regulation. Indeed, a private company may, according to the draft regulations, elect one principal in Europe, and conform to all its European subsidiaries to the rules of this country's data protection. In case of dispute, the issue will be examined by the CNIL's chosen country payday advance. The risk is high that the French CNIL, for example, becomes a single mailbox. And it's "particularly concerned about the risk of estrangement between citizens and their national authorities."

"The notion of principal is criticized, including by U.S. companies. General Electric, for example, does not have the same commitment to a European country as Facebook or Google, "says one expert. In fact, the same day as the release of the draft EU regulation, Google announced it had chosen "as the principal place of Ireland" and announced a new rule for "confidentiality", in force since March 1. But these provisions were strongly criticized by the CNIL, on behalf of all European CNIL, and March 19, a detailed questionnaire was sent to Google.

Meanwhile, cooperation between the supervisory authorities of all member countries of the European Union is considered, failing to create a single European CNIL. CNIL tricolor is already strong in his criticism by the French government and parliament.

In June the European Council of Ministers should review the draft EU regulation, which would be amended in the direction of greater cooperation between the supervisory authorities of each European country.

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Experts have not yet returned their verdict about the seriousness of the situation on the gas platform of Total in the North Sea. But analysts have already whipped out their calculators and trying to measure the cost of the incident for Total and stakeholders. The range of estimates is very wide: it extends to the French oil group, 150 million dollars (113 million) to $ 10 billion (7.5 billion euros) in case of explosion of the platform.

In all cases, it appears that the bill implied $ 16 billion (12 billion euros), deduced from the fall of Total shares on the stock market, is largely overestimated, says Societe Generale. "A loss of over $ 7 billion (5.3 billion euros) for Total (which holds 46.2% of the platform) seems particularly severe," wrote analyst Societe Generale. The impact on production will remain relatively moderate and the final cost in a worst case scenario hardly exceed the amount implied by the Exchange.

150 to 200,000,000 dollars

To try to guess what the final bill of the incident, calculate how much is the cessation of production from the platform evacuated Sunday at midday. According to CM-CIC Securities, the daily loss would rise between 10 and 15 million. "For Total, one can estimate a minimum cost of 150 to 200 million dollars in the best case (limited to two weeks off) or even more if the situation were to persist for several months' advance CM-CIC Securities. The shutdown could last from six months to a year, according to various analysts. An official of Total recognized that blockage could last up to six months.

$ 10 billion in case of explosion

The bill also depends on the solution proposed to solve the crisis. Exane BNP Paribas, estimated that operators of the platform may have to dig two relief wells, each costing about $ 44 million (33 million) direct payday lenders. Remains a possible explosion on the platform would jump costs for operators. The bill could reach 7.5 billion according to analysts at BofA Merrill Lynch. This amount includes the loss of deposits and the platform (about 2.8 billion euros) and nearly $ 1.5 billion to clean up environmental damage, but excludes any fines.

Analysts agree on one point: this incident, which involves gas and not oil, will not scale environmental or financial cost of the oil spill in the Gulf of Mexico in April 2010. The operator of the platform involved in this disaster, the oil BP, had to set aside $ 37.2 billion (24 billion euros).

Between 100 and 200 million pounds less for Crown

Stopping exploitation of the Elgin platform in the North Sea could also have an impact on … tax revenues of His Majestys. "If the site remains closed door for six months, this could result in a revenue loss of between 100 and 200 million pounds (119 and 238.4 million euros)," David has calculated Tinsley, an economist at BNP Paribas . This amount, compared to 43 billion pounds collected by the British state in 2011, does not include any costs of cleanup. The invoice is not limited to the tax shortfall. British production, already amorphous, could also be slowed, says the analyst, who concluded that the country's growth could even be reduced by 0.05% in the second quarter.

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Since the beginning of the year, France can count on a new ambassador in U.S. supermarkets: the Teddy Bear Marshmallow. The chocolate confectionery iconic Cémoi, which this year celebrates its fiftieth anniversary, was called "So Pretty" across the Atlantic. She will seduce children and adults in Canada and the United States. They currently represent a drop from the 400 million Bears produced annually in the plant Villeneuve d'Ascq.

"We ask our pawns in North America, says Patrick Poirrier, CEO Cémoi first chocolatier in the Hexagon with his trade supplier to brands (MDD), who made last year 750 million euros of turnover. We have there an approach to French fashion products. In three years, we increased our sales by 30%. "If Cémoi not realize yet that 35% of its turnover abroad, it counts including the United States to accelerate.

Focus on Africa

The company, based in Perpignan, which is 900 million euros in turnover by 2015, will open next month an office in New York. He intends to take advantage of the recent development of MDD in the chocolate sector and leverage its brand. There, Cémoi – which adjusts its revenues in each country – relies on its truffles, which are a little Eiffel Tower on their packages, and its dark chocolate ranges, a fast-growing segment on which there is still little Deals in North America payday loans. For now, we deliver from our ten factories located in France, "says CEO, grand-son of the founder, who does not rule out making acquisitions in the United States.  

Other fast-growing region for three years, the Eastern Europe (35%), which represents nearly 10% of total production. "The increase in living standards, particularly in Poland, where we have a factory of industrial products, driving growth," said Patrick Poirrier.

In emerging markets, Cémoi prefers to pass his turn now in Asia, having suffered a failure in China in the 1990s. Instead, it set course for sub-Saharan Africa, where he bet on population growth and economic take-off, and its historical presence in Côte d'Ivoire through a processing plant. "We're going to floor on small packaging and on basic products such as chocolate spread," said Patrick Poirrier.

Finally, while the cocoa supply will become critical to the future (it will take one million tonnes in the next decade), Cémoi strengthens its role on the upstream. For two years he sells beans to other chocolatiers, tired of going through middlemen or traders. A new market for Cémoi, which now boasts its presence in the entire chain.

It only took a month of discussions that management of TNT Express, a former subsidiary of the Dutch post, accept the proposed UPS. The American giant of more than 400,000 employees whose turnover in 2011 exceeded more than $ 50 billion has evolved its offering at a time when TNT Express through a bad patch. This has indeed posted a net loss of 270 million euros in 2011 against a profit of 66 million euros in 2010.

UPS approached by mid-February, leaders of TNT Express had rejected an offer that valued the company 4.9 billion euros. But to 5.16 billion euros, UPS was unanimous. This acquisition will enable the U.S. group found mainly across the Atlantic to catch up. In the business of courier, transporting small packages, UPS accounted for only 7.7% of the European market against 9.6% for TNT Express, Fedex and 3.3% to 17.6% for DHL, a subsidiary Deutsche Post, according to figures from Transport Intelligence firm.

While approaching, the two biggest names in express transportation become a European leader in size to cross swords with DHL and especially a world champion since their continental positions complement each other. An asset to get the green light from competition authorities even if Deutsche Post yesterday estimated that the European Commission would consider merging with caution.

The new group formed should weigh a turnover of $ 60 billion and 477,000 employees. By comparison, another U.S. giant, Fedex, achieved a turnover of $ 41 billion in 2011 and employs 290,000 people.

Target: 50% of international sales

The presence of UPS TNT in different regions of the world should stabilize as sales in the U.S. will increase from 74% to 64% UPS only for the new group and Europe will reach 22% after the operation against 14% for the only American group.

"Why TNT is it very attractive?" Asked Kurt Kuehn, UPS's chief financial officer, during a press conference in Amsterdam: "Because he manages operations in areas of the world that were unserved: Brazil, Australia, Middle East, the road and rail networks in Europe. "The objective announced by UPS is to reach 50% of sales overseas in the next five years against 26% at present. 

Financially, the acquisition should help to achieve one billion euros in savings, once the integration of TNT Express will be accomplished. Clearly, the group provides $ 400 to 550 million euros in savings per year from 2015 through improved efficiency of logistics platforms, an optimization of aircraft fleets, purchasing … However, the CFO UPS declined to answer questions on possible job cuts among the ranks of TNT. The transaction, which must be profitable within the first year, could be completed in the third quarter of the year.

It is likely that the competitor UPS, Fedex, will not thwart the hostile bid. Especially since the competitor UPS does not have $ 3 billion in cash.

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The European Union will not allow itself to do. In the aftermath of retaliation by China against the European carbon tax, which came into force on 1 January, the Danish Minister of Climate, Lidegaard Martin, said Friday that Brussels does not intend to reconsider the measure. "The EU will continue to ETS (the European carbon market fee, ed) and I feel we have a Council of Twenty-Seven united on this subject," he said on the sidelines of a meeting Brussels with his counterparts. "Europe and other countries want a solution within the International Civil Aviation Organization (ICAO)," he added. To date, 26 of 36 ICAO member, including China, the United States and Russia, opposed the measure.

China took the lead from the dispute by freezing orders for Airbus aircraft placed by its airlines. "The decision of Beijing has an industrial impact: it hits 45 Airbus long-haul, 10 and 35 A 380 A 330," Louis said Thursday Welsh, CEO of EADS, when presenting the results of the 2011 group . "In 2013, 6 A 330 deliveries in 2014 and another 19 are endangered," he added, asking the EU not to insist on applying a unilateral measure. "We promote an agreed solution on a global scale. The European tax is not the appropriate solution. It distorts and puts us at odds with the rest of the world, "insisted Louis Welsh.

Trade war

The carbon tax applies to all airlines flying over European airspace. They will, however, forced to perform in the spring of 2013. Carriers must pay 15% of their emissions in the year 2012, 32 million tons, according to the price of a tonne of CO2. Otherwise, Brussels has set two types of penalty: a fine of 100 euros per tonne, more radical, the flight ban over European airspace.

China has calculated that the bill will amount to nearly 100 million euros for his companies and four times in 2020. In total, the carbon tax would cost 705 million euros for 2012 to stakeholders worldwide. Unacceptable for the Chinese, who are ready to tussle with Europe, even start a trade war with disastrous consequences for Airbus. Beijing is far from isolated. The rejectionist front also includes the U.S., India and Russia.

The threat is real for Airbus, which is fighting against Boeing, in all these regions to sell planes. It affects not only future orders, but also on its order books and production rates, thus on employment. EADS could stop wearing the monthly production of the A 330 to 11 copies, against 7 currently, from the second quarter of 2014. The future of the A350 XWB long-haul next-generation, could be thwarted.

China's strategy of Airbus is shaken

China, the fastest growing market in the world, is strategic for Airbus, which has sold 15 A 380, 2 of which were delivered to China Southern ordered five of them. Hong Kong Airlines, a subsidiary of China Hainan Airlines, has already threatened to cancel its order for 10 super-jumbos. If the case escalates, how Airbus can hope to convince other Chinese players? All its China strategy, whose cornerstone is the introduction of an assembly plant in exchange for A 320 commands, is shaken.

Other measures of retaliation are not excluded. What would happen if Russia, where the A380 has achieved a commercial breakthrough with Transaero last summer (4 A 380), or India decide to follow suit in Beijing? According to Airbus estimates, India and China account for 40% of global demand for aircraft in the next twenty years, or 10,320 units. Something to think about European bodies!

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After Guadeloupe and Mayotte, it is the turn of the meeting to fight against high prices. If measures to lower gasoline prices and basic commodities were announced, anger persists. According to figures from INSEE, in 2010, prices were more expensive by 12.4% in Réunion in the mainland. A difference that amounts to 14 saving account payday loan.8% in Guadeloupe, and 16.9% for Martinique. In Guyana, where the price differential is highest, this amounts to paying twice the tax: a basket of goods (including rent) money is 19.6% higher than in metropolitan France.

Investigation of spatial comparison, INSEE.

In a few days, the management of Air Méditerranée know the number of candidates to voluntary redundancy scheme and the number of those who wish to be reclassified from Hermes Airlines, a Greek subsidiary conveniently created in August 2011 by Anthony Ferretti, the president and largest shareholder Air Méditerranée.

The new company proposes to take Greek pilots and stewardesses its parent, provided they opt for a Greek status and pay accordingly – lower by at least 30% to those in force in France.

Affected by the Arab Spring

Outwardly, nothing appears. The three aircraft in the fleet of Hermes Airlines registered in Greece wear the shoe Air Méditerranée. Flights operated by these aircraft are also consistent with those made by the parent. Hermes is it then a ghost airline intended to lower costs to manage the activities of its parent company in trouble? "It's ten years as the president of Air Mediterranean dream to relocate, says a captain of the company. At first he did not dare use the word. Today, it frightens him more. He says it is for our good and it will help revive the company's business. "

Mediterranean air, which mainly works with tour operators and individuals by selling low-cost flights on the Internet, has been hard hit by the crisis Tunisian and Egyptian. In 2011, it achieved a turnover of 220 million euros and would have recorded a small loss.

Unions, convinced that the "relocation" was illegal, responded: "We met with leaders of the General Directorate of Civil Aviation (DGCA) on numerous occasions, said Denis Roumier, the SNPL. But they told us that there was nothing illegal in this montage. Nothing prevents an employer to operate equipment by registering in another country. ". Hermes Airlines has recruited crew members from different nationalities in Greek status to ensure the flights of the three devices with operating licenses Greek.

The salary of a hostess who received 1200 euros net per month in France rose to 900 euros in Greek status. That of a captain of 5000 euros to 3700 euros a copilot from 3500 to 2600 euros.

By summer, the Greek subsidiary should operate six aircraft, as declared by the president of Air Mediterranean in council.

Faced with this "misuse" of their flights, the 450 employees of Air Mediterranean – including 85 in CDI will leave the company under the plan to safeguard employment – wrote an open letter to President: "In the process things are going, we expect, if nothing is done, not only to pursue the relocation of six ten but had to start our whole fleet, the disappearance of our company and, worse , that the method is spreading to other French airlines … "

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Gone is the political consensus that prevailed in France last year about the need to save Greece. Tuesday, the Socialist deputies abstained on two bills used to be validated by France on European Stability Mechanism (SPM). And Socialist senators will do the same next week. With 500 billion euros, MES must nevertheless serve from July, firewall Standing against the sovereign debt crisis in the euro area.

Socialists do not disagree that the SS as the budgetary stability pact European carrier with greater discipline on public accounts. And they consider that the MES and form a pact. This treaty "as it stands today does not provide strong commitment to growth," said Tuesday, Jean-Marc Ayrault, president of the PS group in the Assembly. A position in line with that of Francois Hollande, who wants to renegotiate the December European, to add a section on growth.

Heavier debt

"The refusal of the Socialists to vote MES is a serious fault which shows their bigotry," retorted Tuesday, Francois Fillon before the UMP group. Anyway, the MES should be approved by France, the Assembly, dominated by the UMP, having the last word on a left-wing majority in the Senate.

The MES is the latest tools devised to solve the debt crisis. It will function as the EFSF (European Financial Stability Fund), it will eventually replace: it will borrow in the markets and then help the troubled country. These are the European countries which will mean the MES in equity, to 80 billion euros. France will contribute 16.3 billion by 2017, including 6.5 billion this year. This will weigh down all our debt, which has already reached 1.7 trillion. And this bill is not isolated.

As part of the first aid to Greece decided in spring 2010, France has already lent directly to the country 11.3 billion on a commitment of 16.8 billion euros. Public debt has been weighed down by 11.3 billion.

France will contribute more importantly, valued at 23.4 billion euros, the second Greek rescue plan which should amount to 107 billion euros for euro area Member States. The hex will help the European Financial Stability Fund, which lends to States in difficulties with the guarantee of the Member States. Its borrowings weigh down the public debt. Because of all the commitments of EFSF on Portugal, Ireland and Greece, the French public debt should be weighed down by 38.5 billion. So that the total bill for France's aid to European countries in difficulty should go well beyond 50 billion!

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