"We told you so's you!" For U.S. policy makers who are struggling since 2010 to oversee Wall Street, the announcement of the disappointments of JPMorgan timely. While the final text of the U.S. banking regulation should be adopted in the coming months, the loss comes discredit the speech of one of their most brilliant opponents, the bank manager, Jamie Dimon. The man never tires for months to detail the disastrous economic consequences of a law too narrowly and to question the competence of its authors. "Today's announcement sounds like a strong reminder of the need for regulators to establish effective and stringent rules," he said at the Thursday night Democratic Senator Carl Levin of Michigan.

The debate on bank regulation in the United States, born after the collapse of Lehman Brothers, has refocused on the "Volcker rule", named after the former president of the Federal Reserve. This text prohibits banks that collect savings to speculate on their capital. He wants to draw a boundary between the regulated and the banking world of hedge funds, to prevent savers and taxpayers have to pay for reckless risk-taking. Once established, this principle raises numerous issues on which borders falling over for months and policies bankers. Wall Street has already received several exceptions weight. Trading, whose goal is not speculative but is intended to "cover" the risk of a bank, and would currently not affected by the law. Yet it is on this type of operation that JPMorgan has stumbled. Jamie Dimon admitted a hedging strategy "ineffective, poorly controlled, poorly built and all that follows." In short, a technical error, regrettable, but whose realization is possible in a risky world.

A speech inaudible to American politicians who have not forgotten the tens of billions of dollars spent in the bailouts of 2008. The loss of JPMorgan demonstrate the contrary, they argue, the need to extend the legislation. "The enormous loss of JPMorgan provides the latest evidence dated as what banks call" risk coverage "actually corresponds to paris often risky it is not normal that these institutions make systemic scale," said Senator Carl Levin.

Repercussions in France

The standoff will continue in the coming months. Its echoes will reverberate in Eu-rope. While the British have advanced to a strict separation of credit and market, the continent is still in full swing. At the community level, Commissioner Michel Barnier told the Finnish Erkki Liikanen to chair a task force, which should stop the cursor from the reform. Its conclusions are expected in the fall. The new French government should in parallel, and in connection with this commission, quickly present its proposals. Francois Hollande and future Minister of Economy advance probably this summer.

ALSO READ:

"Madrid Bankia ready to bail pending the EU money

"Holland going to tackle its banking reform bill

"Banking regulation: Britain alone

"Savings: the professionals are sounding the alarm

Given the UK, Belgium or Switzerland, the exiled French tax is a godsend. Or rather a client to conquer. On this lucrative market, the election of Francois Hollande whets the appetite. Two measures of the new president – ISF and heavier taxation to 75% of revenues in excess of 1 million euros – may scare away more French taxpayers. The British intend to benefit and say it bluntly. "I think a number of terrible French will want to come to London", welcomed Iain Duncan Smith, the British Secretary of State for Labour, just before the victory of Francois Hollande. The English press is full of testimonials from real estate agents London noting an influx of French.

In fact, in France, tax lawyers perceive an increase of candidates for exile. "I treated a dozen applications for three months against six to eight per year once," says Corinne Dadi, a lawyer with Stehlin & Associés. Two hold the rope destinations: the United Kingdom and Switzerland. The two countries have for them the absence of ISF and tax regimes for foreigners: package negotiated with the IRS and soldant all taxes, Bern, and exemption of income not repatriated to Britain, to London . "Both countries outside the euro area, which reassures those who doubt the future of the single currency," says Marc Vaslin, associate lawyer at Scotto & Associates. Indeed, the banks of the Thames and Lake Geneva are not really competitors. Would not that because the beneficiaries of the Swiss tax package should not work in the country. "London is a cosmopolitan city for working executives. Those who go to Switzerland are rather retirees who enjoy the climate and security, "says Christophe Chaillet, director of engineering heritage HSBC France.

Swiss Secrecy

Especially, unlike the English, the Swiss authorities are playing the card of discretion. The government is doing everything for the country to get rid of the label of tax haven payday advance. In addition, a portion of the population Helvetian, supported by the left, opposed the package. Reason: local citizens pay, themselves, suffer heavy taxes and the housing boom caused by tax exiles. The canton of Zurich has abandoned the system of lump sum taxation, and a petition to that effect circulated in Geneva. "This petition does not certainly result. But the trend is upward packages to avoid becoming too unpopular and are removed, "said Marc Vaslin. Not enough, however, lose its attractiveness to Switzerland. "The country has sound public finances, which is reassuring for the long term," said Corinne Dadi. The fact that the British government takes a liberal policy is also an appreciated.

In contrast, Belgium, heavily in debt (public debt reached 98% of GDP), has now less popular among the candidates for the tax exile. "My clients are concerned Belgian tax increases," says Corinne Dadi. "I would not be surprised that the gains of less than five years end up being taxed. But the exemption of capital gains is the main attraction of this country, especially for those selling their businesses, "adds Marc Vaslin. As for Spain, it came out the exiles from radar screens, due to recovery of the ISF and economy in crisis.

Anyway, the decision to leave France is often painful. This is why lawyers are also working on schemes that will allow their French customers not to be too adversely affected by future tax measures.

ALSO READ:

"The tax increase in July

"Taxes: what lies ahead!

"A fine of 5% on undeclared foreign assets (with the individual)

"The exit tax hit from the tax return in May 2012 (with the individual)

SERVICE:

"Calculate your ISF 2012, with our simulator (with the individual)

Appointed in 2008 as head of the SNCF which he was number two, Guillaume Pepy has since opening figure of ultimate boss of office of Nicolas Sarkozy. The former chief of staff of Martine Aubry has nothing to fear from the change of head of state. And, except to be appointed to another position, it should not only complete his term as CEO of SNCF, scheduled until February 2013, but re-enlist at the head of a company where he spent most of his career and he seems happy to embody.

Everything will depend on the host that the Government will make available to the rail reform projects driven by Guillaume Pepy well in advance of the election. It was he who suggested to his minister, Nathalie Kosciusko-Morizet, to open a "Grenelle of the rail," a broad debate that ended this winter.

The head of the SNCF has two great ideas in mind overnight pay day loans. The first involves a major reorganization of the French rail, bringing Réseau Ferré de France (RFF), the manager of the railway network in the lap of the SNCF. Objective: To terminate an organization considered grotesque and expensive. But neither competitors nor RFF of SNCF do not hear it that way. The battle will be fierce between Guillaume Pepy and Hubert du Mesnil, the boss of RFF.

Second site, sensitivity: the creation of a "social framework harmonized" for SNCF workers and new entrants on the French market being opened to competition. Beyond this global negotiation, Guillaume Pepy wants to get the right to hire out the status of a railway station. One way of playing field with its powerful rival, Deutsche Bahn.

• Proglio frontline

Proglio. Photo credits: ALBERT FACELLY / Le Figaro

Christine Lagarde is more than ever determined to "increase the firepower of the International Monetary Fund", that its financial resources. But if the euro area "is the epicenter of the potential risks" of the global economy, "Europe is not alone … We're not obsessed with one area," said Thursday in Washington, the Executive Director of the IMF during a press conference that opened two days of spring meetings of IMF and World Bank.

Capacity building support from the Fund will be the highlight of the discussions involved in particular the G20 finance ministers. Christine Lagarde has renewed its appreciation to Japan, "the first country that has decided to commit themselves" to the tune of 60 billion euros, while acknowledging "the Scandinavian countries who responded to the call and Singapore."

The Japanese contribution is the first quantified commitment to a non-European. This is in addition to those States of the euro area itself, which from the outset, have said they would put 150 billion euros in the pot (just under $ 200 billion). But Christine Lagarde, who had advanced earlier this year the figure of 500 billion, reduced its ambitions "to just over $ 400 billion" figure it has itself argued in an interview Tuesday Italian newspaper Il Sole 24 Ore.

Bilateral borrowing agreements

The negotiations will be very difficult and should not be concluded this week with the aim of reaching agreement at the annual meetings of October 2012 in Tokyo. On behalf of the United States, Tim Geithner, Treasury Secretary, said two days ago that his country "would not put money" but would support those participating in the operation business card design. Recall that this strengthening of resources take the form of bilateral loan agreements with its 188 member countries (including the last admitted this week is Southern Sudan). It is not a capital increase of the IMF, as such. Now this is where the rub the side of the emerging countries, including China and Brazil, who would like to link this extension means the Fund to an expansion of their representation. Now it is even less question that the last reform of 2010 increasing quotas and powers to the board in favor of emerging countries mainly, has still not been ratified by the necessary majority. Within the G20, Argentina, Canada, Germany, Indonesia, Mexico and the United States, have not yet ratified, do we reported to the IMF.

Christine Lagarde must also combat the widely held in international public opinion that the firewall is only designed to help Europe, Spain and Italy, among others. She also found that Spain does not need assistance plan "for now".

Executive Director of the IMF insisted on Thursday the new initiatives launched recently, as "the trust fund for the poorest countries", mentioning also "the five countries of the Arab Spring, for which we need more resources." But the difficulty is to find a common agreement with the governments, especially with Egypt, for which the loan of $ 3.2 billion from the IMF, which should be a catalyst for international aid, is still pending .

ALSO READ:

"The IMF maintains pressure on European banks

"Spain is mobilized to clean up its financial sector

"The IMF revises up slightly its forecast for growth

Antibes successfully negotiating the deal with Veolia century. The threat of a passage in municipal ownership of the management of drinking water was right ambitions of profits of Lyonnaise des Eaux (Suez Environnement) and Veolia Environment … These two private companies have had to review their specifications for take water from the town of Antibes (Alpes Maritimes).

At the cost of trading which saw an average rate of water drop by 43.3%, although Veolia will keep the water management of Antibes, which inherited the General Water Company holds the concession for 1880!

"The Antibes benefit of the least expensive water from France", says Mayor John Leonetti (Radical valoisien), who chaired the council Thursday validating these new provisions. With a rate of 2 euros per cubic meter, against 3.44 euros earlier, the seaside resort offers a rate far less than that usually practiced in France: 3.39 euros per cubic meter, according to the Department of Observation and Statistics .

Now it is no longer through a concession, but a public service delegation (PSD) of ten long years that Veolia will manage the drinking water of Antibes. In over a hundred years, only one amendment had been signed. It was 1992, just months before the vote of the Sapin law allowing for greater transparency in the DSP … The lobby of the water had played its full role might not see the privilege of certain concessions secular fall in the purse of a competitor

. Tiered pricing

Today, fashion is more to return to the authority, as in Paris in 2010, when the city fell last year by 8% the price of water "for the first time in 25 years", welcomed then its mayor Bertrand Delanoë (PS) business card. Marseille, Lyon, Lille or Bordeaux could take over the management of their water, as did medium-sized cities such as Saint-Malo, Castres, or Vierzon.

At Antibes, lower water tariffs, negotiated through two independent studies of a total of 80,000 euros, is accompanied by a progressive pricing. Households consuming less than 120 cubic meters per year will receive a 78% lower rate than previously practiced. All cubic meter consumed beyond will cost more, with a reduction of 34% anyway. A system designed "not to encourage waste. Including that of the common, thanks to the Water Act passed by the majority, now pay their bills just like any run, "said Jean Leonetti. On the other hand, the neediest families, "the order of a hundred," benefit from "water ticket" exempting them from payment.

The consequence for Veolia? Its profit margin will drop to "15% to less than 3%" of the contract, according to the mayor. The price to pay to keep his wallet in a town of 75,000 inhabitants. Not necessarily enough to reassure shareholders of Veolia Environnement, whose debt stands at nearly 15 billion euros, whose shares closed Thursday down 0.84%.

ALSO READ:

"The water service criticized

"Competition hardens Veolia and Suez

Deal with failures and congestion at peak times on the network of Free Mobile, the regulator, Jean-Ludovic Silicani referred back to back and Free Orange mobile, connected by a roaming agreement. Result: Orange has threatened to suspend service if something goes wrong. Ultimately, consumers do not understand anything. UFC-Que Choisir has asked for an explanation and compensation for clients. Since Tuesday, the customer portal on its website, Free mobile communicates the reasons for the different reference technical problems and five failures, dated March 2 to 25. The operator foresees a gradual return to normal next week.

LE FIGARO – Specifically, what do roaming provided by Orange Free Mobile?

Jean-Luc Vuillemin – Orange has its network across France. Free Mobile has its own, but there are currently limited coverage. Simply allows Orange Free Mobile subscribers on its network to come when they are not covered by Free. This model, known as roaming, is very different from the MVNOs like Virgin Mobile, for example, that it is completely hosted on the Orange network. Virgin customers have own SIM cards but they only use the Orange network.

What causes the failures?

There are two types of failures. First, those related to the functioning of Free network. On the other hand, those who take part in defining the interconnection link between the network and our Free. In both cases, Orange is in no way responsible for malfunctions of Customer Freemobile. With regard to equipment malfunctions Free Mobile Network, it was concerned for the failure of 2 and 14 March, signaling transfer points that identify subscribers Freemobile where they are, what service they are entitled, and which are involved in each call from a client including Free when roaming on the Orange network, and the failure of 20 in a micro network Freemobile.

What causes congestion at peak times?

This is precisely the second category of dysfunction, related to the design of interconnection link between the network and Free Orange network. Orange provides Freemobile these interconnect links called BPN (primary digital block) based on traffic forecasts that Freemobile gives us. The size of this link interconnection is the sole responsibility of Free has underestimated its forecasts, which explains the inconvenience Online payday loans. Orange is the responsibility of its network is working, what is the case, since the beginning!

Are you responsible, at least in part, as suggested by the regulator?

In any way. And my teams who have at heart their operator business networks, have been married very amalgam of various statements in recent days suggesting that Orange Free mobile shared with the responsibility for these failures. Orange has no responsibility in incidents encountered by Free. We spend a lot of time designing and making our live networks. We, of course, anticipated that customers Free emerge from the old 2G handsets in their drawers … The terminal base is key for the network that we follow very precisely.

Orange is it affected by failures recorded on the Free Mobile?

The contract provides that if the Orange network was affected, we may suspend service to Free, the time it finds a normal operation. We are therefore protected and our clients have no reason to worry about the quality of service Orange. They can be fully reassured. We were ranked first network by ARCEP, and we intend to maintain this quality. My team includes 6,000 people who work day and night, 365 days a year on the network, to maintain quality.

A mobile network is it more complicated to manage than a landline?

Yes, it is undoubtedly more complex. First, because in a mobile network the subscriber is constantly moving and the network must constantly issue queries to see where he is. On the other hand, in a fixed network operator mastering the whole chain as it is he who provides the box at the customer's home. In Mobile, in the terminal end of the chain can be a 2G phone, 3G phone, smartphone Android, Apple, Nokia, or even a tablet. There are thousands of combinations which greatly complicates the task. Over time, Orange has gained a real expertise that a young operator, whatever, can not have. This is what makes all the difference. Launch a mobile operator is very complicated. It takes skills internally, and in sufficient quantity.

ALSO READ:

"Incident at Free Mobile

"The previous Free plays with the spirit of the Telecom Act

So far, Francois Hollande was very talkative on controlling public spending. To prove his seriousness in budgetary matters, the PS argued the EUR 49 billion of tax increases planned – both graded increases to fund new measures and to reduce the public deficit to 3% in 2013. Change in tone Thursday on France 2. The Socialist candidate was more explicit result: the return to balance accounts in 2017 will also "by 50 billion savings on public spending," he said, highlighting a point that appears from the origin, but discreetly, in its program.

In fact, in a country where public expenditure accounts for 56.6% of GDP, while fiscal consolidation achieved through an action on the charges. Except as we stay in France. Unlike the choices made in the UK and measures imposed in Portugal or Greece, or Francois Hollande nor Nicolas Sarkozy proposed to actually reduce government spending, that is to say, the return of 100 euros a year to 95 next year. The two main candidates simply promise to slow the rise.

From 1978 to 2008, public spending grew on average by 2.6% per year, plus inflation. "We will limit their increases to 1% per year," said Francois Hollande. Right, this government promised in Brussels an increase of 0.4% per year until 2016. Then where are the savings put forward by both sides? This is actually a smaller increase in expenses, compared to their natural tendency (which is explained by the increase in salaries of civil servants, the increase in health spending, the rising number of retirees, etc.. ). This is supposed to be parallel to that of GDP. Example project with Holland. Without special measures, the approximately 1 trillion of government spending should increase as the national wealth (1.7% per year initially, 2.25% at the end, according to forecasts of the candidate). An average increase of about 2% per year during the future five-year-around 20 billion euros each year free credit report and score. The PS wants to limit their growth to 1% per year. The economy compared to the natural drift is 10 billion per year and $ 50 billion in the five year term. The weight of public expenditure in GDP would decline to 53.9% while in 2017 the government is 52.8% in 2016. In both cases, the action will inevitably unpopular.

Divisive options

Social benefits-health costs, pensions, family allowances or unemployment … – indeed absorb 45% of public expenditure. Just to bring growth in public spending to 0.7% in 2011, the current government had to reform pensions, act on Medicare and not to replace staff on two retiring.

Thursday, Francois Hollande suggested avenues for savings: lower prices and consumption of drugs, focus on health prevention, cuts in aid to enterprises, decentralization. Displaying its objective of stabilizing the size of the public, he admitted that there would be job cuts in all departments except Education, Justice and Home Affairs. "The salary policy will be serious," said Michel Sapin, program officer of the applicant, being careful not to promise any pay rise. And state transfers to local (one hundred billion a year) "will not progress." Not to mention that if economic growth is not at the rendezvous, the scheme collapses. Michel Sapin no plans yet not to intensify efforts in this case: "A real spending cuts could destabilize the economy," he retorts.

Advocating a greater effort, Nicolas Sarkozy announced the continuation of "one in two." The UMP also wants to cut $ 2 billion per year transfers to communities. Magnitude of the cuts, selected sectors: these options are politically divisive. But in a camp like in the other, the information disclosed so far are not enough.

ALSO READ:

"20 ways to reduce public expenditure

"The earlier measures valued at 20 billion a year

The livestock industries are less imitators. If the country has the first cattle in Europe with 21 million head of which 8 million cows, the trend is downward. Within a year, the number of cattle farms has declined by nearly 6% from 246,000 in 2009 to 232,000 in 2010.

For reasons of revenue and less arduous, farmers already settled prefer to shift to other crops. "It is easier to return a field to a culture of wheat and rapeseed that raising animals on the same surface, said Jean-Pierre Fleury, secretary general of the Federation Nationale Bovine. It's more profitable and it requires less work. "

Indeed, the average income of a farmer is three times lower than that of a grain. According to latest statistics from the Ministry of Agriculture, the first earns 14,700 euros per year when the second receives over 47,000 euros. Those who want to settle as farmers think twice before so to do.

"These are big capital investments, EUR 1,500 for a cow on average, plus the cost of buildings and work constraints that are not up to the sums involved," says Marie-Therese Bonneau, a farmer in the Vendee .

New markets

At the head of a herd of 100 cattle, Maria Theresa Bonneau understands why the business is no longer recipe. "It makes money only when one retires, waiting must make ends meet and generate cash to pay bills," she says. The job of producer thus raises fewer vocations among young people. "The animal is too restrictive, I head for the forest," says Jonathan, a student at AgroTechParis.

The livestock sector as a whole suffer from other disabilities: the industry's first transformation only to renovate its facilities, the number of slaughterhouses is too important. In addition, this industry does not know the answer to market demand. "The French slaughterers are not able to meet the specifications of buyers, says Pascal Cousté, farm advisor throughout France. Particularly regarding the rate of fat from meat and health standards. "

In the case of pork French example, this translates into an additional cost in the industrial process by 5%. Result: supermarkets, but also the industrial processing, will source outside France, where competition is able to offer lower prices.  

However, the growth of world consumption of about 15% per year, providing a market for breeders. The increase in living standards in emerging countries like China and Brazil offset the decline in red meat consumption observed in developed countries. "New markets are opening to us, in the Mediterranean arc of the Maghreb, Turkey and also in Russia," said Peter Knight, President of the Federation Nationale Bovine. In the beef sector, the share of French production destined for export, now more than 5%, and falls on the rise in recent years.

ALSO READ:

"The five major challenges of the next five-year farm

"Calling the earth is receiving more and more conversions