Action Samsung lost nearly 18% in three trading days. Involved? A decision by Apple. The U.S. has chosen to change supplier for certain processors. Moreover, according to many rumors, Apple, which is the largest customer of Samsung is reportedly soliciting Taiwanese companies to further diversify its sources of supply. Bad news for Korean, a measure of wisdom for the American who does not want to depend on its main competitor. Samsung and Apple combine the trial, thirty between them in the world. They accuse each other of copying or infringement of patents. Both companies also try to end the dispute by signing an agreement that they would not divorce. Paradoxically because Apple is more dependent than the other Samsung. The U.S. represents 5% of sales of its competitor, while Samsung is about 25% of the production cost of an iPhone, according to Citigroup check cash advance.

In addition, the two groups are fighting to win the leadership in the smartphone market. For now, Samsung is leading. It should maintain its lead with the launch of Galaxy SIII, its flagship terminal, unveiled in early May. Source of satisfaction, Korean has recorded 9 million pre-orders for the SIII. A victory for any advise him "enjoy". Already last year, Samsung was gone very quickly, before their hair done on the wire by Apple and its iPhone 4S. However, the firm at the apple should market its next iPhone next fall. What boost its sales.

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In 2008, he cherished the hope of becoming the first secretary of the PS. But he had finally lined up behind the candidacy of Bertrand Delanoe. In 2011, he thought he could be a candidate for the Socialist primary. Then he threw in the towel, choosing to support Dominique Strauss-Kahn, then rallying to Francois Hollande not without obtaining the position of campaign manager. Pierre Moscovici, 54, has learned to give up. Here he is rewarded. He is back in force since the government assigned the Ministry of Economy, Finance and Foreign Trade. Certainly it does not get the Quai d'Orsay, which he dreamed, Laurent Fabius was preferred to him. But he inherited a portfolio to match its ambitions. And thereby in passing some disappointed, Michel Sapin in mind. "Mosco" consensual socialist, social democrat, is now a heavyweight team Ayrault, number five in protocol order.

It is he who will be at the forefront of the debt crisis. There is no shortage of assets since knows the workings of Europe. He was, for five years, from 1997 to 2002, Minister Delegate for European Affairs in the Jospin government. At the time, the rise of the Express near the then prime minister, who had just been elected deputy of the Doubs for the first time, had been criticized. But he will prove himself. Former MEP, a graduate of Sciences Po and ENA, he will prepare no quack the French presidency of the EU, negotiating the Treaty of Nice and the European Constitutional Treaty. During this period of cohabitation, he managed also to find his place against Jacques Chirac. In fact, the President of the Republic and the Socialist Minister for European Affairs are of course in these five years: Chirac taking the young minister with no experience under his wing, even to comfort him when he doubted. An agreement with Lionel Jospin was annoyed.

After the failure of the left in 2002, Moscovici was defeated in the parliamentary elections in the Doubs. A year earlier, he had already failed to municipal Montbéliard. Without parliamentary seat, without mayor, he tried his luck with the 2004 European and found his seat in Strasbourg. In 2007 he was again legislative candidate in the Doubs. This time he wins.

Pierre Moscovici, tried by the Revolutionary Communist League when he was young, joined the PS in 1984. He was close to Michel Rocard, Jospin and Dominique Strauss-Kahn, his former professor at the ENA. He is the son of a social psychologist Serge Moscovici, who was a member of the Romanian Communist Party and fled his country in 1947. Pierre Moscovici was the first to openly criticize the Socialist Francois Mitterrand and his relationship with Rene Bousquet. "What shocks me, he said, is that he can spawn with someone who has been a tool of the state anti-Semitism and an accomplice of the final solution of the Reich." … …..

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In the wake of its entry in the booming mobile market, Free Mobile revealed it had won 2.6 million customers in late March, while Orange was losing 615,000, 620,000 SFR and 89,000 MVNOs. "Never an operator has won as many customers in as little time," said Xavier Niel, founder and owner of Free.

The small sign operator and a great commercial success and won the bet he had set himself. Indeed, he won 4% market share on the mobile in 80 days. Its goal is eventually to have 25% market share.

Satisfaction is complete for Xavier Niel, especially as Free has received the "halo of mobile" on its activities as a fixed, where it now exceeds 5 million subscribers: he recorded a 50% market share recruitment broadband in the first quarter of 2012 and its activity is fixed in 9.8% growth over the quarter. Leaves to change operator in the mobile, and to benefit from even better prices, some customers were quick to switch their internet subscription and exchange their old box against a Freebox.

Impact difficult to quantify

Remains now is whether this success will continue over time, while competitors such as Orange, SFR, Bouygues Telecom and Virgin argue that the bleeding has stopped customers since mid-March and they recover even customers parties at Free.

Free, which shows a quarterly revenue up 29% to 656 million euros, did not give the average revenue per user (ARPU), a key figure in the telecoms field. He simply said that customers were divided "balanced" between the subscribers of a subscription to two euros and those who opted for a more profitable subscription to 19.99 euros a month.  

Therefore difficult to measure the impact of the launch of Free Mobile on the margins of the operator. "The quality of the distribution of offers within the mobile subscriber base is evidence of a sustainable business model and economics," Free said simply. In sales, the mobile has generated 97.5 million euros, of which 11.5 million euros from the sale of terminals and 86 million for the telecom services business. The set weighs about him almost 560 million euros.

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"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.

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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.

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The "Spring of shareholders" in the City made a victim. Andrew Moss, head of the British insurer Aviva, resigned Tuesday after suffering a historic setback against his compensation during the general assembly of the firm last week. He might himself have abandoned a planned increase of 4.6% of annual salary of 960,000 pounds (1.2 million), shareholders with 54% disavowed his remuneration package. Taking note of this humiliation, he chose to retire to try to appease the revolt. Aviva's action was immediately flown more than 5% at the London Stock Exchange.

The fat cats ("fat cats"), as they are called here, hug the walls in the European capital of finance. For months, wages at six or seven zeros and their bonuses are exponential in the hot seat. Shareholder activism, biased against remuneration unrelated to performance in crisis, the disapproval of public opinion and government voluntarism in this area combine to send the message to the bosses Taking arrived.

In the same day on Tuesday, the Chief of the bookmaker William Hill, Ralph Topping, has narrowly escaped facing a turbulent AG which voted 49.8% against the salary increase of 8.3% and a bonus of 1.2 million pounds. A small carrier angrily denounced "the feast of the last chance for CEOs who try to take as much as possible while there is still time."  

Last week, Sly Bailey, the leader of the newspaper group Trinity Mirror, has also resigned rather than having to face this Thursday the shareholder revolt over his salary of 1.7 million pounds, while the action of the company lost 90% of its value since she took control.

Bill

Friday, it was the turn of the leaders of energy giant Centrica to face the challenge of a package of 4.3 million pounds intended for his boss, Sam Laidlaw. This agitation is not the fact of radical activist shareholders. Large institutional investors now lead the protest. 32% of those of Barclays Bank have opposed or abstained on the 17 million pounds of CEO Bob Diamond and 2.1 billion of bonuses distributed in the house, three times the amount of dividends paid.

"The shareholders have lost patience exasperated, says Sarah Wilson, leader of the association of small shareholders Manifest. This is not a political movement but the requirement for better business performance. The occupation movement of the London Stock Exchange has legitimized the need for state regulation since the boards were not able to regulate itself. "

A bill will be presented precisely this Wednesday's Speech from the Throne. One of its most controversial provisions, however, may be abandoned: it planned to require the approval of compensation plans for a three-fourths majority of shareholders. But the law should make the vote binding general meetings so far merely advisory.

Meanwhile, the "Spring of the shareholders' only budding. The association of retired FairPensions has launched a campaign for all retirees, widows Scottish kind, make their voices heard against excessive compensation. English executive salaries jumped 49% in one year.

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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

History does not put all your eggs in one basket, the agricultural subsidiary of Charles Beigbeder, AgroGeneration, just move up a gear in Argentina. The company created a joint venture with a local partner, the group La Suerte Agro, belonging to the family Lacau, whose roots lie in the Beam. It is present since 1880 in the agricultural sector in Argentina.

The partnership covers the operation of 14,000 hectares of GM crops: wheat, soybeans and corn. "The first risk is of a farmer's climatic hazard, said Charles Vilgrain, CEO of AgroGeneration. The best way to protect yourself is to be present in the northern hemisphere and southern hemisphere with a harvest every six months. Not to mention that it also divides the political risk. "

The partner brings AgroGeneration Argentine land, the French entrepreneur, his expertise in the development of farmland. Already present in Ukraine, the group, which cultivates 50,000 hectares, is located in the upper range of yields published by other international actors, for example with 4 tons per hectare for wheat and 1.8 tonnes for the rapeseed.

As in Argentina, the company does not own the land it operates in Ukraine. "This is a less capital-intensive investment," says Charles Vilgrain. Thus, to 2,000 euros on average per hectare of land quality in Ukraine, AgroGeneration should have spent 100 million euros to get their hands on the land he tills. The company preferred to hire them. Result, it quickly became profitable. In 2011 it produced nearly 164,000 tons of grain for a turnover of more than 23 million euros and a net profit of EUR 2 pay day loan lenders.3 million. But the adventure might not stop there way.

Strategic areas

"One day we will also be in Africa, there is much to do to meet the growing population and needs five times more important in agricultural commodities in the next fifty years, said Charles Vilgrain. There are three strategic agricultural areas in the globe where you must be: the Eastern Europe, Latin America but also Africa, the official added. International groupings have already taken place at the trading level of the meat but not at those specialized in field crops such as wheat. AgroGeneration wants to get the ball rolling. "

A vein that attracts the greed of investors. "The agricultural commodities sector is increasingly financialized," said Michel Portier, Agritel manager specializing in risk management on agricultural commodity prices. Other examples: the land of the management company Pergam Paris, Campos Orientales. "We have 30,000 hectares of farmland in Argentina and 25 000 hectares in Uruguay, explains Olivier Combastet, président.Notre its production is very diversified in rice farming, wheat, barley or soybeans. "Closer to home, Russia, Dreyfus, through its holding reset Agro, already controls 90,000 hectares of farmland and 150,000 hectares is the term.

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Egg prices more than doubled in one year. "Today, 100 eggs cotent 9.5 euros on the spot market (market day to day), Figaro tells the Christian Marinov, director of the French Confederation of poultry farming (CFA). There was a year they were worth 4.62 euros. " With a peak on March 13 at 13.53 euros for 100 eggs.

Main cause of this sudden increase: up to standard European cages for laying hens. Brussels imposed from 1 January 2012, a minimum area of ​​750 farms in square centimeters against 550 before. "The drop in production comes from the adaptation time required for farms transform their building is being finished, adds Christian Marinov. Some of the 1500 French producers have taken a little late compared to their investment plans to bring their buildings up to standard. This is the first time we have received state aid, $ 12 million over one billion euros in investment cash advance no fax. But all eggs produced in France since the beginning of the year are the standards, "stressed the head of the CFA.

Also the current shortage in France, European leader with 15 billion eggs consumed annually is it only temporary. "We will return to normal by next July when the farms are all in line. Courses on the spot market should go down significantly, "said Christian Marinov, recalling that" the balance point is around 6 euros for 100 eggs to the producer. "

Meanwhile processors who refused any contractual take their troubles patiently. These include manufacturers of pasta or pastry industry. "For the consumer the impact is limited, an increase of about 2 to 3% on the selling price," says Christian Marinov.