The downgrade of France by Standard & Poors on January 13 did not have the effect feared. Markets do not collapse, the lending rates did not explode … And executives do not seem affected. According to the latest barometer of Eco-ViaVoice, only 29% of them think that the loss of triple-A will impact their business. Surprising but positive, this result illustrates the gap between the hype and the consequences of lowering "The financial situation of a company, not the triple A which is," says François Miquet-Marty, president of ViaVoice , before adding, however, "this reduction is not confirmed by other agencies, it remains in perspective."

Ineffectiveness of political discourse

Beyond the triple A, the composite index of moral frameworks rose slightly for the second consecutive month at – 48 after – especially in January and 52 – 56 in December, its lowest level since the barometer in 2004. However, for François Miquet-Marty, "it is difficult to talk of improvement, all the remaining indicators, sobering …" For if the frames, as the markets seem less concerned, they are generally pessimistic about the economic activity . For 69% of them, the standard of living in France will deteriorate over the years, where 10% think it will improve, an increase of 5 points. On employment, 82% expect an increase in the number of unemployed.

"At three months of presidential executives do not perceive the candidates' speeches, possible improvement levers on the issue of unemployment," worries Francois Miquet-Marty, noting that "they place little hope in politics. "

About their financial prospects, they remain grim: 41% of executives expect a deterioration of their financial situation in the coming months. Career opportunities remain "weak" for 78% of them. Finally, motivation, stagnant, with 40% of executives reported that their employees are being motivated.

Flat in this context, only a takeoff of the presidential campaign could cause a rise of the honest moral frameworks.

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To listen go to a child who takes her in his arms, is believed to actually hear the words crazy bitch (bitch sort of) in his babbling. Enough to jump to the families who let go on the website of the company and called for a boycott!

"Do not buy!"

"Return the dolls, boycott Toys" R "Us, outraged Sue, of Tulsa (Oklahoma, south) on the website of the chain of toys under the picture of the doll."I'm outraged," exclaims also a grandmother of triplets from Boise (Idaho, north-west). "My girls were 2 and a half years, I do not want her to hear such language,".

"Do not buy," recommends his side Danyelle, Fayetteville (North Carolina, South East) who said he checked with six different people that the doll angelic promise indeed.

A spokeswoman for U.S. Toys "R" Us, said the doll is sold in the United States did not swear, and it was only a "babbling." "We will not sell obviously not a doll swear, "said Jennifer Albano, adding that the brand of toys did not intend to withdraw from the sale.

This is not the first time that toys are controversial within days of Christmas.

Smart devices

If Action Housing is the case in court today is with an idea behind the head.Last July, the government has said that he would collect 3.25 billion euros over the period 2012-2014. To sweeten the pill, the Secretary of State for Housing, Benoist Appeared, has committed to implement clever financial engineering to boost the cash flow of Action Housing. "But we have no documents indicating that commitment forward Jean-Pierre Guillon. If the minister changed, the following may not feel bound by that promise. "More generally, Action Housing, which collects 0.45% of payroll companies, believes that this aspiration will prevent it from fulfilling its mission . For example, he does not see how it could fund 45,000 homes for young people as he had promised a few months ago.

With this lawsuit, it seeks to pressure the state to be released in the coming weeks the decree laying down the drain of 3.25 billion between 2012 and 2014.

Banks are not the only ones eyeing the nest egg lights. The state is known, has an unquenchable thirst for money. The temptation is great to draw from as well. Jérôme Chartier, MP Val-d'Oise, has proposed that individuals have the opportunity to subscribe directly to the obligations of the State, Treasury bonds (OAT). "We could start with finance and 10% of total annual loan of 220 billion euros," he suggests.It envisages a system of subscription on the Internet to avoid the costs inherent in banking networks, including management fees may represent an additional 1% (plus interest).

The project is not entirely new. It was piloted in 1994 by the Balladur government: the Treasury reserving a specific tranche "OAT individual" in its broadcasts. This financial instrument was abandoned in 2006 due to attract customers. The "widow of Carpentras" (the small investor) preferred then feed the bubble stock exchanges, judging the performance of OAT profitable enough, recalls one at Bercy.For its part, the Treasury was less expensive to seek international investors.

In the red for nine years

Change of scenery in 2011: local savings find the discreet charm of the bourgeoisie when the foreign markets on which the Agency France Trésor is currently funding two-thirds of the debt of the State, may be closed like an oyster. "In Italy and Japan, the holding of public debt by individuals is important, between 10% and 15% of their financial wealth, whereas in France it is ridiculous," said Professor André Babeau, which publishes this week his new book (the financial behavior of the French by Editions Economica) business card.However, he rejects the proposal made by Edouard Balladur last spring to create a sinking fund debt based on perpetual bonds placed in the public and paid at the rate of A booklet with the same tax exemption. "Will he go to the forced loan, a formula that had not even been used in three major loans from the First World War?" He quips.

The French are often presented as a nation of ants with a sense of the economy, but it is largely an illusion. Their financial wealth is certainly valued by the Bank of France in 3643 billion (31 December 2010), more than twice the amount of the debt.Better last year households "putting money left" to the tune of 207 billion euros, according to the INSEE (the savings is the difference between disposable income, after tax, and what is spent on consumption).

The gross saving rate of individuals is thus one of the world's highest (15.1% of their income) while the State and other jurisdictions have charged at the same time an overall deficit of 136.5 billion francs (in 2010). The contrast is striking. The French seem virtuous individual, when it comes to managing their own money. But it is brought to vice, in any case the prodigal when he is in the community and the public finances are."The State, this great social fiction through which everyone endeavors to live at the expense of others," concluded the polemicist already Frederic Bastiat (1801-1850), apostle of liberalism.

Should be taken into account simultaneously all these elements to assess the situation. It appears that "France is not a global investor," says André Babeau. When calculating the surplus individuals, public sector deficits and financing needs of businesses, the House France has a deficit of 42 billion external euros (in 2010). And for nine years, the country continues to be in red.

The deposit within the French savings banks look at him with lust and the state could make a guarantee of national independence and the markets stateless. But clearly, the jackpot can not be used twice.Even banks and insurance companies are fighting to capture the windfall, where the ebb of life insurance in recent months. The State will be there the third robber in the story?

The Perfect Storm market, this change of note, even anticipated, will be a blow to those banks seeking to reassure investors about their ability to refinance. The climate is harmful: the action of Societe Generale, the most attacked by the markets, has lost 56% since January 1, BNP Paribas, Credit Agricole and 37%, 43%. The European banking index at the same time dropped by 35%.

Troika in Athens

The tension is escalated Friday when the very orthodox chief economist at the European Central Bank (ECB), the German Jürgen Stark, resigned to show his disagreement with the assistance provided by the Mint of the fragile the euro area, including Italy and Spain, as a redemption of their bonds on the market.To make matters worse, banks are reluctant to lend to each other. Deposits from day to day banking in the euro area with the European Central Bank (ECB) are at record levels.

This week, representatives of the troika (EU, IMF and ECB), to oversee the accounts of Greece, it will return. They had left unexpectedly in early September, saying that Athens had not fulfilled its promises in terms of privatization and economic reforms. The Greek government has given additional pledges Sunday and EU Commissioner Olli Rehn said he was confident in the prospect of an agreement by the end of the month. Time is short indeed: Greece is in dire need of approval from the troika to receive a new tranche of EUR 8 billion taken from the first aid plan in 2010. A refusal would mean the default.Banks that have lent money, would suffer, while heavy losses.

In this context, the debate rages about whether European banks, which hold their balance sheets in packages of loans to countries in fragile states in the euro area are adequately capitalized.

August 27, Christine Lagarde, the executive director of the IMF, had felt it was "urgent" that the European financial institutions reinforce with new capital. Saturday, it reduced his remarks, adding that the figure of 200 billion euro recapitalization needs of European banks was only a preliminary estimate "under discussion" …

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The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars quick payday loan.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.

Carrefour, the worst off of two, decided to strike hard, even if release into the wild to 1.3 billion euros of gift vouchers. The never-seen! "Our premium of 100 euros back complements the allowance paid back Friday by the government," said Noël Prioux, executive director of Carrefour France. The group breaks new ground by distributing 13 million in its hypermarkets checkbooks containing 10 vouchers of 10 Euro, valid for 5 weeks and from 30 euros to buy.The customer can not spend only 2 per week, in two predefined rays associated with the start, the traditional paper products and linens to leather, textile (women, men, baby) and electricity and the tooling. "We make a significant investment to support our customers in a key moment when they are faced with many expenses in a difficult environment," says Noel Prioux, which must succeed this time, after a failed September 2010 and the beginning of year catastrophic. The poor performance of the domestic market have already caused the departure of its CEO, James McCann, and sealed half-year results of the group.

Increase traffic

In addition to the premium back promotions in other departments. Carrefour also has finally increased the share of its own brand.When performing these three devices, the reductions can approach 80% back on the shelves, supports the group. If the brand has loyal customers and win back others with this, it has also not forgotten the food department. "As for offering toys at the end of year deals on the products at the start of school is only profitable for the traffic they bring," says one consultant. And provided that once in-store customers take the opportunity to make further purchases. "We've lowered our prices in August 1000 on food references: the effort for the products most frequently purchased by our customers, everyday products (dairy products and desserts, for example), and the products popular with families, "said Noël Prioux, which means" to rediscover Carrefour. "The objective is clear: "re strong business momentum in the last quarter."

Auchan and Système U have introduced similar devices. Thursday and Friday, customers who buy 23 items in the school are being taught northerner all of the purchase paid in vouchers to spend in the entire store … next week. In addition, the company offers a special on the shelf textiles from there too in addition to its promotional programs most common in the food department.

However, telework is now greatly facilitated by the development of broadband networks and the boom in smartphones. But the benefits are many, for the employee, but also for businesses and the community. For the employee, it reduces stress, travel time, can increase efficiency and to better balance professional and personal life. For the company, it is a source of local savings and productivity gains.It is also an element of flexibility because it can help extend the service to customers, allowing more time slots adapted to their needs. Finally, for the community, promotes telework planning, reduced emissions of greenhouse gas emissions and relieving congestion. Thus, according to estimates, telecommuting one day a week could reduce by 5% carbon emissions.

Main obstacle: the manager

With this in mind, Eric Besson, Minister of Industry, is determined to eliminate the backlog of France. Pragmatic, he launched a study on the practice of telework in large companies. The results of this study will be published later this year.Conducted by the consulting firm Greenworking, this study aims to identify best practices and identify key success factors to foster the spread of teleworking in France. More than a dozen major companies have already agreed to participate in the study.

In the public sector, negotiations on telework in 2011. In the private sector, a dozen agreements were signed last year in large groups in the CAC 40. Based on volunteering, telework arrangements have been set up at Renault, Alcatel-Lucent, Dassault Systems, EDF, France Telecom and Microsoft. Axa, which has 76 telecommuters, the goal is to move to 200 people by the end of 2012.

But the brakes remain. Rather than legal, they are primarily cultural.Some employees are more justification in their work attendance and their results. But it is mainly the managers who are often opposed, fearing the loss of part of their power and status … Even if, ultimately, the overall results of their teams are improved.

America will now discover Christine Lagarde. Despite his six years at the head of the general business law firm Baker & McKenzie in Chicago, the French selected to head the International Monetary Fund (IMF) is not yet a well-known in the United States. The IMF does not enjoy the rest of America is its perceived prestige in Europe.

Those in the world of private finance and business in the United States had the opportunity to listen to Christine Lagarde, for example when she came to New York or Texas, explained the French economy, were impressed by his mastery of English style "professional" and his knowledge of capitalist values ​​cherished by Americans.

Its role in the G20 to build consensus on complex issues is also widely recognized.Including his prowess to have convinced the Chinese to accept the indicators for measuring imbalances that contribute to the weakening global economy. The weekly Bloomberg BusinessWeek points out that the style of Lagarde includes both an original look, built on its French elegance, her athletic figure, his tan, his white hair and a deliberate absence of ego that promotes the combination of points opposing views.

In 2009 the most American of French ministers had dared to participate in the satirical and political cable channel Comedy Channel. With a beret on her head, she had learned to his iconoclastic host, Jon Stewart, pronounced in French "catastrophic economic recession."In the movie produced by HBO about the financial crisis, the American actress Laila Robins plays the role of Christine Lagarde, s is to severely criticize Treasury Secretary Hank Paulson for allowing Lehman Brothers to fail: "This is a horrifying error," said she. This view, popular in Europe in 2008, is now about a real debate: let the shareholders of a bank that does not matter systems suffer all the consequences of errors of its leaders is seen to contrary by many American experts as perfectly justified. Systematic rescue of banks is seen by contrast as a source of distortion that increases the crisis and to encourage risk taking.

Reviews

Nevertheless, many who are familiar with the IMF were against the appointment of Christine Lagarde at the head of the institution. "If Mrs.Lagarde became boss of the IMF, it is likely to continue to dump loans in the euro area mired in its problems. If preventive programs are determined even for Spain, Italy or Belgium, the IMF will need to ask its shareholders at least another 1 trillion dollars in credit lines.Lagarde personifies the strategy of betting the euro area which aims to ensure his resurrection with other people's money, "explained a month ago, Simon Johnson, former chief economist of the IMF faxless cash advance.

One of his predecessors, Raghuram Rajan, argued that the choice of a European political figure would be bad: "The Fund is designed to defend policies hard to countries that have mismanaged their finances, not to win popularity contest "sums up the Indian economist, skeptical about a European is once again chosen to head the IMF.

In addition, Rajan is concerned about the lack of economic training of the French Minister: "We expected the IMF chief that he has opinions … we can not ask the staff to make decisions for you."This is where the boss DSK was ideal for the IMF: it could discuss on equal terms with technocrats Fund fundamental issues such as the relative effectiveness of tools to address a country in dire fiscal situation, or how best to control fickle capital flows without distorting market trends. Christine Lagarde does not have the technical knowledge to win such debates, very important in the IMF.

The most scathing anti-position Lagarde came from Sebastian Mallaby, Senior Fellow at the Council on Foreign Relations, "Lagarde is the latest person to whom he must look for a new approach and independent advice."Like many, the author of several books on multilateral institutions, Christine Lagarde believes that is partly responsible for the current crisis of the euro and therefore can not act with credibility to change the way it should be managed.

Mohamed El-Erian, head of the largest bond fund in the world, PIMCO, has taken some of these arguments. A former senior official of the IMF had proposed that it be called once just to finish the term of DSK, ie until November 2012. Beyond that, it could be renewed if it had been proven.

"Ms. Lagarde was also criticized, like other European political leaders for mishandling the crisis of the euro since its inception and now obliged to be in a hurry to clean the problems they have created" reminds his side a journalist from The New York Times.Far from judging that the triumph of Christine Lagarde is simply the consecration of real qualities, rather than the Americans consider their new responsibility will test his ability to play a role as conciliator not of divergent views, but the substantive decision-maker to decide in both technical issues but also political, forgetting that it is European.

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"What is taking shape, it's a European consensus, which is important" given the current crisis of debt in Europe, said Baroin."But you will understand, in-enu circumstances of the resignation of IMF Managing Director and there is no national pride in this case, it is not for France to position themselves first" , he immediately said, adding not know the position of Barack Obama on the subject.

The Tapie affair "not worried"

"If a French man or woman may, in its name, set a European consensus supported by the Chinese, and eventually by the Americans, we can only welcome it," he said. But we do want to address any action that could be interpreted as a form of defiance vis-à-vis emerging markets and no sign of arrogance gesture in view of special circumstances. "

For the budget minister, he is "still too early to tell" if Christine Lagarde is a candidate to head the IMF.As for Tapie affair, in which the Minister of Economy is suspected to have intervened to mediate the case between Bernard Tapie and Crédit Lyonnais, "we are not worried by this case," assured Baroin. If Christine Lagarde was to leave for Washington, it could well become the new tenant of Bercy. "A decision for the President of the Republic, however, has merely responded Baroin.

Not "economic immigration"

Reacting to the Interior Minister Claude Gueant, that France "does not need bricklayers, waiters in restaurants" immigrant because she has "the necessary resource," said Baroin it was a "statement of common sense:" I remind you that France is a country in Europe which has one of the strongest demographic.(…) We have 100,000 people in ascorbic under the economy and we do not need an import economy and therefore of economic migration. " The minister noted the number of job dissatisfaction in the building and restoration, "a ratio of 1 to 4 or 1 to 5", he said.

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