Worrying trend reversal. After several months in the green, indicators of wage guarantee scheme (AGS, the employers' organization which pays wages and severance payments of bankrupt firms) have almost all switched back into the red the first three months of this year. A result of concern that does not bode well for the situation of companies in the aftermath of the second round of the presidential election

.

The AGS notes and "the provisional figures of the first quarter 2012 (ended March 31) already indicate an increase in the number of bankruptcy." No fewer than 4,000 cases have been opened between early January and late March, representing a significant increase of 6% compared to first quarter 2011. The AGS, which is funded by a mandatory contribution of 0.3% of payroll for all companies, still observed a decrease of about 15% of openings in bankruptcy late last year ….. ……

This observed increase of 6% in early 2012 is identical in terms of the number of backup procedures and recorded the number of beneficiaries. So that 12-month rolling the number of employees who received the AGS rose 0.2%, to be around 265,000 people. As for the total amount advanced for a year (wages, notice and / or indemnities companies in backup procedure and then declared in liquidation / receivership), it has also advanced 0.3% to reach almost 2 billion euros. Only positive of this blackboard of the French economy, the amount of recovered debts from businesses assisted (AGS is repayable advances) rose sharply, by 3.3% in annual development. It now stands at almost 700 million euros.

Essentially TPE

There is however little change on the size of companies that use the backup regime. This is still an overwhelming majority of small establishments. Less than 10% of collective proceedings opened in 2011 were indeed concerned companies over 20 employees. More than eight out of ten cases treated were for companies with fewer than 10 employees.

According to data as of March 31, the Rhône-Alpes, Provence-Alpes-Cote d'Azur, Ile de France and Aquitaine still focus 40% of backup procedures started rolling 12 months. The AGS note, however, "significant increases" the number of procedures in the Pays de la Loire, in Picardy, in the Midi-Pyrenees or in Lorraine.

ALSO READ:

"A good year 2011 for employee savings

"In Europe, the minimum wage suffers from the crisis

"Salaries of crazy American big boss

SERVICE:

"Job offers in France and abroad with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

Google remains an unconventional company in many ways. In terms of governance, however it comes to side with the practice in the media sector. The search giant announced on the Internet Thursday night creating a new class of shares which confers no right to vote. This reform will enable the two co-founders of Google, Sergey Brin and Larry Page, and their partner Eric Schmidt, who surrendered the CEO Larry Page to a year ago, to lock their controls on capital and strategy Company.

The three men already control 67% of the voting today through their actions "Class B". On their own, Sergey Brin and Larry Page and hold just over 58% of the voting rights. However, the continued distribution of stock options to employees gradually erode this position of strength. To reduce this dilution, Google ranks the system in place so long at Comcast, News Corp. or even The New York Times.

The new songs called "Class C" will be listed separately. They carry no right to vote. But, if Google decides to distribute a dividend, the holders of these shares may perceive them. This probability increases as Google continues to accumulate considerable liquidity. Its cash exceeds $ 49 billion already. Besides their use in the distributions of stock options, these new shares may also be used to finance potential acquisitions.

Divide by two securities

Traditionally, this governance structure serves the interests of families who want to maintain their dominance in a listed company. The Murdoch media empire for News Corp. or Roberts for the cable operator Comcast fall into this category.

But more recently, the model was taken over by young companies whose founders intend converse control, despite a lucrative IPO. The new stars of the Web, Zynga, LinkedIn and Groupon, for example, have two types of actions, one of which is reserved for managers or shareholders historical and is accompanied by superior voting rights.

Mark Zuckerberg, Facebook founder, also intends to continue to control the voting rights of his company once it is introduced on the stock market, probably in May.

In addition, Google has responded to public inquiries wanting to buy stocks cheaper per unit. The Class A shares are divided into two. Today, before the division, the Class A share is $ 630. After division, the same amount would buy two titles.

ALSO READ:

"The passage of the mobile lowers the price of the pub

"Apple just began its war chest

"What will Apple make its $ 100 billion

"The controversy rises prior to the listing of Facebook

Boost growth at any cost. After a disappointing year in 2011 – the gross domestic product grew by 2.7% against 7.5% last year – Brasilia announces stimulus plan to support the industry and allow an increase in activity of 4 , 5% in 2012.

By injecting about 60 billion reais (25 billion euros), the President wants Rousseff repeat performance of its predecessor, Luiz Inacio Lula da Silva, 2008: Brazil to get between the drops of the global economic crisis. National investment bank BNDES sees the wheel of private loans increase by 45 billion reais (18.6 billion euros), 15 industry sectors will be exempt from social security contributions and the State agrees to purchase priority of goods produced in the territory.

Meanwhile, Dilma continues to operate the monetary lever, lowering the base interest rate, now 9.75% – 4.5% inflation counted once. The goal is to break the vicious circle that kept at a level astronomical, on behalf of the fight against inflation, making financial investments more profitable than productive investment. Due to the low wages offered by European and American central banks, Brazil has become a magnet for capital. The massive influx of foreign currency caused an overvaluation of the real, local currency, draping business competitiveness and pushing up the debt service, at the expense of public investment.

Modernize infrastructure

Beyond the exchange rate, the "Brazil cost" is mainly caused by poor infrastructure cash advance loan. Lula and Dilma have realized by increasing the action of the State, through the Growth Acceleration Program (CAP), to improve the quality of roads, airports, bridges, and thus lower the costs of export. "But this is not enough: the investment rate is 20%, it would have to reach 25% if growth takes off," Roberto Messenberg tip, an economist at the National Institute of Economic Research (IPEA) .

If the response to stimulation of the supply train, Rousseff account on demand. In recent years, household consumption has increased faster than growth, thanks to better distribution of income, profit social policy and rising wages. Consequently, the credit showed an increase of 20% per year. To maintain this pace, the government has pushed the two leading public financial institutions, the Bank of Brazil and the Federal Economic Fund, to announce a drastic reduction of interest rates for consumers and small businesses. He hopes that private banks will follow, to capture those 50 million potential customers from the "new middle class" are qualified as having acceded to the poor consumer.

The main advantage of the government is public confidence. Despite slower growth, hiring continues, and the popularity of the president has set a new record in March, 77% of Brazilians plébiscitaient his way of governing the country.

ALSO READ:

"Coup brake in Brazil as a result of the global crisis

This is an unprecedented situation in the cozy little world of Parisian palaces. Almost at the same time, the Ritz and the Crillon, two jewels of the luxury hotel, will close for major renovations. The 147 rooms at the Crillon, which belongs to a descendant of the Saudi royal family, will close in the fall for two years make quick cash. Place Vendome, the Ritz (159 rooms), will close, he, on August 1. Its owner, Mohammed al-Fayed, provides 27 months of work.

… others will head to the Park Hyatt Paris-Vendome (154 rooms including 42 suites) Photo credits: Irmgard Sigg

"We hear a lot of glasses Eva Joly and François Hollande, yet the optical is not a matter for politicians," sighs Alain Gersel. President of the National Federation of Opticians France (fnof) has just sent an open letter to presidential candidates, how to draw attention to the conflict that opposes complementary health.

The glasses are poorly reimbursed by Social Security. Among the 15% of adults say they have sought care for financial reasons during the previous year, fourth evokes the optical (second position issue, behind the teeth). The role of complementary is therefore crucial. To reduce the amount their members out of pocket, while controlling the cost of repayments, they enter into agreements with opticians, constituting "managed care". The optician agrees to charge prices "reasonable" and comply with quality standards (glasses, antireflective treatment, preliminary estimate …). In return, the additional promises a certain volume of customers-the Mutual General Education (MGEN) guarantees member 1 to 1.5 per day per store. To achieve this, it does not require to visit the stores contracted but incites: no co-pay, third party payer reimbursement and often better.

First mutual health in France, particularly in the sights of opticians, MGEN reimburses 25% increase in its qualified opticians. Its network is "closed", that is to say limited to opticians on 12000 1900-that's what allows him to expect its partners a surplus of customers. Enough to arouse jealousy among the recalibrated? MGEN provides an optician on two postulated to integrate its network, which would mean about 4000 disappointed

. Legal offensive

The fnof aligned in any case the arguments "antiréseaux". First, the insured pushed a licensed optician might be forced to "40 or 50 km route" to find it. Proximity is especially important that opticians can renew and adapt prescriptions of ophthalmologists, a solution found in 2006 in response to the shortage of medical specialists. MGEN side, it was answered that few opticians established in villages: they are concentrated in cities, contact a professional under agreement would impose the worst to go one or two streets away. Second objection of the union of opticians: lack of customer follow-up, stores incoming and outgoing network each year. Finally, do some additional improvements that would offer rebates on a limited choice of lenses or frames, without clear to their policyholders. MGEN does not feel concerned with "170 000 references saved."

The fnof offers an alternative to further reduce their costs for: refund less often eyeglasses-many contracts support a pair a year while a renewal every three years would suffice.

Several legal offensives were also launched against the MGEN, one by the sign Afflelou, based on two grounds. The barrier to competition, on the one hand, but the mutual boasts favorable opinions of the Competition Authority and the DGCCRF (Bercy). The inability of a mutual practice different levels of reimbursement between its members, on the other. On this point, the case law is unfavorable to MGEN. Following a recommendation by the Court of Auditors to slow health spending, Parliament intended to remove this barrier to care networks in 2011. But the article of the law passed was censored for reasons of form.

ALSO READ:

"The spectacle wearers disobedient

Since it was set afloat, ten years ago by three friends in Colorado, Crocs has sold more than 150 million pairs of shoes in 90 countries. Right in her funny shoes, this American company shows $ 1 billion in revenue in 2011, up 27%. 112.8 million and net income, against 67 million in 2010. The hilarious crocodile brand has regained its bite.

At the NYSE, the action hovers around $ 20. It was not worth even at a low point in 2009. In 2007, she had already sold 100 million pairs. She posted $ 168.2 million profit. After a flash of sales growth between 2005 and 2008, its accounts have fired that year in the red: it lost 185.1 million in 2008 and 42 million in 2009, before returning in 2010 to profits.

Crocs has been the victim of the crisis on its first market, the United States, which now represent less than half of its sales. Victim, too, its single-product strategy and the strength of his shoe aesthetics controversial. Crocs lost momentum, if not renewed by their fans. "The Crocs shoes are indeed a life of ten years on average," says Mustafa Sadik, head of the brand in France.

But the restructuring, fought on all fronts, product development management through logistics and supply sources, has borne fruit. The Canadian plant closed. Manufacturing has been focused on China.

The Croslite: a lightweight resin

This is taking the offensive on diversification, international and opening stores as she now has more than 169 – that picked up Crocs. Without abandoning his favorite material: colored and perforated, the shoe – called "Clog" – was forged in a patented material, the "Croslite", lightweight resin, antibacterial, waterproof and flexible. Hooves, dominated by the model "Cayman", weigh only 50% in sales volume, but also offers Crocs shoes to more traditional sole "Croslite". Fabric or leather dress patterns for women, men and children, from sneakers to high heels compensated, covered with cork, to sandals, ballet slippers and boots for the whole family. The colors are often flashy, but the forms were assagies. The brand, which also sells shoes filled, at the same time has reduced its dependence on seasonality: the items were accounted for only 65% ​​of sales. Ready-to-wear this summer, with shells and sleeves for smartphones tablets, scheduled for 2013 in France, a slew of new products will accelerate diversification.

If the shoe of Colorado is still nearly half of its sales in the U.S., sales there rose by 19% in 2011, but have surged 34% in Europe and Asia. In Europe, where Crocs aligns 34 stores and 92 franchises, an offensive was launched in France, where the brand has opened two stores, after closing at all its difficulties. Its third store will open its own in France in Nice on March 22. This will be his first major "Crocs Store" in Europe. A new store concept, where 250 models will unfold in both healthy, shelves and large digital displays.

ALSO READ:

"Bottega Veneta, the nugget Ultraluxe PPR

"Adidas displays his Olympic form

"The French Kindy addresses 2012 off right

SWFs have definitely an appetite for stone. In January, Qatari Diar, already owns the premises of the Hotel Royal Monceau in Paris, put his hand on those of the Carlton in Cannes. Reportedly, GIC, the Singapore fund, has made him a ticket of 100 million euros in the funds spent on office property completed by the end of 2011 Altarea land.

This spectacular arrival of sovereign wealth funds in commercial real estate almost makes you forget a more pervasive phenomenon. Insurance companies have become the biggest buyers of offices, shopping centers, hotels and warehouses. According to the consulting firm Cushman & Wakefield, they earned last year 26% of investments in this asset class in France. Their representatives are out in force this week in Cannes at MIPIM, the international exhibition industry.

"With the crisis, insurers have found that some of their favored investments such as bonds had become riskier, says Xavier Seagull, Director of Acquisitions at Allianz Real Estate France. They therefore turned to real estate. "These properties correspond perfectly to the needs of insurers, they offer a 6% return, which allows them to fulfill the contract made with the purchasers of life insurance: a performance around 4%.

As a result, insurers have decided to strengthen real estate. Allianz, which was 3% of its investments in stone in 2008, rose to 4% and now account for 6% of spend the next four to five years. "At group level, we want to happen in three years at the 10% position in real estate as against 7.5% today," says Philippe Depoux his part, Chairman of Generali Real Estate France.

Acquisitions financed with equity

Insurers are likely to keep their goals because they have a secret weapon: with the money collected by life insurance, they can finance their operations from their own funds. An asset, at a time when banks have drastically reduced their loans to buy back buildings and shopping centers. "Today, we are fine business when they were proposed by the trustees of private equity funds that financed their operations by resorting to massive debt," said Joelle Chauvin, Property Manager of Aviva France.

Each insurer has its strategy. Aviva took the risk of launching 50-50 with Predica construction of a tower of defense, Carpe Diem, to be delivered late 2012-early 2013. An operation "blank", that is to say developed without identifying a tenant. An approach that refrains Allianz, positioned on existing buildings with long leases. In 2011, the German company bought 260 million Forum Seine, a building of 35,000 m2 including leased Locapost. However, these players are always looking for the same locations: Paris, La Défense and near western suburbs.

Along with their purchases of real estate, insurers are increasingly engaging in more in mortgages that are secured on the asset value to fund. One way to enjoy the disengagement of the banks real estate field. The possibility of waiving the banking monopoly is under the Insurance Code. Axa and Allianz have decided to play the forerunners in this field.

ALSO READ:

"The Empire State Building will go public

Francois Hollande, who recently announced he would tax 75% had incomes in excess of one million euros, backtracked, while the football world presage an exodus of players. "It would be the death of French football", "would cost a billion euros to French football", "we would lose all TV rights", "It would involve the demotion of the French Ligue 1 in the second division European", etc..

The Socialist candidate, himself a football fan, surely does not expect that its proposal a week ago, for a number of French "symbolic", announces the end of the French favorite sport no fax payday loan. He who was above all the big heads and leaders of countries including those whose salaries "have no connection with the talent, intelligence or effort." And which boasted a "patriotic act" that "agreeing to pay an additional tax to rehabilitate the country."

Sorry, this video is not available on your device.

The battle between ARCEP, the telecoms regulator, and the Ministry of Industry (through the National Frequency Agency) about the extent of actual coverage of the network of Free Mobile reveals an unprecedented reality. Free Mobile have actually deployed a network covering 27% of the population, as he had promised. But this network is not used by its 1.5 million subscribers, mostly transiting through that of its rival Orange.

This situation is probably temporary, but it calls into question one of the very principles of the 1996 Act on the opening of the telecom market, which promotes competition investment. To be operator of right, we must invest in its own network. Otherwise, it is a mere reseller of airtime, as Auchan Mobile. This principle of law is based on two ideas: it is necessary to stimulate investment in technology and jobs and we have to play the full benefits of competition as an operator with a network is able to offer innovative services.

This is why France has opted for the construction of four mobile network operators for four different full function. Under this principle, Bouygues Telecom has embarked on the adventure of moving in 1996 without using a roaming agreement. The law could have imagined another option: a single network shared among all operators, as is the case with that of Réseau Ferré de France, which will be used to train competitors for SNCF.

Today, the problem is that Free Mobile plays it both ways. Taken to extremes, this precedent could lead mobile operators to choose to play on the roaming network of next generation 4G, which would reduce investment.

ALSO READ:

"Free Mobile has switched its network

"Orange claims that he did not make a gift to Free

"Where Free Mobile has recruited 1.5 million customers

CEO of the Caisse des Depots since 2007, Augustin de Romanet takes stock of his term as head of the financial institution publique.Il defends a vision of long-term, theme also of his book, "Not to thirty painful" , to be published next month by Plon.

LE FIGARO. – March 2007-March 2012, your tenure as head of the Deposit has been essentially that of crisis management?

Augustine ROMANET – The first thing I did upon arriving was to establish a strategic plan, the first for twenty-five years! This plan was conceived before the outbreak of the crisis, which was a chance: we had in effect given to this house a solid foundation and then through the turbulence. If the five years of my term were five years of crisis in the Deposit, then this is the etymological sense: krino, reinte? Prevention.

How have you adapted to the CDC this time of crisis?

In 2007, it was obvious that the economy of debt had reached its limits. We have defined ourselves as a long term investor, a term that might seem strange. It was taken by the Act of August 4, 2008 and came into common parlance. The mission of the Deposit is one that expresses its social utility, the provider of capital to long term, the first in the country through its various tools. We also have modernized the governance of the institution for its action is no longer subject to suspicion.

The bailouts of Dexia, the down payment in the Post, the interventions of the Strategic Investment Fund (ISF)? CDC does she not done too much, at the expense of financial security?

No. The Deposit is not weakened. Its capital is now greater than 2 billion euros to what it was in 2006. However, they are now just below the level set by the supervisory model, which has just been arrested. This means that the CDC must make choices. Through the savings fund, it is the largest financer of social housing. It will become a major player in financing local government, with the Post Bank. It is the largest investor in the territories, the majority shareholder of ISP and 26% shareholder in the La Poste group and 27% of OSEO. It will be a key player in the Greater Paris, through Icade and Egis. She manages on behalf of the State 8 programs of large loan? It is not a vision that eluded him.

Does the ISP also been at full strength? The state or parliamentarians might have wished that more intervention. Did you have to refuse certain files?

The debates were sometimes harsh. But at no time, as chairman of the board of the ISP, I had to put the state in the minority. We always found a consensus. The interest of companies brought together the State and the CDC in this tool is an outstanding success.

Beyond the ISP, what were your relations with the state?

They are reminiscent of rugby: it's not because the contacts are honest and manly that it is not a sport of gentlemen fast cash advance. That the Deposit respects the State, it is natural, but the state also met the Deposit during these five years.

The CDC will announce she losses for 2011?

No. It will be beneficial, probably close to 200 million euros, despite the loss of Dexia. This is good news. I add that no longer exists on the balance sheet of the institution any impairment that would have been deferred.

How Dexia Will it cost in total to the CDC? Do you have any regrets about the management of this file?

The Taking-is not coming. Dexia maintains a value, and I will not speculate on his future today. Regarding the past, even if mistakes were made, I refuse to take the easy way of anachronism, to rewrite the history of Dexia before his first save of 2008. And I assume, for having sustained the strategy? CARRYING since.

You were a candidate for a second term. How did you feel the decision of Nicolas Sarkozy not to renew?

Probably because I am attached to this institution, I felt this moment with surprising emotion, as I had convinced myself that I did not own my post. The decision, I always say, is the President of the Republic. So I did not comment on it. I leave calm, and proud of the work.

CEO of the Caisse des Depots is a political post?

Yes, of course! In the best sense. The policy, it is the duty of the synthesis of opposing views in search of general interest. It is also the action. At the Deposit, which combine the financial strength, the diversity of stakeholders and quality of staff, the task is exhilarating.

Are you running for the leadership of CNP Assurances?

I have personally expressed to each member of the Appointments Committee.

As a director of Veolia Environnement, were you in favor of the appointment of Jean-Louis Borloo at the head of this business? Have you supported the approach of Proglio who also chairs the Nominating Committee of NPC?

I resigned from the Board of Veolia on February 29. The suspicion that some sort of Faustian pact with Proglio is unfounded and insulting to him and for me.

What recommendation would you give to your successor?

Research of general interest means being responsive to all stakeholders of the company, the actors of the social economy to the leaders of the CAC 40, the elected leaders of rural communities to SWFs the planet, it should be remembered that they manage resources to invest in our country.

ALSO READ:

"Deposit: number two provide the acting