HEC loses its top spot this year and comes in 2nd place … but the ball remains in the European camp, since it is the Spanish business school, IESE, which holds the top rank in 2012 of "Executive Education", namely the non-degree executive education, conducted by the Financial Times (FT).

The Best 50 schools worldwide in the field made for 5 years by the prestigious English newspaper compiles two rankings: one programs tailored to companies (the "customs") and the catalog of programs, intra-company (the "open ").

"We have focused our strategy on programs tailored to companies. We worked to ensure sticking to their needs, "explains Bernard Ramanantsoa, ​​Director of HEC, who sees annually 7500 participants in such programs. Currently, these requirements focus on change management. "

"A company can send up to 800 employees," says the boss of HEC. For middle management executive committees, through their battalions of "high potential" identified internally, needs to train executives are considerable.

The Financial Times ranking thus directly reward the attractiveness of business schools to businesses. And it is clear that European schools have their own in the face to all Anglo-Saxon traditionally powerful.

These six French schools

Behind IESE and HEC comes the Swiss IMD, beating Harvard, which lost two places. Finally, the ranking of 13 U.S. schools, four British, and not less than twenty European, including six French: CET (2nd), Insead (10th), ESCP Europe (29th), EDHEC (33th) , EM Lyon (40th) and Grenoble School of Management (50th).

"This ranking shows that the French business schools worldwide are on continuing education, and this even though France is a country of more training," commented Olivier Oger, Chairman of the EDHEC group.

Absent from the rankings last year, EDHEC is back in 33rd position. Olivier Oger sees the recognition of a strategy pursued since the early 2000s called "Edhec for business" of redirecting research to companies. The group, which opened in 2011 with campuses in Singapore and London, has recently opened in the heart of Paris, a research center serving the company. Executive Education on business customers include Bouygues, Veolia, Michelin, Suez, but also "the banks based in Singapore who need our services on the subject of governance," says the director.

"The important thing is to be present in the rankings!" Comments does one in Grenoble School of Management who arrives in 50th position. Since entering the charts three years ago, its tailor-made programs continue to ramp up. Hilton, SNCF, Safran, Sanofi, or Schneider Electric are among its customers.

Considered a guarantee of quality, this ranking of the FT is one more argument brandished by schools during the bidding companies.

Now that he has eliminated all its competitors in the Republican nomination for president – has abandoned Santorum, Gingrich and Paul are too far behind – Mitt Romney has a new challenge before him: catch Barack Obama in the race for dollars. In this respect, the Republican can boast of a successful month of March. With nearly 13 million collected, he never raised much money. But the delay is very clear with the outgoing Democrat, who has earned almost $ 35 million over the same period.

Result, at nine months of the election, relations between the two candidates are from one to ten in terms of "cash" available. Barack Obama has $ 104 million when Mitt Romney, who had to spend lavishly to remove tough Santorum, no longer "only" 10 million in the bank. A bad sign, if one remembers that in 2008, with the same period, the ratio was similar between Barack Obama and John McCain, who ended up losing the election.

As in 2008, therefore, spending on U.S. presidential promise this year to reach record highs. Experts even suggest the sum of one billion dollars a camp, which supasserait the record set four years ago to 1.6 billion in all. By contrast, French law allows a maximum ceiling of 20 million per candidate, set in 2007 by Ségolène Royal and Nicolas Sarkozy.

Super PAC: advantage to Romney

The responsaibilté this runaway overseas rests with the change of election financing rules, which were imposed in the game a new player: the super PAC, support committees with permission to spend without limit (provided that it remains formally disconnected from the official campaign). One area where Romney camp knows how effective. Roamed this land, the former governor of Massachusetts has the advantage over Barack Obama in March, "Restore Our Future" raised him to $ 8.5 million, when "Priorities USA" harvested 2.5 million for Democrat. The outgoing president owes his advance as individual contributions.

This imbalance is not without worrying about the Democrats, as the super CAP seem to play a crucial role during the campaign. Indeed, it is up to them to the "dirty work" of producing spots decrying, sometimes extremely virulent opponents of their champions. And Mitt Romney has yet to benefit from the reinforcement of "American Crossroads", probably the most powerful Super PAC Republicans, whose co-founder is none other than Karl Rove, former adviser and electoral strategist for George W. Bush. The committee plans to spend this year $ 300 million, almost exclusively in attacks against the Obama camp.

Another factor to watch: the entry into operation of the National Committees of each party. CNR, for the Republicans, and the CND, for Democrats, allow candidates to receive donations for their respective parties, the amount can legally be much higher than that paid to the official campaign committees. And both have already started to build their war chest.

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In 2012, the autonomous communities must get their deficits below 1.5% of GDP. Regularly pinned by the rating agencies and international observers, the regions represent about 35% of public expenditure in Spain. In 2011, it is these governments that have caused much of the slippage in the government deficit of 6% of GDP in Brussels promised to 8.51% finally recognized. The Conservative government of Mariano Rajoy for stepping up the pressure as they bend to the rule of austerity.

First step, last Saturday: Rajoy has met 11 of the 17 regional presidents, those belonging to his training, the Popular Party (PP). Verdict: "I have seen an optimal response on the part of all the administrations involved, said the chief executive. Resigned, if you want, but in any case committed to implementing their new obligations. "In short, regions need to update their budgets to take account of national accounts. For transfers from central government will be limited. The second stage took place on Wednesday, with the call of the Minister of Health, Ana Mato, regional leaders. Health is, with education, the main item of expenditure of the autonomous communities. But Madrid has decided to trim 7 billion on the health budget.  

Retirees will pay more for their drugs

For weeks, regional presidents have launched trial balloons and explored new avenues for spending less: institution of user fees on consultations or on drugs, reducing the range of treatments offered for free or recentralization of health administration.

Today, Mato wants to push self-governments in the same direction. First announcement: retirees must pay for their drugs. So far, they were exempt, and now they shall pay 10% of the price indicated on the label, to a maximum of 18 euros per month. As for the assets, also will pay more business cards design. The bill would vary between 50 and 60% of the total price, depending on the tax form to every Spaniard. For now, all assets pay the same rate, 40% of the actual price. This new pricing should help save 3.7 billion euros.

The central government intends to finally exercise its watchdog role accounts. Before the end of the month, the autonomous communities must show in Madrid a "plan of financial imbalances" detailing the measures to restore the accounts. On Wednesday, Secretary of State for the Regions has threatened regions lax. "The Autonomous Communities may be subject to intervention if they are unable to meet their financial obligations," said Antonio Beteta. In other words, Madrid could take control in areas too spendthrift. A revolution in one of the most decentralized countries in Europe.

Banks: a peak of bad debts

Spanish banks are muddy in the economic crisis. In February, the rate of bad loans reached 8.2%. This is a record since 1994: the beginning of 1997, impaired loans did not exceed 1% of total loans. In one month, outstanding loans to businesses or people at risk of insolvency has increased by 3.8 billion to $ 144 billion. The austerity measures introduced by the Government to reduce the country's deficit partly explain this further deterioration. She falls ill while Madrid multiplies remediation plans to try to reassure international investors about the soundness of its banking sector.

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Like it or not, a sort of "peer government" is trying to establish in Europe. No national economic policy can now be released from the judgment of its neighbors and European authorities themselves, for better or for worse. While Spain had suffered fire Tuesday in financial markets, with the key rumors of a possible bailout like the programs in place for Greece, Ireland and Portugal, the German Government and the European Central Bank have seen fit to act as surety moral Wednesday, and in almost identical terms.

"Spain has undertaken major reforms in several areas, including finance, labor market and the banking sector," said Johannes Blankenheim in Berlin, the spokesman of the Ministry of Finance. "We regret that the markets have not yet acknowledged the enormous reform efforts," he added.

Almost simultaneously, but in Paris, Benedict Cœuré, one of six members of the ECB executive, developed the same argument. "The new government (in Spanish) has taken strong decisions … What is happening in the markets does not reflect the fundamentals (of the Spanish economy)." And the ECB representative, who attended a conference organized by the AFTE (French Association of Corporate Treasurers), joined the action to the word: "The ECB could intervene? We instrument for this, programs to purchase securities in the market, which has not been used (since February) but can be. "

The situation remains fragile

These words produced an instant effect on the markets. Yields on bonds of the Spanish State, which had peaked at 5.99% on Wednesday morning, retreated to 5.82%. However Italy has seen its borrowing rates harden, and the eight billion shares to twelve months were subscribed at a rate of 2.84% instead of 1.40% during the similar issue launched in March, while its refinancing conditions had steadily improved since the beginning of the year. This is clear proof that "the situation remains fragile … Governments must continue the efforts already made to restore sound fiscal positions and support the long-term growth," added Benedict Cœuré.

The roadmap on which governments will be judged by the markets is twofold equally important: first reductions of deficits and the other structural reforms likely to revive economies. Thus the European Commission Wednesday she said "the very important reform of the labor market" set up by Madrid, having welcomed the measures announced Monday savings in health and education, a total budget of 10 billion euros.

As president of the French Banking Federation and head of Societe Generale, Frederic Oudéa says the same thing: "You have come to show the markets that the trajectories become virtuous, and this requires a number of quarters to show that results are well go, "he said Wednesday on BFM Business antenna.

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Announced the surge does not occur. With complete freedom of movement since 1 May 2011, workers from eight Eastern European countries have not crossed the German border en masse. To the chagrin of a country in need of labor.

Last spring, there was a lot of hope and concern. The bosses were rejoicing the arrival of a highly skilled labor force required, the unions were alarmed competition for low wage costs. Frank-Juergen Weise, head of the Federal Employment Agency, estimated at 140,000 the number of workers from the East who would cross the German border. A year later, in an interview with the Rheinische Zeitung, there were fewer than half, 61,000.

Since 1 May 2011, nationals of eight countries of the European Union (Poland, Estonia, Latvia, Lithuania, Hungary, Czech Republic, Slovakia, Slovenia) have the right to come and work freely in Germany and Austria. "It's a pendulum swing of history, Timo J. Bass, of the Institute on the labor market (IAB). We Germans, who need so much labor and skilled young, we shot in the foot. "

When Europe has expanded to twenty-seven members in 2004, Berlin, Vienna and Brussels had negotiated with a further period of seven years to fully open their labor markets payday loan. Meanwhile, workers from the East who want to improve their living conditions have already emigrated. Location: England, Ireland, Scandinavia and Switzerland, with more attractive salaries.

Wages less attractive

Germany, however, suffers from the image of a country with low wages and poor career prospects. "Employers also require a perfect knowledge of the German language," says Timo Bass. In the globalized market and highly competitive "Best Minds" Germany is a party with several lengths behind.

Today, the sketch of immigrants came from Eastern Germany is Poland (67%), works at a temp agency or in the building sector, in one of the richest regions of the country as Bavaria. Those who cross the border rather are those who do not find work at home. Therefore: competition weighs more on low wages.

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The TGV will happen one day at Toulouse to Bilbao? The Pink City will she finally to 3 h 15 from Paris by train, against more than five hours today? The decision to build the new high speed lines (HSL) from Bordeaux will not be taken before long. But last Friday, a necessary step to making this project possible was reached: the Ministry of Transport has validated their route. By setting three new TGV stations at Agen (Lot-et-Garonne), Montauban (Tarn-et-Garonne) and Mont-de-Marsan (Landes).

If governments dither before launching the operation is that it will be very expensive. "At least 12 billion euros," said one expert. A huge sum when the coffers of the State and local governments are desperately empty because of the debt crisis. In February, the General Council of Lot-et-Garonne has already said he would not pay his bill for the Pharaonic site.

The hesitation is all the more palpable than funding another LGV, that between Tours and Bordeaux, was problematic. But this was "only" from one site to 7.8 billion. It was expected that 57 local authorities provide nearly $ 1.5 billion for this mega project won by Vinci in public-private partnership.

Finally, about twenty of these entities have defaulted. Foremost of these, the Regional Council of Poitou-Charentes led by Ségolène Royal, who refused to pay its contribution, fixed at 103 million euros. For this LGV can be built, the state decided to take the money for its support.

330 million accrued

It also will replace the General Council of Gers, who a month ago, is back on his promise to pay eight million for this line, as with other local authorities who have given up to get their hands in their pockets for this work. Of nudges that will not be pledged the state budget. The explanation? "Nearly 330 million had been provided by the State in 2011 to address a potential rise in interest rates which Vinci was exposed because the group had used bank loans to complete the operation, says an expert on the issue. But this rise in interest rates has not occurred. These sums have been used in part to address the failure of several local communities. "

Result, despite all these upheavals, the financing of the LGV Bordeaux-Tours is provided. And Lisea group, led by Vinci, can concentrate on the subject regardless of his income. Fortunately, as Europe's leading construction and concessions has not time to lose if he wants to meet the deadlines: the first trains will travel on this line as of July 2017 and will Bordeaux 2 hours from Paris against three today.

For now, Lisea, which was selected in March 2010 to complete this operation is on schedule. In February, the group obtained the approvals related to the protection of wildlife and waterways necessary to begin work. It also acquired 71% of the land where will this new line of 340 km. And if some owners may appeal to the justice of the decision on the expropriation, these procedures will not prevent the commencement of work. In addition, Vinci has completed all archaeological excavations on the route at the end of the year. Already, he started out small tasks related to land clearing or the connection of the new and the existing line.

But the real kickoff of the site will be given in a few weeks. "We will attack the earthworks in June, Tricot explains Hervé, President of Lisea. Four or five thousand people are at work in fifteen different places. This work will take three years, maybe less if the weather is good. "

]]> http://cw-white-gallery.com/the-route-of-the-tgv-bordeaux-toulouse-validated/feed/ 0 http://cw-white-gallery.com/brazil-announced-a-stimulus-package/ http://cw-white-gallery.com/brazil-announced-a-stimulus-package/#comments Fri, 06 Apr 2012 10:32:11 +0000 admin http://cw-white-gallery.com/brazil-announced-a-stimulus-package/  

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.

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New twist in the saga Free Mobile, which runs the telecom sector since January. Orange has threatened Saturday to suspend the contract that binds him to Free Mobile. Such a decision will have serious consequences for clients of Free Mobile since this agreement, said roaming allows subscribers of the new operator to go through the Orange network where there would be no network available Free.

What has bitten Orange? For this contract, Stéphane Richard, CEO of Orange, was repeatedly congratulated for having signed the beard of SFR and Bouygues him should yield about 1.5 billion euros. Two reasons for this reaction. First, Orange is concerned about the various failures occurred on the network of Free Mobile recently and wants to protect its own customers. "Orange reaffirms that it can, and will not hesitate to suspend the contract if the roaming network incidents Free Mobile would affect the quality of service to Orange customers," said a door- word of Orange.

Second, Orange believes they have been challenged by the regulator. "Contrary to some claims to Orange failures occurred on the network of Free Mobile in recent days, the group accepts no responsibility for these failures," added the spokesman of Orange. Saturday, in an interview with Le Figaro, Jean-Ludovic Silicani, president of Telecom Regulatory Authority, stated that "both sides have underestimated both the number of subscribers and the amount of traffic through the Orange network. "

Questioned, Free does not wish to comment. Arrived with a crash in January on the market of mobile telephony, the operator led by Xavier Niel now has nearly 2.2 million subscribers.

Poker game

This estimate comes from its competitor Bouygues Telecom as to the presentation of its quarterly results, Free Mobile maintains the mystery of this figure strategically. In mid-February, Orange admitted to have lost 201,000 subscribers, SFR and Bouygues Telecom 200 000 134 000. The irruption of Free Mobile phone on the board, with very aggressive prices, the market has completely changed into the headquarters of groups (see below). Its competitors were forced to revise their prices downwards. Bouygues Telecom is the company to provide rate reductions of up to 40%.

Finally, in the incredible poker game that is played between players, the latest statements of Orange do they represent a real threat or a bluff? For how could the contract that would, they say, has been negotiated foot foot for forty-five days, did not foresee all situations, especially breakdowns? Besides his denunciation would have a significant cost to Orange.

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"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.

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Traders are torn between fatalism and resignation. According to the ninth wave of the observatory shops conducted by Ifop for the retirement of independent mutual Medicis, 86% of traders are worried about the French economy. 70% are for the future of their trade. These figures are up sharply over 2009 and 2008.

Many find that a very real way the economic downturn. Observe a 43% drop in attendance of their stores. An increase of 9 percentage points compared to May 2011. Two out of five professionals interviewed explained that their revenue has fallen since January. 46% expect their turnover is stable.

Traders have a positive on various measures taken by Nicolas Sarkozy since the beginning of his term in April 2007. 77% qualify as "good" tax exemption for overtime, the 67% increase in the age of retirement. 61% favor the elimination of business tax. But they are only 51% to defend the introduction of VAT at 7% in restaurants. They are hostile against the increase of 1.6 percentage points of VAT. 62% feel it is a "bad thing".

Reduction of charges

Concerned about the future of small shops they fear of losing, traders are worried about their retirement and for their welfare. Little interest in the presidential election, they condemn the indifference of political leaders towards them. 81% feel that the candidates for president do not understand their professional concerns.

Almost one in three believes that candidates are not aware of the weight they represent in the French economy: France has 750,000 merchants employing 2 million people and generating 343 billion euros in turnover. Asked about their expectations, 73% required a reduction of charges. Specifically, almost one in two merchant would be they who lower employer costs. More than one in three plead for a lower wage costs. But they are only 23% want trade to be protected and promoted by measures. A minority (8%) asked for more financial aid from the government and banks to hire or grow. Only 4% consider it a priority the defense of "Made in France" or the taxation of imports in favor of French products.

Not surprisingly, Nicolas Sarkozy remains their preferred candidate. 37% say they would vote for him in the first round of the presidential election when they were 44% in the first round in 2007. Francois Hollande is second with 19%. It is followed by Marine Le Pen (18%) and Francois Bayrou (16%).

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