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.
A new world record price for a camera was reached on Saturday with 2.16 million euros for a unit of the German brand Leica, dating from 1923. The sale, organized by the Galerie Westlicht, held in Vienna.
Only 25 prototypes of the pre-series were manufactured by Leica. Photo credits: LEONHARD FOEGER / REUTERS
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.
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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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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
Olympus is preparing to renew its leadership. The group of optical and medical imaging, the center of a scandal hidden losses, said Monday it has chosen children of the seraglio to compose his future Board. The group is now led by Hiroyuki Sasa, now in charge of marketing.
Olympus has also promised to appoint six outside directors (most already linked to the group) of the eleven new members to its board of directors to be presented for approval at a special meeting of shareholders on April 20.
A scandal of hidden losses of $ 1.5 billion spread over thirteen years to put down the reputation of Olympus. Last summer, the group managing director, Michael Woodford, was curtly thanked by its board of directors after requiring clarification of accounting anomalies revealed in the press.
Since then, the president "historic" Olympus and six executives were arrested. In a country where a charge often means a conviction (almost all of the defendants are convicted in Japan), these arrests have cast doubt on the sustainability of the group in its current form.
Exit the ambiguity
Too broke out, could be sold by Olympus divisions to another industry. Its medical imaging division in particular displayed an insolent financial health despite a fiscal year 2011-2012 which looks disastrous for society (200 billion yen loss forecast for the year which will end in late March). Sony has already shown particular interest in the activities of Olympus.
Meanwhile, the current management group, on borrowed time until April 20, closely linked to the ousted president, trying with difficulty to break the ambiguity. The next president is chosen as Olympus just SMBC, the bank group, so its main creditor, who has covered, probably by laxity, all of its accounting maquillables.
"It is not desirable that the president comes from SMBC", pleaded last week the U.S. fund Southeastern Asset Management, which owns 5% of Olympus. Wasted. To date, most members of the board are being sued … by Olympus.
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After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a further decline of 1.89% to 3185.30 points before to increase its losses. He dives over 4% at 3142.59 points just Vanat noon. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Milan plunged nearly 5%, while the Athens Stock Exchange falling more than 6.31%.
Greece is the main reason for this new diving indices. The country has placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt.They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize. They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).
In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities cashadvance. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing.com site financial analysis.In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis. "Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.
Manufacturing activity in China slows
Traders also expect the G20 to be held in Cannes Thursday 3 and Friday, November 4 for more information on the involvement of other countries in the European rescue plan. In an interview with Le Figaro, the South Korean President Lee Myung-bak has already ensured that his country will support the rescue of the euro area, "if necessary".
In this tense atmosphere, the euro lost ground against the greenback.
The government wanted to know the outcome of EU summit Wednesday evening, presented as crucial for the future of the euro area, prior to revise downward its growth forecasts. Despite the success of the meeting of the seventeen member countries of the euro area, which found the night of Wednesday to Thursday an agreement to stem the crisis at the moment on the Old Continent, the head of state n has been recognized that the Thursday night: the economy would not be up to expectations next year.
Until then, Bercy expected a GDP growth of 1.75% in 2012. But since the beginning of summer, the situation has deteriorated considerably. "For the sake of seriousness, we decided to lower our forecast to 1% next year," said Nicolas Sarkozy, who is aligned and the assumption by our German neighbor.And, near the line thickness, on the average forecast of economists (0.9%).
To keep the deficit targets despite this deterioration – and this is the top priority – must be found "6-8000000000" euros in savings or additional tax revenue next year, said Chief of the state.
Nicolas Sarkozy has asked Prime Minister Francois Fillon, with Valérie Pécresse (Budget) and Baroin (Economics), floor of the copy. And this new austerity program will be announced "in ten days," just after the G20 which takes place in Cannes.
What is certain is that "we must spend less on operating and investment to support growth (…).But calling for a tax harmonization with Germany, the president did not rule out the idea of raising the reduced rate (set at 7% across the Rhine at home against 5.5%) or the introduction of an intermediate VAT rate (between 5.5% and 19.6%) for products now subject to a reduced rate (catering, building …)
It announces clearly no "social VAT" – renamed "VAT antidélocalisation" to the UMP – hypothesis was raised in the procession of the tracks in the study. He implicitly endorsed the idea but has returned to the next presidential debate "in a few months."
However, companies should be tapped. Address the tax differential between multinationals and SMEs is a carrier. It is almost assumed that the new austerity plan will include a surcharge of corporate tax targeted at large enterprises.
It is the opinion more dangerous than others. That the member Martine PS Martinel just given to the Committee of Cultural Affairs as part of the passing of the Finance Act, sets fire to the powder in public broadcasting. Requires pre-election period, no doubt, is the set of reforms since 2008 who is harshly criticized, whether that of France Television as Audiovisual outside France (AEF). Even the men who are now in place are not immune to criticism. Little detailed review:
As for the AEF, the report by Martine Martinel denounces the "unrealistic financial trajectory proposed by the AEF and accepted by a confidence that can be described as blind by the State." Particularly with regard to advertising. "This led the AEF has requested a budget increase in 2011."MP sees this as the main cause of the lack of perspective of the state as the group itself that led the General Inspectorate of Finance to intervene in the summer. However, the member is concerned that "the national representation there is still no access."
It also criticized the management of the CEO, Alain de Pouzilhac, saying "the list of errors of management is already long enough and sufficient breach of trust used to put an end to the appointment of Mr. Alain de Pouzilhac ".
In the process, the MP also questions "the merger of RFI and France 24, it considers reform conducted forced march and which neither the need nor the utility are proven." However, Martine Ravinel advocates rapprochement between France and the 24 public group France Televisions.
France Televisions, however, is not immune to the report of the Socialist MEP.The latter believes that the 2008 reform has been to reduce advertising on France Televisions has a balance sheet "very negative". She asserts that the reform had a "zero impact of the abolition of advertising on the audience." It also is concerned "to a funding threatened and does not guarantee the necessary visibility to the group" as the organization itself of the company. It is particularly cautioned the government against "a lack of reference to employees" within the "single undertaking". Finally, Martine Martinel denounced at once "no channel dedicated to youth" and the need to "modernize France 3".
Explosive, this report could nullify in advance of the Commission's thinking on foreign broadcasting, chaired by MP Michèle Tabarot UMP. Yet its members do not want to change the schedule."Before giving our conclusions, we firstly audition Alain Juppe, foreign minister, who said he wanted to get involved in the matter, but also about the findings of the Inspectorate General of Finance," says Christian Kert , UMP deputy of Bouches du Rhone.
However, the options are continuing to clarify:
-Members of the opposition and the majority still stand on the issue of the merger of France 24 and RFI, as the two solutions would they be supported and at the discretion of the government.
-Governance structures to isolate the CEO of the AEF of different operational functions to avoid a repetition of the pattern Pouzilhac / Ockrent.
-The Commission may recommend synergies in terms of content between France Television and France 24.In this case, France Televisions could be invited to the board of the AEF.
-Finally, the Commission could recommend only the tutelage of the Ministry of Foreign Affairs.
This is the week of Nov. 24 that the Commission could then make its own report.
Run for your lives! This is the response of the Greek youth graduated from the crisis and the stacking of austerity since early 2010. Examples abound. The Goethe Institute in Athens is facing a 70% increase in enrollment in German courses. A recruiting office in Northern Ireland offers young Greek, says Athens News, collect mushrooms or work in aquatic farms. A conference on migration to Australia by invitation only-recently gathered 1000 graduates (even though only 100 Greeks settled in the island-continent in 2010).
The Greeks want to leave their countries in crisis, but it is not seen in official statistics."Based on preliminary figures available, we observe no increase in emigration in Greece in 2010," notes Jonathan Chaloff, migration expert at the OECD, based on information provided by the U.S., Australian, Canadian or Swedish. "There is indeed a great desire to emigrate, but the obstacles are real: the language barrier, recognition of qualifications, etc..," Said he.
More border, more control
This is not the only reason why migration flows are difficult to perceive. "Young Greeks are mainly the countries of the European Union," Lois Labrianidis point, Professor of Economics at the University of Thessaloniki."But as there is no boundary or control, you can not count these departures." The researcher is a hint: the Greeks entered in the European Internet portal EURES CV exploded in 2011, reaching 15,500, two times the total recorded since its inception in 1993.
Young people fleeing a country they consider no future. "The dynamics of the labor market is worrying. The unemployment rate reached 16%, up 50% from 2010. And for young people is twice (30%), "notes Manon Domingues Dos Santos, migration specialist at the University Paris-Est Marne-La-Vallée. "In this context, the most qualified are the most mobile: they speak foreign languages and better meet the needs of labor in host countries."
The crisis accelerates a phenomenon of brain drain that affects Greece for at least 10 years.At the edge of recession, in 2007, already 12.2% of the most educated Greeks living abroad, or at least 876,000 people. This figure is just swell: already during this period, more than 4.5% of graduates were leaving Greece every year, according to figures compiled by Frédéric Docquier, a professor at the University of Louvain. This is much less than Portugal (over 12%) but almost twice as Spain, also in crisis countries. In comparison, only 1.31% of French graduates leave the country.
Herding phenomenon
View from the best-trained its elites to broader horizons, such is the fate of small countries like Ireland or Lithuania. "Greece, however, could prove to be a special case, said Frédéric Docquier. It is in near-bankruptcy.They may therefore develops a herd phenomenon: if the elites and the most qualified anticipate the crisis and with rigor, everyone will leave the country when you leave you too. "
Problem: well-trained elites are among the taxpayers most likely to pay high taxes. Leaving their country, they will not settle the affairs of the state. In the longer term, "the departure of more skilled threatens growth by detracting from the production of research and innovation," Manon Domingues Dos Santos is concerned.
Greece, which was over twenty years, between 50 and 70 years, a land of emigration, however, tries to take advantage of its diaspora. The government has proposed this year to Greeks abroad to finance its debt to the tune of 3 billion euros.
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