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Economists at the Organization of Petroleum Exporting Countries (OPEC) do not see the evolution of the European economy with optimism. "Industrial activity continues to decline and it remains to be seen whether, in the second half of 2012, growth will become positive, as is widely expected," it said in its monthly report the organization based in Vienna, published Thursday.

OPEC said that political uncertainty on the Old Continent is "higher a few months ago," because the "results of any recent presidential elections in France, the forthcoming parliamentary elections in France and the Netherlands, of new elections likely in Greece and a referendum on the fiscal pact in Ireland. " All factors that lead OPEC to forecast a GDP of the eurozone declined by 0.4% this year, a deterioration compared to the 0.3% decline expected in the previous report.

Drop of oil by 3.9% in April

OPEC, which produces about one third of the world's crude, month after month scrutinizes the state of the international economy. About the United States, the organization of Vienna is rather pleasantly surprised with a "higher growth than expected." U.S. growth forecast unchanged at 2.3% for 2012. With one caveat: the budget deficit will remain around 8% of GDP, above the average of OECD countries, at 5.6%.

Regarding oil, OPEC noted that after three months of increases at the beginning of the year, a barrel of black gold has declined in April, 3.9% for the "reference basket of OPEC ", which stood at 118.18 dollars (against 119.71 dollars per barrel of Brent listed in London, main world market reference).

A decline that has begun to feed for three weeks in the pump prices for French motorists. The increase in OPEC production (mainly provided by Saudi Arabia, Libya and Iraq) has allowed the placing on the market by nearly a million barrels per day (mb / d) on the market since the start of the year.

The estimated global oil demand for 2012 remains virtually unchanged this month, to 88.7 mb / d, up 0.9 mb / d over a year. It is driven by the "stabilization of the U.S. economy" and the closure of all Japanese nuclear power plants.

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If you have the right amount of money and can lay out a budget that adequately reduces your personal expenses, you can either reduce the amount of your fast loan or drop it altogether.

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

 

Complex and dense, the French tax system also has a little side fantasy. Example with the misnamed "tax on shows," which strikes no more cultural show but applies to sporting events, to circles and gambling houses This tax is 8% on entrance fees, except for motor racing and … pigeon shooting, imposed, for some reason, to 14%. Other sports are exempted. A very serious order lists them: athletics, judo but also bowls, sports bowling, target shooting, javelin, long palm … Our zealous technocrats have wanted to forget anyone. Finally, the municipalities, who are the beneficiaries of the entertainment tax, may decide to specific exemptions.

Believing that such exemptions are breaking the principle of equal taxation, the football club Paris Saint-Germain took the case before the Constitutional Council. In vain. The Sages have found these exemptions constitutional because they are based on objective and rational. "The Order lists mainly sports whose quality is not the first to draw crowds," said Council. And to clarify: "The revenue generated by a competition of cane, roller skating, trampolining, or twirling stick (which are exempt) are not commensurate with those that could generate a competitive tennis, football or rugby. "We can not agree more.

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"We are ready to work with the next government whatever, whatever the outcome of the election on May 6. We think very quickly social issues are at the heart of phase government that opens, "said Tuesday Laurence Parisot, president of MEDEF, during his monthly press conference at the headquarters of the employers' organization.

Anxious to show their determination, the business leaders continue to negotiate with the unions during the presidential campaign on the issues of 1% housing and employment competitiveness. "In addition, we are ready to discuss a social agenda with unions," said Laurence Parisot.

While recalling that Nicolas Sarkozy had made "an extraordinary job under extraordinary circumstances" caused by a financial crisis followed by an economic crisis, the president of MEDEF said "feel closer" to Francois Hollande, the Socialist candidate for the presidential election, "the role of intermediary bodies and of the peer." She also found "very interesting" his proposed "entrenchment of social dialogue" while hoping for clarification on "this ambition."

Reopen the debate on the role of the ECB

Asked about the will of Francis Holland to give a boost to minimum wage, Laurence Parisot is pragmatic. "What interests me just at the moment is that Francois Hollande has said that this would be a discussion, a dialogue," commented the president of MEDEF while warning against "a evolution of the minimum wage that is not linked to productivity gains and inflation developments. " Although it has not yet met Francois Hollande, Laurence Parisot assured that it "might have the opportunity to do so by May 6."

Observing that the ideas defended by the MEDEF on Competitiveness, a zero deficit in public finances are themes of the campaign of Nicolas Sarkozy and François Hollande, Laurence Parisot regretted that Europe is missing from the presidential campaign.

Judging "perfectly legitimate" to reopen the debate on the role of the European Central Bank (ECB), which plays "a role already EUROPEAN growth since that particular Mario Draghi is president," the president of MEDEF said that this debate may be an opportunity to open "another debate on the general direction we want to give Europe". Laurence Parisot has recognized only one real frustration. "What saddens us most is what's missing in this campaign is the resounding praise of the entrepreneur," concluded the president of MEDEF.

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The debt crisis in the euro area beating down the deficit from Germany. The federal government adopted on Wednesday a draft 2012 budget amended to reflect the contribution of Berlin – higher than expected this year – the mechanisms of European aid. The finance minister, Wolfgang Schäuble, predicts an acceleration of rigorous efforts from 2013, to meet the requirements set by the golden rule in 2014.

The fiscal deficit of the federal government is expected this year to 34.8 billion euros, which is double last year (17.3 billion), according to the text presented by the Minister of Finance. The initial project approved last year a targeted deficit of around 26 billion euros. Meanwhile, European leaders have decided to enter into force one year earlier than originally scheduled European MY rescue mechanism, and to make advance payment of their contribution to the capital of it.

Berlin will pay 8.7 billion euros this year for its stake in the MES. The total share of Germany in the capital of the MES will be 22 billion paid in several tranches, while guarantees for the German SS totaled 211 billion euros. And Germany is under pressure to increase the volume of rescue mechanisms.

"Abnormal"

The year 2012 is "an anomaly" in the politics of deficit reduction from Germany, Schäuble said, stressing the country's commitment to pursue "a policy of fiscal consolidation pro-growth".

In 2013, Berlin provides an increase in tax revenue (256.5 billion against 249.7 billion in 2012), which will remain insufficient to establish a balanced budget. The federal deficit is likely to decline to 19.6 billion euros, thanks to a reduction in spending a little stronger than expected 3.8%, and reach one billion in 2016, an unprecedented record low since 1969.

Schäuble announced that Germany will follow in 2014 – two years ahead of the rule set by the Basic Law in 2009 – the debt ceiling. This "golden rule" enshrined in the new European pact imposes a limit of 0.35% of GDP in structural federal deficit.

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The recurrence IESEG School of Management. After a first master in learning created 3 years ago in the sector auditing, management, corporate finance, he opens a second option in Marketing, Distribution and e-commerce in the coming year. "This is an orientation, not specialization, says Stephen Grimonprez, Program Director Master of IESEG. After two years of their apprenticeship, students will be awarded the rank of IESEG. They have high school diploma, with the orientation distribution and marketing e-commerce. "

The curriculum is developed in partnership with La Redoute, the company participated in construction of educational content, its employees, e-marketing managers, project managers … will bring their testimony to the students, the group of young people take an apprenticeship contract. "It's a way for us to attract and retain most of future professionals," said Annick Legros, HRD of La Redoute.

For school, the goal is both to open the diploma and develop. "This sector of the audit and that management control, finance account for half of a promotion, says Stephen Grimonprez. With the learning section, we give opportunity to students in undergraduate level who could not enter for financial reasons, to follow a high school program. "

Selection of maintenance

Not less than 26 apprentices are expected in September 2012: bachelors of IESEG and licensees (in economics, management, management or equivalent) entered by parallel admission, all selected on maintenance. The pace of the course, one week at IESEG Lille, 3 weeks in business, allow them to work on long projects. "After two years of learning, they will be immediately operational, we can offer them positions of responsibility," said Annick Legros. They may include positions as project manager web, community manager, e-merchandiser, marketing manager, etc.. or choose more general functions.

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Entangled in the scandal that has shaken tapping British tabloids since last July, James Murdoch set sail and left Britain for New York. The youngest son of tycoon Australian-American Rupert Murdoch of News resigns as Chief of News International, a subsidiary of News Corporation UK run by his father.

"James Murdoch, deputy executive director, has resigned as executive chairman of News International," said a statement from News Corp., which salutes "his lasting contributions to the group's strategy in digital pay and its efforts to improve corporate governance "in Europe and Asia.

"Now he moved to New York, James will continue to hold several executive mandates for the group, focusing particularly on pay-TV operations and international operations." The group has particular bouquets of pay channels Star TV, Sky Deutschland, Sky Italia and BSkyB.

His sister Elizabeth wanted her departure

Touted as likely successor to his father, James was appointed Chairman of News International in March 2011, making him the number 3 of the Murdoch empire which owns the titles The Sun, The Times, The Wall Street Journal and The New York Post and Fox and BSkyB channels.

However, as of July 2011, when proved the illegal wiretapping carried out by the tabloid News of the World, owned by News Corp., as James Murdoch is being questioned. Interviewed twice by the British Parliament, the chairman of News International assured ignore these practices. Two witnesses testified on the contrary he became aware of a mail transcribing conversations pirated and has even participated in a meeting in 2008 where it was decided to buy the silence of the owner of the football, victim listenings. –

Since the scandal broke, tension rose between the heirs of Rupert Murdoch, now 80 years old. Elizabeth, second daughter of the clan, sought the departure of James, when he was also questioned by the shareholders of BSkyB Group.

Kiosks also, the Murdoch empire is preparing its cons-attack to recover from the scandal sheets. The group has launched its new title Sunday Sun on Sunday.  

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What is the reduction factor-bound (CRM)?

The reduction factor-increase is known as experience rating. Indeed, it changes the insurance premium of a driver according to its makers claims of the previous year. It allows you to adjust this fee according to the level of risk posed by the driver. Thus, it has more accidents accountable and its contribution increases (and vice versa).

This coefficient is defined by Article Annex to Art. A 121-1 of the Insurance Code. It is mentioned on each notice of expiry of the contract and the insurer may disclose to the insured upon request.

Namely: the coefficient should not be confused with increases for aggravating circumstances that the insurer may apply in case of fault accident under the influence of alcohol, a hit and run, etc..

How this coefficient is determined?

The reduction factor-increase is calculated taking into account the losses incurred since the last due date of the contract. During the first year of coverage, this coefficient is 1.

Then, each claim-free years in charge, can be multiplied by 0.95 (a reduction of 5% per year without an accident). If the coefficient is less than 1, it is called a bonus. For example, if the coefficient is 0.7, the bonus is 0.3, thus 30%.

Disaster manager in the year, the coefficient is multiplied by 1.25 (an increase of 25%). In the case of a coefficient greater than 1, this is called a penalty. Thus, in the case of a coefficient to 1.35, the penalty is 35%.

If the responsibility of the loss is shared between drivers, the coefficient reflects, it is multiplied by 1.125 instead of 1.25. The increases are cumulative for disaster. Thus, if there are several claims in the year, the CRM is multiplied by 1 payday loans no teletrack.25 (or 1.125) as many times as there are claims.

For example, consider the case of an insured whose coefficient is 0.60 (that is to say, a 40% bonus). Suppose he had two accidents in the year: one of which he is fully responsible, and another where wrongs are shared. The following year, then its coefficient will be 0.60 x 1.25 x 1.125 = 0.84. Thus, the bonus will be only 16%.

Special cases for calculating the bonus-malus

The reduction factor-increase is capped. Indeed, it can not exceed 3.50. Moreover, it can not be less than 0.50. The maximum bonus is 50%: this corresponds to 13 years of insurance claims without charge.

In addition, two exceptions to the rule changes relax the annual operation of the CRM. Thus, if a driver has a coefficient of 0.5 for at least three years, the first at-fault accident does not change. It's sort of the right to make mistakes the good conductor.

Conversely, if a driver whose coefficient is greater than 1 declares no-fault accident for 2 years, its coefficient is reduced to one. This rule is called the rule "of the rapid descent." Its purpose is not to penalize too long drivers who drive responsibly. The cost of insurance can indeed become deterrent, prompting some drivers to drive uninsured.

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"To compare auto insurance quotes, remember to give your broker your coefficient, which is on your maturity notice.

 

The campaign raised the stakes on the theme of social justice. Wednesday night on France 2, the president candidate for president, has tapped the business leaders. Not all: only "the tiny minority that shocked the French in doing anything," referring to those executives who receive annual compensation packages of up to more than 350 times the minimum wage.

Nicolas Sarkozy wants the remuneration committees that set the incomes of top managers, are "systematically an employee representative." Their proposals will be validated "by the general meeting of shareholders", and not by the board "where typically there are many friends," and published "in legal documents." Of steps in the right direction as they "finally strengthen financial reporting and transparency, including France miss him terribly," how Pierre-Henri Leroy, president of Proxinvest, the consulting firm to shareholders who recently published the ranking of patrons of the CAC 40 highest paid in France in 2010, and calls strongly for years with the introduction of such a shareholder vote.

France is way behind in terms of transparency

"France is lagging behind in all of Europe in this field, he deplores both employers protectionism prevents shareholders to have their say." Our neighbors, the laws have changed, for example, in the Netherlands in 2004, Sweden in 2006, Norway in 2007, or the United States and Germany in 2011. Switzerland and Canada, shareholder voting has been introduced voluntarily, while even in Italy (2012) and Spain (2008), it is recommended in the Code of Governance.

In France, the recommendations are made in the code of governance AFEP-MEDEF. Particular, the annual report must "present a detailed policy for determining the remuneration of corporate officers, including the attribution rules of the variable. It must indicate the criteria on which this variable part is established, how they were applied in relation to what had been planned during the year and if the personal objectives were achieved. " Not only do these recommendations are not followed, "this is particularly the complete blur on pensions and the link between pay and performance is not always based," said Pierre-Henri Leroy, pointing Lars Olofsson, who is about to leave on a background of strategy Carrefour criticized for three years, with a bonus of € 9 million and a pension cap of 500,000 euros per year. But the governance code still says nothing about the shareholder vote.

Equivalent proposals … in 2006

Nicolas Sarkozy's proposals are good. Except that the current President of the Republic had already offered such a design, before he was elected in 2007. In 2006 in Agen, Nicolas Sarkozy wanted these leaders "assume their remuneration to employees, their shareholders," it is "publicly approved (…) by the general meeting of shareholders, and of course, published by name in the annual report. " There is no indication that this time, the UMP candidate will implement these measures.

Anyway, the goal is not to reduce to one board fixing the compensation of executive officers and directors, in order to prevent abuses related to conflicts of interest. At Renault, sorry Pierre-Henri Leroy, "the State is not responsible in his role as director since Carlos Ghosn, CEO, has been able to reach nearly 10 million euros in 2010." …. ….

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The French seem to have taken note of the looming recession in the eurozone. Consumer confidence has lost three points from October, to 79 points, INSEE reported. He returned to a level not seen since February 2009, when France was plunged into crisis. Economists did not expect such a decline, on average expected a loss of one point of the indicator.

"The current financial crisis, the second level of rigor and concern about the purchasing power (mainly because of higher diesel prices), explain the fall of the indicator," Analysis Dominique Barbet, an economist at BNP Paribas .

Households are also very pessimistic about their future living standards, which fall 8 points. Since July, this indicator has been awarded 20 points. It is now a record low.