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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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In the stakes of companies with cash reserves of the most important, the major U.S. technology companies held the upper hand. 98 billion to Apple in addition to 52 billion from Microsoft, Google's 44 billion or 40 billion of Cisco. These five cumulative 234 billion of cash! And they all have the same problem: what to do with this money?

So much so that they are regularly subjected to a barrage of criticism from all sides: investors, financial analysts, policy and consumer. Very critical of the companies too much debt, analysts do not like to see huge reserves of unused money. They would prefer to see used to finance growth internally or externally.

This is far from true. Microsoft has spent less than 0.14% of its cash reserves in 2011 to finance acquisitions. The problem is that these technology companies are too big to grow: 90% of PCs sold worldwide are already equipped with Microsoft. Their business model does not lend itself to growth operations to increase geographical presence: Microsoft, Apple and Google are already everywhere. They could invest in diversification, but changes in industry are very difficult to manage. Google has spent $ 15 billion last year to buy Motorola and must demonstrate their ability to integrate.

Paradoxically, the distribution of dividends is also an image problem. An unwritten principle of equity markets is that a growth company does not distribute dividends cash advance. The rise of the action sufficient to satisfy the shareholder. The dividend distribution is restricted to mature companies who see their growth slowing. A dividend is a bad sign given to the market.

Consumer discontent

In fact, Microsoft has begun to pay dividends in 2003. Since then, growth has stalled. Cisco has committed to do that in 2010 and Apple, since Monday. They do that and constraints enforced. "On average, the stocks of companies in the S & P 500 offer a yield of 2 to 3%, is an analyst at Merrill Lynch. For Apple, it will be 1.8%. "Having a pile of gold is also a source of tension with the political. Between half and three quarters of reservations technology groups are located outside the United States and they will not repatriate cash because U.S. tax severely penalizes this movement. These groups of high-tech campaigning for abolition of this tax. But they are regularly criticized by American associations who wish to see them spend their money to create jobs in the U.S. and pay taxes in their home country.

Finally, consumers would be able to claim a share of the booty. If Apple has as much cash, it's because its products are very expensive and that its margins are buxom (44.7%). Consumers may therefore require lower prices.

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The French economy will be protected only if Europe makes rampart. It's essentially the message that Nicolas Sarkozy on Sunday launched a solemn appeal to the European Union that fights for equal footing with its international competitors: "Europe can not be the only region to not defend themselves (…). We can not undergo the law of the strongest countries in the world. "

Main countries targeted, those who practice protectionism but in return flood the economies of their products. "Free trade, yes! unfair competition, not "hammered Nicolas Sarkozy. The UMP candidate has made three proposals: first, the establishment of a "Buy European Act ', modeled on the" Buy American Act. " Initiated in 1933 during the Great Depression, the protectionist law allows the government and for states to focus on U.S. companies in some sectors, they pass the state commissions. By copying this example, "companies that produce in Europe will benefit European public money," said Sarkozy.

Second proposal, which assumes the first: European SMEs will be able to benefit more from public procurement. This would be to rebuild a "Small Business Act" European, modeled on that which exists also in the United States. "France will require Europe's SMEs have a share of public contracts be set aside."

In doing so, Nicolas Sarkozy takes up a theme he had worn during his 2007 campaign. Once elected, and with the support of German Chancellor, he had brought this case in the corridors of Brussels and led to the creation in 2008 of a "Small Business Act" European. But the text, fought by many Nordic countries, is the result of a flawed compromise: it is intended to provide financial support to SMEs by providing access to ATMs, to set aside part of their public procurement.

Finally, Nicolas Sarkozy expects the EU to require reciprocity with commercial partners. He said he would fight in that direction in Brussels and suggested that future trade agreements signed by the EU with third countries are subject to the approval of Heads of State of 27. The negotiation of trade agreements is, in fact, so far, exclusive jurisdiction of the Commission and the EU Presidency.  

On these economic proposals, as the review of the functioning of the Schengen area, Sarkozy threat: "If no serious progress" was recorded with its European partners within the next 12 months, France "unilaterally apply these rules."

The Airbus' parent company is well equipped to write a new chapter in its young history began in 2000. The good financial results 2011en testify, as the change of direction, expected in late May. Louis Welsh, CEO of EADS, will transfer his seat to Thomas Enders, current president of Airbus, which will succeed Bregier, CEO of the manufacturer.

"I am proud that this change will be held peacefully. It allows the new team to come up with fresh ideas without interference (…). The new team is experienced and has contributed greatly to the strengthening of EADS. I wish him the best throughout this exceptional journey, "said Louis Welsh Thursday.

"The results are very good. The increase in operating profit (EBIT) is due to Airbus. This, thanks to a cocktail effect volume, price increases on the family A 320 and A 330 and productivity gains, "said Yan Derocles, aerospace analyst at Oddo. "Under the mandate of Louis Welsh, priority was placed on the protection of cash. Tomas Enders will end up with a good gold mine that could probably use more freely, "says the analyst. "The net cash advances with customers provides leverage for operations of external growth ambitions." The market celebrated EADS: the title soared over 8% in the Paris Bourse.

Investor enthusiasm also suggests they do not believe that EADS may return to the sport – as was the case between 2004 and 2006 – outside interests. This, despite the attempt by the "coordinator" of the German government aerospace, Peter Hintze, who wrote to Thomas Enders.

"A balance between France and Germany"

In short, Berlin is concerned about the changeover from the center of gravity of EADS in Toulouse with its negative consequences for the German sites. "This letter is inappropriate. We make decisions based on the sole interest of EADS while maintaining a balance between France and Germany. We will continue and we will resist outside interference, "said Louis Welsh.

After this clarification, he conceded that all states share this through. And more so with EADS it has many links with European states, both customers and providers of program funding in the form of repayable advances.

Still, the proposal of Thomas Enders to its Toulouse headquarters arouses emotion in the Paris headquarters, boulevard de Montmorency, with 300 employees, and the German headquarters, based in Munich, with its 350 employees. "Louis had the same idea but it's Tom who realized," says one German source. But it is far from a radical decision: none of the two seats will close. "Human resources and finance, which are common in EADS and Airbus, will be based in Toulouse. For other functions, Tom will discuss case by case to see what is most rational, "says one.

It seems certain that Marwan Lahoud, Chief Operating Officer of EADS strategy and marketing, and his teams remain in Paris. Especially as the strongman of the third group is tipped to lead EADS France and be the representative of the group at the political, institutional and government French.

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Monitoring greenhouse tomatoes by computer processing of GPS fields, sales of wheat on the futures market … French farmers have nothing to do with their ancestors. Now they are showing their attachment to the land of a sudden high-tech.Plus question, for example, to sow the fly in vegetable and grain farms. The embedded software on tractors is more effective. Sebastien Objois, wheat producer in Evry, came to be convinced to stand agricultural equipment of the Exhibition of Agriculture. He witnessed a demonstration of interest Farmstar, which uses data from satellites SPOT 4 and SPOT 5. With this system, a digital pad and connected to the preprogrammed drill or spray can, depending on the characteristics of the field, sow more or less dense or spread more or less treatment.

"With board computerized equipment in the tractor plugged Spot 4 and Spot 5, you can sow your field with an accuracy of 2 centimeters," says Michel Fuga, who came to promote the Farmstar Porte de Versailles. Advantage for growers: Pesticide use is reduced by 5-15%. This saving can be amortized over three years the cost of equipment (about 15,000 euros).

More free time

Technological advances also benefit dairy farmers. With milking robots, the constraints of the morning and evening disappear. The cows go by themselves to trafficking. "The monitoring of the herd is behind the screen using a special software," says Eric Swartvagher, administrator ANEFA, National Association for the employment and training in agriculture.

Computers are also present in vegetable greenhouses. "Eating tomatoes above ground is now available from a computer, which controls the amount of water and air," says Angelique Delahaye, president of France and producer of vegetables in Touraine.

It is not enough to produce, we also sell the goods. The use of futures market or delayed deliveries, and a deadline for a given price, is becoming more common online payday loans. "I practiced for several months to sell my pigs and to buy my food. But it took me to form, "says Philippe Upstream, pig farmer in Brittany.

"These new techniques not only meet the objective of increasing yields, and therefore income, but also a willingness of farmers to benefit from free time and family life close to those of society," said Christophe Malvezin, Agricultural Counselor, Embassy of France in Washington and former agricultural adviser of Nicolas Sarkozy.

Despite these advances, the French agriculture still has a wide margin for improvement. "While the United States, 80% of crops are produced by biotechnology, in France it is delayed, concludes Guy Vasseur, president of the Permanent Assembly of Chambers of Agriculture (APCA). France can not be a spectator in this area of ​​what is happening in the world. "

680,000 visitors to the agricultural show this year

Vintage 2012 International Exhibition of Agriculture (SIA) is very good. "We record 680,000 visitors, slightly more than last year," says Jean-Luc Poulain, president of SIA. This figure could be revised upwards as a computer bug has disrupted the counting inputs. "Merchants have never worked so hard that Wednesday, we recorded one of the lowest attendance days, with 55,000 entries," says Jean-Luc Poulain. The Friday night has been successful in statistics, with nearly 107,000 visitors for the biggest day of the show. Again this year, the SIA will remain the largest agricultural fair in the world with this feature: together in one place all the farm animals.

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The actions of employees have never been so scrutinized. The latest example, using the Ikea Stic files to glean information about its employees as its customers, is an extreme case. But the trend is no less real: the CNIL in provides an annual indicator, using the number of monitoring devices. Yet in 2011, their number has increased sharply in companies, as well as complaints that they are subject. "The video was a great success last year. But the most notable development is the explosion of location-based, "says Yann Padova, secretary general of the CNIL. Inexpensive and effective, these systems are becoming commonplace, offering employers a range of increasingly wide monitoring tools.

In fact, the employer is absolutely the right to control its employees. This prerogative is part of its power steering. But it must meet certain requirements: the employee concerned must be informed, as well as the works council. And the monitoring system in place should be proportionate and justified. Recently, the CNIL has remained an SME Toulouse Oceatech Equipment, which had robbed eight surveillance cameras … of his eight employees. In recent years, the administrative authority was able to identify many cameras focused on trade union premises, coffee machines, toilets … Many control mechanisms that violated the privacy of employees.

Unfair dismissal

"In terms of workplace surveillance, case law has long been fixed, says Yves Nicole, a lawyer in employment law. There was always need to control employees, and thus protect their privacy from the excesses of their potential employers. Before the existence of GPS, the activity of the lorry drivers were already monitored by means of a disc. It is perfectly legitimate. However, the spinning of an employee by a private detective – if I continue today to tribunals regularly – or even listening to telephone conversations, are patent violations of privacy, punishable one year in prison and fines of 145,000 euros. " The leaders of Renault or Areva will remember

.

Regarding geolocation, case law, however, is refined gradually. Typically, such a device is legal only if it can be disconnected during the breaks, or when the employee does not work. Last December, the Supreme Court has provided a new precision: geolocation can be used to calculate the working time of an employee, such as commercial or medical representatives, is free to organize as they wish .

Subject to a monitoring device which is unlawful, the employee may take note of the termination of his employment contract and enter the labor court. Cases, however, remain rare. "In this area, the main judgments resulting from unfair dismissal," says Yves Nicole.

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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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The disaster is averted for Athens, temporarily saved from bankruptcy, and for the euro area, which sees the specter of contagion in the Mediterranean.

The crisis of indebtedness is at a turning point? Tuesday is a Northerner, the Swedish Finance Minister Anders Borg, he returned to evoke a more sober interlude. "The Greeks are still trapped in their tragedy," he said, while Europe "sees turn in the last act of a longer time drama."

The next scene begins on a new thriller, on the side of the Parthenon. If the government wants to open Papademos some 237 billion government loans and private debt erasure promised Tuesday in Brussels, he has only a few days to prove itself. In the morning, Christine Lagarde has said bluntly: the IMF will release the funds with other "after implementation of prior commitments" in Athens.

Parliaments of the three countries most reluctant – Finland, Netherlands and Germany of course – will not give themselves the green light after having tried to play. Minister Wolfgang Schäuble, who complained there is little Greece as a "bottomless pit", even its detailed requirements for February 27, day of the Bundestag vote planned: a 22% lowering of the minimum wage, a reduction in budgets public health, pension reform and the massive onslaught of local governments.

Explosive political equation

Behind the hard line displayed in the north lies a concern shared throughout the euro area. The team of technocrats led by Lucas Papademos living its last weeks before the new elections. The government which emerges from the polls in April could, quite a true popular mandate, to be more devious meet European requirements no faxing 1 hour payday loans. So now that Greece has to swallow in one gulp if possible, the bitterest of his potion.

Problem. Both major parties Conservative and Socialist – those who have subscribed to medicine Brussels – together account for 40% of the vote only. Conversely, the far left and anti-European movement of honey from the wrath of the street facing austerity. This equation is politically explosive that pretends to ignore the financial agreement Tuesday.

Right, Antonis Samaras, still favorite in the polls, the results in economic terms and said aloud that report confidential documents as hopeless as submitted to the EU and the IMF: "Without economic growth, said the leader of New Democracy , immediate budgetary objectives can not be kept and the debt will remain unsustainable in the long run. "

It is the fault of austerity. Greece enters its fifth year of recession with no other prospect in the euro as "internal devaluation" – that is a general decline in revenues – expected to make it competitive for the future. The decrease in the minimum wage needs to accelerate the purging. But for now, it undermines domestic demand, that is to say the activity, and at the same time increases the relative burden of debt. Europe and Greece have gained time. But except to return to growth, they have certainly not finished with the appointment of a crisis.

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PSA announced this morning its annual accounts. The group recorded an operating profit of 1.31 billion euros, against 1.79 billion euros a year earlier. The net profit is not apparent at 588 million euros, against 1.13 billion euros in 2010. Meanwhile, turnover rose by 6.9%, to 59.9 billion euros.

The action jumps over 3% this morning. Maybe the confirmation of reorganization plans, at a cost of 310 million euros, appeals to investors.

One thing is certain, Peugeot loses money on its core business, namely to build and sell automobiles. To be precise, the industry grouping of PSA Peugeot Citroen and recorded an operating loss of EUR 92 million in 2011. In the second half, the deficit in the division has even approached the 500 million euros. Outside this perimeter, the Chinese subsidiary is profitable but it remains small (404,400 vehicles sold).

Peugeot may rely on other divisions recorded strong performances. This is particularly true of Faurecia payday loan lenders. The bodybuilder, dying a few years ago, posted an operating profit of 651 million euros (+43%). Peugeot is the majority shareholder of Faurecia, with 57.43% stake. For its part, the logistics specialist Gefco, 100% subsidiary of PSA, saw its operating profit to 223 million euros (+12.6%). The bank PSA Finance has also posted profits.

Prospects fuzzy

Beyond the figures, investors are sensitive to the perspectives of PSA. In this respect, the release of the group is unclear. While the financial community will not fail to appreciate the emphasis on cash management, there is no forecast of operating margin. It is unclear whether Peugeot will be profitable this year. The group expects a 5% drop in sales in Europe with 10% in France. Growth should be at the rendezvous in emerging countries.

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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.