The atmosphere was just as friendly between Valérie Pécresse – which still required to get the message that it left "no surprises" to the left on the fiscal front – and Pierre Moscovici (along with Jerome Cahuzac). The new head of the Ministry of Finance took the opportunity to tell that in the late 80s, he passed the test of Ena public finances the young woman … and that she "had the best score." Laughter in the room …

The allocation is a constant option contract of life insurance. This smooths market fluctuations by defining a distribution of amounts paid life insurance contract between the different media that he is leaning. The allocation principle thus applies to contracts linked life insurance.

Namely: in some cases, the allocation is also called constant distribution constant.

The operation of the constant allocation

The insured must determine its profile management, in deciding to assign to each holder a percentage of total capital. Thus, when losses are recognized following a stock movement, arbitration is automatically performed to rebalance the distribution of capital of the insured.

For example, suppose a contract of life insurance of € 10,000 allocated to fund 50% in euros and 50% unit-linked shares. After a year, the accounting units have experienced a gain of 10% and the euro fund a 3% gain. The contract contains so now € 5,500 units of account and funds in euros € 5,150 or € 10,650 in total. It is distributed to 52% unit-linked funds and 48% in euros.

The initial distribution intended by the insured is no longer respected: the contract is more exposed than expected stock market risk. The difference can of course get bigger every year. The option allows you to return to the desired proportion, 50% / 50%, to maintain the desired level of risk low interest rate personal loans.

Subscribe constant allowance

When subscribing to a multichannel contract, the insured may request an allowance optional subscription constant. It is however also possible for an insured to apply for the allocation constant during the contract. Therefore, it must determine its management profile based on several parameters:

-The frequency of rebalancing,

-The media involved in the arbitration,

-The threshold at which the arbitration takes place.

Note: often give rise to arbitrage costs. The constant allocation option is no exception to the rule.

Advantages and disadvantages of the constant allocation

The main advantage of the constant allocation is that it allows management to determine automatically matched to a profile. But it also helps secure the capital gains generated on the stock market by assigning them to more stable carriers.

The main drawback remains the systematic allocation constant, in the event of significant market fluctuations, can generate a lot of arbitration costs.  

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Lactalis and its milk producers finally bury the hatchet. After several months of tensions, the global dairy products (Lactel, President, Galbani) reached an agreement Monday with representatives of its 14,500 producers, who collect five billion liters of milk. It took the intervention of the Ombudsman for agricultural trade relations as they agree to contracts that govern their trade relations now. Several calls to order the Minister of Agriculture have also been required to bend Lactalis. Among its competitors, including Bongrain or Danone, contracts have already been cordoned off.

The stakes are high. This is to prepare the end of milk quotas by 2015. Contracting business relationships between manufacturers and milk producers has been decided by the law of modernization of agriculture. Until then, these relationships worked on oral agreements, valid from generation to generation, and producers were paid on a monthly basis.

Reorganization of the sector

After several meetings, Lactalis and its producers have agreed on an "operating agreement". The Laval group is pleased to have offered "one of (the contract) most successful of the profession." It mainly offers "free transferability of the contract", the "no-monthly-payment imposed deliveries and settlement of supplies of milk in two monthly installments."

Especially, Lactalis has water in his wine, because the group now recognizes organizations (POs) as partners in the negotiations low fee payday loans. So far, the group wanted Laval to negotiate individually with producers, who feared an unfavorable balance of power.

A decree endorsing the creation of these organizations should be published shortly. OP local and regional associations of POs could coexist. Meanwhile, we must "work structuring" of these future producer organizations, Franck believes Guehennec, coordinator of the producer group Lactalis. "This is what one looks forward," he added.

Producers may elect by April 30 whether to integrate the OP. Still, many discussions always take place at industry level, such as on indicators for each company to fix the price of milk.

The agreement between Lactalis and its producers comes at a time of profound change in the sector, phase concentration, particularly in cooperatives. The number of farms (75,000 in total in France) is expected to decline over the coming years. Experts estimate that between 4,000 and 5,000 farms are disappearing each year as part of alliances, dispositions or retirements. These movements should also allow the emergence of true French champions.

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The revolution of the gas in the U.S. is running. By midweek, the price of natural gas in New York reached a record low, at less than $ 2 million BTUs (British thermal unit) – the international measure equivalent to 28 m3 of gas. Not since ten years ago to find such a price. The particularly mild climate this winter and falling demand support this decline in prices, but they do not explain everything.

"There are six to seven years, the magnitude of the reserves of shale gas across the Atlantic was largely unknown. Today, operators have mastered better and better their production and extract larger quantities with less drilling, exposes Olivier Rech, cofounder of investment consultant Energy Funds Advisors. Meanwhile, even when they go out of oil, they get associated gas. Under these conditions, the abundance of supply weighs on prices. "

This new situation gives ideas to operators. GDF Suez for example, could invest in the downstream side of the Atlantic, that is to say to provide gas, liquefy it and send it to other markets. However, an investment directly in the production in the U.S. is not on the agenda, warned Jean-Marie Dauger, Executive Vice President of the GDF Suez, in charge of Global Gas and LNG (LNG).

Concentration for

In general, the French group makes it clear that a gas supply in North America is based primarily on a prospective scenario. Understood: the market test medium-term guide strategic choices.

In Asia, Mitsubishi Corporation is also exploring several alternatives. After acquiring 40% in February from a field of shale gas in Canada Encana, the Japanese company is considering a giant project (€ 10 billion investment about) LNG production in British Columbia, the west. Several partners are in discussions, including Shell and Korean Korea Gas – who buys every year 30 million tons of LNG.

This situation of depressed gas prices in North America Will it continue permanently? "Above all, this situation is abnormal. In most regions in the U.S., gas prices are now below production costs. Under these conditions, many are fragile and gas operators in the two to three years ahead, there could be a phenomenon of concentration, says Olivier Rech. The revolution of the gas in the United States will therefore damage among companies.

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"Reconciling candidates and companies …" This is the purpose of the First Assembly of recruitment has organized last week Syntec recruitment consultancy. Dehumanization of the hiring process, operation of private data via social networks, growing constraints imposed by government on behalf of diversity … Executives, HR recruiters and exchanged ideas on these topics. "From these discussions will come from a series of forthcoming proposals," promised John Paul Brette, union president and CEO of Hudson.

The "CV citizen" will surely in part. Jointly launched in January by Syntec recruitment consultancy and association Odissée, this CV adds value to the charitable commitments, humanitarian, outside work. A student doing the tutoring, a mother president of an association of parents, a key company invested in a think-tank

. First act of management

"This kind of commitment can develop transferable skills in the workplace. The job applicants are not sufficiently aware of the highlighting. And recruiters do not always have the key for identifying, "says union president, who is engaged in promoting the CV to its members 140 firms. The National Association of HRD (ANDRH), building on its 5000 members, also supports this project. "Many HR will find a way to enrich their work," said Charlotte Duda, its president.

"Taking into account all the skills can promote diversity," says his side John Paul Brette. He sees this new resume an alternative to anonymous CV he calls a "false good idea". "It is certainly not the appropriate response to the issue of diversity," said he pay day advance. For diversity, focus and ultramédiatique recruitment, is not without a few questions … Affirmative Syntec is it not a form of discrimination? Firmly convinced that "the most diverse companies are more efficient," John Paul Brette regrets the "paradoxical injunctions issued by public authorities." "Positive discrimination on young people, over 55, women … It is too!" He summarizes.

The CV citizen is also a way to fight against the dehumanization of the hiring process, another great battle cry of union. "Over the past decade, much has been said process, cost, supply chain, up to outsource recruitment via hubs abroad. We forgot to talk about men, "is moved to the union president, referring to the computerized sorting of resumes by keywords.

Faced with this disembodiment, he recalls that "Recruitment is the first act of management." In 2011, the 140 member firms of the organization have done for their client companies hiring 22,000 frames – against 20,000 the previous year. A digit to be reported to the 180,000 hiring managers surveyed last year by Apec. "We cover the entire recruitment process, from defining the business need to integrate the new employee," he says.

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A few weeks before the start of the tourist season in Greece, industry professionals are concerned about given the country's image abroad. The clashes that broke out between police and demonstrators, repeated strikes in public transport and the crisis affecting the economy, trade and health, greatly tarnish the reputation of "Mediterranean paradise" Greece had so far.

For Francoise Deschamps, Director of Travel Agency Profile in Athens, it is a bad trial because the country. "Violence is not the nature of the Hellenes. There are fewer demonstrations and strikes if they only last a few hours when it comes to archaeological sites. The Acropolis is always accessible to all, "protested she.  

Lower prices

While acknowledging that bookings were down this summer, Francoise Deschamps makes a point of honor to overcome stereotypes, "apart from the American Express (which is rarely accepted because traders are unwilling to pay 7% commission) you can pay everywhere with a credit card or a Visa. No need to bring cash into oneself. Distributors are always stocked, "she says.

The large luxury resort with beach, private pool and gourmet restaurant at the guesthouse, hoteliers were for the most part, forced to lower room rates and offer additional services to each reservation. "Our prices have dropped by at least 20%," says Adrian Vassilikos, director of Airotel, owns six hotels in the country. If the crisis is especially hoteliers, because of increased taxes and reduced bookings, Adrien Vassilikos remains confident: "Tourists know that Athens, like the rest of the country, is one of the most safest in the world. No risk of terrorism or crime. The crisis has not increased the number of pickpockets. To this we must add that in case of accident or illness, we have very capable hospitals, providing care free and urgency, "he said quick cash.

Of solidarity

Tourism is the second largest economic sector in the country, representing 17% of GDP, after shipping. In 2011, Greece has benefited more or less the effect of revolutions and Arab tourism, compared to the previous year, increased by 10%. This year, some professionals rely on the solidarity towards Greece, shot by the crisis. This movement is gaining ground worldwide and in all sectors. Twenty major Greek groups, as the airline Aegean or Coca-Cola Hellenic, even financed full-page newspaper ads French, German, Dutch, Belgian and British. Under the slogan "give a chance to Greece", these advertisers show a country in flux, despite its economic vicissitudes.

A bank of tourism in the study

To improve the competitiveness of the tourism sector, the Greek government uses the aid of the "task force". This working group of the European Commission, whose representatives are installed in the Greek capital, shook the tourism industry. "Being competitive yes, but then to build infrastructure for mass tourism, there is a margin," worries Francoise Deschamps, Director of Travel Agency Profile. "Greece is a country that fits the needs of every tourist. You can still find himself alone on a beach, eating in a tavern or family homestay accommodation is unique and should not destroy it for the sake of competitiveness, "she adds. Several projects are in preparation at the Ministry of Finance including the creation of a bank or tourist development projects of ancient sites, remote islands from Piraeus or agricultural areas.

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The government of Naoto Kan had indeed lost control of the situation in Fukushima, in full crisis following the tsunami of March 11, 2011. According to the independent commission of inquiry Rebuild Japan Initiative Foundation (RJIF), a copy of a 400-page report was leaked to the press on Tuesday in a few days before its publication, Japanese authorities have considered a time a "worst case scenario "that would have led to an outright removal of Tokyo. Or 35 million people including the town, which lies 220 kilometers southwest of the damaged power plant. This report is based mainly on the testimony of Yukio Edano, spokesman for the government of the day, who says he worked on the assumption of a "chain reaction diabolical" if the nuclear reactor site would have exploded one after the other. "If this had happened, it was quite logical to conclude that we also lost Tokyo," he told investigators, according to The New York Times.

In lack of information on the extent of the disaster Fukushime, but anxious to avoid a general panic, the government has attempted to distill reassuring messages to the population. "We really just brushed against the worst case scenario, but the public did not know at this point," says Yoichi Funabashi, former editor of Asahi Shimbun and founder of the inquiry. This secret project evacuation of the Japanese capital, which Reuters obtained a copy, was presented to Prime Minister Naoto Kan – who resigned last August – by Shunsuke Kondo, Chairman of the Japan Atomic Energy Commission, two weeks after the tsunami. He did not finally been unsheathed. "It was a crucial time during which I was not even sure that Japan could still function as a state," Naoto Kan admitted in an interview with the Japanese agency Kyodo News, last September.

Tepco wants to "abandon the central"

Far from overwhelming the only Japanese government, the pin also RJIF Tokyo Electric Power Company (TEPCO), the operator of the plant in Fukushima, whose lack of transparency during the crisis has already been highlighted in numerous reports. Its leaders have also refused to cooperate with investigators RJIF. According to their study, TEPCO sought, the worst of the crisis, to evacuate the atomic site where employees were trying to control the disaster. This is Naoto Kan himself that would have forced the utility to continue its work maintaining on-site employees. For experts, without the insistence of Prime Minister, the accident would still Fukushima degenerate, causing even more catastrophic consequences. Thus concludes Yoichi Funabashi, "Naoto Kan has had its flaws and moments of absence, but his decision to go into force at Tepco and insist that the company does not abandon the plant has saved Japan." .. ……

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Sources close to the discussions say, however, that the real estate transaction is scheduled for over a year.Richemont has even approached the great names in luxury and watch as LVMH, Swatch and Rolex to tell them about the operation. If the participation of the latter to the final draft to be confirmed, Richemont has already convinced major retailers such as Audemars Piguet Breitling or to be part of.

The Swiss group is currently in discussions with Bucherer, another big name in the jewelry and luxury watches, in order to leave the management of this huge store. Few in France, it has been favored by Richemont because of its extensive experience in managing multi-brand stores. In addition to his label, Bucherer has a network of 15 stores which are marketed brands Rolex, Piaget, TAG Heuer, or Longines. It also has other stores in Austria and Germany.

On this vast project that will allow access to French high-speed Internet, nearly 2 billion have already been invested, mainly in large cities, where operators are deploying all their network. In medium-sized cities and towns of big cities, they decided to invest to be faster and more efficient.

After an initial agreement between France Telecom and Free in the summer of 1300 entered into common units and 5 million, France Telecom and SFR in turn forged an agreement this week with him, in 3500 and 11 million common units.Result, 60% of French households can receive high-speed Internet by 2020. The dynamics is committed throughout the territory. The penetration takes off. France recorded the first half of the fastest growing in Europe in absolute terms, the number of subscriptions very high speed (87 300), as the DigiWorld Institute.

The price per square meter have ebbed in seven regions, only one out of three. The most dramatic decline (-9.7%) occurred in Burgundy. Overall, the square meter reached 2621 euros on average in the Hexagon. This downward trend for most homes (-4%) than apartments (-0.8%). "This illustrates a trend that is not new, said Laurent Vimont, CEO of Century 21.Not to be too far from their workplaces, are the buyers prefer to live in inner cities where there are more apartments in suburbs where the houses are built. "

Contrary to what one might imagine, the ups and downs of the stock market and the threat of recession do not even buyers of housing. The decline in prices has a much more immediate cause: rising interest rates on home loans now in the neighborhood of 3.9%. "In recent months, buyers have lost purchasing power of real estate, says Laurent Vimont. In the second half of 2010, paying 1,000 euros a month for twenty years, they could borrow 172,400 euros.Today, with the same reimbursement for the same period, they can not borrow 160,800 Euros. "This increase in interest rates has an impact because in France, on average, 77% of the purchase of a property is financed with a mortgage.

But everybody does not suffer the same way that rising interest rates. Most affected are first-time buyers under 40 years, the number has dropped by 18%. But also the CSP (occupational categories) the least favored: the employees and workers down 17% or middle managers decreased by 12% among the buyers.