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In Tokyo

First satisfecit for Shinzo ABE1. The Japanese government announced on Thursday that the GDP of the archipelago had increased 0.9% 2, or 3.5% annualized pace in the first quarter of 2013. Greater than the growth of all other G7 countries over the same period jumped. And an impressive success for Abenomics3 this iconoclastic economic policy implemented by Prime Minister Shinzo Abe since his return to power last December. He had found on his arrival an economy near recession, with very little prospect of recovery. The adoption under its aegis a ultralaxiste4 monetary policy and a huge stimulus plan publique5, has resulted in an impressive decline in the yen (20%) coupled with the Nikkei off (45%) since his arrival .

Two results in a few weeks, as its predecessors have spent years trying to achieve. These successes led to a shock of confidence in a country that previous governments perceived as helpless and incompetent, were confused. The recorded in January-March growth, driven by rising consumption and exports shows that the Japanese "believe." The Government notes that the Japanese leisure spending surged last six months. "The effects of the economic policy of Shinzo Abe begin to feel" welcomed the Minister Akira Amari economic Thursday. The country is now waiting to be launched "third arrow" program Shinzo Abe: an industrial restructuring program expected in June.

At the time of hiring marking time in France, studies flourish on the ideal in the eyes of French companies. Graduates indicated that they would work in human-sized companies, but open to the international. For executives interviewed by Viavoice1 HEC, Le Figaro and France Inter, the "safe" values ​​are instead very large companies. And more specifically, "public enterprises and those from protected areas," says François Miquet-Marty2, president of ViaVoice.

Leading "enterprises where managers would like to work in the coming years," EDF with 10% of responses. The electric utility, which expects to hire 6,000 people this year (including 1,700 engineers framework) with 2,000 new jobs, present to them a number of advantages in terms of working conditions, job security and benefits of specific .

In the top three also two other models of "good financial health and industry leadership," Total and EADS. Both groups show that more positive outlook "in a gloomy context for French industry," said Francois Miquet-Marty, with, again, recruitment (more than 2000 in 1500 to EADS and Total).

Motivation at half

"Overall, companies in the energy and transport (the train arrives in the fourth position in the responses of managers, Ed) are now the most attractive. There is also a strong representation of public companies, "said the president of ViaVoice. No wonder, that the use of frames in turn is affected by the crisis, with 46% of companies intend to recruit a part of here in the summer, against 50% a year earlier, according to the latest forecasts APEC.

Moreover, the image of the economy, including all indicators are now red, the moral frameworks shows month after month "lower", approaching the peak of the fall of 2011, when the debt crisis.

Whether their macroeconomic outlook or their personal situation, managers are becoming more pessimistic and less motivated. "They are now 85% think that their job opportunities will be low in the future, four more points in a month," notes François Miquet-Marty, while 61% of them believe their unmotivated employees in strong increase of 6 points.

After the damage caused by the snow, the invoice. And it should be salty. A first estimate of the French Federation of Insurance Companies (FFSA), the cost for insurers could reach 100 million euros.

The Federation believes that some 100,000 people seek their insurance company or assistance after the snowfall that paralyzed the north and west. "It is especially on small claims. The bill could go up to a hundred million euros, but we must still wait for any claims related to late thaw in the coming days, "said the AFP Stéphane Pénet, life insurance director of the federation.

Compensation: question and answers on the site of the FFSA

In detail, compared to normal days, the FFSA estimated at 10,000 the number of damaged vehicles and more, Tuesday and Wednesday, and the surplus of 30,000 calls received by platforms assistance. She also noted that some large losses, related to the weight of the snow had been identified. These include the "collapse of the roof of fifteen to twenty major surfaces and an exhibition hall in Caen.

Falls of persons in the street caused by slips and flooding caused by water infiltration has also increased. "Insurers are from the beginning of the week strongly mobilized. On the ground, they accompany the French who are facing difficulties due to bad weather, "he assured Bernard Spitz, President of the FFSA. For compensation following a car accident without third party, the insured must have coverage against all risks, said Stéphane Pénet. He added that it was about 70% of vehicles.

Damage due to the weight of snow or water leaks, for their part, covered by the warranty storm / hail / snow, present in all contracts, detailed life insurance director of the FFSA has published on Thursday its website a list of "questions and answers" on the steps to take to get compensation.

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Backlash. After criticizing both and pension reform Nicolas Sarkozy and included in its program the return of the statutory retirement age to 60 for employees who began work early, so here is François Hollande faces turn to puzzle head in the balance of the general scheme. Headache not insoluble, but depends on three parameters: the amount of pensions, the level of contributions, the statutory retirement age.

As Sarkozy in his time, Netherlands has little option but to opt for the lesser evil. Lower the level of pensions is hardly conceivable, increasing contribution rates are inconsistent with the government's goal of boosting the competitiveness of firms, there are only postponing the statutory retirement age. Holland "is now overtaken by reality. (…) The diagnosis is known. The cornerstone of the reform is the lengthening of the contribution period and probably fusion schemes, "summed up Jean-Francois Cope Sunday in Le Parisien like to put the head of state to challenge to start. In fact, for the moment, the government temporized.

A recent social conquests of the left

While all elements are already on the table, waiting for Marisol Touraine "proposals evolution scenarios" to engage "in-depth discussions" with the social partners, while giving "time of discussion" in order to achieve "a law presentable before the end of the year." "We place the schedule and milestones as they had planned, says the Minister of Social Affairs and Health. The objective is to downplay as much as possible. "The stakes are high, as in the PS, the issue of pensions is an inexhaustible source of conflict.

Despite repeated reports on the subject, the idea of ​​raising the retirement age is still taboo figure. After all, it is still back on one of the last social conquests of the left, which is more established by François Mitterrand in 1981. So, of course, now that the subject returns to the table, the spirits begin to warm up. "If after six months after approving the plan" Merkozy "pact for competitiveness and employment agreement, we move to increase the age of retirement, it's over," s 'annoys Emmanuel Maurel, leader of the left wing of the PS.

Surprisingly, however, the spirits seem ready to change the PS. Evidenced by the iconoclastic about Henri Emmanuelli. Emblematic figure of the left party, the member of Landes acknowledged last week in the corridors of the Assembly that "biology" incited "the question of the contribution period." "I see people who have spent more time in retirement life. This is a situation that can not continue, "he added by saying," personally "for a dues increase.

Budget Minister, Jerome Cahuzac, hit hard the next day, speak of a "consensus": "The extension of life expectancy must be shared between time worked and time retired." PS A member affect estimates the pension reform, even if it is "brutal", may still be approved fairly smoothly. "Until the city, nothing will drive in the majority, because the PS will not tear before."

The same member says especially convinced that attitudes have changed considerably in the party. The proof is, according to him, in the way that was received on February 27 the owner of MEDEF, Laurence Parisot, the PS group in the Assembly to discuss the transposition into law of the social partners' agreement on employment. "Parisot front of the group? But this is a first, never seen! It's just so, in the end, it was not applauded … Anyway, it has not been heard in polite silence. But silence very interested. "And that elected socialist concluded:" We must see the incredible moves that are happening here. "

Remains to explain these movements voters traditional PS, which is not necessarily the easiest. One more chore to Holland, which must be solved well in a moment to explain why, after much fighting Sarkozy, he decided to practice the same policy. Because the pension reform will take place. As recognized Marisol Touraine: "It is a requirement, since the system is not balanced."

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Rates that are chilling! SNCF benefits greatly winter vacation: passengers being more numerous trains fill up faster, and therefore no need for the railway company to lower its prices to attract consumers. Quite the contrary. This is shown by a study that compared the CLCV several trips during the winter holidays.

For TGV Paris-Annecy, leaving today, the traveler will pay on average a train ticket 29% more expensive than if he had gone three weeks later, except during holidays. And even discount rates are unattractive during the holidays: it is twice more expensive than normal period. For CLCV, "this premium practiced for large departures on holidays is a strong manifestation of yield management SNCF tariffs" – a practice of modulation rates depending on demand, Le Figaro détaillait recently.  

Better from Paris

The study also reveals disparities between the capital and the province. A mileage comparable to the "lowest fare" of the train, from Paris costs on average 32.5% less than from Lyon or Toulouse. This difference is 9% for the "average rate". "There is a certain logic to this, the study notes. Trains leaving Paris are probably more travelers, allowing to better absorb fixed costs and offer a lower price. " The consumer demand that this gap Paris / other cities is reduced.

Another lesson cards Large Families "-30%" offer small reductions compared to other cards. In fact, it is 21% for the cheapest rate and the average rate against 26% for senior card and a little less than 30% for the 12-25 card. "A criticism is" as CLCV suspect that SNCF will "direct families towards its subscription plans (+ child) whose initial subscription is paid and therefore induce greater loyalty."

Complicated reservations to ski

Finally, the survey denounces possibility for reservation "difficult" for ski resorts. Taking the example of a journey from Paris to Moutiers (Savoy), it finds that three months before the departure of several trains scheduled on Saturday morning (March 2), they are almost all already complete. This may seem surprising when you consider that the SNCF advises its passengers to book their tickets three months in advance, supposedly at the opening of reservations. And "operator maintains this topic some uncertainty about when opening bookings and also called users to be vigilant," warned the CLCV wondering if buyers packages train and ski rental are not privileged on reservations made in advance.

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January Fasen is the ideal suspect. The name of this Dutch trader arrived Wednesday in the heart of the investigation into the scandal of horsemeat Romanian dishes found in "pure beef" in Europe. This leader Draap Trading Ltd.. recognized in The Guardian have bought through this company, horsemeat slaughterhouses both Romanians involved in the case and have sold a portion Spanghero transformer French meat including providing Findus and Comigel. The man defends himself but in trying to get the "ore horse," a mixture of lean, fat and collagen chopped for beef.

The bad reputation of January Fasen casts doubt on the legitimate vehement denials. The Dutch television channel NOS recalled that the man has already been convicted in January 2012 for buying hundreds of tons of horse meat in South America and have sold to two buyers under the French label "beef". The trader had falsified documents and then pushed up to the deception labeled "halal" on certain lots. This time, the meat was transported via a company bearing his name, Fasen Meat Trading BV, and that of an accomplice, Windmeijer Meat Trading BV. The Dutch authorities had then tried unsuccessfully to recover 3.8 million of alleged ill-gotten gains made by these companies.

Draap an opaque society

The Minister for Consumer Affairs, Benoît Hamon, said Wednesday in Brussels today that he would "get more information" about the company Draap – whose name means horse upside Dutch. The greater opacity rule in effect on this company based in Limassol, Cyprus. According to The Guardian, the sole shareholder of an offshore company is based in the British Virgin Islands, Hermes Guardian Ltd., Which owns shares in a dozen other companies, Cyprus, Russia and Panama.

A cold Dutch manager has meanwhile identified January Fraser, one of his "small" customers, as the owner of the company Draap. It operates according to him via a postal box at Scholten, Belgium. He confirmed that the meat of this company, mainly horse had passed through one of its refrigerated warehouses in Breda, the Netherlands, and health services inspectors came to inspect Wednesday.

Invoices compromising

January Fasen not deny these purchases and take advantage of the media forum hosted by The Guardian to defend its Romanian suppliers. "When they sell beef is beef. No worries. When they sell the horse is the horse. There has never, ever had a horse sold as beef. I was 100% sure to buy the horse. We sold in France as well as Spanghero customers in Belgium and Holland as the horse. There is no problem. Someone made a mistake and it is definitely not us. "

Le Parisien also reveals Thursday invoices confirming that the horse meat labeled as such has been purchased by the company Spanghero Draap. The French company, however, assures the daily that "all bills affected batches were sent to officers DGCCRF" and that she "never received bills Draap Trading on horse meat."  

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It is through them that the financial crisis in the euro zone broke out in 2009 and they are now much better. In any case they have improved their competitive position externally. The S & P address praises the five most indebted countries in the eurozone, Spain, Estonia, Greece, Ireland and Portugal.

"They are trying to rebalance their economies faster than we anticipated," said the rating agency, in its annual survey on the rebalancing of the peripheral countries of the monetary union.

Better, "with the notable exception of Greece, it is the leading export this adjustment, while unit production costs amount to more competitive levels," said Frank Gill, an analyst who led the work.

Ireland shows a performance described as "exceptional"

So very significant S & P puts aside the problems of public finance to focus exclusively on the problems of competitiveness, especially in a monetary union are essential. The study takes into account four criteria: improving the balance of payments, the growth of exports compared to 2008, labor costs, as well as foreign investment in the country expressed its attractiveness.

Total Ireland shows a performance described as "exceptional", and to a lesser extent Estonia. These two countries are recognized for 'flexibility and openness of their economies. " The Irish, who made the biggest sacrifices wage not only exports up sharply, but they are supported by large foreign investments in the information technology and also in the banking sector.

Spain has a fast reboot "of its exports of goods and services, 19% higher than their 2008 level." Thus, "for the first time in 14 years, the country has a surplus in its balance of current payments monthly." In terms of labor costs, reduction reflects the rising unemployment much more than nominal wage cuts per se, tempers S & P.

Greece lags

Portugal meanwhile is characterized by a redeployment of its exports outside the euro area on "destinations such as China, Brazil, Angola, Mozambique and the United States." Total sales abroad should be increased by 40% in 2013 compared to 2008.

Greece is still lagging behind, despite a decrease of 9% in 2012 to wage costs. The improved external accounts reflected a contraction of more imports than exports increase.

For all five countries, financial markets gave rise to the acronym insulting Pigs (Pigs in English, Portugal, Ireland, Greece and Spain), the rebalancing of the economy towards the outside should be the pledge of "growth prospects" best.

Clearly remedies liver oil cod bear fruit. The rating agency remains cautious, focusing on two major drawbacks. On the one hand "the high unemployment rates – just under 27% in Spain, 16% in Portugal, 15% in Ireland – a threat to the cohesion of Europe." Moreover, export growth is of good quality, but there is a perverse aspect insofar as the export does not help improve the public accounts (exports are exempt from VAT).

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"The tough measures are just beginning" that's what employees worry automakers present in Europe, and in particular those of Renault and PSA, which disengaged Tuesday against the restructuring measures announced this year. In an interview with AFP, the Chief Financial Officer of Ford, Bob Shanks, anticipating a bleak future for the sector over the Old Continent. According to the manufacturer, who released Tuesday a loss of $ 1.75 billion in Europe last year than the estimate given in the fall (1.5 billion), restructuring of the automotive industry in this area "only begin. "

"It is possible to restructure the sector in Europe, but it is likely to require fewer employees, because there is excess production capacity," said he. Ford plans to close three plants and to reduce its capacity by 18% to achieve $ 500 million savings per year. The goal is to achieve "a better balance between production and demand real, not artificial demand" generated by promotions that reduce margins, says the American manufacturer.

"Lack of willingness of governments"

Group leaders expect all cars on the European market at half-mast over the coming quarters. Ford expects losses for 2013 higher than 2012, about 2 billion. As for Renault CEO, Carlos Ghosn, said Tuesday that European sales not progress over the next three or four years high risk personal loans. This is all the more worrying that the margins are low, due to strong competition. "The machine is broken," has held the CEO of Fiat at the recent Detroit auto show, Sergio Marchionne.

To complete the reorganization as it deems necessary for the industry, Bob Shanks deplores moreover "a lack of willingness and ability on the part of many actors, both governments and businesses to take the necessary measures to create a healthy environment for the sector. " In France, the Minister of Productive Recovery, Arnaud Montebourg, for example, has obtained the commitment of Renault it will close any production site, even though the group is currently trying to negotiate with the unions of measures that would improve its competitiveness.

The CEO of Fiat, Sergio Marchionne, has drawn a similar conclusion. Italian doubt that Europe will be able to lead a restructuring as drastic as that experienced in the U.S. auto sector in recent years, enabling it to be dynamic. For an industry expert quoted by Reuters, Ford, for example, reduced its production capacities in North America by more than 20% between 2006 and 2009. Its policy of raising prices also contributed to the improved results.

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There are nine to pass the oral exam from Tuesday morning in the center William Rappard, Geneva. All candidates to succeed Pascal Lamy, whose second four-year term ends in late August, the Director General of the WTO (World Trade Organization).

For three days, they will present their vision of the future of world trade before the council of representatives of 157 countries gathered in full force, chaired by Norwegian Elin Johansen. Pascal Lamy, he will not be there. He is traveling in India.

Six men and three women, an Indonesian, a Kenyan and a Costa Rican. Heavyweights such as South Korea (Taeho Bark), Brazil (Roberto Carvalho de Azevêdo), Indonesia (Mari Elka Pangestu). And above all, with the exception of New Zealand, all are developing countries: Ghana, Costa Rica, Kenya, Jordan, Mexico. "Usually the applications were more diversified between developed and developing countries," says a member of the organization.

But the arbiter of trade disputes in the world today is faced with a situation profoundly changed. He can be proud of cover, with the accession of Russia in August, 97% of international trade, the crisis has shattered his dreams to all barriers to international trade.

The Doha buried

This is a small revolution in the world of finance. Europe will finally set limits on credit rating agencies, which have long rain or shine on the financial markets. The three main agencies (Standard & Poor's, Moody's and Fitch) representing 90% of the market, will now impose greater transparency and may be held accountable for their mistakes.

A large majority of MEPs (579 votes against 58, with 60 abstentions) has adopted the text presented Wednesday by the Italian Socialist Democrat Leonardo Domenici. Here's what to remember that these new rules will come into force this year, when the European Council has voted to turn the text.

• The transparency above all

Not always easy to understand rating system for these agencies. They have been asked to publish "research report" when issuing a sovereign rating. In the interests of transparency, this report must be "publicly accessible, clear and understandable," says the text voted.

• notations, but not anytime

Agencies can not issue more than three unsolicited ratings throughout the year. When marking States, they should do on dates fixed in advance. Thus, the assessments will be published on Friday, after the markets close in the EU and at least one hour before reopening. The text also states that voted "the rating agency credit institution shall inform the rated entity (…) so that it has the ability to report to the agency any factual errors."

• Agencies responsible now

Agencies must be vigilant before distributing their rating. In fact, they will now be civilly liable if they make mistakes. In other words, investors who feel aggrieved by the rating will sue the agency has violated the rules of this law. For example, if a conflict of interest in issuing a rating.

• Limiting the power of agencies

"In recent years, investors and states have become too dependent on rating agencies. On several occasions, their sudden announcements led to speculation harmful financial markets, exacerbating the crisis in the euro zone, "said Italian Socialist MEP Leonardo Domenici.

MEPs therefore encouraged investment firms and credit institutions to develop their own scoring system. The European Commission should also consider creating European assessments of creditworthiness, says the text.

• The hunt for conflicts of interest

The interests of the agencies in the rated entities will be capped. A shareholder holding 10% or more of the capital of an agency can not have 10% or more of the capital of the rated entity. In the same logic, a shareholder may hold shares of more than 5% in more than one credit reporting agency, unless these agencies belong to the same group.

Some say it was time to limit the omnipotence of these agencies. They have also been heavily criticized, notably for helping to trigger the financial crisis of 2008, giving the best financial rating (AAA) for impaired investments. Since, in a crisis of the euro area, their activity is often viewed with suspicion. Especially when they degrade the note of a country whose access to credit, as was the case in Greece, becomes much more difficult.

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