Only one company, Publicis, shows a perfect parity between men and women. "The Lady-boom run out of steam already?" Asks Caroline to Marnierre, president of Capitalcom by identifying the number of women who will be entering this year in these boards. A total of 17 women will be appointed at general meetings of shareholders, which is twice less than in 2011 (33 women), according Capitalcom. "The 2012 vintage is characterized by a marked weakening of the dynamics observed in 2011," the study said. "Increasing diversity is mainly due to the increased number of women holding more money."

Slow progress

The law provides that Cope-Zimmerman boards must include 20% women by 2014 and 40% in 2017. She timidly begins to bear fruit: the board will count 23.4% women on average this year, against 20.8% in 2011 and only 8.5% in 2007! And 27 major groups on the French side have already fulfilled their obligations for 2014.

In a quarter of them, the rate of mixing is even greater than 30% (BNP Paribas, Bouygues, Credit Agricole, Publicis, PPR, Safran, Societe Generale, Total, Vallourec and Vivendi). Although still scarce, women are increasingly involved in the boards, the study notes, which is "evolution in the number of women who chair a committee (33%)."

Who are they? They averaged 55 years and are mostly French (63.64%). The CAC 40 also account for 7.3% and 6.4% American administrators of the British.

Despite little progress this year, the mix of boards should gain ground in the future. Especially since the European Commission intends to introduce quotas for women on boards of directors and supervisory boards.

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From our correspondent in Brussels.

The French like the Greeks have sanctioned the rigor and Europe seeking his bearings again. After the victory of Francois Hollande and the crushing defeat of the supporters of the euro in Athens, the EU has launched Monday in a forced march to catch up policy. Under the banner of growth, but piecemeal.

Much will depend on the ability of the elected president and German chancellor to silence by their dissonances to May 15 on what was until Sunday the compass of European capitals: the fiscal pact and collective discipline. But it is the vote that created consternation Greek. By depriving democratic legitimacy of the bailout which Europe has devoted two years in a considerable energy, it immediately wakes up the specter of a breakup of the euro.

"Greece is at the limit of what its people can cash in" on austerity, Michel Barnier recognizes facing the electoral advance of the extreme. For the French commissioner, the balance needs to find throughout the EU "between what is credible for the markets and what is bearable for the people." Angela Merkel is weakened by the ordeal, but financial orthodoxy is not provided under attack: "There is no question of renegotiating the bailout" laboriously reached in February with Athens, provides an official at the heart the discussion.

"All debts are created equal"

Sacrificing the Greek plan, or give a penknife in the Treaty budget, would be far worse than burning idols of yesterday. This would pave the way for overflow. Portugal, also on a drip European, certainly require adjustments. In Ireland, it might find in a compact variable geometry a right to say again "no" to a European treaty in the referendum of May 31

Francois Hollande has not specified how its European partners "for that austerity is no longer inevitable." Approaching his victory speech had already begun to move to Brussels as the European capitals. This was done in small steps, but the austerity of the mantras are already chipped or less: less structural reforms and budget cuts, more flexibility, employment and growth. "All public debts are not created equal," ahead of anonymity a senior official opponent of bureaucracy and cost of future investments.

A first dam jumped this weekend when the Finnish Commissioner Olli Rehn, in charge of the case, implicitly admitted that the objective of a budget deficit reduced to 3% in 2013 would perhaps not required by all. Greece, of course, but also Spain overwhelmed by the recession and unemployment could well benefit from this exemption the first inexpressible last month. Under "exceptional circumstances", validated by other EU countries.

The bet is that markets will accommodate this as an act of political realism and not as a confession of laxity on the euro. The big question remains of course France: its budget program is already extraordinary and rare are those who still believe she can hold the line, despite repeated assurances from President-elect.

The second exception to the rule of the game for the Relief Fund of the euro, too painstakingly negotiated treaty with Berlin. Again, this is Spain and its banks eroded by the recession that give cold sweats. The idea agitated in several capitals would authorize the "European Monetary Fund" to provide loans directly – that is to say unconditionally – Spanish banks. But this window open still faces opposition front of Angela Merkel.

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Fuel prices soar notably due to higher oil prices. But is that they will decline as the black gold flow back on world markets? Yes, according to an academic study published last weekend by economists Erwan Gautier (University of Nantes) and Ronan Le Saut (Ecole Polytechnique). Their work is based on data collected daily by the Ministry of Economy between 2007 and 2009 with 10,000 service stations.

Contrary to the fears of the authorities and consumers, "the downward variations are as numerous as the variations on the rise, and they are of the same magnitude," the researchers said. They found instead that managers affect only three-quarters of price changes in international prices of a liter of diesel and two thirds for gasoline. "This gap is consistent with the importance of raw material-the-refined oil in the price of a liter at the pump (between 75% and 85% of total costs)," said Erwan Gautier.

Clearly, if the pump price varies to a lesser extent than international prices, it is because other costs that come into account in calculating the price, they do not move. These findings partly confirm the results of a study by the Ministry of Economy dated June 2011. According to the latter, which examined the evolution of prices for a few weeks, the drop in world prices was reflected better on diesel than on gasoline.

The two economists, however, lead to more accurate results. The petrol stations affect price movements in Rotterdam, where the refined oil is traded in the 5 to 10 days on average. The French Union of Petroleum Industry (UFIP) explains this delay by the time of transport for the supply of pumps and the need to sell existing stocks purchased before the price changes. Prices are revised, preferably on Tuesdays and Fridays, every 5 days on average for diesel, every 6.5 days for gasoline.

Supermarkets change prices more often

All market players are not as quick to change the prices, they detect. Supermarkets, for example, change more frequently and more significantly than other gas stations, belonging mostly to oil companies. This can be explained by the cost analysis Erwan Gautier: "Supermarkets share some expenses related to the operation of the pumps with their store." On the other hand, their margin is extremely low on fuel: it s' is for them a loss leader to attract customers and they are undercutting prices.

In reading the study, the existing competition in the market seems to push the players to pass on price movements as honestly as possible. The proximity of a gas station and a supermarket equipped with pumps, for example, the first incentive to adjust its prices more nimbly. On the other hand, the highway stations, away from any competition, the less impact of international price movements. And, with the exception of the Paris region, rates move slightly more often in urban than in rural. The stations offer many services and high quality fuels also adjust the lowest price movements.

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At two weeks of the presidential election, the president of the FNSEA – first agricultural union – fixed priorities of operators for the next five. Xavier Beulin first asks the next tenant of the Elysee to reopen "in July" folder of competition law applied to food.

An "emergency" he said, after the multiplication in recent weeks fines against players of Agriculture and Agri-Food: endiviers, millers, dairies and pig industry by the end of the year . "Since the withdrawal of government in regulating markets, supply chain organization is more necessary than ever. We want to know what he can do in competition within the European framework, "he says. A key issue to rebalance the bargaining power of thousands of often helpless in the face a mass distribution concentrated in five major buying groups.

One solution to this problem – the establishment of a "Small Business Act" as the United States, proposed by Nicolas Sarkozy during the 66th Congress of the FNSEA – was favored by Xavier Beulin. This system is to set aside a significant percentage of tenders to local products. "20% as already allowed the Minister of Agriculture is good but not enough." Francois Hollande proposed last week to double this.

Revalue pensions

Second request of the union: the harmonization of social and environmental standards at European level. "We propose a simple alignment with European standards and no more. France is an excess of zeal in which the disadvantage compared to its competitors, "says Xavier Beulin. This requires a relaxation of administrative permits, such as storing water in times of drought, energy recovery operations through photovoltaics, biogas, or solar energy.

The third priority concerns the pension increases. A petition of 80,000 signatories was brought to the HQ of the ten candidates in the presidential election for a rebalancing of pension for farmers. "It is necessary to upgrade the minimum pension at 75% of minimum wage and align the calculation of pensions over the last 25 years, not the entire career." Finally as regards the common agricultural policy, Xavier Beulin, welcomes the consensus that exists among the candidates, except Marine Le Pen, who advocates a return to French agricultural policy. "The face of French agriculture with 64% of opportunities are provided by Europe would not be the same without the CAP," he recalls.

While the leader of the FNSEA highlights the many positive points of the quinquennium ending, especially on agricultural G20, the various plans emergency aid and lowering labor costs with the social VAT, it does no voting instructions. Especially as the environmental aspect he was disappointed the results of the Grenelle Environment Forum.

He called to vote for either April 22? The union president called simply majority agricultural farmers to go to the polls en masse without giving an instruction to vote. "This has never been in the culture of the house," he concludes.

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Organize the output of Greece in the euro area, child's play? Almost, in

The end of the euro in a diagram, seen by Hurre Hermans, 11 years No teletrack payday loans.

What are the strategic oil stocks?

As a state member since 1974 to the International Atomic Energy Agency (IEA) – created in response to the first oil shock – France has an obligation to provide oil stocks equivalent to 90 days of net imports or about 17 million tonnes. Member States of the European Union are also required to undergo a similar provision. In early October, the French reservation represented 98.5 days of oil consumption, 60% of processed products and 40% of crude oil.

How are they managed?

This is the Professional Committee of strategic oil stocks (PSSDC) which is responsible for building reserves. All operators who sell oil in France are legally obliged to contribute to their supply. Each of them must provide the equivalent of 27% of quantities released for consumption in the previous year. Some of these quantities is given to manage the limited company inventory management security (SAGESS), which operates under the aegis of PSSDC. The rest is kept available in the repositories of the operators.

The reserves are spread over 235 depots around France. The regulations provide for their distribution in the seven major regions called "defense zones" in administrative and military language, so that each zone has ten days of minimum fuel consumption low fee payday advance. Filing the largest (6 million cubic meters) is located near Manosque in the Alpes de Haute-Provence.

Under what circumstances can they be used?

Strategic stocks are intended solely for civilian use. The Army manages its own reserves separately. In the case of a local crisis of supply, CPSSP may transfer stocks to oil operators, who must agree to make restitution of less than a month. During this time, operators must also make available PSSDC equivalent quantities of products in another place. These punctures are very limited and local.

To really begin three months of compulsory reserve, we need a government decision, taken in cooperation with the IEA and the European Union. Only a severe supply disruption due to a serious international crisis (eg, an oil crisis or boycott a producer), can in theory lead to such a decision.

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For the third and penultimate trading session on the agreements "competitive employment", management has decided to accelerate. A draft framework for these agreements was submitted Tuesday to the unions to allow companies to adapt working time and wages according to the activity and avoid having recourse to short. On this subject on the table by Nicolas Sarkozy in January, the MEDEF is pressed to agree – while the unions themselves, the play shows until the presidential election.

Laurence Parisot, the boss of bosses, gave instructions to his troops to quickly reach a compromise: "Beyond the election, so does employment and business life."

The project submitted by the employers provides that such agreements are negotiated within the company, with unions that are present payday lenders. "The branch is present in an advisory capacity and can not be blocking," says Patrick Bernasconi, leader of the employers' delegation. Moreover, the agreement should be concluded for a fixed period, not exceeding two years. The refusal of an employee to accept a dismissal would sui generis authorizing him to receive severance and termination pay.

The unions responded in a disorganized, the polite refusal of the CFDT not judging "not balanced" the denunciation of a "job blackmail" by the CGT.

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Firmly supported by the Head of State, Mario Monti has pledged Tuesday in an unprecedented forcing to wrest the agreement of the unions and management to a comprehensive reform of labor law.

A real marathon began Tuesday afternoon at the Palazzo Chigi to convince the social partners to accept a proposed capital for renewed growth and the return of foreign investment. Leaders of business and all confederations workers clashed Council President and several ministers, including Labour, Elsa Fornero, who prepared the reform.

Throughout the morning, it has stepped up informal contacts to try to reduce the opposition of the main workers confederation, CGIL, strongly opposes any amendment to Article 18 of the Labour Code that prevents layoffs "without just cause. "

In a manner quite unusual, the President of the Republic, Giorgio Napolitano, has thrown its full authority in the balance by calling the social partners to "understand that it is time to uphold the public interest."

Line of Sight markets

The Head of State supports the efforts of the government: It is serious that there is no agreement. You must negotiate. "Meanwhile, Mario Monti has invited the unions to" give up something. "

The economic commentator duCorriere della SeraFrancesco Giavazzi reminded Tuesday that Italy was still in the crosshairs of the markets: "One wonders how investors would react if they had to learn German as (for lack of labor market reform), Italy is not able to return to balanced budgets in 2013 as planned. "

The measures taken so far have been welcomed by the markets, evidenced by the reduction of 166 basis points differential between Treasury bonds and German Bunds Italian: "The largest decline in the euro area", welcomed European Central Bank (ECB). Susanna Camusso, the patroness of the CGIL, Elsa Fornero recognizes the merit of the stubbornness. This minister, who broke down in tears in front of television cameras by saying the word "austerity" when presenting the government's agenda Monti last November, has proved a tough negotiator and determined.

Moderate unions and political parties had welcomed last week in his proposed reform, complex and highly structured. Until the CGIL flu not the wheels.

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In little over a year, 100,000 people have volunteered to open their personal health record (DMP). Agency shared information systems of health (ASIP-Health) announced results Thursday at its annual conference. This virtual folder, which can gather on a server computer history, prescriptions, diagnosis, hospitalization reports or analysis, or CT images or MRI, is accessible and modifiable by healthcare professionals with the agreement of their patient.

While the PS deputy Gerard Bapt just requested an audit of the Court of Auditors, denouncing a device expensive and too centralized, the DMP driver, Jean-Yves Robin, director of the ASIP-Health, insisted yesterday: "Yes The DMP had its schedule. Yes, there on the ground. Yes, he has mastered its cost. "Let € 94 million for five years of experimentation, then 60 million to start the generalization. But, says Jean-Yves Robin, "we have yet to develop uses" – a folder contains on average 2 documents for the moment.

If the director of the ASIP-Health is struggling to hide a hint of annoyance is that the DMP was born with a disease that weakens always skepticism. Blame it on her "parents", Philippe Douste-Blazy and Xavier Bertrand, who in 2004 had promised to equip all the French mid-2007, to the point of wanting to lower repayments of those who would not use it. A flop.

Physicians bill pay

The project started from scratch in late 2009, driven by Roselyne Bachelot. Jean-Yves Robin hoped for a faster take-off – he had advanced "order of magnitude of 2 million cases opened in 2011." But he justifies, the first software that allows healthcare professionals to transfer data with a click of their computer to the DMP a patient arrived late (only 1% of doctors have them). Medical unions are also demanding more or less directly, compensation for time spent to update the DMP – they have not yet integrated this criterion in the "pay for performance" in general they just set place with Medicare. Finally, in 72 hospitals and clinics "converted" in 3000, opening a DMP is rarely offered routinely on admission, contrary to what the Health ASIP-imagined, but in only a few services.

Still, Jean-Yves Robin is convinced that the machine is, this time launched, with a number of cases opened each week steadily increasing (currently 3500). New goal: "300,000 cases by 2012, and a million DMP during the next year."

The candidate Francois Bayrou – joined by Philippe Douste-Blazy? – Wants to speed: for him, the DMP, and avoid repeat several times the same tests or prescribe medication incompatible, will save 4 billion per year. This figure "is not reasonable, disapproves of the president of the ASIP-Health, Michel Gagneux. It is a long term project, which will not yield savings anytime soon, although I am sure it will ultimately efficiency factor. Any expert who will quote any figure is lying to you. "

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On the Old Continent, German manufacturers have their dominant position in Germany, the strongest of the major European markets, making them less vulnerable to the slump in Southern Europe. More importantly, they are very well established internationally in areas experiencing strong growth. The Volkswagen Group sold 2.26 million cars in China last year (+18%). The volumes of BMW and Mercedes jumped 37% and 31% in this market. VW owns 20% of the Brazilian market. United States, he occupies a position lower than in the rest of the world, but continues to gain market share. BMW and Mercedes also post strong gains overseas.

The reputation of "Made in Germany"

The renowned German manufacturers is such that Opel now speaks the language of Goethe in its advertising. Renault, who wants to prove the reliability of its cars, has also made him also to speak in German last year, in a spot parodying the brand in flash. This reputation allows German brands to sell their products more expensive than their French rivals. "This is the result of an approach based on decades of product quality and innovation, says Philippe Houchois, an analyst at UBS. In the early 1990s, there was little difference in perception between a Volkswagen Passat and Peugeot 504. It is no longer the case today, with the successors of these models. "The VW group continues to accelerate: it plans to invest 62 billion euros by 2016 in its cars and factories, over 14 billion in China. It is also thanks to the obstinacy Audi, brand considered robust in the 1980s, has turned into a symbol of social success. Result, three manufacturers, BMW, Mercedes and Audi (VW Group), dominate the high-end sales, a lucrative and growing faster than the world market. Profits are particularly high in China, where wealthy customers are willing to pay a high price. This market, Audi's largest market, is also one on which flow over the Mercedes E-Class and 7 Series.

Economies of scale

To take advantage of its size and achieve significant economies of scale, Volkswagen, like the Renault-Nissan, went further in sharing components of its brands. The group strenna this year its new scalable platform, MQB, which shares many components between cars belonging to segments of different sizes. It plans to manufacture about forty models on a common basis, the Polo to the Passat, through the next Golf and the new Audi A3. More than 3 million vehicles will be assembled each year on this platform, enabling the group to reduce procurement costs and investments by 20%.

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