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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Inflate his resume … "inadvertently"? It is possible, according to Yahoo!, which has adopted this line of defense when one of its shareholders accusing its CEO had lied on his resume.

The investment fund Third Point, which is mounted to 5.8% stake in Yahoo! in a few months, denounced in a letter to the Board an anomaly on the resume of Scott Thompson, CEO of Yahoo! since January.

In the financial records of Yahoo!, Carol Bartz's successor is introduced as a degree in accounting and computer science from Stonehill College. Now the university has begun offering this course in 1983, four years after Scott Thompson finished his studies there!

For Third Point, this embellished resume "undermines its credibility as an expert in technology" and gives a poor impression when his "character" bad credit personal loan lenders. Incidentally, it also tackles the activist fund board, which would not properly investigated and considered the nominations for the position of CEO.

The risk oversight, however, be difficult to argue, to the extent that this error has been made several times on the resume of Scott Thompson. Previously President of the payment service Paypal online, a subsidiary of eBay, it is always presented as a computer science graduate of the Australian editions of these two sites

.

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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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With over 62,000 franchised units recorded at the end of 2011, for a turnover of 49 billion euros, the franchise remains a dynamic sector in the economic universe French. According to statistics from the French Franchise Federation (FFF), which holds up to Wednesday night's annual meeting at the Porte de Versailles, 92 new franchise networks were launched last year (for a total of 1569 ). However, some areas are most promising and lucrative than others. Especially, new areas, some surfing very clearly on the crisis, appear and arouse vocations, especially since in their general admission tickets are more affordable.

Overall winner, the 7313 claim services auto franchises across 61 networks. Midas (315 service centers, fast), for example, announces the hiring of 50 franchises this year (either by creation or by recovery sites). Candidates must, however, an investment fund of between 160,000 and 250,000 euros, with 30% minimum down payment. Short-term rental is also dynamic with Rent a Car (480 stores including 200 franchisees) which expects 10 new franchises this year, while Ada is a net balance of 20 openings (for a total network of 480 agencies) .

Ten franchises for over Legendre

Another promising sector, fast food, where we no longer launches, which counted at the end of last year franchises for 3740 123 networks (20 more in a year). One example, Subway, the specialist sandwich and salads, has announced no fewer than 90 new restaurants in 2011, crossing at the same time the 300 units operated under franchise in France. Among the newest signs, Basil & Co, a concept of takeaway pizzas (entrance fee to 60,000 euros). In catering to themes (1101 deductibles and 79 networks), the time is in development with Memphis Coffee, which provides a dozen openings this year with a target turnover of 20 million euros. As for La Boucherie, it plans 20 new restaurants this year (including 10 free) and will recruit 350 people. In total, the company has 83 restaurants for a turnover of 83 million euros.

In the services sector, the academic support stand. During the Legendre who launched the franchise last year with a target network of 50 agencies in 2015, currently has ten franchises (including Toulouse, Pau, Bordeaux, Lyon, Annecy or Saint-Etienne). "For the first year of operation, the agency is a forecast of around 200,000 euros in business volume on average, for the only activity being at home," said Olivier Gresse, marketing director. During the Legendre in 2011 showed a turnover up 13 million euros (+10%) and this year expect a growth of 10%. For its part, Anacours (4.9 million euros of turnover) announces ten new franchises in 2012, while during Ado (23 agencies, including 3 branches), provides eight openings free.

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When the VAT hike in early 2011 and the arrival of Free Mobile early 2012, mobile operators have seen their customers from leaving in droves to a competitor in search of a better price. "The price does not explain everything. We underestimated the frustration of customers, "recently confessed an operator. Because, rightly or wrongly, telecom focus the discontent of consumers. The sector holds in the palm of 2011 claims (24%), before the consumer (22%) and computers (12%), as the documentary credit.

Within the family telecoms, mobile internet is back in front in claims: in 2011, 53% of complaints received by the French Association of telecom users (AFUTT) concerned the mobile Internet access 38% and 9% fixed phone. Mobile-related complaints rose 11%, while those related to Internet were down 28%.

In Mobile, the fourth door on the invoice disputes: consumers are left with overruns, mostly due to premium rate calls as the SMS + or spam for users scammed. Also involved, according to AFUTT, misuse of mobile Internet abroad, and the complexity of fee schedules.

Furthermore the bill, disputes also include the termination of the contract. Customers who have purchased a package included with phone and find themselves thus committed 12 or 24 months, resent not being able to cancel without charge, including for reasons considered legitimate: death, moving abroad, loss of employment, etc fast cash without a hassle..

After contacting customer service, then the service consumer of their operator, the aggrieved clients can always resort to the mediator. "When the Ombudsman receives, operators generally find a solution because their desire is to reduce complaints," said Francois Cuinat, mediator of electronic communications. Complaints are more likely among clients of virtual operators (MVNO) than the "big" operators, indicates the AFUTT. "Orange, SFR and Bouygues have an index of conflict less than 1, the Bouygues Telecom is much improved this year. That of MVNOs still significantly higher, "said the AFUTT.

In this context, what impact will the arrival of Free Mobile? "We have nothing to report about Free Mobile. But for the mobile market as a whole, we are very interrogative on the effect of a competition that would be too exclusively based on prices, said Jacques Pomonti, president of the AFUTT. We hope that the price competition will not affect the quality of service or investment in infrastructure, "he concluded.

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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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Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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Portugal has won its third review against its creditors. The troika (EU, IMF, European Central Bank) will be able to unlock a new tranche of aid to € 14.9 billion to be added to 38.2 billion already paid a total of 48, 8 billion if we subtract 4.3 billion earmarked for the recapitalization of banks. "This positive result demonstrates our ability to implement a demanding program," welcomed the Finance Minister, Vitor Gaspar.

Third country to benefit from a bailout after Greece and Ireland, for a total of 78 billion euros, Portugal seems to fare better than its neighbors, even though the government admits it will experience recession of 3.3% this year instead of 3% as initially planned.

In fact, it relies on the good performance of exports despite the crisis. Lisbon was able last year to reduce by 25% through its trade deficit up 15% of its sales abroad. Portugal has also continued its privatization program.

Challenges persist

The airline company TAP and airport operator ANA will be placed on the market very soon. The country has sold 21.35% of Energias de Portugal to China Three Gorges to 2 online cash advance.7 billion euros and 40% of its electricity distribution network to REN Chinese State Grid and Oman Oil for 592.2 million . Transfers of the State also concern the post office, bank Caixa insurance and freight of the national railway.

The aid plan "on track" even if "challenges remain", the judge troika. And Prime Minister Pedro Passos Coelho rejects any possibility to find themselves obliged to seek an extension. Portugal does not require "no more time or more money," he promises.

Only downside, unemployment continues to explode. He had reached a record 14% in late December, even hitting 35% of youth aged 15 to 24 years. Figures deemed "unacceptable" by the Minister of Economy, Alvaro Santos Pereira. And who said the secretary general of the main union confederation that the troika mission "is not helping the Portuguese but rather to help the markets."

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Within groups – especially multinationals – the challenge now is to consider this assumption is not quite school, building plans for the "case". A subject on which, not surprisingly, more people start to speak outside the euro area and within it. Across the Channel, Constable British banks have their very formally requested to develop crisis plans ad hoc.In New York and London, in turn, several large financial platforms (CLS Bank, ICMA, Thomson Reuters or FXall) that run from bank to bank transactions, including foreign exchange, have informed their customers that they were preparing. For those operators who brew massive amounts of transactions, it is to ensure full and prompt treatment, even if the name change money.

The body responsible for regulating the banking sector would have directly challenged the previous management but also the leaders still in office. The report was quoted as saying, "number of findings concerning mechanisms for managing derivative positions are likely to contravene the regulations." Regulators cite "in 2007 and until 2008, the disclosure of Dexia Credit Local has remained evasive about the increasing risks, including the CEO and directors were aware. She ignored the violations of regulations and monitoring liquidity risk. "And the report says "the information to the public was not accurate, precise and sincere."

These omissions or falsehoods for the purchase of a portfolio of bonds and speculative securities amounting to 100 billion euros, an "illogical financing local government, the report quoted by Liberation. Regulators also suggest a failure on the part of the Dexia value of this portfolio of assets, both at the time of purchase as to resale. Worse, the leadership in place deliberately magnified the value of assets. The "overvaluation is estimated at at least 2 billion euros." Auditors such as Deloitte and Mazars have closed their eyes, the report said.

Loans to shareholders to purchase securities

The management team in place is also not spared.In a letter dated September 4, 2009, the report stresses that "the director of the institution has provided an underestimation of the volume of transactions."

Meanwhile, the Financial Timesaffirme that Dexia has paid 1.5 billion euros in its first two institutional shareholders before 2008 so that they carry out acquisitions of securities of the Franco-Belgian bank. But Dexia would, at the time, not breaking the law then in effect. The question is whether the court will examine the case Dexia.

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