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From our correspondent in Brussels The European economy is showing signs of continued weakness. The Brussels Commission anticipates the continuation of a "mild recession" throughout the first half of 2012, in its latest forecast released Friday. She was pushed to the slow recovery, driven by global growth and trade. But the burst also requires the continued recovery: "If we do not undertake new efforts resolutely, growth could remain weak," says Olli Rehn, Commissioner for the Economy. The warning is aimed, among others, in Paris.

The European Commission confirms that it indeed does not believe in the commitment of France to return to a deficit of 3% of GDP: it believes that the path leads instead to 4.2%, but policy change in the meantime . What complicates the situation for Francois Hollande and, perhaps, weaken some of its most expensive promises.

Under the scrutiny of experts, Europe – and particularly the eurozone – is a group exposed to "great disparities", if not serious tensions. In Germany, the first class out of reach of any material, opposes Spain, the fourth economy of the euro, which never ceases to plunge into the red whether the activity, unemployment or public accounts. Within Euroland, Belgium, the Netherlands and Ireland also miss the fiscal trial run. Clearly, the debate austerity-growth is not about to be extinguished. Not to mention the Greek hopeless case …

The fiscal covenant "is not stupid."

Madrid promises to return to 3% deficit next year? The Commission corrects and provides 6.3%. Realistic to Brussels, Conservative Mariano Rajoy could be the first to benefit from a late May deadline pushed back to 2014, even dent the official code of collective discipline. Commissioner Rehn dodged the question. But he raised the possibility of treatment "differentiated" because, he said, the fiscal pact "is not stupid."

For France, the hypothesis of a loosening of the stranglehold of 3% next year, however, is not on the shelves. "We expect that the French authorities specify the measures planned for 2013," Olli Rehn impatient setting out for the first time at the podium a request already heard behind the scenes in Europe, chaired by Sarkozy. The Commission will make its recommendations on May 31 Sanctions against Paris would intervene only after several years of deficits observed.

"We're not there yet," they say in Brussels. But France would have no mitigating circumstance – unlike Spain, Greece or Ireland. In keeping with German and domestic demand, which resists the Hexagon would grow by 0.5% this year and 1.3% in 2013. Unemployment, though rising steadily (10.3% next year), would remain below 11% of euro area average.

In comparison, France's President Holland is not the worst off and she still has to restore its margin accounts.

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The current shortage threatens Japan with the approach of summer heat when all the nuclear reactors of the Archipelago are at a standstill since Sunday. Uncertainty in the restart of nuclear power plants that supplied nearly 30% of electricity before the disaster of Fukushima, the Japanese are multiplying initiatives. The radius anecdotal include the "Super Cool Bra" bra refreshing presented Wednesday by the Triumph, which recalls the "heated jacket" high profile during the first summer post-Fukushima, last year.

Harbinger of a turn more energy, Canadian Solar, Canadian manufacturer of solar panels, has committed, also Wednesday, to locate a plant in the Tohoku region, devastated by the tsunami payday advance lenders. Photovoltaic electricity is still marginal in Japan: about 1% of production.

Unlike France, for example, which experienced its peak in winter, Japan, peak demand occurs in summer, air forces, when the sun is the most generous. The Japanese government has not presented its new energy strategy, but leaders of Canadian Solar anticipate an expansion of renewable energies. More durable than the bra, prototype to communicate on energy, which will not be marketed.

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1. What is Growth Pact?

The objective of a growth pact is offset, at European level, the negative effects of austerity policies. As defined by the President of the European Central Bank (ECB) Mario Draghi, it's about finding ways to enhance the productive potential of each country. Clearly, to carry out structural reforms such as to "facilitate the activities of entrepreneurs," because "the creation of new businesses and job creation are critical."

It is less in the spirit of Francis Holland, throw out the treaty negotiated in early 2012 that hard to add to it a component for growth. The new President is especially set up "infrastructure projects", such as the development of broadband networks, funded by the fundraising market at European level ("Eurobonds"). "But we will not revive a policy of public works and begin to build bridges across if it is useless for the business," says his entourage.

The new head of state also wants to increase the funds of the European Investment Bank (EIB), which is already being negotiated in Brussels. This state development bank invests primarily in long-term infrastructure projects. "It would take that money from structural funds, little-used today as states must co-invest and they do not afford to be as-redirected to finance growth," insists on the PS.

A tax on financial transactions at European level, without having a negative impact on activity, would also serve to finance projects.

2. What are the countries that have an interest in negotiating Growth Pact?

Some countries differ on the recipes that can boost activity. But "in principle, it is difficult for a country to say it is against growth, Cinzia Alcidi notes, study center CEPS in Brussels. We must hope. "Portugal, Spain, Greece, but also the Netherlands, that is to say the euro zone countries now in recession, welcome to welcome this breath of oxygen. Germany itself, which begins to see its exports stalling due to the effects of rigor in these countries is changing.

It's not because everyone agrees on the principle that negotiations will take place smoothly. "Although Italy and Spain have recognized the need for measures supporting growth in the short and medium term, both countries will not let this happen without the implementation of structural reforms (labor market reforms and wage moderation) analysis Beffy Pierre-Olivier, chief economist at Exane BNP Paribas. The political strategy of François Hollande on the French labor market and the protection of purchasing power could become a sticking point in negotiations. "

3. Germany thinks?

Berlin has traditionally focused on the reforms called "structural". "Germany is committed to a thing, said Cinzia Alcidi: she does not want growth to be boosted at the expense of balanced public finances, through stimulus packages as we saw in 2009." This position is cultural: our neighbor across the Rhine refuses to weaken its economy and its credibility in the debt market by expenditure. Monday, the spokesman for Chancellor Angela Merkel was categorical: "it is not possible to renegotiate the fiscal pact", which has already been "signed by 25 of the 27 Member States of the European Union" and must allow to strengthen discipline in public finance management.

4. What consequences Growth Pact can be to the French and the Europeans?

"If a European decision is taken at the European Summit of Heads of State and Government on 30 June, we should not expect to see the effect from 1 July!" Warns Jean-Christophe Caffet, economist at Natixis. One can imagine further that the funds are intended primarily for countries with the greatest difficulty, at least in France. Nevertheless, initiatives on the EIB or the Structural Funds "should not have any significant impact on the growth of the European Union", economists consider Societe Generale CIB. They recall that the 350 billion allocated to Structural Funds and the EIB have represented, spread over 5 years, only 0.3% of gross domestic product (GDP) of the area.

5. The European Central Bank could she participate in the revival?

French socialists would like the ECB plays a greater role to revive the economy. "Right now, the European Central Bank will do nothing special, Judge Clemente de Lucia, economist at BNP Paribas. It could simply continue to conduct an expansionary monetary policy to boost demand. " This will help provide banks with aplomb, allowing them to lend more to households or businesses. Problem, they have no confidence in the economy and therefore do not claim little credit.

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We waited up to 100 billion for the valuation of Facebook at the New York Stock Exchange. It will be less: social network, which could make its debut on the Nasdaq on May 18, intends to sell 180 million shares at a price between 28 and 35 dollars in its IPO. This would allow the community to raise mastodon 5 to $ 6.3 billion. "We have no specific intended use for these recipes," says the site. Thus, the market capitalization of Facebook should approach the $ 80 billion.

Besides these 180 million shares, existing shareholders will sell 157.4 million shares, the proceeds of their return. In total, the sale of more than 337.4 million shares represent an operation to 10 no fax cash loans.63 billion dollars (the average price of 31.50 dollars per share), the largest entry of an enterprise of the net economy.

The estimated valuation for Facebook is the business of the net economy with the highest capitalization at the time of its IPO, largely eclipsing the $ 23 billion that Google was worth when he made his first steps as listed company in 2004. And yet, the figures released by Facebook could be deliberately modest in order to better announce higher and create a buzz.

With AFP

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Failing to generate enthusiasm, Nicolas Sarkozy's proposal to increase by 30% the rights to build at least have helped revive the debate. That the obstacles to build more and better in our country. On this point, they all agree: France is no shortage of building land and still can not build as much as its neighbors. Blockages that maintain higher prices. To take the problem at its root, several avenues are being considered.

The first, held by Nicolas Sarkozy, setting the density. Adopted on March 6, his bill should allow to build higher buildings and increase the surface of the houses. It is also necessary that councils do not object. "I am not satisfied that it is revolutionizing the market, says Rene Pallincourt, president of the Fnaim. It will be difficult to implement and will involve mainly the individual sector pavilion. The risk is that by increasing the building rights, the land price is moving upward rather than downward. "

To end regressive taxation on the land

For its part, the association Promotoit bringing together industrial specialists in roofing campaigns for these solutions to build under his roof. In a white paper published March 12, these professionals emphasize the value of the elevation of the dwellings. According to the study of the urban architect Michel Cantal-Dupart, it would be possible to build 466,000 square meters of rooftops in Paris focusing only 12 blocks and respecting the existing rules of the local plan (PLU) . In addition, fit out attics in houses represents a much larger potential yet.

However, densification has its limits. It is of little interest in peripheral areas and can be very expensive in urban areas. "We must abandon the dogma of the only densification to produce more land, said Jean-Philippe Bourgade, CEO of developer Bouwfonds Marignan Estate personal loans for bad credit. The raw material is there, it only remains to find the political will. "Ideas abound. "To increase land supply, avoid retention through new tax rules and open to urban land reserved for it in the PLU," said Marc Pigeon, president of the Federation of property developers. On taxation, most professionals agree to demand an end to the decreasing taxation on capital gains pushing the owners to keep their land as long as possible. The French Building Federation goes further by suggesting a progressive tax (0% the first year, 10% the second, etc..) Other widely discussed proposal: since there is little mayors "builders" poised to significantly increase supply land, why not manage the building permit or the PLU level inter?

As a major landowner, the state could also lead by example by making its land available. Nicolas Sarkozy and Francois Hollande suggested: the first considering a rental and the second one free availability. A final track is to densify the residential areas in redécoupant lands of private owners. A proposition advanced in the research project "Bimby" (Build in my backyard, Build in my garden). First practical application: a network of 'consulting division piecemeal "called Terra in Design, based in Paris, Lyon and Rouen. This service combines architectural skills, legal and financial resources to provide buyers and sellers of solutions division of land for new construction.

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Children dressed in suits and ties at the controls of a gelatin factory teddy, preparing delivery giant Haribo sweets. This is the wildest dream of any toddler … To swallow his delicacies across the Atlantic, Europe's leading confectionery, world No. 8, put the package. Its first national advertising campaign is currently broadcast on several cable channels (Nickelodeon, Disney Channel, Cartoon Network). Millions of samples are distributed from New York to Los Angeles. And a Facebook page was launched.

Installed in the U.S. since the 1980s, Haribo now want to throttle. "The United States is the world's largest market in confectionery, says Jean-Philippe Andre, president of Haribo France, which has also taken over the reins of the U.S. subsidiary, based in Baltimore. We realize there are some fifty million dollars in sales, it's nothing compared to the potential of this market. "

Sales of sugar confectionery (candy, lollipops, toffees …) have approached last year $ 10 billion (1.3,%), which over a third for gummies, the specialty of Haribo, according to Euromonitor. With its flagship product, the teddy gel (Gold-Bears), imported from Germany and Spain, the German manufacturer has experienced double digit growth for five years, including more than 20% in 2011.

Officially, it gives a year to see if consumers respond to his seduction operation. In reality, it prepares its weapons against the heavyweights of the category, Twizzlers (Hershey), Starburst and Skittles (Mars). But not only. "In the land of crisps and snacks, we must impose our candy share of stomach," says Jean-Philippe André.

Recycle the classics while modernizing

This is the second step in the internationalization of the group after the Eastern Europe (Hungary, Bulgaria, Russia …) in the 2000s. Born in Germany in 1920, Haribo was first spread in Denmark, France, Spain and Belgium. The company, which weighs about 2 billion euros, exports its candy in 105 countries, Germany remains its largest market. The International is one of the sites and Hans-Guido Riegel Hans-Arndt, nephews and successors Hans Riegel, 89, still in command of the company he founded with his wife in Bonn.

Recipes for success should remain the same. Production is local. In France, the only country where strawberries are sold Tagada and Dragibus, nearly 90% of the candies are manufactured in two factories in the South. And is recycled by modernizing the classics. For proof, since the launch last fall candy spicy Pik. This is the segment that the fastest increase in radius confectionery (13.2%, according to Nielsen).

Challenger is the leading Lutti, Haribo has already captured 16% market share, especially among adolescents, and intends to grow further thanks to Smurf, crocodiles or coke bottles now available spicy declined. "For six years we have a growth of around 5% in France, second largest group, but we still have significant room for improvement," said Jean-Philippe André, whose sales rose by 7, 5% last year to 180 million euros.

Since 2006, he revived the radius to blow promotions, capitalized on the quarantine and delivered Tagada strawberry marks (Tagada Dragibus, marshmallow) on the screen, betting on particular spots in 3D cinema.

Prevail in hotels and sports stores

His roadmap for the future: Haribo impose beyond the supermarket shelves, which represent 80% of sales, use and renew with new formats. Apart from sachets of 50 g generalized for three years, he tested since the beginning of the year a case of three candies (or Tagada Dragibus) to 0.30 euro that can easily slip into his pocket. "The ambition is to be available everywhere, like Coca-Cola, responding to opportunities to use multiple means of specific packaging," says Jean-Philippe André.

After opening two stores in the outlets (Toulouse and Troyes), Haribo is gradually in toy stores (Toys'R'Us, King Jouet), hobby or sport (Intersport). And he intends to push his pawns in the chains of hotels and restaurants. After the strawberries in desserts Tagada Quick Dragibus and coffee served in restaurants in Indiana, Haribo hopes to strengthen its presence in Accor hotels. When will Tagada strawberries on the pillow in arriving at a Novotel?

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Since formalizing his candidacy on February 15, Nicolas Sarkozy deseeded thirty proposals, his team compiled a campaign document, presented Thursday. The president-nominee warned, however, he intended to issue new proposals before the end of the campaign.

Nicolas Sarkozy has also presented his "letter to the French," in which he exhibited his "values" and his "vision of France" by the year 2017. This document, published in several million copies, will be distributed as part of an operation of door to door. On the first page of the 34-page document, is a sentence written by hand by Nicolas Sarkozy: "My fellow Americans, there is nothing more beautiful than the love of his country."

"Read" Letter to the French "Nicolas Sarkozy

• Economy and Public Finance

"" All my proposals are built around one goal: the balance of public finances in 2016, "said Nicolas Sarkozy business cards. He confirmed in his project a French public deficit has 0% of gross domestic product (GDP) in 2016 and a surplus of 0.5% in 2017. Incumbent President states in his proposed reduction of the French public debt to 80.2% in 2017 instead of 85.8% in 2011 with European commitments.

"To achieve the deficit targets, the tax burden will increase from 43.8% of GDP in 2011 to 45.6% in 2017 in France. Nicolas Sarkozy plans in its plan to cut public spending in France to 51.9% of GDP in 2017 instead of 55.9% in 2011.

"Nicolas Sarkozy has acknowledged that 115 billion effort is needed over five years. "I have to add the 9.5 billion campaign proposals," he added. This brings the total effort of 124 billion. Three quarters will focus on reducing expenses, the remainder of the revenue, insisted the president candidate, as he had already announced.

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The main corn producer associations announced Thursday it had filed an appeal before the Conseil d'Etat against the decree banning the cultivation of GM maize MON, taken in mid-March by the government.

The General Association of Corn Producers (AGPM), the French Union and the Federation of Inter-seed production of maize and sorghum are waiting to use this new invalidation and cancellation of the ministerial order, as was the case last November for the first arrested, they announced in a statement.

March 16, Bruno Le Maire Minister of Agriculture announced a "precautionary measure to temporarily suspend" the cultivation of Monsanto GM maize (MON810) to "protect the environment," saying the decision was made " due to the proximity of the seedlings. " 

The producers feel that the ban "is based on no scientific evidence seriously and corn growers affected by the borer and borer (insect pests of maize, Editor's note) suffer real economic damage."

2013 goal

They also challenge the "misuse or illegal, the precautionary principle has become an ideological principle of inaction."

In late November, the Council of State annulled, after a long legal marathon, the suspension of cultivation of GM maize from Monsanto taken by the French government in February 2008, following the Grenelle Environment & restoration because last September by the European Court of Justice in Luxembourg. 

On 20 February the government, yielding to pressure from environmental groups and public opinion, had asked once again to the European Commission to suspend the authorization of cultivation of GM maize MON810, on the basis of New scientific studies.

Producers who had considered at first to attack the text referred for the taking-off by mid-June, finally chose a hearing on the merits. "We are now planning the 2013 campaign, says the Figaro, Christopher Land, president of AGPM. Indeed, we want to take time to implement the system of coexistence with non-GM crops, which we had already demonstrated the feasibility in 2007. And as the government contribution e no new scientific fact to justify this second ban, we hope to achieve once again prevail. "

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The British government is preparing to launch a new phase of privatization of the public sector. The Prime Minister, David Cameron, on Monday launched a consultation on the possibility of using private funds to modernize the country's overcrowded roads. "We lose £ 7 billion (8.4 billion euros) a year because of traffic jams – and yet the last government built only 25 miles (40 kilometers) of new highways, which, incidentally, is Unless the number of ministers of transport of this government, "the Prime Minister justified. He emphasized the dangers to the UK economy of underinvestment in infrastructure, while his government is engaged in a comprehensive program to reduce public spending, including the 2012-2013 budget presented Wednesday will again be the illustration.

To solve this square the circle, the government wants to seek private financing, from investment funds, sovereign funds and other investors. The Minister of Economy, George Osborne, recently visited China to try to convince Beijing to invest in infrastructure programs in Britain. He hopes to attract 20 billion pounds (24 billion) of funds for roads, railways, nuclear or high-speed Internet network. According to the liberal doctrine into force in Downing Street, private companies are better able than government to effectively manage the cost of maintaining and upgrading aging road network.

Vehicle Tax

About 3% of the country's roads, the busiest, would be assigned to long-term concession (several decades) to private companies no teletrack payday loans. But, in order not to incur the wrath of the powerful car lobby, David Cameron has promised that no toll would be allowed on existing routes. A single stretch of motorway, north of Birmingham, is subject to tolls and the coup remains underutilized. When Tony Blair had discussed the idea in 2007 to increase tolls, he had to retreat after a petition signed by more than 1.8 million citizens. Cameron suggests that only capacity increases can justify tolls.

The proposed scheme would be for dealers part of the budget for highways from the vehicle tax, which pays 6 billion pounds per year (7.2 billion euros). "There is not yet determined the business model, says Alasdair Reisner, the Civil Engineering Contractors Association, which will be included in the consultation. One can imagine a shadow toll, paid by the government based on a number of cars on a given axis. If the road is not usable at any given time, the subsidy would not be paid. "

David Cameron cites the privatization of water systems UK under Margaret Thatcher as the model to follow. What consumer groups reacted by denouncing the large increases in bills incurred since by households. "Instead of alleviating the burden on motorists, the government is willing to let private companies take over the strategic road network and make it pay to drivers," denounces Maria Eagle, transport manager at Party Labor.

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As promised, the euro zone countries have begun to unlock financial support for Greece. After the agreement between Athens and its creditors to reduce debt, the euro area has decided to provide 35 billion euros in the country. This represents the first installment of a loan of EUR 130 billion planned in exchange for his efforts. Agreement on the remaining amount, or 94.5 billion, should be reached next week, said the German finance minister Wolfgang Schäuble.

Most of the 35.5 billion euros will be released on Friday allocated to banks. Indeed, this is to compensate the fact that they can not file for Greek debt to the European Central Bank in exchange for cash, the country is bankrupt organized.  

A "partial default" by Fitch

The rating agency Fitch has also been the first to react to the agreement to reduce Greece's debt, lowering the grade of C in the country "partial default" ("restricted default", in financial language). "The debt swap is a credit event," the agency said. A decision is also justified by the choice of Athens to enable collective action clauses (CAC). Clearly, the creditors objected to the debt reduction will be forced to participate in the operation.

Losses for banks represent almost 74% of the amounts of Greek debt they hold, Fitch added. The agency will climb the rating of Greece when the operation is complete: technically speaking, the country will no longer be in default.

Another of the three major agencies, Standard and Poor's (SP), adopted a similar position in late February. She had placed the note in "selective default" or "SD" (selective default), against "CC" before, indicating that it planned to raise the CCC once fully by the exchange. As for Moody's, which has no corresponding note in default, it lowered the rating on March 2 from Greece to "C" against "Ca" to date.

"We are not out of the woods"

"We are not out of the woods, but we have taken an important step," said Wolfgang Schäuble about the successful exchange of debt. He said he was "confident" of obtaining a financial recovery and the Greek economy, "by following this path." He assured that there was "no shadow of a danger" that the Greek, with a call for private creditors, is repeated elsewhere in the eurozone.  

Some economists believe that Greece will receive a third bailout in 2015 and that debt will always be 120% of Greek GDP in 2020. An amount deemed unsustainable.

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