The first words of the new Economy Minister, Pierre Moscovici, are clear: "The public debt is an enemy we must sécurisions the situation in France." To achieve this, the government must prove that he is now ready to fight this debt by significantly reducing the deficits.

By the end of the month, the Court of Auditors has delivered the report requested by Francois Hollande on the status of budget execution in 2012. Bercy will then know exactly where they stand. That should not change the fact that the new finance minister will have to soon detail the means to fulfill its commitment to European brown the public deficit to 4.5% this year and 3% next year.

We know that 29 billion additional revenue planned for next year will come mainly from large corporations and the wealthiest households. But the new head of state has, at present, no indication of how it was going to slow spending growth, it did not detail the job cuts and the departments that would be affected by budget cuts.

• Restoring growth

In an uncertain economic climate, doubts hanging over the possibility of achieving, as expected, 1.7% growth in 2013. The new government is counting on a new industrial policy to stimulate activity, and on European initiatives. Pierre Moscovici said at the handover, that Europe would be a priority issue, the "Greek crisis" on "reorientation of European construction" in favor of growth. Just before, on BFMTV, he reiterated that "the treaty is not ratified by the state and should be complete."

• Save as many manufacturing jobs as possible

Minister of Productive Recovery, Arnaud Montebourg, has set out to make his ministry one of the "reconquest" and save manufacturing jobs. France lost "750,000 industrial jobs in ten years and 900 plants in three years," said he.

Re-industrialization of France will pass, initially, by the management of some hot issues. First is the case of firms at risk he'll have to deal urgently if you do not want to see thousands of jobs disappear. Then, the new government will have a very close eye on those who, for several months, are expected to retain restructuring plans or site closures. The situation of the factory of PSA Aulnay is the most frequently cited. Measures are also expected at Air France, which has long warned that its survival was through productivity gains and restructuring.

In the retail and telecom, unions also suspect directions to prepare plans for job cuts. "I do not let this history of social plans which have been deferred, and there will be responsibilities to take on the top companies," said Francois Hollande just before the second round. He added: "In the aftermath of the presidential election, and before irreversible decisions are taken, I will intervene."

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Payroll European bosses became a hot topic next to which the European Commission could not pass. The Commissioner for Internal Market and Financial Services, the French Michel Barnier Wednesday put two proposals on the table.

The first is to submit the compensation of executives of large companies listed on the vote, forcing, their shareholders. This provision, should it be implemented, amplify a movement already underway in some countries in Europe and the United States that have imposed an advisory vote on the remuneration of the CEO. The Netherlands, Norway or Sweden have already taken the step that gives shareholders the power to approve or reject compensation plans developed by the board.

The second proposal of Michel Barnier would apply only to banks: it would be approval by the shareholders for a maximum bonus, expressed relative to the level of fixed salaries, and a maximum deviation which should fit most low and the highest payments within the same group.

Michel Barnier, meanwhile, told the Financial Timesqu'il would "not shocked" if such bonuses were limited to the amount of fixed salary. The challenge is twofold. It is primarily political: the extravagant remuneration in some companies, especially in banks, are becoming less and less acceptable. Particularly in light of the climate of austerity became widespread. It is also economical, because inflation of bank bonuses is suspected to have an effect "leads them to crime" by encouraging risk-taking in financial institutions easy payday loans.

General meetings hectic

This new measure applies specifically to the banking sector is in fact registered in another debate at Community level. This is the transposition of European new banking rules – called Basel 3 – that finance ministers have approved Tuesday. For the European Parliament, the pressure is very strong in the text to include a component on the limitation of wages and bank bonuses.

The land is now in favor of these innovations in governance. For two months, we speak indeed of "Spring of shareholders." General meetings – meetings often soporific agreed otherwise – has become a perilous exercise. Where the advisory vote on pay has been introduced, it sometimes serves as an outlet for fatigue shareholders after five years of financial crisis. The "packages" of leaders of Citigroup in the U.S. or insurer Aviva in the UK have been disowned. In the second case, the boss in question drew conclusions and resigned.

Outside the financial sector, leaders of the pharmaceutical company AstraZeneca, David Brennan, or the media group Trinity Mirror, Sly Bailey, also left office. Barclays or Credit Suisse, Brady Dougan and Bob Diamond have suffered a warning shot at a general meeting.

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The editors have identified a target that may help them accelerate their learning of digital kids. Homes that have a youth center are beginning to position themselves by publishing e-books and enriched, more often, applications for smartphones and tablets, all for toddlers under the age of 8 years, reaching sales levels already significant .

"The market is still tiny but fast-growing, confirms Terence Mosca-Toba, who founded the consulting firm Digital Strategy Consulting TM, after working for Gallimard Jeunesse and Ubisoft. The potential for growth is 30% per annum in the coming years. "For publishers paper, interest is twofold: a generation that loyalty from the cradle, handles with dexterity touch screens, and accustomed to new parents ways of reading and consuming content.

The educational game is promising. Aided by multimedia studios, publishers available in digital version in their best-selling paper, like Gallimard Jeunesse, which launched two particular applications from the collection "My first discoveries," The Beetle and Forest , each sold several thousand copies.

Triple play subscribers

Same approach with Nathan, who has sold a dozen applications, including three derived from the hero of his magazine T'choupi for children under 3 years, sold 2.39 euros and 3.99 euros on iPhone iPad. "The application market is much more dynamic than e-books, says Mathilde Bonte Joseph, head of digital projects Recreation Youth Nathan (Editis), indicating that these are the games that work best. The best sales of more than 10,000 downloads, against one hundred times less for e-books. "Hachette has also positioned with their hit" Mr. Madam "or launching application versions of his collection" Passport "for revisions holiday.

Displays (TVs and tablets) are becoming essential. Nathan pushed the logic by joining SFR to launch in late 2011, Dokéo TV, a documentary offered to 3 million subscribers triple play (TV, telephone, Internet) operator, with rich library of books, English course, play with the remote … Meanwhile, the Bayard Group has relaunched its website Bayam (former BayardKids), with games, cartoons, coloring or listening to stories, which claims 70,000 regular users, 15 000 paying subscribers. The group, major player in youth magazines, also opened early March a digital library for smartphones and tablets, I like the Read Store (250 sales a day).

All these developments require significant investments that publishers rely on international sales cushion, translating their content in English or Spanish. "Publishers French are renowned for their creativity," says Pascal Ruffenach, director of Bayard, who feels that a virtuous circle begins to develop between applications, sites and customer databases.

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The cyclical horizon is not yet clarified and economic policy decisions taken on them yet, but manufacturers remain confident. Interviewed in April by INSEE, they not only confirmed that much invested in 2011 (+11% compared to 2010, a figure revised upward to a point from their own accounts in January), but they announced yet another increase in 2012 (+6%). However, they would invest more in the first half of the year on the second, the survey says.

In 2012, investment growth would continue and in the sectors of agriculture and food industries (6%) and electrical equipment, electronic, computer (+7%). But it is in transport, particularly the automobile, the forecast is the most impressive. In this sector (manufacturers and suppliers), capital expenditure would leap 28% in 2012 after falling 3% in 2011. Even if they encounter difficulties in trade in Europe, major manufacturers have not given up investing. Renault has announced plans to grow especially in its factories' high-end, the electric vehicle, utility vehicles and engines payday advances. " In 2010-2013, the manufacturer plans to spend 40% of its investments in France, 2 billion euros.

Safety, environment, working conditions

According to business leaders in the manufacturing industry, the investment destination "would change slightly in 2012," said INSEE. The share of investment for equipment renewal should fall back to two points over 2011, to 27 %. The share of investment in the expansion of productive capacity would also be slightly lower (14% after 15%).

In contrast, industrial mobilize a greater share of their investment projects related to safety, the environment, working conditions (22% against 20% in 2011) or automation (9% against 8%) .

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"Enterprise: a decentralized state bank

JPMorgan announced after the close of U.S. markets heavy losses of over 2 billion following the massive purchase of products that were derived originally from the 2008 financial crisis. The CEO, Jamie Dimon, reported the losses of "litigation of approximately $ 200 million" and "pre-tax losses the brokerage of over $ 2 billion" during a conference call surprise. The boss of the first U.S. bank by assets added that these losses could still grow up to an additional billion dollars. The asset portfolio has complained yet "a lot of volatility," said the leader. "We will manage up", but "it could cost us up to a billion dollars or more" and "the risk will remain for several quarters," added the CEO.

Photo credits: LUCAS JACKSON / REUTERS

Upon arrival at the polling Marie Lawrence at 10:30 in Tulle, Francois Hollande was tense, his face a little tense. Admittedly, some fifty people were waiting inside, encouraged and embraced. He distributed some "okay?". Asked his state of mind: "Voter," he replies. "I want there to be many others like me." For journalists, he asked: "You have done your attorney?"

The longest day began for him. He "briefly" slept. After voting, he, as usual, making the rounds of polling stations in the most favorable to least favorable. Then, 20 to 14 h, Francois Hollande came to Central, one of his favorite restaurants. On the menu: goose rillettes, beef tenderloin and polenta, strawberry. If the floor, reserved for him and his team, the atmosphere is quiet and tranquil decor of wooden beams and tapestries, the ground-floor establishment is filled with people who want to see and journalists who want to cross it and make images. He should then move to its permanent resting before working on his statement. Aquilino Morelle his pen came to advise him. In Paris, his team will meet later in the day at HQ before holding a conference call with him 18 to 30 h.

"Then I do not know if it will be a beautiful day," Holland questioned no fax cash advance. "It was the French who will decide. '" For some of them, it will be a beautiful day, it will be less for others, "he said. "What we need after this is either a nice office." Before leaving the polling station, he shook a few hands and signed autographs. A lady handed him a book to autograph. "To commemorate this important day," he wrote.

Shortly after midday, his special adviser, Jean-Marc Ayrault, provided that in case of victory, Francois Hollande may have an exchange with Angela Merkel tonight. "I have the key to the recovery of Europe, the reorientation of Europe in the direction of growth, in the sense of competitiveness, protection," said the mayor of Nantes.

Francois Hollande, has need for reassurance from his. "It is affectionate, I need to be here" in Tulle, has said it-you Saturday. "How to be otherwise and elsewhere." He will deliver his statement, whatever it is, opposite the cathedral. In his team, they found an old file photo of a speech by General de Gaulle, in the same place.  

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Finally, the new stadium in Lille will be delivered on time. "We'll play mid-August our first game of the season at home," says Michel Seydoux, chairman of the LOSC which evolves in Ligue 1. But behind the scenes, the standoff is not over. Reportedly, Eiffage who built this house demands a hundred million to his client, the urban community of Lille. Concerned, administrative delays that forced the construction group to leverage teams to meet deadlines.

With the organization of Euro 2016, France has decided to rejuvenate its fleet of stages. Four out of the ground and go four or five others will be renovated. Operations treacherous. Especially for construction groups that often lead these operations as a PPP (public private partnership-). Clearly, they build these speakers with their own funds and bank loans and are remunerated by the operator of more than thirty years. Vinci will manage this formula with the new stadiums in Nice and Bordeaux, Lille and Eiffage that of Bouygues Stade Velodrome, Marseille being renovated.

The obstacle course begins with countless appeals to justice. They can block the project because if they are serious, banks may freeze their loan. A random number taken seriously in view of the foregoing. At Valenciennes, the new stadium was delivered in July 2011 with a year late. The work was interrupted several months due to legal proceedings.

In Bordeaux, the partnership agreement itself, which is contested before the Administrative Court. "The process is ongoing but does not prevent us from pursuing studies prior to construction should begin in a few months," said Fadi Selwan, development director of Vinci Concessions. The Group therefore maintains delivery in 2015.

Disappointment at Le Mans for Vinci

In Nice, there is an appeal against the building permit. But banks have tried without real danger. They finance the construction site so that advances at a good pace. And the stadium should be finished, as agreed in the summer of 2013. Same optimism to meet deadlines in Marseille while the renovation takes place in the Velodrome stadium where an OM continues to play its games. "The major work is completed and a forum of four is remade," Bruno slips Botella, Bouygues support to manage this grant. Result, the Velodrome, in its new configuration, scheduled to open in June 2014.  

Once completed, the hard part begins for construction groups responsible for operating these speakers. For this brand new business may be of surprise, as was discovered by Vinci, dealer of Le Mans stadium, inaugurated in January 2011. This enclosure was configured to seat 25,000 for a club in Ligue 1, or the home team is behind the bottom of the standings in League 2. "We have significantly reduced the rent charged for the Le Mans FC matches and the club did not make the 6 million to the concessionaire as planned," says one at Le Mans Stadium, the company dealerships owned by Vinci.

The risks are smaller for stadiums built in large cities. But several questions remain. For example, to maximize their operations, construction groups expect all of revenue related to the organization of concerts and shows in addition to games of the resident club. The stage is betting on Lille from 20 to 25 such events. The Velodrome in six. Remains to be demonstrated that there is enough events could fill a stadium area.

Finally, all expect finding a group willing to pay five million a year minimum to give his name to the stadium. But for now, nobody has found a generous patron.

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