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SMEs have suffered worst of the credit squeeze between 2007 and 2010 than larger firms, experts say that the OECD published the first report on "Financing SMEs and Entrepreneurs" by sifting through data from 18 countries ranging from Canada to Sweden via South Korea, France, Hungary, Finland, the United States.

SMEs have been hard hit by the crisis in 2008 and 2009. Confidence indicators of SMEs in OECD countries have fallen to levels lower than those of the 1990s. Direct consequence of falling demand from mid-2008, SMEs were down to their turnover. Companies that export have suffered more than those living in their home market only because of the decline in global trade.

Risk clients unattractive

SMEs have also been handicapped by the lengthening of payment periods which continued in 2010, despite a slight improvement in the economic situation. They have experienced cash flow difficulties. Their financial situation has deteriorated. Faced with this deal, their banks have lent less in most countries in 2008 and 2009. In 2010, financial institutions continued to reduce their lending in Finland, New Zealand, Portugal, Slovenia, the United Kingdom and the United States.

In the euro area, the rejection rate of applications for credit from 12% in first half 2009 to 18% in the second half of that year. A country is an exception: France, where the percentage of refusals decreased from 12% to 7% through the introduction of credit mediation and government decisions. The public financial institution specialized in SMEs OSEO has provided 12 billion euros of loans guaranteed in 2009. According Oséo, 50% of companies having benefited from the exceptional warranty cash claim to have avoided bankruptcy. In 2010, the refusal rate financing amounted to 11% in the euro area.

Considered unattractive risk clients, SMEs were asked to provide more guarantees for credit. They paid more bank financing than large groups, despite lower interest rates. According to figures released Wednesday by the Bank of France, the cost of short-term credit to businesses rose from 2.49% to 2.42% between October 2011 and January 2012. But the cost of borrowing in the medium and long term for companies rose 4.06% to 4.21%.

The policy of the banks says that the share of SME loans, which varies according to country, between 12% and 30% of total loans to businesses, has fallen when it is already well below their weight economy and their role in job creation in normal times. Not surprisingly, the number of SMEs in difficulty increased. In 2009, bankruptcies increased in the studied countries except Canada, South Korea and Portugal. They were up in 2010 in Denmark, Hungary, Italy, Slovakia and Switzerland. Although they have declined in France, Finland, the Netherlands, Sweden and the UK, they remained at a level much higher than in 2007.

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Online payday loans are obtained to meet the short term financial goals that arise out of emergency requirements. These loan amounts have to be paid on the next payday.

 

The government deficit in France in 2013 is forecast at 3.9% of gross domestic product (GDP), far from the 3% target set by the government, according to forecasts biannual International Monetary Fund (IMF) published today.

This year, the deficit would reach 4.6%, says the IMF, against 4.4% in commitment from France to its European partners.

In its "Monitor of public finances", the IMF predicts that France approaches the symbolic threshold of 3% in 2014, with a year behind the official schedule. These projections mean that the next president, whoever he is, will soon adopt a new fiscal tightening after the election of May 6 Indeed, the president-candidate Nicolas Sarkozy and his Socialist rival Francois Hollande, the poll favorite, have both pledged to cut the deficit to 3% in 2013.

For its part, the public debt of France is expected to increase next year the symbolic threshold of 90% of GDP to 90.8%, while all candidates hope to contain it to below this threshold. It would commence thereafter a slow reflux.

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The giant Danish DFDS and the French Louis Dreyfus (LDA), owner of LD Lines, have finally announced the birth of their joint venture that will operate five ferry routes between France and England (Dover-Dunkerque Dover- Calais, Portsmouth to Le Havre, Dieppe, New Haven) and between France and Tunisia (Tunis-Marseille). LD Lines line between Saint-Nazaire and Gijon, Spain will not belong to the joint venture.

Last year, the two partners were involved in a bid to take over Sea France, the SNCF subsidiary whose termination of service was delivered in January. But the offer was violently rejected by the unions.

1160 employees in 2013

Since LD Lines, in partnership with the Danish DFDS, has two ships on the Dover-Calais line, previously operated by Sea France no teletrack payday loan. This is a new step, predictable, but that was difficult or impossible to implement at the time of the attempted rescue of Sea France.

The joint venture will be owned by DFDS 82% and 18% by LDA. Officially launched on July 1, she will manage nine ships. DFDS those under the British flag and those of LD Lines under the French flag. "It is not intended eventually to operate under a single flag, says Christophe Santoni, the CEO of LD Lines. For reasons of social or commercial, we retain the two pavilions. "In 2013, the ferry company expects to achieve a turnover of 276 million euros. It will employ 1160 people in total.

 

Salespeople earn more than a year ago. In 2011, wages increased overall by 4%, fixed and variable combined, compared to 2010. This is the conclusion of a study by recruitment firm Uptoo, made from the information provided by the 73,000 registered commercial MyBeautifulJob on its portal. Their average annual gross reach and 54.1 K €.

But these results must be qualified. First, there was a catch-up effect since 2010, in the wake of the financial crisis, wages had decreased slightly (- 0.8%), according to data firm. Then, the increase of 2011 benefits only the most experienced vendors at the expense of young graduates. If the first saw their wages rise by 8%, beginners accuse them down 9% (35.1 K €).

In an uncertain economic climate, employers prefer to play safe value. Surmotivé between a young and more experienced candidate, the choice will often second that, a priori, be faster to use, say recruiters. "Many employers tell us they do not have the resources to train beginners, says Didier Perraudin, associate director of Uptoo. There is a dearth of local managers. "

Negotiate fixed primarily

As a result, experienced the most stressed, those that combine capabilities manager at a knowledge of the sector, find themselves in a strong position to negotiate their salary. Chastened by variables that have fused with the crisis, these highly sought after candidates trying to secure their full paycheck.

According to the study, the increase in 2011 is largely explained by inflation fixed which average 75% of compensation, against 70% a year earlier. "Only 7% of vendors double their salary with bonuses, says Didier Perraudin. Dangling share of important variables, problems begin to move a business. "

Finally, it's not a surprise, the most high-tech reports: a package with average of 63.2 K €, sales in this sector earn 20% more than their counterparts in industry and 16% more as business services. They also record the highest increases in salary last year (+7.5%), but without catch up before the crisis.

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After the Millers last week, it was the turn of the manufacturers of dry dog ​​and cat to be sanctioned by the Competition Authority. In a country of 8 million dogs and 10 million cats, groups Nestle (Purina), March (Royal Canin) and Colgate-Palmolive (Hill's Pet Nutrition) were sentenced to pay 35.3 million euros for cartel with their wholesalers.

According to the sages of the Rue de l'Echelle, Nestle and Mars agreed for five years (2004-2008) with their wholesalers, who then sold their stores croquettes (BHV Jardiland, Leroy Merlin, Truffaut …).

The two market leaders have imposed their resale prices, exclusive territorial or customer, thus limiting competition between them. Royal Canin had already been convicted in 2005 by Constable competition.

As for the subsidiary of Colgate-Palmolive, she has arranged with its veterinary wholesalers to ban the export of its products outside the Hexagon.

If Nestlé and Mars are the most heavily penalized (19 and 11.6 million fine), they nevertheless benefited from reductions of approximately 20% penalty for not contesting the facts. They also set up compliance programs to competition rules. Finally, they reorganized their distribution system and p

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When David attacked Goliath … The BFD software company, building on its 4 million euros in annual turnover and its 37 employees, went into battle against BNP Paribas, which displays 6 billion euros of profit on the clock. According to Le Parisien, she accused the banking giant to have poached one of its engineers in order to terminate a subcontract of 900,000 Euros. The story began when BFD, who worked for three years developing a computer program to BNP Paribas, has suddenly learned earlier this year that this contract would not be renewed. But Philip Michelin, the boss of the company, ensures that negotiations were on track. "I had even planned to mobilize more than five employees on this issue," he tells Le Parisien. Finally, it has laid off four people.

Bad news never comes alone, the boss of BFD was later discovered that one of its best engineers left him to join the ranks of BNP Paribas. Strange coincidence: the employee, who worked for the computer company for twelve years, was supervisor of the BFD program that developed for the bank, called Easy Doc, whose purpose was to enable employees to share their knowledge. "He knew by heart the project. If BNP Paribas has poached is to continue development of Easy-Doc is from our services, "protested Philip Michelin. Sickened, he adds that this hiring is even more "unacceptable" that the contract between BNP Paribas and BFD included an "opt-poaching".  

BFD, which further argues partnerships with other major banks like Societe Generale, Natixis, Credit Agricole and HSBC, does not stop there. The company complained to the High Court. Bailiffs have made a seizure of computer equipment, February 1, the antenna of Montreuil, Seine-Saint-Denis, BNP Paribas. "We are looking for emails that could prove that the bank has canvassed the employee," says Philippe Michelin daily. BNP Paribas, meanwhile, declined to comment on "a judicial proceeding."

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Since last summer, bank credit has become scarce for local elected officials. New regulations have made loans to local banks for less advantageous, when Dexia, their traditional bank, plunged. So it is impossible for municipalities, counties and regions to find in private schools 16 to 18 billion in loans they need each year to finance their investments. Aware of the danger, the government called the Deposit to the rescue. Twice, in late 2011 and early 2012, the Fund has allocated credit of 5 billion euros.

But if the fire was extinguished in the short term, elected officials are worried about post-2012. They look for alternative sources of funding. The use of bond markets is limited to major cities and regions. Quite expensive and reserved for communities heavily populated, borrowing from the people is not ideal. Hence the idea, supported by associations of elected officials since September, to create an agency of local government financing, which could provide 25% of their funding. She would borrow on financial markets and then offer loans to member communities. With this system, small communities would have access to the bond market.

But in a report requested by the Parliament, the government is wary shows the feasibility of such an agency. The report doubts that the structure can be rated AAA or even AA +, as expected by local officials. The state itself has lost its triple A!

Risk of debt

Furthermore, "the device does not yet appear likely to develop a truly autonomous structure and without government guarantee," the report said. But the state itself in debt, does not consider such a bond. Moreover, the structure will have significant equity. The equity will be provided by local, that may … have to go into debt to provide money destined to be blocked.

Anyway, the Minister for local government, Philippe Richert, believes that the Agency is not required. Local councilors, who were attached to the agency, probably will challenge this analysis.

Questions … Philippe Richert, minister for local government.

Funding for communities been secured for 2012?

Yes. Private banks are committed to providing just under 11 billion in loans. The new public bank, Dexia replacing, should provide 2 billion from the summer. To the join, the government asked the Caisse des Depots (CDC) to release $ 5 billion. An initial budget of 2 billion will be available until late March. In total, the account will be there.

But the CDC can not put out the fires forever

.

From 2013, we no longer need to resort to the CDC. Indeed, the public bank will rise in power. I think she may grant 4 billion of loans in 2013.

The funding agency will she need?

Local elected officials want to create an agency that would borrow on their behalf in the bond markets. In principle, this is a good idea. But the establishment of this agency, as it is now conceived, is problematic. This type of structure exists in Northern Europe. But in these countries, communities have more resources and are much less numerous, there is not 36,000 municipalities. The situation is not comparable. In the immediate future, it is better to focus on the new public bank.

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The Kerviel affair did not end annoying Societe Generale. While the appeal of Jerome Kerviel should be held next June, a new legal developments oppose the bank Tuesday to four of its employees. These employed a center of Marseille succession management demanding 15,000 euros in damages to their employer, Societe Generale, for the moral prejudice they suffered as a result of the Kerviel affair.

Since the discovery record losses in 2008 – 4.9 billion euros – earned by the former trader, these employees claim to be the subject of "jokes" from their customers, some having been until the deal with "thieves," said their lawyer, Richard Daniel. "These taunts lasted for months, at least until the first trial of Jerome Kerviel in 2010," he says. The employees would like to see these inconveniences recognized by the justice and compensation. A hearing is scheduled next Tuesday in the morning before the 6th Civil Chamber of the Tribunal de Grande Instance of Nanterre.

SocGen cleared

In the first trial of Jerome Kerviel in October 2010, two employees were already in civil proceedings. Also represented by Daniel Richard, they had managed to gain recognition by the judge moral prejudice "against the deleterious working conditions" resulting from the incident, and "threats" that it "poses to their career prospects. " At the time, the former trader was sentenced to compensate up to 2,500 euros each, plus 4.9 billion euros due to Societe Generale.

Mr. Daniel Richard had immediately called the bank to take the money for its support. "The bank must answer for his own faults: he was convicted July 4, 2008 by the Banking Commission for the serious flaws in its internal control system. Societe Generale would do well by doing this spontaneously compensation ", potentially involving every employee in contact with customers, he argued in October 2010. For the bank, completely cleared at trial of the scandal Kerviel, such a decision would create a precedent difficult to manage.

At the trial of Jerome Kerviel, the lawyer had failed to take the responsibility of the bank financial loss suffered by the employee shareholders of the group, linked to the loss of their holdings on the merits corporate savings. In 2008, SocGen's share price has lost more than 60%. "That damage can not be interpreted as a direct consequence of the facts," the judge had ruled.  

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As soon as the telecom regulator (ARCEP) she reiterated that Free Mobile fulfilling its obligations in terms of coverage, the network of the new telephone is again controversial. He knows since Friday morning strong disturbances that affect customer communications. The magnitude of the incident remains unknown, Iliad, the parent of Free, refused to give details. But for France Telecom, under contract to Free Mobile, it would be a "major incident".

Disturbances may be caused by the failure of one of the two "signaling equipment" Free Mobile needed to find the phones.

Orange wants to keep his distance. The incumbent is linked to Free Mobile "a roaming agreement" which allows customers to use the Free Orange network in areas where Free has not yet developed its own coverage. "Free us informed in the late morning of an incident on its network equipment. This incident is in no way related to the contract of homelessness in Orange network, "said a spokesman for France Telecom.

No "quality testing service"

The incident revived the controversy over the quality of service of the fourth mobile operator. Tuesday, Arcep confirmed before an Assembly committee that Free Mobile covered at least 27% of the French population, a regulatory requirement for anyone holding a mobile telephone license. The regulatory authority, however, that it had made "coverage tests" and not "test quality of service."

For other telephone companies, possess Free Mobile Network "cheap" or "empty". They accuse him and his relay off voluntarily and not to develop its infrastructure to rest on those of Orange, better and more extensive. It is estimated that over 90% of calls made by customers Free pass through its network.

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Apple plays spoilsport. Tuesday night, while most manufacturers of tablets showed their latest Mobile World Congress in Barcelona, ​​the media were invited to attend the following week, the launch of the next iPad from San Francisco.

For four days, the electronics giants have yet done everything to make us forget the iPad and mark their difference. Two of them, Samsung and LG, have chosen to deliver their new tablets with a stylus, following HTC, which was launched in the last year in this niche. This accessory, which allows you to write or draw and more accurately on the screen, is rejected by Apple, who believes only the touch screen.

Much of the Samsung booth and was dedicated to the Galaxy Score, available in two versions. The smallest, launched in October, is midway between the tablet and smartphone (screen 5.3 inches diagonally) and can act as telephone. The new model, twice as large (10.1 inches), is a format closer to the iPad. Samsung will install software specifically developed for the stylus and a suite of creative software designed by Adobe.

LG, whose stand was a short walk from the Samsung, also gave a large place with a touch pad accompanied by a stylus. Also able to act as a (big) phone, the LG Vu takes a screen in 4/3 assumed to be more enjoyable to read books or magazines. Initially sold in South Korea, it will come with tools for professionals, facilitating note taking and annotation of web pages.

No innovation in displays

Apple's other competitors, who have not succumbed to the fashion of the stylus, for their part have chosen to focus on the graphics power against the iPad fast cash advance. Chinese Huawei and ZTE, prominent during the Barcelona show, presented every two shelves featuring quad-core chips, twice the current iPad. Asus has preferred him with originality Padphone, a laptop that can turn into a tablet or smartphone.

During the show, no manufacturer has, however, ventured into the field of screen resolution, where the iPad 3 is highly anticipated. The new Apple tablet should indeed be able to display twice as many pixels on the same surface, and achieve the same quality as the high-end smartphones. This type of screen, says "Retina display", is more complicated to produce, and therefore more expensive. It could cause supply problems iPad 3, as the site DigiTimes.

Apple's competitors have proposed no major advances in the software. They are in fact dependent on advances of Android, they do not control development. However, the system suffers from a lack of applications and is not yet as attractive as in smartphones, has recognized the head of mobile at Google, Andy Rubin. In two years he has sold 12 million Android tablets, against 50 million iPad. To reverse the trend, Google wants to encourage developers to write software compatible with all types of screens.

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