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The Chairman of the Board of Directors and former CEO of L'Oreal Lindsay Owen-Jones afflicts some 3.3 million euros per year pension, according to Capital magazine, which published its last issue in a ranking of "retreats Gold bosses.

At 64, Lindsey Owen-Jones – CEO from 1988 to 2006 – which last year received two million euros of annual salary as non-executive chairman of the world leader in cosmetics, "already has a pension of 3.3 million euros per year, "wrote Capital.

The magazine's ranking, which evaluated from annual reports of the pension groups already affected or hats come from bosses, ahead of Lindsay Owen-Jones CEO Franck Riboud of Danone, which should reach 1.8 in the future million euros in annual rent, and that Axa's Henri de Castries, the pension provided, when he was 55, is 1.1 million euros annually.

Behind them are the CEO of reinsurer Scor Denis Kessler (800,000 euros per year), former president of Sanofi-Aventis Jean-Francois Dehecq (779,000 euros) and Henri Proglio, which besides a pension of 769.000 paid by Veolia Environnement, affects 1.6 million euros a year as CEO of EDF, said Capital.

"Under pressure from the public and shareholders, companies have significantly planed pensions hats they give to their leaders," the magazine notes, however, that assesses the average annual pension of "30 most spoiled" of them at 720,000 euros.

"The retirement of the CEO is generally calculated on the basis of its last three salaries (including bonuses), when ordinary workers must produce his best 25 years, also falls Capital, which said that the groups are saving for pouring the future pensions promised.

From our special correspondent in Toronto.

Whatever the fans of austerity, the G20 Toronto has not been that of rigor. On the form, the exorbitant cost of the summit – 1.2 billion Canadian dollars, or 900 million Euro-shows that developed countries like Canada, still have strong reservations to spend public money to do their self-promotion. On the merits, the U.S. calls for further spending in the short term have been heard, even if Barack Obama had a hard time leaving scope for "recovery" in the final communique.

"We need to let it work through our plans for fiscal stimulus to consolidate the recovery," said the G20."Adjustments in the largest simultaneous countries could undermine the recovery," said the statement, which also bears the imprint of major emerging countries (China, India, Brazil, Russia).

Budgetary discipline

Pessimistic about the recovery, deemed "fragile and uneven, very worried about the" rate of unemployment reached unacceptable levels in certain countries, "the G20 always gives priority to growth. "Although Mrs Merkel has agreed to make more growth!" Says Nicolas Sarkozy.

For the first time, however, the virtues of fiscal restraint is recognized at the highest level."Sound public finances are essential to sustain the recovery, giving some leeway in case of a new shock, and avoid leaving future generations a legacy of deficits and debt" indicates the G20.

A commitment risk

But beware of plans rigor rushed! The G20 did not advocate austerity at all stages payday loans for self employed. "Fiscal adjustment needs to be carefully calibrated to support private demand," it said. "The consolidation measures should be phased in over time, growth, and differentiated according to country."

Angela Merkel welcomes the significant progress: the G20 endorsed the objectives of deficits and debt, modeled on the European Stability Pact, sanctions and less.The G20 developed countries commit to reduce their deficit in half by 2013 and to stabilize their debt to GDP by 2016. He was a Canadian proposal, which the first Prime Minister Stephen Harper to declare victory, after a summit a small scale.

But this commitment amounted G20 does not fear large world. The European Union should achieve this goal without problems, ensures José Manuel Barroso. France has already pledged to reduce its deficit 8% today to 3% in 2013. As the United States, they feel just referred.In its letter to its partners in the G20 to warn them against the rigors, Barack Obama has renewed its commitment to reducing the U.S. budget deficit by half in 2013 to return to deficits of 3% in 2015.

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The addicted to gambling who resisted the temptation to bet online, on the grounds that the practice was not authorized in France, will be able to satisfy their passion.

According to the decree published in the OJ, the Regulatory Authority online games (Arjel), a specially created, issued 17 licenses, or "amenities" to 11 operators of online games to start from the Paris Global South Africa (June 11-July 11).

The Arjel had received 25 cases corresponding to approximately 35 applications for approval paris sports, horse or Poker. A figure that has evolved steadily, because there is no deadline for submitting applications. One thing is certain, there will be poor candidates because half of the applications have been reviewed by the Arjel. Moreover, the opening of online poker games has been delayed a month because of an obstruction of Malta.

"The educational services are not idle," says Jean-Francois Vilotte, Chairman of the Authority. A number of candidates will not obtain approval immediately, because they are incomplete, we need additional information or have been filed later. "

The Official Journal that published earlier in the night his decree, the lucky few can enter. Provided, said Jean-Francois Vilotte, that computer systems (including safes) are operational and that the game software have been certified by the Arjel.

Like its competitors, Philippe Germond, CEO of the PMU is in the starting blocks. "I feel like the boss of a shop where the shelves are ready, as sellers, there is more than the curtain open," says he.The first operator in Europe paris horse wants to be present on the fifteen licensed sports, from football to rugby to tennis, judo and rowing. He filed his May 18 request for approval for paris horse, and sports of poker. A pad 7400 pages!

Among the operators concerned by the decree, we find also the PMU, the French or Unibet Games, Beturf, BES SAS.

The competition will be difficult. All applicants expect a rapid concentration of the market. Philippe Germond table 4-5 major groups in Paris and a little more sport in poker. Starting from zero, Barrierepoker is 20-25% market share within five years. Marc Simoncini, 20% shareholder Winamax, a site 100% poker is more ambitious. "We want to stay in the top three poker sites in France, says he.I am convinced that those who succeed are the pure poker players. "

Setback to illegal sites

The success of the liberalization of gambling will depend on the state capacity to fight against the multitude of sites which remain outside the law by not asking for approval to the Arjel. They are 25,000 in the world, including 20% in French. On Thursday, the European justice has inflicted another blow. Two licensed operators in the UK, Ladbrokes and Betfair, invoked the freedom to provide services in the European Union to assert their license with the United Kingdom, they could market their offers in the Netherlands. The Justice has confirmed that it was legitimate for a country to ban them, to combat fraud and protect consumers.

In an interview on RMC Info radio on Wednesday morning, the president of the SNCF, Guillaume Pepy announced three measures to better inform customers of the railway, victims of disruptions caused by the strike now in its eighth day.

SNCF undertakes to publish on Friday on its website and in the press, the list "train by train those who ride or not" for his customers are accurately informed about the conditions of their journey.

Another point, there will be more bookings on the main rail-route to the south-east, that is to say where the strike is the most followed. However, the reservations already made will remain valid.Guillaume Pepy has finally announced that there will be "measures of reimbursement for customers affected by the strike, but the details will be given after consultation with associations of users.

Do not give "bonus to strike"

Guillaume Pepy said also do not want to negotiate with the strikers saying only that "it is simply a bonus to strike from the premium to trading." Indeed, the two unions on strike, the CGT and the South have made the request a separate negotiation.Also it is "optimistic" about the round table proposed by management to all trade unions on April 21.

He also stressed that the minimum service was "pretty well" and that "all trains that were scheduled have been circulating," welcoming "the 96% of railway workers", they "were stoned for the past eight days to protect our customers maximum.

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It is a relief for the 70 people who spent 7 years of their life to the project. The Solar Impulse, the first aircraft powered entirely by solar energy, took off this Wednesday at about 10:28 (8:28 GMT) from the military base of Payerne, in western Switzerland. After about a hundred meters, the plane took off and landed without difficulty as easily, after half past one flight.

The plane, still in prototype stage, used the 12,000 photovoltaic cells covering its wings only source of energy. As expected, the four solar-powered electric motors of an output of 10 hp each. The panels can charge the lithium-polymer that is 400 kg device. The aircraft, which looks identical to a dragonfly, has surprised observers by its silence.

Liftoff …

… And landing

After the jump, the flight

The first flight was operated by the German rider Markus Scherdel. Long delayed by adverse weather conditions, it occurs after an initial "jump" of a few meters in December 2009. "Not one aircraft of this type has flown in the past, welcomed the Swiss explorer and creator of the prototype, Bertrand Piccard. The take off was "a huge question mark," he recalled. Andre Borschberg, co-founder of the project, added that "the first question was whether we had enough power to lift off and then if we could land this plane" online payday advance. According to Bertrand Piccard, the first success "gave us the confidence needed for the next flight and the next missions.

The Solar Impulse will come into effect as of the first successful step in a long series of tests. The team plans further tests to calibrate the machine and then build a second copy. "We will continue the test flights for improving the design of the second aircraft," said Andre Borschberg. The construction of the second unit to start next year.

Soon round the world

The designers of the Solar Impusle are aiming to launch their second aircraft in the adventure of the world tour. The journey will be in five phases by 2013, rather than 2012 as previously announced.

The ecological objective remains unchanged: "This project primarily to show what we can do in renewable energy," he assured Bertrand Piccard, who asserts that "our future depends on our ability to adapt quickly to these renewables.Solar Impulse is to demonstrate what we already can do today to use these energies.

Next step in the schedule of organizers: a journey of 36 hours non-stop before the summer from Payerne to test the device's ability to operate day and night.

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Nicolas Sarkozy has made to put things right in the Council of Ministers, just before receiving the UMP parliamentarians: "It does not affect the tax shield." A Council that was exceptionally held in late afternoon to cause of displacement of U.S. President. For deputies summoned to the Elysee, so there was more suspense before the start of the meeting.

"The tax shield is more than a campaign pledge is a real conviction on the part of the majority", pleaded Luc Chatel, a spokesman of the government, through: "If we want to attract investors, if we want to reconnect with family capitalism, it was necessary to end a confiscatory tax system. "Before concluding, unmoved:" I do not feel that the tax shield is starting to crack. "

Yet the controversy has continued to swell until the presidential will be known.Just when Luc Chatel made it public, Dominique de Villepin, who met with associations in a Parisian cafe, explained that the suspension of the tax shield is "common sense". "This is the wish of all the French, he claimed. That is what the majority wants today and I am glad, like what time to time it is worth persevering. "

A turning

Imprudent, especially as Baroin had paved the ground before Nicolas Sarkozy expressed. In an interview with Echo, the new budget minister had spoken to the "fiscal stability", explaining: "By nature, I always thought we did not leave enough time for a device to produce his tax effects.Let the system run on time and take stock. "But while describing the shield of" good principle of tax fairness, "he had served on his opponents he could hear their arguments, adding:" I have no doubt it will be one of the subjects, most notably, in the heart of the budget debate. "

In the meantime, the opposition continued its offensive, the voice of Francois Hollande. The former first secretary of the PS had rejoiced Monday that the "lock" is about to jump. On Wednesday, the Assembly, he questioned Francois Fillon, but Baroin who responded by strengthening even tone.He proclaimed his "pride" of having belonged to the government who set up the shield and, above all, he has refreshed his memory of leftist deputies by throwing them: "You're the first, with Michel Rocard, who have not invented the shield, but defined a certain idea of capping. "However, he was careful to recall that Alain Juppe was subsequently removed this cap.

The President did little to dampen the ardor sustainable fiscal policies of the majority? In any case, the offensive against the shield was a turning point in relations between Nicolas Sarkozy and the expected parliamentary support. Hours before the appointment of the Elysee, three deputies announced the filing of a bill to "suspend" the tax shield.Among them, Villepin as Marc Bernier, Anne-Marie and Michel Montchamp reason, but also a centrist close to Pierre Mehaignerie Rene Couanau an "unclassifiable", Michel Piron, and even a hard-Sarkozyist Pierre Cardo. "As a national effort is needed to reform pensions, reduce deficits, supporting people in precarious situations, it is essential that this effort is shared by all," they write as an explanatory memorandum.

Jean-Francois Cope, who always professed that "we must come together when the family is in trouble, did nothing to defend the tax shield, which he implemented as budget minister. Admitting he had "no religion" in the subject, he allowed members of the New Center to celebrate their voices "began to be heard."

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After starting the week very uncertain, Friday's meeting marks a consolidation of most Asian stock markets in a very active market with the approach of the end of Japanese fiscal year March 31.

With the exception of the Stock Exchange of Hong Kong who abandons 0.20% to 21,288 points, all major Asian markets closed the session up: Tokyo, whose flagship index, the Nikkei 225 is pressed over of 10,800 points, closing at 0.69% at 10,811 points.

From the other side areas, fire is almost green at the end: Singapore rose 0.34% to 2923 points, Bombay climbed 0.21% to 17,555 points, Sydney advance of 0.19% to 4872 points, Seoul ended up 0.59% to 3540 points and Taiwan concluded a small increase from 0.04% to 7 cheapest personal loan rates . 889 points.

U.S. indicators released Thursday had to reassure Asian markets. Only Hong Kong so this ends up on a bad note in a difficult situation between China and the United States.Chinese leaders have asked their American counterparts not to "politicize" the issue of the exchange rate of the yuan, on pain of "complicating" the situation.

Crude prices were down Friday in electronic trading in Asia, reflecting the stronger U.S. dollar, dealers said.

In morning trading, a barrel of light sweet crude for April delivery yielded 29 cents to 81.91 dollars while the barrel of Brent North Sea for May delivery dropped 26 cents to 81.22 dollars.

The U.S. stock markets ended the week on a sharp increase at the end of the session.

Already indices had opened on Friday on the rise, boosted by employment figures less bad than expected. The United States has in fact lost 36,000 jobs in February than in January and the unemployment rate the country has remained stable at 9.7% this month, according to the official report on employment released on Friday, while analysts expected a decline.

Then at 21 pm on consumer credit showed an increase of 4.96 billion dollars in January in the United States, its first increase in a year and the strongest since my mid-2008, the Federal Reserve announced Friday . In December, the credit had decreased by 4.57 billion.

In the end, the Dow Jones advanced 1.17% at 10,566 points, boosted by Alcoa (+3.2%, to 13.86 dollars), Boeing (3.74%, to $ 68) and American Express ( 3.32%, to 40.18 dollars). The Nasdaq rose 1.48% to 2326 points, while Apple announced that the iPad will be available April 3, and the S & P 500 of 1.40% to 1139 points, buoyed by the telecommunications industry.

U.S. investors have also noted the announcement by the Chinese premier who has promised a 8% growth for China this year.Thursday, Wall Street closed higher on a comfortable, supported by bearings recommendations.

On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for April delivery tE, P4ermin? to 81.50 dollars, up 1.29 dollars compared to the previous day.

As for currencies, the euro fell sharply Friday against a dollar backed by the release of employment figures in the United States, and reassuring the operators on the strength of the recovery of the world's largest economy guaranteed approval cash loans .

General Growth resumed its ancient symbol

Among the increases to retain this Friday, Exxon Mobil (1.67% to 66.49 dolalrs) Chevron (1.74%, to 74.35 dollars) and JP Morgan Chase (2%, to 42.76 dollars).

Remarkable progress, that of InterMune, which soared 59.4% to 23.29 dollars.The regulatory authorities have indicated it will review its drug for pulmonary fibers.

Microsoft (-0.14% to 28.59 euros): the software giant said Friday it would stick to its strategy of developing the market for search engines in China, whatever the outcome of Google dispute between the Chinese government.

Blackstone (+3.77% at 14.86 euros): the investment fund is hoping to complete an initial transaction in Australia this year and also studied business in Japan and South Korea, each operation may be about 100 million dollars, said an official with the group.

Marvell Technology Group (+1.39% at 20.41 euros): the chip maker reported a 64% increase in its turnover, thanks to a recovery of expenditure within the sector, 842 5 million dollars against 842 million expected on average.

In addition, General Growth: The title of the second American owner of shopping malls start to be traded on the New York Stock Exchange under its old symbol GGP3 "while the group is still under bankruptcy.

The suspense was lifted on the eve of a meeting of oil cartel in Luanda. Abdallah el-Badri, secretary general of the organization, said Monday the consensus between the different member countries. An increase in OPEC production "is not in the radar" for next year, he also said, saying the current price levels were "very comfortable".

"Stocks (…) are a little high," then said Abdullah el-Badri, adding that the cartel, which is not less than 40% of world production, was to "bring them back to reasonable levels."

It has, finally, stressed the importance of meeting production quotas imposed on member countries. In late 2008, OPEC had agreed to remove the oil market 4.2 million barrels per day (bpd) to stem the collapse in oil prices which had touched $ 30 a barrel.In November, the 11 members bound by quotas (excluding Iraq) pumped 1.6 million bpd more than its official ceiling, according to the International Atomic Energy.

Philippe Zaouati released last October "Responsible Investing: in search of new values to finance" published by Lines benchmarks.

Lefigaro.fr / jdf.com – What is the impact of the crisis on the demand for socially responsible investment (SRI)? Philippe Zaouati We first asked whether the crisis was not going to put the SRI in the background, because of other challenges faced investors (liquidity, market downturn). But in fact it has strengthened doubts about the liability of investors, and the need for simple products, with maturities of medium or long term. Historically, every crisis in financial markets has strengthened a little more investor interest in SRI: this was particularly the case after financial scandals related to Enron, WorldCom, or Vivendi.And this growth occurs with a ratchet effect: in other words, when we begin to invest responsibly, because we are convinced of the usefulness of these investments, there is no return back. But such products, now recognized by institutional investors remains unknown individuals.

Some believe however that SRI is primarily a marketing argument for management companies. What do you say? Of the managers who are interested in SRI, some are primarily interested in the potential of this market. But there are also many houses management that invest in dedicated teams, recruiting specialists extra-financial analysis, in addition to traditional financial analysts.For example, at Natixis AM, we recruited seven people who analyze only the environmental and social impact of companies and their governance, and this team will be strengthened in 2010 through new recrutements.De such dedicated teams bring their own assessment socially responsible companies, and not confined to incorporate the findings of CRAs extra financial times are updated every year or every two years. It is therefore essential for an asset manager to bring its own expertise in their management choices.Similarly, if a manager is satisfied with the credit ratings established by Moody's and Fitch to make its investment decisions, it is not serious.

How do you explain that Islamic finance is more media that SRI investments, while their positions are close? The investment managers in the Anglo-Saxon are designed as fund exclusion: companies whose products or practices do not respect the moral convictions upheld by the fund are excluded from the portfolio. It's the classic case of defense industries, tobacco, wines and spirits, not to mention companies in pornography and games. The philosophy of these funds is very close to the ethical funds, such funds islamiques.Mais there are other types of SRI investments, including those who advocate an approach of "best student", which are most prevalent in France by example.In these funds, the managers invest in every sector of companies that provide the greatest effort in limiting the impact of their activities on the environment, which seek to make social policy and governance. The general public just yet understand the logic of such funds, which are to encourage good practices, but whose message is not very clear. This probably explains why these funds are less known and less publicized so that thematic funds on the environment or renewable energy, for example.

How do you expect demand investment managers? The demand will undoubtedly increase in coming years.Starting next January, the regulations require each such company to include at least a savings fund solidarity among all funds offered under the company savings plan, it goes in the right direction to develop the SRI and solidarity among the general public. Finally, I am convinced that the share devoted to the institutional SRI, which represents between 5% and 10% today, could double or even triple within three years. Good students in social practices Respecting the environment does not suffice for a company is held responsible. It must also be transparent in its management, and be the guarantor of good social practice. Beginning with the rejection of child labor. But this social criterion also considers the role that the company gives to its employees, through such consultations.Among the good performers in terms of social practices, Natixis currently distinguishes Boiron, Orpea, Sanofi-Aventis, Essilor, Technip, Sodexo, Randstad, Ansaldo, EDF Energy and new GDF Suez.