In Norway, one of the richest countries in the world, the housing bubble never ceases to blow. Prices have doubled in less than ten years. The increase has further accelerated in the last quarter of 2011, fueled by falling interest rates. The Norwegian Central Bank, like its neighbors Sweden and Denmark, has changed its monetary strategy in December to counter the appreciation of his crown. "The monetary authorities are faced with a dilemma. Their priority now is to boost exports in a less favorable international context, the risk of maintaining the housing bubble, "says Caroline Newhouse of BNP Paribas.

There is also an effect "euro zone", the economist added: foreign capital sought refuge in the Nordic economies, spared by the European crisis and healthier financially. To say in the Norwegian case, the country has with its sea-kissed gas and oil a budget surplus of 10 to 15% of GDP on average and a sovereign fund with 400 billion euros. Boosted by exports and investment, in 2011 Norway experienced a growth of 2.5% of GDP and unemployment fell to 2.7% in February.

All positive factors that stimulate consumption and real estate credit. "The ratio of household debt to disposable income has grown very large: it rose from 125% in 2000 to over 200% today," says Caroline Newhouse instant personal loans guaranteed.

Back in Denmark

In early February, the International Monetary Fund (IMF) has warned against the risk of bursting of the housing bubble and its consequences on the banking system, the situation of households, and more generally on the country's economic health. The IMF, which considers house prices overvalued by 15 to 20%, slightly revised down its growth forecast to 2.2% of GDP for 2012.

It must be said that the real estate bubble burst in early 2011, after the rise in interest rates, no end to wreak havoc on the small Danish economy has plunged into recession in the second half of the year. Prices continue to fall and foreclosures have reached their highest in 17 years.

In Sweden, the landing is smoother, "the year 2011 was marked by the gradual turnaround in the housing market," said Nathalie Dezeure Natixis. All indicators – start of construction, residential investment, transaction volumes and property prices – are down but still at high levels. Concerned about the phenomenon, the Riksbank has commissioned several studies. It turns out that the movement is less speculative than structural, linked to a shortage of supply becomes problematic in central Stockholm.

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Sell, not sell? The sale of Flammarion stirred microcosm of the French edition, while officially opens the 32nd Book Fair. That same Friday, the board of the Italian Rizzoli Corriere della Sera (RCS), owner of the prestigious, will meet in Milan to validate and formalize its 2011 accounts – or not – the sale of its publishing subsidiary , which weighs more than a third of its business books and two-thirds of operating profit of the division. A nugget with Italian giant RCS Mediagroup, which owns the daily Corriere della Sera and El Mundo, could sell to reduce debt.

Currently, only Gallimard and Editions Albin Michel have formally submitted applications. However, Editis-Media Holdings, Europe's leading BD (Dargaud, Dupuis, Le Lombard …), the British HarperCollins (NewsCorp) and investment funds may be interested. The case is also closely monitored by the Strategic Investment Fund (ISF), which plans to support other investors. For the latter, the idea would be to find a French solution, which advocates or Albin Michel Gallimard, and dismisses a priori Editis, which belongs to the Spanish Planeta. "Gallimard can go alone," says a banker. The ties that bind the current patron of Flammarion, Teresa CREMISI, Antoine Gallimard, she was the editorial director from 1989 to 2005, could weigh in the decision. But the two groups each have a distribution tool. Albin Michel, who does not seem more complementary Flammarion.

The house founded in 1876 by Ernest Flammarion is one of the champions of the French edition, behind Hachette Livre, Editis, Media-Participations and La Martiniere-Le Seuil, but at Gallimard free 3-in-1 credit report. In 2010, the group Flammarion, publisher of the Prix Goncourt Michel Houellebecq and sells 36 million pounds per year, achieved a turnover of 278 million euros (219 million excluding distribution), against 241 million for the Gallimard Group (Denoël, Mercure de France …). He has nice assets, as Casterman (Tintin), and displays a nice profit, with an EBITDA of approximately € 30 million.

Numerical uncertainty

Everything to play. The sale could take months, hoping RCS Mediagroup remove between 220 and 300 million euros of the operation entrusted to the Italian bank Mediobanca, which itself owns nearly 14% of RCS. In 2000, the Italian group had taken control of Flammarion by paying about $ 160 million. The difficulty is to develop an activity whose visibility is parasitized by the development of digital books. While the share of sales of e-books is still marginal, in the order of 2 to 3% of market value, according to Livres Hebdo. But sales of reading lights, which took off in late 2011, shook the area. The book publisher Harlequin romance of France, 50% owned subsidiary of Hachette Livre and a lot of direct sales, and expects to achieve 15% of its business in the digital within two years. 3000 of its securities should be downloadable in late 2012.

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Centerpiece of the second bailout of Greece, the restructuring of Greece's debt, which will result in a deletion of 107 billion euros of private debt, already starting to worry. Wednesday, Greek banks have fallen by over 11% of the stock market as investors fear needs more capital than expected. These institutions are most exposed to government bonds in their country. They suffer, like all private creditors, over 70% losses on their securities Greek, but it will weigh more heavily on their balance sheets. Under the rescue plan EU-IMF, recapitalization could be accompanied by a partial nationalization.

Meanwhile, the Greek Parliament will vote Thursday a law matching Greek bonds of "collective action clauses" (CACs). All holders of these securities Greek government will accept 70% loss at least. "Let's stop playing with words: the Greek case is a forced restructuring," says unexpert.

The rating agency Fitch does is not wrong. Describing the exchange of Greek debt "restructuring under constraint," it has downgraded Greece's long-term two notches, to C against "CCC" before saying "that default is likely in the short term. " The bonds will be exchanged rated "D" as "fault". And note the country will, initially, to "partial default". Wednesday, interest rates on Greek debt repayable on March 20 soared to 4,000% in the secondary market, reflecting concerns about the implementation of the debt exchange with the private sector.

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It was two years ago: Didier Migaud took the head of the ECA. To succeed Philippe Seguin, Nicolas Sarkozy had chosen to appeal to an elected Socialist President of the Finance Committee in the Assembly. This appointment, under the sign of political openness, is one of the many developments that have marked the Court in recent years. Developments that have strengthened its role. The Court of Auditors is not content to publish its annual report in February, far from it!

Thus, since 2008, the magistrates of the Rue Cambon – named by reference to the Paris address of the Court – control the accounts of the Elysee. Jean-Pierre Bel, the President PS Senate, has asked that the same is true for those in the Senate. As for the accounts of the state (ministries and parastatals) and the general scheme of Social Security, they are "certified" by the Court of Auditors since 2006, which ensures reliability.

Another innovation of the last ten years: the increased collaboration with the Parliament, which may apply to the Court of audit reports on specific topics. In 2011, the report pointing to the overhead of merging the two directions of taxes at Bercy has been commissioned by the Senate Finance Committee. The Court of course retains the right to set its own agenda. It was she who chose for example to control the works of the RATP.

Assessing the economic policies

Since 2008, the magistrates of the Rue Cambon must also evaluate public policies. A new mission that leads them to act outside of the public sphere. "For the assessment of biofuels policy, we asked private companies, including Total, PSA, Renault, etc.. Our contacts have proved available, so that legally, nor was it required to answer our questions, "Christian witness Descheemaeker, president of the Seventh Chamber (specializing in transport, environment, agriculture), and Arnold Migus and Paul-Henri Ravier, Senior Councillors.

Adversarial proceedings

Also in evaluation, the Court can work with Parliament. This was the case on the report on accommodation for homeless people. "We attended the hearings conducted by the members and we sometimes went into the field with them," says Anne Froment-Meurice, president of the Fifth Chamber (specializing in employment, excluding the city), Michel de Virville, Senior Member, and Marie-Christine Butel, rapporteur.

Each time, whether measurement or control, the Court respects adversarial proceedings. Controlled organizations have a right of reply that is built into the reports. Furthermore, the authors of the reports have their work checked by other members of the Court, at hearings in private. "We are on the grill for half a day. But it is very informative, "says Marie-Christine Butel, rapporteur. This is especially a more reliable, which explains the reputation of this institution created in 1807.

FOUR FUNCTIONS IN THE STATE:

r the public sphere. The Court of Auditors checks the state and its satellites, Social Security, public enterprises and organizations using public donations. The regime of the entertainment or the Bank of France were pinned in its latest annual report. The court also publishes thematic reports during the year, like the Franco-German taxation. It enlightens the public debate by giving their views regularly on the state of French public finances. The regional audit control, they, the management of local authorities.

Each year, the Court of Auditors certify that the accounts of the state and the general scheme of Social Security are "regular, honest and fairly." In short, it ensures that the methodology makes these reliable accounts. France is, with the United Kingdom and the United States, one of the few countries where an independent authority certifies the accounts of the state.

The Court of Auditors and regional chambers judge public accountants for their sins. They can condemn them to fines or impose Debets, that is to say force them to repay the expense paid irregularly or not the recipe recovered by negligence.

The Court of Auditors assesses whether a given public policy – eg biofuels policy or the accommodation of homeless people – is achieving its objectives. It is then brought to question government but also private companies.

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"These works councils in the storm

The salary, all countries are not on the same wavelength. The annual survey of international recruitment firm Robert Walters (*) shows the differences. In 2011, it was better to work in Germany or Brazil in the UK.

Germany, China, Brazil, Australia have indeed seen increased hiring and salaries of managers. The United Kingdom registered a decrease in compensation of 10%. In France, the pay increase was zero. The observation conceals extremes.

"In the first quarter, experienced managers have benefited from the carrier dynamics and wage inflation, making up two years of stagnation, and that in all trades and all sectors, says Antoine Morgaut, CEO Continental Europe and Latin America by Robert Walters. September marked the return of uncertainty. Recruitments were maintained in a market where demand frameworks has become structural, but overall the catch was interrupted. "

Premium experts

Only to take their game, the experts benefited from strong market demand shortage. Some, such as actuaries, consolidators, internal auditors, risk managers in banking, compliance officers, … SAP specialists have seen their wages increase to 25%. In middle management growth reached 10% on average. "Every year the valuation of experts working on niche markets is increasing," says Antoine Morgaut.

Meanwhile, salary ranges have tightened over the 10 years of experience and senior management, although with few peaks. A qualified actuary in 2011 (7 to 12 years of experience) for example has won between 75 and 115K € (**), a bank compliance officer (over 12 years experience) € 80 to 150K, a manager program in real estate from 60 to 110K € (6-10 years experience) saving account pay day loan.

In 2012 the uncertainties, companies should be ungenerous earlier this year. Salaries will follow inflation, the bonus will be measured, rarely more than 15%, and very individualized, "because we can not afford to lose excellent employees or pass very good profiles," says Antoine Morgaut. Overall, the variable will range between 5% and 30%.

Results which are crippling the morale of the French managers: 48% now feel a loss of purchasing power. And comparing global employment should not give them a smile. According to a range of functions held by Robert Walters, France is down-banding, just ahead of Spain. The gap with Germany, the Netherlands and Belgium reached 20% to 30%. The DRH China and Australia, the Brazilian financial controllers are placed at the top and widen the gap.

"Sedimentation of frustration is high among French executives. At the slightest tremor positive they monnayeront shortage. The most spoiled in the coming years will undoubtedly experts, "said Antoine Morgaut.

* Salary Survey 2012 Study

Variable ** Figures out

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As for the arrival on the market Free Mobile, the fourth operator who promises to cut prices, the MP highlights the importance of "honor its commitments": "I'm not the VRP or the Orange Free , defends it. But it is a matter of principle. I am for freedom of the consumer, but when it's choose freely, he must assume.When his engagement is over, he can, why not look at other offers. "

"This amendment was not included"

"Even if your commitment is complete, you can stay at your service," Edward replies Barreiro, deputy director of studies at the UFC-Que Choisir. "This amendment was not included. We do not force consumers to change operators, but they have the opportunity. " The involvement of customers in 24 months' lock the market, "he laments: for two years, customers are not interested in other offers, even if they are more profitable. They re-enlist even if they want to renew their mobile age."It's a vicious cycle that prevents to choose," complains Edward Barreiro.

"Our position is clearly to punish all practices designed to keep customers captive, had also argued before the Assembly Jean Dionis du Sejour, Deputy New Center, who filed the amendment. The competition, which should work with the arrival of the fourth operator, and finally take-off of mobile virtual network operators, will allow the French to gain purchasing power. "

Free Mobile should, in fact, launched its first early 2012, while in parallel develop MVNOs, these operators without their own network, such as La Poste Mobile, Virgin Mobile, NRJ Mobile Mobile or Carrefour. In this context, the UFC-Que Choisir claims to have seen an increase in the number of "so diverted re-commitments."The consumer association has collected 270 customer testimonials rehired without their consent, such as accepting a trade offer without knowing it meant a re-engagement of two years. "Until January, the operators will try to keep their consumers, said Edouard Barreiro. There is a sense that they are afraid of competition. "

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A figure that takes into account several factors: the investment required for the construction of new production capacity to offset the loss of the atom, the increased use of renewable energy, whose development is heavily subsidized, the increase in imports electricity, the dismantling of existing … Upon arrival, a whole energy landscape is changing: "As a guide, installed capacity equal to a wind farm produces almost four times less electricity than a nuclear site "notes the expert Lionel Taccoen.

In France, six months after Fukushima is the beginning of the presidential campaign raising issues. Socialist candidate in the primary, Martine Aubry considering this scenario on the horizon of twenty or thirty years. For his part, François Hollande does not abolish the atom, but a declining share in the "mix" French energy to 50% by 2025, against 80% currently. In Green, Eva Joly simply consider wind turbines to replace all nuclear power plants. None of the three, however, has quantified at this stage he is defending the option.

Orders of magnitude

Bernard Bigot, the head of the Atomic Energy Commission (CEA), does not figure in his interview with Le Figaro.But the comparison with Germany on which he relies can consider orders of magnitude are staggering: at least 750 billion euros, if we simply triple the German bill to meet the proportion of nuclear power stations in each country personal loans for bad credit. In fact, it could be much more, since France is now three times more dependent on the atom as its neighbor. The consequences, both for public finances and for the customer's bill is incalculable …

In early September, the government, through the Industry Minister Eric Besson, has appointed a committee called Energy 2050, responsible for evaluating all possible scenarios.Its report, which is due early next year, will act more formally on the financial implications of the changing energy landscape.

The companies concerned have also started working. Before the summer, Areva told the PricewaterhouseCoopers study on "the socio-economic power in France." The significant role that industry plays in the national economy is highlighted: 125,000 direct jobs (4% of industrial employment) and 410,000 total jobs (direct and indirect), 450 specialized companies and 12.3 billion euro of value added, or 0.71% of the contribution to GDP.A weight that will also put in the balance at the time to decide.

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The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.