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From our correspondent in India.

Christine Lagarde has just arrived on Tuesday, June 7 at Delhi where she will try to convince Indian officials that while emerging markets are booming, it is best placed to her, the European, to replace Dominique Strauss-Kahn the head of the International Monetary Fund (IMF). The French Minister of Economy, Finance and Industry will meet with Pranab Mukherjee, his counterpart of Finance and Prime Minister Manmohan Singh. It should also meet with Montek Singh Ahluwalia, Deputy Chairman of the Commission Plan. It is no coincidence. There are a few more days, Ahluwalia had been presented as a potential candidate from India. And why not, BRICS, the bloc of emerging economies that account Brazil, Russia, India, China and South Africa. Then the rumors were silenced.Officially, Montek Singh Ahluwalia would have exceeded the age limit for a candidate. In fact, Delhi has decided not to enter the race.

Paradoxically, India does not seem interested in carrying the "Battle of the IMF." "There is no shortage of leading economists, diplomats and scholars of talent that could be good candidates. And since the World Bank president has always been an American and a European director of the IMF, it would be logical to try to persuade the fund to elect now a candidate from a developing country, whose influence on the global economy is growing, "protested Anant Goenka, an economics professor.He continues: "Why this silence as China, Brazil and South Africa are on the frontlines demand a change?"

The positions are changing in India

Defeatist, India? "You can say so, but the silence of Delhi shows that Indians are particularly realistic in this matter," says BL Pandit, director of the Delhi School of Economics. It is not a democratic election, the contribution of India to the IMF's reserves is not very high, and finally, everyone here thinks that games are made and, again, the position go to a European. " He acknowledged however that "things are changing rapidly" and that growth is changing latitudes, "it might be that the leaders of the Western world are considering share positions in international forums."

At the last summit of BRICS in China last April, India had not been left to demand a reform of the Bretton Woods for emerging countries. In late May, when Dominique Strauss-Kahn had resigned, Manmohan Singh, who was visiting Addis Ababa, had stormed: "Reform of the Bretton-Woods is a priority for developing countries." He has since changed his tune. On the occasion of the visit of German Chancellor Angela Merkel in late May, the leader of the Indian government said: "A prestigious position must go to the best candidate, regardless of nationality."

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The Portuguese will elect a new majority on June 5, but they have no choice program: right or left, the winner will impose austerity until at least 2014. Three weeks earlier, each major party it will be engaged individually with the EU and IMF.

This loss of political control is the price to pay for a rescue plan to about 80 billion euros on Friday decided in broad terms with the euro area, the 27 EU countries and the European Central Bank. Probably for a period of three years, it aims to put the Portuguese State on the wagon, to launch an "ambitious agenda" of privatization to reduce public debt and, finally, to ease the labor market.It also provides special funding to support Portuguese banks, the amount to be determined.

Unprecedented purge

Finance Minister Fernando Teixeira dos Santos, caught in the throat by the markets, had no other choice but to surrender Friday to his colleagues.For the Portuguese political class, is doubly bitter pill: it is because they have subscribed to an earlier austerity negotiated with Brussels that Portugal must submit to the unprecedented purge dictated by Brussels, Frankfurt and Washington.

The statement issued after the meeting in Budapest is no ambiguity about the lack of flexibility: "The preparation (from the austerity plan) should begin immediately to an agreement between the parties in the mid-May, and allow implementation without delay of the adjustment program from the formation of new government "in early June.

This update reflects the Trust prior to the impatience of the first major contributors to the single currency, starting with Germany and France. The Portuguese plan is the third rescue launched in less than one year, eleven months after Greece and four months after Ireland.The euro area to be avoided at all costs that instability does not win the Spanish economy, which weighs more than the previous three combined. The plan decided on Friday reflected the distrust of the Europeans and the Portuguese political class, believed to have triggered the crisis by pure electoral calculations.

Friday, "the ministers have made clear in Portugal they do not want to return to the counterparties to help, whatever the election results," reported a witness to the camera in Budapest. Clearly, there is no alternative to the plan to be tied up in mid-May. To avoid any disputes after the polls, the bloc will materialize their aid once acquired "the support of major political parties," the statement said. The future head of government can than apply strictly to the remedy to which it has itself signed.In Lisbon, the latest polls give the center-right and its leader Passos Coelho winners, ahead of Socialist Jose Socrates.

Once the plan is adopted, probably on May 16, during another visit to the euro area, it would take ten days to release funds for Lisbon, says Olli Rehn, Commissioner for Economic Affairs. The IMF should fund the program up to the third, as was the case for Greece and Ireland.

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How far will go the extravagant case of industrial espionage that poisons every day Renault? In the wake of testimony by Patrick Pelata has acknowledged for the first time in Le Figaro, "a number of elements lead us to doubt" and mentioned the idea of a "manipulation" before turning his position as Chief Operating Officer on the spot, the reactions have little overdue. They have mostly endorsed what looks like a sacrifice programmed. Friday morning, Christine Lagarde has considered the No. 2 company "had the dignity to indicate that he might be mistaken, and that if it was proved he was mistaken, he would draw all the consequences. ""I think it's worthy" by Patrick Pelata, said Minister of Economy in claiming that "we arrive at the truth, it gets there quickly, if the suspicions were unfounded, justice, confidence is restored and compensation is paid. "

In the same vein, his counterpart for Industry, Eric Besson, has confirmed that management problems are posed "if it is the manipulation hypothesis, which dominates in the end." Before adding: "I also noted that Mr. Pelata, very dignified and quite logically, has already warned that he would draw the conclusions for himself." Finally, the Elysee does not hide his irritation."This case, bad for the image of the company, not the show great professionalism," has dealt a collaborator of Nicolas Sarkozy.

• The direction of the group's safety should she not slipped by using methods of spooks?

The internal investigation, legal "point of French law", as claimed by Patrick Pelata, was conducted by a team composed of fairly baroque Remi Loincloth, formerly of the DGSE, Marc Tixador, the former PJ Versailles, and Dominique Gevrey defector from the Directorate of Protection and Security of Defense (DPSD) readily described as a "central figure" in this story.Like a bad spy novel, a sum of 100,000 euros has transited into five payments last fall in Madrid via L. Michel, a former paratrooper became a private investigator.

Agreeing to play the "biller for the defense of French interests," it is simply a "short circuit" used to confuse the trail to a mysterious Mabrouk and "external source" who reportedly discovered ghostly accounts opened in Switzerland and Liechtenstein by the three executives on suspicion of espionage. Since this information just communicated orally, have been questioned, the manufacturer does not even seem able to identify his "deep throat": the only employee of security service who knows stubbornly refuses to cooperate.To protect at all costs or to hide an embezzlement to the detriment of Renault? As a confession, Patrick Pelata conceded: "We erred in not involving the DCRI earlier."

• What are the collateral damage to Renault?

The damage in terms of image are significant. While the group had been traumatized by the suicide of three employees of Guyancourt Technocentre late 2006-early 2007, serious questions arise again on his management style. Renault seems to be a company where one can accuse and dismiss employees without evidence, solely on the basis of anonymous testimony. This case falls ill while the group was counting on its electric vehicles-those who have supposedly been spied-to repair its image.Sales of these cars and the entire range will suffer they? Hard to tell because the picture-in determining whether the act of purchase and also depends on products. But the group will leave with a disability. Adding that "it's all business operations that may be seized, as management has been discredited, analysis framework, which adds it will take time before confidence is restored."

• Carlos Ghosn is he in trouble?

If the spy case deflates, the group took a huge risk by raising its CEO at the forefront in the media. In the JDD, January 23, he said he "personally monitoring the progress of this process as and when." The same evening, on TF1, Carlos Ghosn has hammered that he had "certainty" about the guilt of the three frameworks and evidence had "multiple", but did not disclose.On 10 February, at the announcement of the strategic plan, the CEO drove home the point by asking him to "trust" because "tens of people have analyzed the facts." In case of "manipulation", the question remains whether the employees and the government will simply sacrifice his number 2.

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The Central Directorate of Internal Intelligence (DCRI) said this morning that they found "no evidence of espionage" at Renault. Main elements of the investigation, "Swiss bank accounts" charged executives laid off have not been found by investigators. A source close to the investigation even mentions the possibility that Renault has received erroneous information. The account numbers provided in the private investigation were in fact erroneous. Similarly, the survey conducted by the Liechtenstein authorities on suspected accounts under the Renault affair did not work.

The argument weakens espionage. Yesterday, the manufacturer argued the trail of a "manipulation" before his lawyer back on these statements. But on Europe 1 this morning, Mr. John Reinhart said he was inconsistent "absolutely the word manipulation.We are not in that context, for the moment we have no information that contributes in one way or another to say that the original theory, that is to say espionage does not exist ", he argued.

However, this term manipulation was mentioned by the CEO of Renault itself. Patrick Pelata, had indicated during an interview Monday that Renault Matignon "considering now have been a victim of manipulation," says Liberation. Shortly after a spokesman stated that "if we (Renault, Ed) has been the victim of anything other than an attempted espionage, it may actually be a manipulation."

Renault evokes a "settling of accounts in-house"

The manufacturer suggests a settling of accounts internally.Libérationaffirme that Renault suspects that two of the three executives would not have accounts abroad and have been victims of an internal settling of accounts ". Redundant frames are suspected of having received bribes, kickbacks through bank accounts in Switzerland or Liechtenstein. The Chained Duck however recently revealed that two of the three executives have never had accounts in Switzerland. In contrast, "the manufacturer continues to the third suspect, probably Michel Balthazar, a member of the steering committee," according to Liberation free business cards.

The chairman of the Senate Finance Committee, Jean-Arthuis (UC), said on Canal + that "this case has taken on a mad and I am surprised that we have been able to bring such charges on allegations that apparently no 'had no basis.(…) These species settling of accounts within the company are also detrimental to (its) image, "he added.

Anyway, this episode could reinforce the defenders of the three top executives dismissed 2011A following an internal investigation following the sending of anonymous letters. Especially as the manufacturer would not be celebrating its first case of this type.

Renault had a similar case

Concordant sources, seized by the Paris prosecutor, investigators of the Central Intelligence Allowed (DCRI) will hear on Thursday a former executive of the group graduated in 2009 in similar conditions, Philippe Clogenson. The former marketing director said in the columns of Le Parisien, Aujourd'hui en France he was accused of "touching, through front companies, money paid on offshore accounts from suppliers of Renault.He believes he was unfairly accused of corruption.

"I was also told that there was evidence that the formal charges had been substantiated by the management group's safety," he said. Philippe Clogenson decided, like the three executives recently laid off, file a complaint for "malicious prosecution". Remains to be seen whether the testimony of Philip Clogenson allow the cons-French espionage to advance the investigation.

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The King of results announcements of companies taking a break. So, what are the economic indicators that replicate the hand and should facilitate the meeting this Friday. After the slight rise on Wall Street Thursday night and the reluctance of the Tokyo Stock Exchange, the CAC 40 is again expected to open cautiously. Futures on the index in Paris rose 0.08% to 4156 points.

On the macroeconomic front, INSEE presents its monthly business survey (manufacturing, construction and retail trade and car repairs) for the month of February at 8:45. The institute will also provide indicators of its business climate and a downturn in February (8.45) and value indices of orders received in industry in December (12:00).

Once is not custom, no economic statistics are expected in the United States.However, the president of the Central Bank, Ben Bernanke, will participate in the G20 ministerial held in Paris, which will be attended by Finance Ministers and Central Bank Governors of the twenty richest countries in the world. Bernanke will talk about "global imbalances and financial stability" (14 hours).

On the currency markets, the euro is stable against the dollar at 1.3604 dollar.

Lafarge in line with expectations

Lafarge said Friday anticipate a rebound between 3% and 6% (cons -1% to +3% expected in 2010) of cement demand in 2011 after a 2010 financial year marked by overall results online. The world's leading cement has published results in line with expectations.

Bull announces this morning a net profit of 6.5 million euros in 2010, earnings increased fourfold over the previous year, when it reached 1.4 million euros.

A consortium led by Bouygues has been chosen by the state to build the future "at the Pentagon French" on the site Balard, in south-west of Paris, as Le Figaro said Thursday. Information confirmed by the MoD in a statement.

The consortium led by Bouygues includes Thales computers, Sodexo services, Dalkia Energy and FIDEPPP – bringing together the Savings and Natixis – and SEIEF as financial investors.

Eutelsat has released interim results that put it on track to exceed its targets for 2010-2011.

The Government of Côte d'Ivoire has declared Thursday the nationalization of local subsidiary of Societe Generale and BNP Paribas have suspended their activities, including the two French institutions.

Orange filed a complaint against Bouygues Telecom before the Commercial Court of Paris, following the January 1 bug that caused an increase in involuntary SMS. Orange seeking millions of euros in damages.

Workers and employees of Peugeot should be increased by 1.7% with a minimum of 34 euros, from 1 March.

According to the report of the court in Bobigny, including Le Figaro has obtained a copy, the Central Works Council of Air France needs of 20.5 million to continue its activity in 2011 and avoid defaulting .

For the 4000 frames involved, it will be a change in size. GDF Suez is expected to announce when its board next week, the end of stock options in his company. The information transmitted by the website of the magazine Challenges on Thursday, was confirmed to AFP by a spokesman for the group.

GDF Suez CEO Gerard Mestrallet, quoted by the magazine, explains that "the stock options is a good system when used in a balanced, reasonable and equitable." But the scandals, Axa, Elf or Vinci made the system too unpopular.

Free shares

Stock options should be replaced by so-called performance bonus shares to be paid "to some 8,500 executives, representing a wider range," said the spokesman of the group.Specifically, if after two years, the objectives are not met by the employee who benefits, it will see the number of shares assigned to diminish.

GDF Suez plan would also have another way: the allocation of bonus shares without performance targets, to all 220,000 employees of the group. According Challenges, this new program of bonus shares is valued at 100 million euros. Details should be announced next May.

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The year 2010 was a good surprise for the French car manufacturers. "With the dual effect of scrapping and a beginning of recovery of the economy after the crisis of 2008-2009, sales of vehicles in France are expected to reach 2.2 million units this year," says Guillaume Josselin, marketing director of Renault France. The manufacturer (including Dacia) would clinch a market share of about 28%, up two points from the previous year. "Our products fit very well at the request of customers who take advantage of the scrapping," he says. Another reason for the success of Renault this year: the low-cost Dacia brand."She has made more than 100,000 sales in France in 2010, an impressive performance for a brand that is known only for five years on the French market."

For his part, PSA Peugeot Citroen has revised its forecast for the European market on the rise during the year. "In early 2010, we expected a sales decline of 9% for the year, and we now expect a decline of 5%, it is argued from the manufacturer, who admits that the device of the scrappage has supported its activities this year. But not only. "All brands, Peugeot and Citroën is to say, have focused on innovation, keeping pace with new model launches during the crisis," said the group. "This allowed us to increase our market share in Europe." SAP expects a market share of 14.5% in Europe in 2010, against 13.8% in 2009 and 13.6% in 2008.

In early 2009, 80% of the market was supported by a help system, such as scrapping. Stopping this device is intended to December 31, 2010 (regarding the taking of control) in France. According to the Ministry of Industry, 600,000 have been paid bonuses in 2010, for a total of more than 510 million euros. In Germany, where scrapping was stopped in September 2009 once the budget allocated to this device has been passed, car sales have collapsed, noted the research firm Economic PrimeView. They had reached 2.4 million units in mid-December, against 3.2 million in the same period last year cash advance flexible payments. "The end of the scrapping of course be a backlash in the French market, but we stay calm," says marketing director of Renault France, which highlights the record orders expected in December."Nearly 300,000 cars of all brands should be controlled, is unheard of in France."

Environment "always difficult"

For 2011, analysts at Societe Generale CIB anticipate a decrease of 2.3% of the French automobile market, after falling 7.5% in 2010. "The environment is always difficult," says PSA Peugeot Citroen, which does not freeze its plans for new models in 2011. A context that raises concerns within the government, which has moved from possible serial failures among subcontractors in the automotive industry in the coming months. In a letter in late October, the Minister of Economy Christine Lagarde was addressed to the prefects, so that they stand ready to deploy quickly public support schemes.OEMs do not yet feel really concerned by the decision of scrapping and its expected impact on registrations in France.

"2010 will be a record year in terms of world production since the beginning of automotive history," says one at Plastic Omnium, which includes the production of 71 million cars worldwide this year and similar activity in 2011. Even optimism at Faurecia, which "found no decrease in activity in 2010 across the group" and said that France represents about 20% of its turnover. Third-quarter sales Faurecia jumped from 11.5% at constant scope and exchange, "primarily through Asia and North America, where the market has rebounded strongly" .The CEO of Valeo, meanwhile, recently said he would not rule revise upward its objectives in 2011 revenue and operating margin, "the group's profitability in registering strong progress against the objectives of the strategic plan presented in the first quarter of 2010. "

A Peugeot dealer in Lille, December 27, 2010. Photo credits: Philippe Huygens / AFP

Listing your eviction from the presidency of Accor, following a Board of Directors held on Tuesday evening, surprised. What happened?

It has been five years since I head Accor. I quickfire transformation and today the group is riding superbly on the wave of recovery. But a leader needs to be supported by its major shareholders and its board of directors. Differences emerged. After a moment, as a couple, you wonder if it is worthwhile to continue together or if not better to hand. I am a free man. Today I return to my freedom. It is healthy to change drivers when everything goes well.

Long time, you spoke against the division of Accor, Colony and desired by Eurazeo, before you accept this idea.What are you talking about policy differences?

In 2005 and 2006, I said that a split was not desirable because the business services group (Ticket Restaurant), now grouped in Edenred was too small. In 2009, after fifteen acquisitions, we have doubled the size of the company and I proposed the split board. The strategic differences relate to an accumulation of small things, such as disagreements on priorities for development, external growth strategy, marketing strategy, information technology … But a leader needs to have a free mind to move forward, feel its board lined up behind him.

In 2005 I made the bet to be working with Colony. I was the man for the job for five years. I learned to work with the obligations and duties. But in five years, we change.I could have fought to continue but I had a mixed support from the board no faxing 1 hour payday loans. I felt it was perhaps better that I move on by mutual agreement with the board. In my heart, I did not necessarily want to go too fast, I could stay a year or two longer.

What mood are you?

I am very sad because very attached to this group and its teams. My grandfather gave to my uncle's first capital to create the company. But after five years as head of Accor, where I spent twelve years before I left the band head high. I am proud of what I did. In 2009, the crisis has been a difficult time to live. That said, I leave behind me a group with a substantial property portfolio, which will be debt free in two years and had all the indicators are in green.I go without a power vacuum because I had the opportunity in 2009 to provide the Board Denis Hennequin, who succeeds me.

On leaving, do you have any regrets?

The development model we have chosen, with an acceleration of the franchise disposals and wall is good. I wanted to keep Sofitel, we have kept and successfully repositioned. It remains a challenge for the group: Motel 6 in the U.S., where the market is very difficult.

Today, what are your plans?

I have some entrepreneurial projects. I will see my family more often and take a step back. I give myself time. I've changed jobs several times in my career. I believe in my lucky star.

One thing is for sure, I want to continue to sell products which I am proud.The more I advance in life, I attach more importance to shareholders and the teams with whom I work.

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Households are not the only "breeding" licensed. As demonstrated in a report published by the Council of compulsory (CPO), an organization linked to the Court of Auditors, companies benefit greatly from tax and social niches. Sometimes pure windfall, like the construction company that uses a room without a phone, but located in urban zone, as headquarters.

Especially, the POC estimated bills dedicated business tax loopholes to 106.3 billion euros in 2010, far short of 35 billion announced by Bercy. CPO reinstates tax benefits that the department has released the list of niches (or failed to enroll). A recurring practice in recent years. Bercy has "downgraded" the tax consolidation regime (costing 19.5 billion per year) or the exemption of capital gains from sale of subsidiary, known as "niche Cope (6000000000).As for social niches, concerning exemptions and other reductions in contributions and payroll taxes, they claimed, the report said, 66 billion in 2010.

And every year, is inflation. Since 2002 a dozen niches are created every year, often without assessment of their interest, deplores the CPO. Worse, this complex system discriminates against small businesses, unlike large, can not afford to figure it out.

Further improvement of the rules of public finance (auto niches every four years, except to be revotées, new niches pledged by deleting old …), the CPO offers 15 to 29 billion euros of economies. "These proposals are not a fixed menu where everything should be taken.It's just a map, where the choices can take place, "said Didier Migaud, the first president of the Court, when presenting the report to the Finance Committee of the Assembly.

The CPO suggests the revision of two key measures of the quinquennium: reduced VAT in restaurants, he would rise from 5% to 12%, and overtime, to tax on income. What reporting respectively 4.6 billion and 1.2 billion. In addition, investments in SMEs would give rise to any reduction in ISF representing 75% of the amount invested, but 25%.

"Profit World": 302 million in 5 groups

Without questioning the usefulness of the research tax credit (CIR), the OAC offers facilities that generate hundreds of millions in savings.Rather benevolent relief against general payroll taxes, which have created employment, the report criticizes the other hand the cost of tax and social benefits associated with participation in profit sharing, employee savings schemes (25 billion) and additional social protection (12 billion). In addition, the CPO proposes to submit further contribution compensation for breach of contract of employment, including redundancy pay. On all these points, many members are on the same wavelength.

Finally, the CPO proposes to make it less advantageous tax regimes used by groups, such as "regime mother-daughter" and "tax integration, and remove the regime of 'worldwide profits", used by five groups and costing 302 million to the state.CPO and add a cap on the deductibility of interest on loans to 30% of accounting profit, as does Germany, would bring 11.4 billion over three years. Like what, the harmonization of taxation French and German would not necessarily be a good deal for businesses hex!

The capital increase is a record Petrobras: Brazilian oil giant said Thursday it has raised no less than $ 70 billion (52.5 billion euros). The value of the increase was determined from the price and number of shares to be placed on the market Friday. Petrobras said it had sold 1.87 billion of preferred securities to 26.30 reais and 2.4 billion shares at 29.56 reais. The discount was lower than expected: 2% over the closing price on Thursday.

The deal included a swap "securities cons oil": new securities are traded against the development rights relating to five billion barrels of oil offshore at a price of 8.51 dollars a barrel.

Brazilian President Lula da Silva is expected Friday in the stock market in Sao Paulo for the kickoff of the new securities.Participation of Petrobras in the Brazilian state is currently 32.13% of Petrobras and should increase payday loan lenders.

High demand

Demand has been strong: it reached $ 140 billion, according to a source close to the transaction, including 98 billion private shareholders and institutional investors for 42 billion. Petrobras reserves the right to extend its offering by issuing additional shares based on the level of demand.

The purpose of this record capital raising is to fund the operation of offshore deep water off Brazil. Discovered in 2007 by Brazilian society, these huge deposits lie under a thick layer of salt. 224 billion dollars of investment and are expected by 2014.

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