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While European countries are being hit hard by the economic crisis, Poland, EU member since 2004, is the only one to succeed at the game's GDP grew by 1.6% in 2009 and three , 8% in 2010 (source: OECD).

The country has many strengths that explain this singular economic health. Since the end of communist rule in the 1990s, Poland has embarked on major structural reforms to transform a collectivist economy in a market economy. To do so, the country receives substantial support from the European Union to finance large infrastructure projects, including the equipment needed to hold this year's UEFA European Nations Football. Subsidies granted by the EU for the period 2007/2013 reached 95 billion euros (source: Embassy of Poland).  

Poland, which enjoys a stable political system, attracts foreign investors, sensitive to the importance of a rich market of 38.5 million consumers.

She finally has a strategic geographical location between Eastern Europe and Western Europe, making it an economic and commercial hub.

The study HSBC Global Connections: Trade Forecast Poland (February 2012), the Polish trade growth should be higher than world trade, reaching 5.7% from 2012 to 2016 and between 6.8% 2017 and 2021. These figures show the speed with which the Polish economy is integrated into global supply chains, especially in the automotive and electronics. Thus, Poland imports from China of spare parts it assembles radios to export the finished apparatus to Hungary or Germany.  

In automobiles, it produces and exports of both vehicles and replacement parts. Forecasts of vehicle exports to France and the UK are soaring (respectively 8.3 and +8.75% per annum by 2016), despite weak demand in Europe, which shows the emergence new trade corridors in this area.

If, in the longer term, growth levels observed in Poland tend to be reduced, as the country has caught up with its neighbors to the EU, Poland should maintain, for the next five years, its number 10 in the global ranking of the major emerging countries.

One of the most cost-effective forms of marketing today is the business card. It is an inexpensive, easy to use, and usually welcome advertising medium.

The priority given by the European Union to austerity should not be questioned even if the means of stimulating growth are in the focus of next week, has Monday said the German finance minister, Wolfgang Schäuble.

"Fiscal consolidation is not only necessary but is necessary for a specific purpose: to generate sustainable growth, which is the best way to generate employment" , he said during a joint press conference with the Spanish Minister of Economy, Luis de Guindos.

"The economic and fiscal consolidation is the first condition. If we now speak of growth, we must not understand this as a change of course. It would be wrong. Priority (for austerity) must remain, "he added, before holding that Spain was on track

… Referring …… French presidential election, he felt that his result would not call into question the European fiscal pact

.

Values ​​to follow Thursday at the Paris Bourse.

* EADS confirmed its target of delivering 30 A380s in 2012, despite a slowdown in the rate of production of this unit.

* Pernod Ricard has reported strong sales growth in nine months, despite a slowdown in the third quarter related to inventory reductions expected in France, and confirmed its annual financial targets.

According to its chief financial officer, Gilles Gobaert, April sales did not mark a change in the underlying trend in the first 9 months. He said that Pernod remained open to small acquisitions "tactics".

Pernod Ricard has signed a multi-currency revolving credit facility of EUR 2.5 billion with a pool of 25 banks, which will enable it to refinance debt related to the acquisition of Sweden's Vin & ; Sprit in 2008.

* Alcatel-Lucent has reported a deterioration in its margin in the first quarter, hurt by weak investment of telecom operators in Europe and the United States.

* Technip has published results up to the first quarter, again driven by strong investment of its customers, and reported a record backlog. 

* SAFRAN announced strong growth in quarterly revenue, supported by its commercial engine business, and reaffirmed its 2012 objectives and confidence for years to come given the trends observed ;'re in the market.

* DASSAULT SYSTEMS has been a little more optimistic for its annual outlook after quarterly revenue driven by growth in sales of new licenses and assumptions with more favorable exchange.

* Renault has announced a decrease of 8.6% of its turnover in the first quarter because of the European car market, but confirmed its forecast for the year given the growth registered abroad. 

* PPR has reported a net sales growth in the first quarter, driven by a brilliant performance of its luxury brands Bottega Veneta and Yves Saint Laurent, while FNAC showed a relative re ; resistance.

* Wednesday denied VIVENDI consider dismantling the group's activities after media reports suggesting the possibility of such a scenario.

Citing people familiar with the matter, the Bloomberg news agency reported earlier in the day that the conglomerate present in the telecom, media and Entertainment was considering an overhaul of its structure which could lead to a dismantling of the group. 

* Eramet, whose sales fell 10% in the first quarter, said its operating profit in the first half should be lower than in the first half of 2012 Due to the falling price of nickel and manganese.

* Gemalto announced it had registered a turnover of "record" in the first quarter 2012 with an increase of 9%, a performance that allows the specialist smart card to reaffirm its financial targets in 2012 and 2013 .

* Technicolor announced a turnover down 1.5%, a performance nonetheless considered "solid", saying the group can achieve its financial targets in 2012 despite restructuring charges e lifted. 

* KLÉPIERRE confirmed its 2012 targets after posting growth of 3.1% of its rents in the first quarter supported by the activity of shopping centers.

* MERSEN announced a turnover back to the first quarter of 2012, slowed by its solar division, which suffers from a market still at half mast.

* IPSOS confirmed its objectives for this year, following growth of 46% of its turnover in the first quarter, mainly resulting from the integration of Synovate acquired in July 2011.

Small and medium businesses, entrepreneurs and self-family businesses, which account for most of the economic fabric of the country, paying a heavy price for the Greek crisis. The European Commission is trying to address the funding problems they suffer. In Greece, six out of ten SMEs have seen their incomes decline in 2011.

Up to a thousand individual companies will put the key under the door every week in Greece in the first half of 2012 due to the serious crisis that is sinking the country, said Friday the European Commission, which seeks to root the problem.  

"Greece is facing an economic crisis and social crisis which is reflected in the situation of small and medium enterprises: six out of ten companies have seen their incomes decline in 2011 and 150,000 jobs were lost," said the Commission in a press on the sidelines of the visit to Athens Friday the European Commissioner for Industry, Antonio Tajani. "It is estimated that during the first half of 2012, up to 1,000 small businesses have closed every week," said the statement, which does not provide estimates on the number of companies created in parallel.

The Commission therefore calls for increased aid to these companies, self-entrepreneurs and family businesses, which form the bulk of the Greek economic fabric. Since last September, the European Union through its Task Force for Greece including trying to find ways to overcome the credit crunch affecting SMEs, banks, deficit, cut off from markets and dependent on the ECB, having suspended loans. In March, a special guarantee fund, with 500 million euros, was created by the EU to promote through the European Investment Bank lending to SMEs up to a billion euros.

According to the Commission, in 2010, Greece had 742,600 very small businesses, employing a total of 2.512 million employees, over 85% of total employment in the country, a record level in the EU. These structures produce 35.3% of the value added of the country against 21.8% on average in the EU. With 14% of employees on average in Greece, against 33% in the rest of the EU, large companies they create 28% of the value added, highlighting the low productivity of small businesses in Greece, the Commission added.

The Tokyo Stock Exchange ended down on Tuesday, causing the yen to profit taking on the values ​​that were well mounted exporting since January.

The Nikkei ended down 0.59% or 59.48 points, to 10,050.39 points while the Topix retreated in the same proportions (-5.03 points) to 851.02 Points .

The dollar is trading around 81.89 yen after three weeks of low points touched 81.55 yen on trading platform EBS in early trading.

Toyota, which has won over 37% since the beginning of the year, has limited its decline to 0.28%, while Sony has lost 0.58%. Its gain since the beginning of the year exceeds 20%.

Of the 35 billion budgeted in 2010, 25 billion has been spent on 880 projects ranging from education to digital through aviation. It is too early to measure the impact of these investments on the economy. President of the Republic, Nicolas Sarkozy, has held 27 June 2011 at the Elysee a press conference on the big loan.

In March 2010, financial storm, the government launched the national loan to support the economy: the key to an envelope of 35 billion euros to finance research and innovation. Two years later, the device has already helped to select and provide funding to 880 projects on 3,000 proposals received.  

"Today it is 25 billion spent, but in a few days, there will be 27 billion," says Alain Juppe, who was with Michel Rocard, co-chairman of the Supervisory Commission and Great Loan Rene Ricol, Commissioner General investment, a press conference-record March 20.

€ 6 billion for education

Among the 880 projects already selected, higher education is carving the lion's share. 8 and excellence initiatives, designed to bring out the poles leading academics, have been funded for more than 6 billion euros. In addition, eight technology research institutes combining private and public research have received a total of 2 billion.  

In industry, it is aviation, and in this case EADS, with its two subsidiaries Airbus and Eurocopter, which has hit the jackpot: € 1.4 billion for two demonstrators, one of composite airplane, another helicopter of the future. The banking industry, announced in February by Nicolas Sarkozy, should also benefit from a contribution of one billion euros through the big loan.

In sustainable development and the digital economy, the budget allocated to the various projects are less important. They concern, for the first, low-carbon or renewable energies, for the second, the digitization of content, cloud computing, e-health or e-education.

No doubt, the teams have carbureted big loan. They still have two new programs announced yesterday university hospital oncology in Ile de France and Toulouse. But it is still early to assess the impact of these investments for the future of the economy and the role of France in international competition.

European shares ended sharply up Thursday, supported by jobless claims near their lowest in four years in the U.S. and the new massive injection of liquidity from the European Central Bank (ECB) yesterday.

The CAC 40 index closed up 1.37% to 3499.73 points, new peak of year, having stumbled in the afternoon against the bar psychological 3,500 points. London took 1.02%, Frankfurt and Milan 1.25% 2.93%. The pan-European Euro Stoxx 50 index has been 1.45%.

The increase was particularly driven by the banking sector, which jumped 1.85% after the sharp decline in borrowing costs of Spain and Italy on the market ; s bond.

Other U.S. indicators have yet been considered disappointing, including the ISM manufacturing index, which signals an unexpected slowdown in growth in industry in February, and spending construction, which fell against all odds in January for the first time in six months.

The promise made yesterday by Nicolas Sarkozy to ban hats and retreats, golden parachutes has a deja vu. The candidate of 2007 there was already risky. The President also, during his tenure. But from words to action, there is a gap … Nicolas Sarkozy Golden Parachute

What he said in 2007: At the time, the future president described the golden parachutes "detestable practices" and announced their removal "summer 2007" in the name of "values ​​that are not (his) ".

What he did: It is clear that five years later the "golden parachutes" still exist. Certainly, there have been few measures of supervision. But they were sometimes taken by the UMP majority against the Government's view.

In August 2007, the TEPA law requires and golden parachutes are subject to a decision of the Board, and is linked to performance criteria. But the announced removal is not requested. In 2008, during the speech of Toulon, the head of state announced that executive compensation "must be indexed to the actual economic performance of the company. They should not be eligible for a golden parachute when they committed mistakes or put their company in difficulty ". No law follows.

In 2009, following the scandal of the golden parachute of the former CEO of Valeo and stock options of Societe Generale, Nicolas Sarkozy puts it: "There should no longer be any golden parachutes, it should not be any bonuses, distribution of free shares or stock options in a company that receives government assistance, which implements a social pronounced or that relies heavily on partial unemployment. " A decree to this effect was taken in April. But this prohibition applies only to companies that received aid from the state (banking and automobile sectors) until end 2010. And it is not retroactive.

Finally, 21 October 2010, MEPs adopted an amendment during consideration of the budget which provides that golden parachutes may not exceed 'twice the highest severance benefits, provided in case of dismissal by the agreements business or industry. " Baroin, then budget minister, has yet attempted to oppose it. He states that "the government has already done much" and argues that "these elements of compensation (that) feed business competitiveness to attract the best subjects."

Pensions hats

Unlike the golden parachutes, Nicolas Sarkozy has never announced the elimination of pensions hats. But he has often denounced the abuse. And his government has taken steps to harden their taxation. That said, in February 2010, matter in full Proglio, Luc Chatel, a spokesman of the government has not asserted that the least critical of retired boss of Veolia's hat fell within "the hard". He even tried to justify it. And as for golden parachutes, the government has sometimes sought to oppose regulatory ambitions of its majority

What he did:

The decree of 20 April 2009 prohibits hats retreats for executives of companies that have benefited from state assistance, but this provision shall be valid only until the end of 2010. Today, they are perfectly legal.

In October 2009, MEPs in the committee adopt a reform of the governing pensions hats … but waive the government's request. Eric Woerth, budget minister then, justifies its position by the fact that this system affects many thousands of frames and not only the great leaders. The government settle a code of ethics established by the employers.

In October 2010, MPs return to the fray and adopt a law to limit pensions hats. The latter will no longer exceed 30% of the remuneration of the last fiscal year. Unusually, the majority supported the opposition. The government opposes it but will eventually bow, relying on "wisdom" of the assembly.

Taxation has for its part, was weighed down twice in 2010 (particularly in the context of pension reform). And surtax has once again undergo a hardening at the end of last year with the introduction of a progressive scale with three slices according to the amount (7%, 14% or 21%) against two previously (6 % or 12%).

The high wages

What he said

Wednesday night on France 2: "From now on, the remuneration of top leaders will be voted on not by the board, where typically there are many friends, but by the general meeting of shareholders. (They) will be published in the legal documents to be published by the company "

What he has said: ……. In June 2006

. at Agen: "At the very least, is that the leaders of large listed companies assume their remuneration to their employees, their shareholders, and that, therefore, remuneration of each officer is not secretly fixed in the closed session of the Board but publicly endorsed for each of them by the general meeting of shareholders, and, of course, nominally published in the annual report. " What he did

:

Actually, not much thing, except the temporary ban on stock options and bonus shares for companies aided by the State until the end of 2010. Otherwise, the government has clearly shown its refusal to regulate comprehensively Wages and Salaries Francois Fillon saying, still in 2009, such a move would have "no real technical, economic, unless you want naturally regulate all remuneration ". And rely on the wisdom of big business and its ethics code. The measures proposed Wednesday to stay elsewhere in this lineage. Existing in the Anglo-Saxon voting remuneration by the general meeting of shareholders does not guarantee the end of excessive compensation. And the principle of transparency on executive compensation has already been included in the New Economic Regulations Act of 2001.

Air Liquide, whose growth has slowed sharply in the fourth quarter, however, table of new growth in its net profit in 2012 barring any major degradation of the situation after one year 2011 range by emerging and resistance in Europe.

The world's largest industrial gases account on a portfolio of opportunities 12 months – that is to say that projects the group is likely to win – a record level of 4.2 billion euros at end 2011, against 3.9 billion euros at end 2010.

Air Liquide announced Friday sales up 7.2% to 14.457 million euros in 2011, down 6.8% on a comparable basis, and net income of 1.535 million, up 9.4%, with an operating margin stable at 16.7%. 

Analysts polled by Reuters on average expected a turnover of 14.479 million euros and net profit of 1.533 million.

The cluster gas and service, which provides the bulk of group sales, was up 7.5% of its sales on a comparable basis, driven by a 20% increase in sales in countries é ; mergents thanks to strong growth in demand and start-ups and ramp-up units. Emerging, high growth, now represent 21% of sales against 15% in 2008.

The growth of this division has slowed to 1.9% in the fourth quarter on a comparable basis, its lowest level since late 2009, reflecting an unfavorable comparative and global caution client group, particularly in the steel and electronics.

The group, whose competitors Linde German and American Praxair and Air Products intends to pay an increased dividend to 2.50 euros from 2.35 euros for 2011 against 2010.

"The signing of new contracts and continuous innovation to expand its businesses allow the group (…) to be confident in its medium term development program in the 2015 Alma" , said in a statement the CEO Benoît Potier. 

This strategic plan, presented in December 2010, is an average annual growth of 8% to 10% of sales and sustained growth in net income by 2015.

Decisions of industrial and financial investments, totaled 2.0 billion euros in 2011 against 2.2 billion in 2010, with the group's entry in Mexico, Ukraine and Turkey.

BNP Paribas, whose 2011 accounts were affected by the provisions on Greece and the financial crisis, nevertheless reassured the markets on Wednesday the outlook for 2012 Aftern s have reported a good start to the year in investment banking.

Its CEO, Jean-Laurent Bonnafe, also said he expects this year to stabilize the crisis in the euro area and an economic slowdown in Europe, e cartant and the recession scenario chosen by some economists.

"We think there will be some sort of stabilizing the situation in the euro area," said Chief Executive of BNP Paribas in an interview with Reuters Insider. "There will be some kind of slowdown (economic, Ed) in Europe this year, but no recession."

Asked about the prospects for business in 2012, he reported a "strong" start to the year in investment banking.

Around 24:50, the BNP Paribas signs the largest increase in the CAC 40 up 6.62% to 35.73 euros, outperforming the European sector index (+2.5%). The action resumed nearly 18% since the beginning of the year, bringing the Group's market capitalization to 43 billion euros, after falling 36% in 2011 .

"The performance (of the CIB, ed) is clearly better than the average BFI European and American," said Alex Koagne, an analyst at Natixis Securities.

"In addition, the group was generally optimistic, indicating that the beginning of the year had been good in this business," he says.

"AHEAD" ON RECAPITALIZATION

Despite being down by 50% to 765 million euros in the fourth quarter, net income is superior to the expectations of analysts surveyed by the editor Reuters. 

The latter on average expected higher losses in the banking business and investment banking (CIB), the image of what came out of the results of Deutsche Bank.

"Despite a year marked by many non-recurring items (…), the bank shows a fair return while its solvency and liquidity position continue to strengthen, "said Pierre Chedeville, an analyst at CM-CIC Securities in a note.

BNP Paribas, which has decided to maintain a dividend, unlike SocGen and Credit Agricole, also estimated to have reached six months ahead with the objectives set for recapitalization by European regulators, with a capital ratio of 9.6% at end 2011. 

"They do not need to accelerate the process of 'deleveraging' (reducing balance, Ed)," Yohan holds Salleron, manager at Mandarine Gestion.

The French bank, who spent an additional charge of 639 million euros in its accounts for the last quarter of 2011 on government debt, reports that it has now reached 75% of its funding on the Gre ; this against 60% previously.

NEW DEVELOPMENT PLAN IN 2013

Its chief executive said to be confident that the group will not have to place new provisions on Greece, which is negotiating a new bailout with the International Monetary Fund The European Union, the European Central Bank and its private creditors. 

In BFI, where the bank has suffered for 510 million euros in losses on disposals of sovereign debt in Q4, the group table in 2012 on new charges outstanding € 850 million related to divestitures of assets and restructuring of its operations.

"The early years (2012, Ed) has been quite strong in investment banking", indicated Jean-Laurent Bonnafé.

Hired as many European banks in a plan to reduce stock and asset sales, the general manager of the BNP, however states that he "no plans" regarding a sale of its subsidiary American BancWest. He also rejects any sale of its land Klépierre which the bank holds 51% stake.

In terms of its refinancing needs, focus point on which investors concerned about the financial health of European banks, BNP announced that its issuance program in the medium and long-term amounts to 20 billion euros for 2012, five billion has been raised.

The new leadership of the bank, led since December by John Lawrence Bonnafé, present in 2013 a new development plan.