This Friday, May 18th is a historic day. For Wall Street, which will host the largest IPO in history. For Facebook, too, who will submit to the test markets, namely the Nasdaq, a history that started in a college dorm. Employees of the startups are celebrating it since Thursday evening by typing lines of code all night.

They were invited to participate in one of these "hackathons" which made the reputation of Facebook for a day or more, developers gather to undo and redo services for the social network. Facebook a must which submits all new recruits to inspire a culture of hackers across the enterprise.

Facebook is an IPO eight years after its creation by Mark Zuckerberg at Harvard, assisted by Eduardo Saverin, Dustin Moskovitz, Andrew McCollum and Chris Hughes. Its value reached $ 104 billion. This is a hundred times the profit made by the social network in 2011. A ratio of crazy, but comparable to Google in its introduction in 2004. Two days before his arrival on the stock exchange, the social network has even offered the luxury of raising the price range of its activities to $ 38 and increase the volume of securities offered for sale. But after the operation, his young owner, 28 years, still retain 55.8% of the voting rights.

Many observers are questioning the possible formation of a new internet bubble. Their criticisms are reminiscent of the doubts raised during the IPO of Google. The search engine was shaking up the Web with a new advertising model, the purchase of keywords that trigger ads targeted based on research conducted by Internet users. Facebook pushes him, communication. His ambition: "Connect the world." He has already managed to attract 901 million members, one of two user visits the site at least once a month. More than 526 million access it every day.

The beginning of the journey

But the service not only to connect people. It also links them to their musical tastes, their leisure, their interests. From a rogue's gallery online, Facebook has become the digital identity of nearly a billion people, evolving portrait of the social activity of its users. A gold mine of data that Facebook is trying to sell to advertisers.

On the walls of its premises, Facebook reminds its employees that only "1% of the trip was done." The site has yet to conquer China, where access to Facebook is blocked, controlling the mobile world and find revenue sources the most profitable. This is the bet on the future as Facebook will offer the stock market.

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The rate of mortgages continued to fall. Currently, borrowers into debt to 3.70% over 15 years on average (excluding insurance) and 4% over 20 years, depending on the broker Empruntis. Levels close to historical lows of the fall of 2010. This allows households to decline slightly improve their purchasing power of real estate. "We are witnessing a rise in real purchasing power in all cities, except in Paris where it has stagnated," says the broker and Meilleurtaux.com.

It is in Marseilles that the conditions are most favorable. Borrowers who get into debt over 20 years with a monthly payment of 1,000 euros, earn 3 m². This is followed by Strasbourg and Nice (gain of 1 m "²). "The differences are important for a city to another with the same budget can buy, and 59 m² in Bordeaux, Lyon or 49.3 m² to 66.5 m² in Toulouse," said Meilleurtaux.  

However, banks have tightened in recent months the conditions for granting loans. Now, the candidate for a property purchase must demonstrate a steady job (preferably CDI), receive a personal contribution therefore (at least 20 to 30% of the property) and meet the debt ratio ( maximum of 30%) set by the banks. "The banks grant rate discounts to those who meet the debt," said Mael Bernier, director of communications for Empruntis easy pay day loans. Com. Those who have an ability to benefit from significant savings rates more attractive. "The right people, with significant saving easily get discounts of up to 0.5%," says Mael Barnier. Financial institutions also significantly shortened the duration of loan: 16.6 years against 17.6 years in April in February, according to Credit Monitoring housing. Because the market is changing. Increasingly, households that purchase of the stone are easy. "The crisis and especially the suppression of PTZ + in the former have strongly affected household demand and modest young," says Michel Mouillart, professor of economics at Paris-Nanterre West. The number of loans fell by 32.5% between January and April (over one year). And this trend should continue. The Observatory expects a production loan of 120 or 125 billion euros in 2012 (against 160 billion in 2011).

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French independent producers of film and audiovisual worry and are moved. Wednesday evening, as will open the Cannes Film Festival, will also unveiled the government's composition and its new constellation.

Since last week, rumors turn loop on what will happen in the audiovisual sector and creation. Many fear, indeed, the world of television and film is simply absorbed into a super secretary of state dedicated to the Digital Economy to no longer be under the Ministry of Culture, he does that would be more in charge of heritage issues and creation.

"This rumor just turns since last week," worries Patrick Sobelman, owner of Agat Films, the production houses a documentary of the most respected profession. "It would be unfair and inconsistent. Because it would mean that now audiovisual works are no longer considered contained but belong to the world of pipes. However, before worrying to circulate our movies, you must first create them. "

"We must not yield to technological drunkenness"

Similarly, the producer Alain Rocca, president of the independent producers – 26 films in competition in Cannes – and one of the leaders of UniversCiné no fax pay day loan. Com, legal download platform independent film, protests: "It would be confuse the convergence of media and gender confusion. It would be difficult to consider before international bodies like the European Commission or the World Organization (WTO) that culture is not a commodity like any other deserves to be protected. Will weigh more than we deal with eBay or PriceMinister? Cannes begins when it would be a very bad signal! ".

Political side, the PS deputies as Patrick Bloche or Michel Francaix, following audiovisual records for many, many years, keep an eye: "We must not yield to technological drunkenness" smiles the latter. And advocating "no appointments at the convenience of each other, but rather as real skills and profiles of future ministers or secretaries of state."

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Greece goes into its paradox. Historic cradle of democracy, she is passionate as always in politics, as evidenced by the good turnout in the general election on May 6 (65% of registered voters turned out to vote). But this passion produces no power capable of meeting the challenges of the country.

Alexis Tsipras, the local Mélenchon, which has tripled its electoral score compared to 2009, refused to support a national unity government with Evangelos Venizelos, the leader of PASOK (Socialist), respecting the commitments signed fiscal discipline there are three months. The country has not always of prime minister, while the urgency has never been greater.

This Saturday, Evangelos Venizelos has made to President Karolos Papoulias "mandate atoning" he had said. The head of state summoned the leaders of the three major parties on Sunday. It is up to them to agree before next Thursday to form a coalition government.

For now, it's the unknown. Who will represent Greece at meetings of the Eurogroup and Ecofin Monday, May 14 and Tuesday, May 15? He would need a strong personality to defend with the granting of European partners in June of a $ 8 billion of loans. Who sit behind the flag to cross and blue stripes at the NATO summit in Chicago on May 20? An eloquent negotiator would be welcome if Greece wants to avoid that Westerners endorse the requirement of the Skopje government to appoint his country "Macedonia", to which the Greeks are opposed to historical reasons.

Patronage system

"I am very concerned ( faxless cash advance…) I appeal to the sense of national responsibility of all political leaders to reach agreement respecting the commitments of the country", said Friday the EU president, Herman Van Rompuy.

If no agreement is reached before Thursday, new elections will be called. This may mean leaving the country in the euro area. Oddly enough, the Greek population, which according to all polls are still mostly gained against the euro, does not include the requirements of its creditors, or their impatience at the slow pace of structural reforms opaque. "I did not vote for PASOK, this time launching Michalis, independent taxi driver, because it does nothing for my daughter when she has an engineering degree!" ….. …

In the patronage system prevailing since the arrival of the Socialists to power in 1981, there was a right of activists to put their children in the administration. PASOK has fallen from 43% to 13% of the vote between elections of October 2009 and May 6.

"In a country where youth unemployment exceeds 50%, the little people have no sense or do not vote more rationally! Says a Greek financier. The Greeks have lost confidence. Only the Chinese are constantly telling us they believe in long-term potential of the country! "

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The crisis have been right, too, of the remuneration of top managers of the French side? According to figures compiled by Les Echos, the CEO of the CAC 40 gained, in 2011, an average of 1.5% from 2010. They still received 1.15 million euros for Antoine Frérot (-24%), CEO of Veolia, to 4.3 million (13%) to Bernard Arnault, the LVMH. On average, they received 2.4 million euros, not including benefits in kind, fees, and distribution of stock options and restricted stock – that can greatly increase the payroll. Taking this into account, the firm Proxinvest estimated the average pay of the bosses of the CAC 40 to 4.1 million euros for 2010.

The study of the economic newspaper points out that fixed salaries of the heads of forty companies listed on the CAC 40 was flat in 2011, the share variables, they, down 7%. A figure very close to the lower profits earned by these companies in 2011.

All patrons of the CAC 40 beyond the one million euros

The issue of executive compensation, very sensitive issue in the Hexagon, is regularly returned to the front of the political scene in recent weeks with the presidential election. Echoes of the figures show no pattern in the CAC 40 has affected less than one million euros. However, Francois Hollande, as newly elected president, wants to tax revenues to 75% if they exceed the one million euros.

However, from this year, gives could change if Francois Hollande simultaneously puts in place the framework for paychecks companies where the state is a shareholder – with a maximum deviation of 1 to 20 between the lowest salary and above. Application more difficult for companies where the state is a minority, as Air France, France Telecom and Renault – because the proposal will be submitted for validation by the board – that Areva and EDF, where the state a majority (a decree would suffice). In any case, difficult to imagine that Carlos Ghosn (CEO of Renault) and Proglio (the EDF), which respectively received 2.8 million euros (136%!) And 1.6 million (+ 2%) are willing to see their earnings divided by 5 or 7.

Role of shareholders: France far behind

For several weeks, several cases of shareholder revolt against the executive compensation in the news. The latest example: the UK, the boss of insurer Aviva, humiliated, had to resign after the "no" to its shareholders of wage increases. In banking, critics of U.S. shareholders, British and Swiss swelled, Citigroup, Barclays, Credit Suisse and UBS.

In France, no dispute of shareholders, since they do not have a say on this subject here. Indeed, in the Hexagon, the setting of executive compensation and corporate officers is reduced to a single board of directors within a remuneration committee. Nicolas Sarkozy, during his campaign, had referred the "tiny minority (Pattern, ed) that shocked the French doing anything", that is, those whose compensation is not line with the performance of their business. He wanted, if re-elected, that executive compensation is "publicly approved (…) by the general meeting of shareholders, and of course, nominally published in the annual report." ……. .

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France has not lost fiscal credibility in one night: the election of Francois Hollande suddenly does not make the country less able to finance its debt. While remembering not to take any "political position" is the message that wished to address the rating agency Standard & Poor's Monday morning, issuing a statement saying that the memo from France – "AA +" with perspective negative – was not challenged.

The speech is the same at Fitch. The rating agency said, after the close of European stock exchanges, that the victory of François Hollande was no effect on the AAA rating of France. "The election of the Socialist Party candidate for the presidency of the French Republic, has no implications for the AAA rating of France, currently on negative outlook," said a statement.  

The agency adds that "the new president faces the same challenges as its predecessor: the strengthening of fiscal credibility, improving the potential medium-term growth of France and the handling of the crisis in the euro area" guaranteed fast personal loans. S & P says his side "there is at least one in three chance that we may need to lower the long-term rating of France this year or in 2013", under the situation of public finances.

Test market 16 May

In its statement, S & P says it will "analyze the choice of new president and new government" and take into account in any future decision on the outcome of the June elections. The next auction of debt, which will be held Thursday, May 16, should serve as a real test markets. At this time we will know if investor demand to fund the French debt is as important as ever.

At the Agence France Trésor (AFT), we simply note that Monday morning, "the 10-year yield continues to relax"

.

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"Be worried. Very concerned. "Economists at Swiss bank UBS have taken to prevent their customers with the approach of Greek elections this Sunday. Disappeared from the radar market since late March, Greece could indeed entering an area of ​​great political turmoil and revive the instability in the eurozone.

The polls and the election campaign hardly reassure partners of Greece. The two parties that have been in power, PASOK (Socialist) and New Democracy (center right), are plummeting. They together account for about 36% of the vote (according to the latest polls available). Faced with these parties of government, a multitude of small groups, far right as far left, who reject the austerity and international aid. Added, they ratisseraient over 50% of the vote.  

A majority of Greeks expressed a fed up austerity measures. Because of falling wages and rising taxes, the real household income fell 23% on average over the past three years. More than 60,000 companies went bankrupt in 2011. It's not over: Athens must now apply a drop in the minimum wage by 22% and continue to cut spending.

"The Greek political landscape fragmentation greatly complicate efforts to form a stable government which the country desperately needs to reform itself," Analysis Janet Henry, economist at HSBC. Under pressure from the extremists of both sides, PASOK and New Democracy promise to renegotiate the roadmap set by the International Monetary Fund and the European Union to put public finances.

Even a simple attempt to reopen negotiations would put the fire in the eurozone. All for nothing, Athens was not in a position to negotiate anything. "In fiscal policy, Greece has seen its sovereignty be reduced to a trickle: it is now under the control of Brussels and the IMF," says Thibault Mercier, economist countries of southern Europe at BNP Paribas.

More than one euro in hand

The country was shattered, no longer has a euro in cash. If international aid should be suspended, the state could no longer pay civil servants and pensioners, or meet its bills. In short, it would be bankruptcy and social chaos. This event might occur even any attempt to renegotiate Greek was muffled, warns Stephane Deo, "if, in the next month, Greece does not fulfill its objectives."

The future government should in any event quickly find 3 billion in additional savings. Then it will develop by the end of June an austerity plan of 12 billion euros for the years 2013 and 2014. And, despite all efforts, UBS believes, "a new debt restructuring Greek seems inevitable."

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Mining giants spend lots of money to determine the exact resources of their deposits of gold, copper, iron or diamond. This activity survey, carried out by specialists, takes place in Australia, Canada, Russia, Brazil, Chile and Africa. But not in France, which is not a mining area. However, a Marseilles company, Foraco, is now the third largest mineral drilling. The acquisition of its rival Brazilian Servitec, formalized on April 23 for $ 43 million, enabled him to reach the podium.

Fifteen years ago, when it was acquired by its current leaders, Foraco was not present in this niche, but only in drilling for identifying water bodies. "Foraco had a real expertise in geological exploration, explains Daniel Simoncini, Chairman of Foraco. We decided to apply it in mining, where the potential seemed important to us. "

The real take-off has taken a while, because "the decision-making centers in the mining sector are located in Canada and Australia, where we were not present." Hence the acquisition of Connors Drilling Canadian in 2007, which has doubled the turnover. Australia, Canada, Latin America or Russia acquisitions led to another. "The goal was to buy a local customer base and to expand through organic growth, said Daniel Simoncini. Last year, we posted 40% growth of our business, without acquisitions. "

Potential for growth

To fund this development, the group returned the stock market five years ago. "France has no comparable players, neither investors nor analysts skilled in mining, said Daniel Simoncini. That's why we turned to Toronto. "

Foraco ($ 301 million in sales last year) now employs 3,600 people in 23 countries. Following the acquisition of Servitec (70 million dollars in sales in 2011), analysts say Foraco will generate annual sales of approximately $ 450 million in 2012.

Foraco is a major general in the world of rock drilling. The company is present on all continents, although with a focus on Latin America, where it generates half of its turnover. And it does not only during the exploration phase, but also in the mine. "Our main contract is at Escondida in Chile, which is the largest copper mine in the world, says Daniel Simoncini. He tells us about 50 million per year. "

The future looks bright for the company Marseille. For starters, the potential for external growth is still significant, the top five players in the world weighing only 15% market share. Then, spending the major mining groups in the field of exploration and production will be huge in the coming years. The world number one, Australia's BHP Billiton, has to spend a budget of $ 23 billion by 2016.

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