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The government is very worried by the drought that has spread to 61 French departments and is willing to provide aid to farmers. Nicolas Sarkozy, who is in the Charente on Thursday presented a plan to help farmers affected by drought which includes a "shift one year" repayment of loans granted to farmers in 2009, and waived the Tax on undeveloped land.
"It is essentially a cash flow problem is (…), you repay your debts, or you pay for your food animals," said Nicolas Sarkozy after visiting the operation of a cattle farmer Montemboeuf . "We will find you some leeway and we will shift all the payments of a year," he added. "Essentially this is a map of deferments," stressed the head of state.He stressed that the "encryption" of this measure, the state will take over the payment of interest owed by farmers, could not be established "now" does not exclude other measures if necessary .
A budget of 500 million
At a roundtable in La Rochefoucauld, the Head of State later clarified that this related only to the reimbursement of aid paid under the plan launched in 2009 Poligny (Jura). "I just do not tell the difference repayment of all loans in French agriculture, it must be serious," he said. During the roundtable, the president also said that "farmers in the affected areas would benefit from an exemption from tax on undeveloped land (…) which represents 300 million euros."
In the process, he said that the state would pay the national guarantee fund against agricultural disasters, mobilized by the Minister of Agriculture, Bruno Le Maire, a budget of around EUR 200 million to enable the payment Advance compensation "from the month of September business cards." "On 12 July there will be a first test session files (…) the first payments will be held in September," he said.
Facilities of National Defence made provisions
Finally, Nicolas Sarkozy has announced, next week, a meeting of professional agricultural organizations with the Ministers of Agriculture, Ecology and Defense, as well as the CEO of SNCF to adjust logistical problems posed by the movement of fodder from farmers in difficulty."The problem is less a production problem at those you book (fodder) that a massive logistical problem," he said, adding that "national defense facilities" will be made available to allow storage straw and fodder.
In his speech, the head of state has ruled out any direct assistance to farmers in difficulty. "Do not fall back into bad habits to give you benefits that would be declared illegal (by Brussels, ed) in a few months," he said.
In addition to these economic measures, Nicolas Sarkozy also announced the establishment of a five-year plan to create water reservoirs and reduced volumes of water used by agriculture. "We must learn how to use the water," he concluded.
(With AFP)
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Even in Italy, Credit Agricole is now playing sobriety. The French banking group in Milan on Wednesday presented the local version of its comprehensive strategic plan to 2014. No major operation is in the program, but a work of conquest picky customers and improve profitability. "Our selection of organic growth excludes acquisitions, said the group's CEO, Jean-Paul Chifflet. We need to digest what we have acquired in recent years. "The green bank will therefore invest 325 million euros by 2014 in its subsidiary, Cariparma to improve synergies with the group, developing multi-channel distribution (Agencies Internet and phone) and open a dozen agencies each year primarily in its home regions: Tuscany, Emilia Romagna, Lombardy and Veneto.
In 2014, barring accidents, should relieve Cariparma 2.2 billion and a net income of 417 million euros, up by 30% and 83% from 2011. Ambitious outlook remains difficult in the context through which the Italian banking market. Between 2007 and 2010, net banking sector has in fact decreased by 4 bad credit unsecured personal loans.2% – and 1% for Cariparma. But the subsidiary of Credit Agricole, which already has as the most profitable bank in Italy, believes it can gain ground by playing on the integration of its businesses. She intends to win 150,000 new customers, primarily among young people and SMEs, on a base of 1.7 million in early 2011.
Crédit Agricole is present in Italy since the 1970s. In 2011, all Italian activities (retail, insurance, consumer finance, asset management …) has reported a profit of 1 billion euros.The French group was able to hand over bank networks thanks to its historic capital of any bank who founded Intesa Sanpaolo. In 2006, the Mutual has first acquired regional networks and Cariparma FriulAdria and last year 172 branches of Intesa Sanpaolo. Under the agreements with the Italian Antitrust, Crédit Agricole has gradually decreased its stake in Intesa. It holds only 3.8%.
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This is unprecedented in the history of the prestigious American newspaper The New York Times, founded in 1851. A woman, Jill Abramson, will take the lead, at a time when the newspaper industry is undergoing a revolution. At 57, she succeeded on September 6 to Bill Keller, who declined to slow down but will remain a contributor to The New York Times Magazine and the weekend edition of the newspaper.
New York, Jill Abramson began his career as a journalist for Time magazine, while still a student at Harvard. From 1976 to 1986 she worked for The American Lawyer, a magazine for lawyers, before being appointed editor of Legal Times. From 1988 to 1997, she was a correspondent for the Wall Street Journal in Washington.
In 1997 she joined the editorial of The New York Times, still in Washington. Bureau chief of the Federal Capital in 2000, she became its editor in 2003.In his new position, she aims to make "The Gray Lady" nickname of the newspaper, a "multichannel media committed to providing excellence in journalism," as explained by Arthur Sulzberger, owner of the title.
One million copies a day
An 'ascension into heaven, "according to its own terms. Jill Abramson takes the reins of a newspaper sold nearly a million copies daily, which is speeding up the turn on the Web (31 million unique visitors per month).
The site was chosen in March for a mid-free formula, half-pay: After the free consultation of 20 articles a month, readers are offered Internet users to subscribe monthly or yearly.A "freemium" inspired from the Financial Times.
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GDF SUEZ announced Friday in a statement that "the general meeting of shareholders of Compagnie du Vent has decided to replace" its chairman and founder Jean-Michel Germa by Thierry Conil, "over 30 years experience in GDF Suez ". "A major strategic dispute," the statement continued, between GDF Suez, which owns 56.8% of Compagnie du Vent and its founder Jean-Michel Germa, which owns 43.2% is the origin of this separation.
Problem: Jean-Michel Germa judicially contest his dismissal, even though he knew his scheduled departure. First on the form. Feeling the dispute with its powerful shareholder grow for months, Jean-Michel Germa had sought this week the protection of the commercial court of Montpellier (seat LCV).He had requested the postponement of Thursday's meeting but GDF Suez has received the same day, the Tribunal de Commerce "authorization" to conduct this meeting. Jean-Michel Germa considers that the meeting "was not held." The founder of the company that employs 156 employees (sales: 27 million) is "very shocked" by the group methods.
On the merits, the proposed wind farm on both coasts, off Tréport is at the heart of the dispute between the two parties. "I wore this folder on the baptismal font for more than six years," says Jean-Michel Germa. Since 2005, he sought a major partner, not being able to invest only 2.5 billion euros of this pharaonic site of more than 100 offshore wind GDF Suez said this in 2007.Only offshore project in France to have passed the stage of public debate and to have obtained permission trunking park on both sides to eventually be included in the five zones affected by the imminent bidding of the government. Germa estimated that his company could legitimately respond to the bidding as prime contractor, with GDF Suez and all interested partners.
Regain control
The group Mestrallet which just announced an alliance with Areva and Vinci to participate in the tender intends to resume the hand and accuses Jean-Michel Germa its "independent development approach." "We do not aim to be your bank, it is argued in the entourage of the group.GDF Suez eyes, only the creation of a true industrial sector will invest successfully niche offshore wind: "Between the amounts required and the risks to assume the financial stakes are so huge it takes deploy a comprehensive strategy. "
Other disputes have marked the common path of CTA and its controlling shareholder. Today, Jean-Michel Germa figure at 490 million euros loss suffered by his company, counting the resumption of the park on both sides by GDF Suez.
Energia says victim of the same strategy
While the government prepares to launch the tender on offshore wind farms and to renew some concessions hydraulic group Mestrallet began to gather around "a great center" activities in the Renewable France previously dispersed in several subsidiaries.The group, which currently has a portfolio of 1000 megawatts (MW) wind farm, wants to double within five years. The multinational company has invested 135 million euros in CTA believes it was time to take complete control. Jean-Michel Germa denounces what he sees as a strategy of GDF Suez, which is "to transfer the assets of companies that the group claims to have bought too much, empty them of their substance out minority shareholders on the cheap."
Fabrice Crobbedu, former head of Energia, a small business specializing in heating, acquired by GDF Suez in 2008 to 54% consider themselves victims of this same strategy. Revoked in 2009, it remained a minority shareholder. At GDF Suez, the response by explaining that Fabrizio Crobbedu is suspected of abuse of corporate assets. The judicial successive episodes.Until this year, going back to Friday when Fabrice Crobbedu grabbed the Commercial Court to challenge Nevers, too, holding a general meeting.
The beautiful series continues to Xavier Bertrand, who six months after returning to the Ministry of Labour, shows a fourth consecutive month of decline in the number of job seekers registered at employment center. A performance that had not arrived since December 2007. According to data released Wednesday by the employment center, the number of unemployed registered in category A was down 10,900 in April, bringing to 53,400 the reflux recorded since early 2011. Either close to 1600, the total number of job seekers in less expected for the full year 2011 by employment center. In one year, the variation is almost stable, rising by 0.2% is far removed from + 25% recorded two years ago.In late April, there were 2.67 million unemployed was not active in France.
Labour Minister, Xavier Bertrand, welcomed the figures, which he had already unveiled the trend earlier in the day. "This fourth consecutive decline in category A is an important sign of crisis. We must now intensify. Margins for further exist because all the measures we have taken on learning or assisted contracts are not yet in application, "he said.
Rising unemployment part time
For the fourth time since October 2010, the number of jobseekers registered in categories A, B and C (including the unemployed engaged in a Pool) also declined from 6300 on a month to reach 4.04 million people.In other words, if the number of those unemployed decreased than those in reduced activity increased (from 4600) but to a lesser extent: impact of an economic recovery that is primarily through the development of small jobs and Part-time jobs, only opportunities available to job seekers so that switch of category A to B and C.
"We can only rejoice that the full-time unemployment is down but at the cost of increased insecurity and unemployment, part time," says Francois Chereque, secretary general of the CFDT, for which this new situation has important consequences. "Young people who alternate periods of unemployment and insecurity in early life will be dragged on for years and this will impact in terms of salary increases, career advancement or retirement rights," he justifies .If the number of unemployed in category A, B and C only increases by 3.3% over one year (cons progressions around 20% there are still two years), the increase in those engaged in a Pool of more than 78 hours a month is close 13% over the same period.
Youth down
The rest of the April data is consistent with trends observed in recent months. The number of registered voters under 25 years in Class A, B and C continues to decline (-0.5% on a month to -4% over a year) while those over 50 years continues in reverse to rise (+0.9% over March and 14.1% in twelve months). The horizon is not cleared for the 1.53 million long-term unemployed (unemployed for over a year), whose number swelled from 0.1% over one month and 11% yoy . It is especially bleak for those registered for more than three years are 18.4% more than a year ago to point to the employment center.Not since January 2000 to find such a level. As for the average length of unemployment, it rose by two days to 450 days.
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Jean-Charles Naouri, the head of the Casino Group, did not appreciate that Lars Olofsson, Executive Director of Carrefour merger talks with its ally Brazilian Abilio Diniz. "Casino was never informed of the existence of such negotiations, even though the agreements that bind us to the group Diniz (…) provide that both parties should take all important decisions by mutual agreement. Casino rights (…) are fully established, "wrote on Monday, Jean-Charles Naouri Lars Olofsson, and the chairman of Carrefour, Amaury de Seze.
This letter also stated that Casino has "received on the night of Mr. Abilio Diniz, a letter confirming the existence of contacts with Carrefour and expressed its willingness to abide by our agreements."Jean-Charles Naouri "draws attention" to its competitors on the fact that no negotiation can be initiated only with Abilio Diniz: Casino and he exercised joint control over the number one Brazilian sector, CBD. And his boss does not seem to consider a merger with number two, Carrefour Brazil …
Meanwhile how OL GROUP, led by Jean-Michel Aulas, will provide funding for a new stadium, investors seem to be on the lookout for any new funding. On Monday, the track climbed nearly 2% to 5.90 euros after the announcement this weekend by the management of the signing of the syndicated loan of 57 million. The group currently holds the club's third championship in fact explains in a statement it had finalized with Credit Lyonnais, Groupe CM-CIC (as mandated arrangers) and BNP Paribas (as arranger) this line of credit a maturity of 3 years, "with an option to extend for one year." Other consortium members are bank Societe Generale, HSBC, Natixis and Banque Populaire Loire and Lyon.More than the mobilization of new financial, OL Groupe thus increases its flexibility by bringing together under a single credit to longer maturities and unique, its old lines of credit previously negotiated on a case by case and according to different timelines, with each bank . "The credit line is part of a substitute bilateral credit lines currently in place," said Chief Financial indeed.
Avoid tap into cash
Figaro.fr reached, the group does not want to give details of the use of these funds, but said "they will not be allocated to build the new stadium payday loans. They will secure the needs of medium-term funding to continue the group's strategy in avoiding the use of cash. " In late 2010, it (net debt) amounted to 8.2 million.The group said in a statement that the proposed new stadium will be dedicated funding, "under consideration". The latest plans known to management, project financing would be split apart roughly equally between bank loans, funds provided by the club itself, and commercial contracts. However, the project now appears stalled, while the group is still awaiting authorization from the Stadium of Light in the suburbs of Lyon. In 2009/2010, the net loss of one football club side at the Paris Stock Exchange reached 35.6 million euros, hit by a decline in product transfers of players.Last February, the club has however announced a reduction of 2 million euros of its semi-annual net loss to 6.7 million.
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A symbol of French fashion has changed hands. After several weeks of discussions, the sale of the Jean Paul Gaultier to the Spanish group Puig was confirmed Tuesday. Perfume specialist, this quiet family business Catalan is not a novice in fashion. It owns the brands Nina Ricci, Paco Rabanne and Carolina Herrera, she manages the business of ready-to-wear and fragrances operates. Moreover, this expert also manufactures and distributes toilet waters claws Prada, Comme des Garcons and Valentino. But also the general public perfumes Zara and Mango or artists Shakira and Antonio Banderas. It also manages the luxury cosmetics brand Payot and supermarkets in Spain. Puig has achieved a turnover of 1.2 billion euros last year, and net profit of 130 million euros.
To get your hands on the former troublemaker of French fashion, he spends about 100 million euros, 60 million to take over 45% of Hermes Jean Paul Gaultier. This is a book profit of EUR 30 million for Hermes. The designer, advised by the bank Aforge Finance, Puig also sells 10% of its shares, thus assigning to the control of his home, he agrees to be diluted to 45% of capital.
He remains master of the creation and image. " The remaining investment will be devoted to a development plan by Jean Paul Gaultier, especially in the accessories and distribution in Asia payday loans with no fax.
Manna fragrances
Other candidates were interested in the brand, which PPR (which owns Gucci) and perfumer Coty (Chloe, Balenciaga), who quickly closed the case. Inter Parfums (Burberry, Lanvin) was launched in the race without much conviction.At the finish, Puig has eclipsed the joint project presented by the Chinese group Fung, who has just bought Cerruti and Robert Clergerie, and Japan's Shiseido. The latter, through its subsidiary Parisian Beauty Prestige International, is behind the success of Jean Paul Gaultier fragrances, which are the real gem of the house.
If fashion and haute couture have made 26 million euros in turnover last year, with a slight loss, fragrances, with several bestsellers, representing several hundred million euros in turnover business very profitable. This is manna for the moment at Shiseido, until his contract expired in 2016, when Puig likely want to see it reach its other lines. Among them, Paco Rabanne has become a cash machine. Perfumes represent 83% of revenues Puig.
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Still cautious various publications, U.S. markets open as expected on a slight rebound. Boosted by better than expected financial results of JPMorgan and rising retail sales in the U.S.: the Dow Jones gained 0.43% to 12,318 points and the Nasdaq 0.62% to 2765 points.
Wall Street resumes are a few colors after a session Tuesday marked by a sharp decline. Investors worried both the reclassification of the Japanese nuclear disaster at the same level as Chernobyl and disappointing quarterly published at the opening of the season results, the aluminum giant Alcoa.
Barack Obama facing the U.S. deficit
The International Monetary Fund (IMF) has also sounded the alarm about the U.S. national debt, stressing the lack of a sufficiently credible strategy to stabilize it.A lack of strategy could, in the global institution to present a small but real risk of further economic crisis.
According to figures released yesterday evening after the close of trading in Europe, the U.S. budget deficit reached because $ 188 billion for the month of March, 829 billion dollars over the first six months of the fiscal year 2010/2011. The 2009/2010 Budget posted at the same time, a deficit of 49 billion dollars.
Barack Obama also will speak in Washington in early afternoon on the subject. An exercise that looks dangerous. In presenting this Wednesday, its solutions against the deficit and debt, Bush will indeed have to refute the arguments of his Republican opponents, while maintaining a careful his Democratic electorate.The budget agreement with the Republicans against the balance of fiscal 2011 has not yet been formally approved in Congress.
Retail sales and the Beige Book Menu
Retail sales rose slightly less than expected in March in the U.S., higher gasoline prices accounting for a significant share of consumer spending at the expense of other purchases, according to data released Wednesday by the Department of Commerce payday loans no teletrack.Les retail sales rose 0.4% from February. Economists polled by Reuters expected a 0.5% increase. This is the ninth consecutive month of increase but also the lowest variation observed since June 2010, when sales fell 0.3%.
JPMorgan publishes its accounts
On the corporate side, banks are in the spotlight: JPMorgan (0.57% to 46.91 dollars) has announced a net profit before trading up 67% to $ 5.6 billion, under its first quarter.
U.S. bank Citigroup (-0.14% to 4.54 dollars) will pay a record $ 54.1 million to a small group of investors who accused him of having misled about the quality of loans' toxic "to local communities. In a decision of the arbitration body, one of U.S. authorities on financial regulation, FINRA, agreed that Citigroup should compensate an investor for 52 years, Jerry Murdock, and a retired lawyer of 69 years, Gerald Hosier, to height by 3.9 and 21.7 million.In addition, the bank will pay $ 8.5 million to an investment fund, Brush Creek Capital, said this ruling dated Monday and Tuesday consulted on the website of the FINRA.
Schneider and Tyco International
According to the Daily Telegraph, Schneider Electric, for its part would have sent a letter in which he manifested his interest in an offer of $ 30 billion on Tyco International, from the perspective of giving birth to the world's leading security systems. Relayed by Bloomberg a few days ago, this rumor was not convinced of market analysts. Some feared that the transaction is too large for Schneider, who, on Wednesday denied being "currently" in discussions with Tyco.
The capitalization of Tyco accounts for about half that of Schneider (31.7 billion euros). Schneider rebounded Wednesday on the Paris Bourse.The action Tyco, which rose from 7.41% late Tuesday on Wall Street could also react. In early trade, she dropped 1.19% to 51.71 dollars.
Faced with pressure from parliamentarians, very angry against the simultaneous increase in fuel prices, gas and electricity, the Minister of Economy and Finance, Christine Lagarde, Minister of Industry and the Energy, Eric Besson, and Secretary of State for Consumer Affairs, Frédéric Lefebvre will meet Friday and discuss the solution to ease the surge of energy. While a further increase of 5.2% in gas prices comes into force today, bringing the rate increase on a year to 21% or even 61% since July 2005, the daily Les Echos revealed that the government could decide to freeze any further increase of gas by the Presidential in 2012. Soaring oil prices, which serves as a basis for setting gas prices, could indeed lead to a new rate increase on 1 July.A measure politically difficult to pass a year of elections.
Taking into account the actual costs
In addition to freezing outright increases potential, ministers are considering another option: the Revision of the method of calculating gas prices. For now, the formula considers only the volume purchased by GDF Suez via major supply contracts signed with suppliers such as Gazprom, Sonatrach and Statoil cash advance now. Now the operator has also signed contracts for short-term cost that took into account would lower the cost of supply of GDF Suez and therefore futures prices for consumers. It as found by the Commission for Energy Regulation in a resolution dated August 31, 2010.
Finally, the government should look at the price of electricity.The state must stop in the next few days the price at which EDF will sell part of its nuclear energy to its competitors. The conditions requested by the incumbent would result to increase rates for consumers by 5% per year until 2015. But Baroin, budget minister and spokesman of the government has already said he opposed such an increase.
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