LE FIGARO. – What is the meaning of your investment in Bulgaria?
Bernard Arnault. – It's a company that we follow for a long time, ten years maybe. We were already shareholders up to a few percent. We join today with a family that we know well and who shares the values of LVMH: a respect for, excellence in quality, creativity and innovation. Bulgari is one of the largest global brands, and one of the last of this size to be independent again. So it was an opportunity that could interest us and that we could not let go …
Why have you chosen to make the Bulgari family shareholder of LVMH?
The family has the desire to stay involved. And it was attracted by the prospect, rather unusual, to be associated with the success of LVMH.They are entrepreneurs, who will remain at the helm and will be the guarantors of development here, Bulgari. In addition, Francesco Trapani, who was the architect for twenty years of success Bulgari, will oversee our watches and jewelery, crafts he knows intimately.
What Bulgari brings to LVMH?
Bulgari is an iconic brand in the universe, that jewelry and watches. With its acquisition, LVMH double its size in these areas and became a world leader as he is already in leather or champagne. Respecting its creativity, spirit of "Roman" culture, as we do with our other brands, LVMH will accelerate its development. Our group will be able to bring him his strike force in procurement and distribution capabilities. LVMH will now offer something even more unique, with, in each sector, the most iconic brands.This will allow Bulgaria to develop much more on emerging markets and particularly the United States, where its potential is significant. In terms of watchmaking and crafts within our manufacturing watches in Switzerland, we can play together.
Should we change the position of Bulgari, who has diversified into fragrances and cosmetics, in particular?
LVMH may provide advice to Bulgari in its diversification. That said, a priori, the objective is first to focus on its strengths, namely the high-end jewelry, the creativity of its workshops and watches.
Faced with such Richemont, the division of LVMH watch and jewelry he is now of sufficient size? Or do you still in this job or other, new acquisitions?
Only Bulgari was already a rival to the largest of its businesses.We'll let alone with a size twice as large. As for our growth strategy, I note that with the exception of Hublot, what we now have our first major acquisition since a decade. We are in fact highly selective in acquisitions, and much more committed to internal growth.Bulgari was in any way may be the last opportunity to complete the acquisition of a brand that is on top of his universe.
With Hermes maybe … The transaction with Bulgari can it serve as a model for your ambitions vis-à-vis this group that you have 20.2% of capital? Your position with regard to any change?
I hope, anyway, that this association will show everyone that some families who have built through several generations an iconic brand of the highest quality craftsmanship, can understand the interest of a merger with LVMH.Hermes on, I can only repeat that we are a shareholder and peaceful that we will support the shareholders and the strategy they lead, whatever comments are made here and there.
ALSO READ:
"LVMH offers Italian Bulgari
"It was an ambitious partner to Bulgari"
"Hermes:" LVMH is a shareholder dormant
Is this a sign that the recovery takes hold in the U.S.? After several months considered disappointing, the U.S. economy created 192,000 jobs in February, according to figures from the Labor Department. Economists were expecting 180,000 new jobs, according to Reuters. While the public sector has destroyed 30,000 jobs, the private sector has created 222,000.
More good news, the figures for December and January were revised up sharply, from 121,000 to 152,000 in December and 36,000 to 63,000 in January. On the other hand, the unemployment rate fell to 8.9% in February against 9% in January, while economists expected a rise to 9.1%.
"This publication, with the acceleration in job creation is very good news," says Inna Mufteeva, economist at Natixis freecreditscore."The slowdown in temporary employment (16,000) is also reassuring, companies probably starting to hire more stable through contracts."
In detail, these are the construction industry who have contributed to the upturn in employment, with 33,000 net new jobs each, respectively, after a fall of 22,000 jobs in the first sector and a modest gain of 9,000 in the second. Services remained dynamic (47,000).
Finally, the number of unemployed "discouraged", who have given up looking for work, fell 184,000 in one year. But it remains at a high level (1 million).
ALSO READ:
"Households pull back U.S. growth
If the Tunisian and Egyptian revolutions have little impact on financial markets, one that shakes Libya far more impact. Tensions in the country, which is one of the largest exporters of oil directly affects the price of gold and black strong impact on European stock exchanges (Paris, London, Frankfurt, Milan, etc..) Asian (the Nikkei has lost nearly 1.8% this morning) and American (the index futures point to sharply lower opening on Wall Street this afternoon).
On the foreign exchange market, concern is also affected. Investors, for whom uncertainty is the worst phobias, put their appetite for risk and protect themselves in the closet. How? By placing their ball in the values called "refuge", such as gold, the dollar or the Swiss franc.In contrast, the euro, it is shunned.
Thus the European currency slipped below $ 1.36 on Tuesday morning, facing a greenback sought. Around 11 am, the euro is trading exactly at 1.3574 dollars, down 0.8%. Strong increase in the foreign exchange market.
According to technical analysis – that is to say, the analysis using only graphics – a bullish retracement could take place if "we manage to hold above this level." Conversely, the break of 1.3540 support to "push the pair to return to the area 1.3430 / 1.3460 dollars," warns XTB.
Outbreak of fever dollar
"Operators now appear in the mainstream during the political uncertainty prevailing in Libya", note analysts from Saxo Bank.The dollar is the first to benefit.
"Then just yesterday the greenback remained stable on its main counterparties, currencies against the U.S. dollar depreciate all": in addition to the euro has risen from about 1.37 to less than 1.36 dolar, the Sterling is currently trading at 1.6140 dollars after fluctuating in a range between 1.6220 and 16240 dollar yesterday during the day. The trend is the same for the Australian dollar loses more than about 80 pips (or 0.0080) against the U.S. dollar during the Asian session: it is trading at 1.0015 dollars against 1.0094 dollars late yesterday evening.
The loonie (Canadian dollar pair / USD) has fluctuated sharply in passing last night of 0.9864 to 0.9821 Canadian dollar before regaining ground this morning at 0.9860.In addition, this pair should know today strong fluctuations during the publication of the retail automotive sector off 0.7% expected in December.
Arab currencies more or less affected
Many of its arable currency denominated in dollars, like Qatar or Saudi riyal. By cons, for floating currencies, tensions are visible. "Investors are selling their assets en masse in these countries and then sell the currency in question," said Harry Sebag, at Saxo Bank.
The euro / dinar (dinar) has experienced upward pressures aexemple-that is to say that the dinar fell back – with the fall of the Tunisian regime. In January, the rate increased from 1.90 to 1.94.The Egyptian pound, also floating exchange dropped against the euro (7.5 mid-January, the rate rose above 8.10 at the highest political crisis.
Currently, the euro / dinar libyien is under pressure, "he treated early January under 1.63 and now a close score of 1.69, with a peak at 1.7172 in early February," said the specialist.
After pressing, the balance sheet. It's late March, Xavier Bertrand, Minister of Labour, before the Council policy of working conditions (Coct) the contents of the 230 agreements signed by the psychosocial risks of over 1,300 companies with 1,000 employees unions; plus 230 action plans for prevention. A year ago, in full case France Telecom, the Ministry of Labour required these companies to act quickly on stress prevention. "Otherwise, they risked punishment unprecedented media coverage in France of the results of negotiation, says Philippe Douillet, project leader psychosocial risks to the National Agency for the Improvement of Working Conditions (NAALC). But it did not last long …. "
230 agreements
At that time, the list of good and bad students was remained on the website of the Department that the time for a short day, Feb. 18 … As to the 230 agreements, 90% of them the 'were in the 1 st half of 2010, under pressure from the ministry. "That said, this action resulted in a genuine process of negotiation," said Philippe Douillet.
Cited as an example, the agreement with Danone assumes that "any proposed change of organization must assess human impacts, which involves asking the questions upstream," says Muriel Penicaud, CEO of the giant HR food. Signed in March 2010 with five unions, after two and a half years of work, it includes a strong preventive approach. This c omprend a training component of the local management, "a key element" for Muriel Penicaud.Co-author of the report "Well-being and efficiency", delivered in February 2010 the Prime Minister, she observes that things have since changed business cards. "Many companies recognize that managerial decisions have an impact on stress, which was rarely the case a year ago." However, few are still those who registered stress in their "single document". Compulsory since 2005, this document is to identify and prevent such risks. "A complex approach on the part of psychosocial risks," says Valerie Decaux, HRD Saur (network management of drinking water, 10,000 employees in France) is currently finalizing the document."The challenge is to address the risks identified: lack of information, the ergonomic conditions, but also recognition of the work, a subjective element. "
Founder of the firm Artelle Council, specializing in the prevention of psychosocial risks, Haubold Bénédicte (1) estimates that companies are now clearly the link between psychosocial risk and economic performance: "We see where a shareholder, who sees his participation depreciate , appealed to us. "Microsoft France, has started negotiations with unions, has understood. For six months the company has embarked on a process well-being and performance ". "A fundamental approach to talent retention and attractiveness of the business," says HRD, Yves Grandmontagne, citing "employees happy and productive".Latest action: the establishment of an observatory of health from the 1400 group employees in France.
(1) "The Psychosocial, library Eyrolles, Editions d'Organisation
ALSO READ:
"Stress: good business practices
Ten solutions against stress at work
"Stress: how firms organize
A departure of more at France Televisions. This time, the news is official. The journalist leaves Arlette Chabot France 2 "mutual agreement" with the group, said on Saturday France Televisions. "France Televisions and Arlette Chabot agreed to end its collaboration with France 2," the group said public broadcasting. Arlette Chabot has however agreed to take the next two animated shows "You decide" in March and April 2011.
Remy Pflimlin, CEO of France Televisions since last July, "salutes the importance and quality of work done by Arlette Chabot at France Televisions," the statement said. Arlette Chabot had been away from the direction of news at France Televisions in late August by the new boss of the public.It nevertheless retained its political program "You Be The Judge."
Wave of departures
His departure comes as France Televisions has confirmed last week the new organization intended by Remy Pflimlin. The objective of this reorganization is to restore five channels of group autonomy headed the real operational guidelines. But this reform has immediately triggered a wave of departures precipitates. Arlette Chabot follows in the footsteps of Nicolas Pernikoff, who left the entertainment of the holding company and will be replaced by France 2 Nathalie André Endemol. Other executives of the old team should follow.
If France Televisions do not specify where Arlette Chabot plans to continue his career, some sources have recently hinted that the journalist was in talks to join Europe 1.The information has not yet been confirmed by the radio station, but inside sources told the magazine Tele 2 Weeks that the appointment of Arlette Chabot to the direction of the information would be gained. The journalist was placed in a rank above that of Patrick Roger, who retains his title as executive editor while taking the antenna on the edge 12:00 to 1:30 p.m. instead of Jean-Marc Morandini.
ALSO READ:
"Wave of departures to France Televisions
The new face of France Televisions
In closing the conference on Tuesday on the issues of addiction, held at the Economic, Environmental and Social Committee (EESC), the President of the Republic Nicolas Sarkozy refused to rule out the trail funding through private insurance. Believing unreasonable not to consider the role of mutual and insurance companies, in a context of public finance is severely degraded, it was also excluded from tax benefit of the work. Hence his determination not to dismiss the subject for "ideological reasons". The Head of State said the bill on the reform being one of the major projects in 2011, should be ready before summer, for a review by Parliament this autumn.
This position comes in the heart of national debate on dependency, in which Roselyne Bachelot, minister in charge of the case, has conducted a major political party leaders, labor partners and association leaders. If plusieurspistes reflection has been submitted, the minister stated while no model "turnkey" he had not been proposed. However several priorities such as maintaining the principle of free choice between home care and care in an institution, or the unanimous rejection of a privatized system had emerged from discussions. On this point, the head of state also hoped to show reassuring, saying he had "no intention of using the insidious addiction to privatize health insurance."
A report by June
These concerns are shared by the majority of the French.According to the barometer Provident Bank Post Tribune published in Tuesday's newspaper, they always plébiscitent state intervention since the three-quarters of them favored a care dependency through taxes and fees: 83% of respondents seek and development aid. They are very few take steps to finance the venture themselves. Only 18% of those under age 45 say they have purchased a financial product to cover that risk. The creation of a compulsory care insurance is not overwhelmingly rejected. 42% of French say they favor the establishment of such contracts as of 50 years. The more than 65 years are 56% similar to recognize the usefulness of such a measure. According to the barometer, the greater the expectation for "assistance to caregivers," whether an adjustment of working hours or training.28% of French people aged 35 to 75 years were in fact a dependent person in their environment or their home.
The EESC president, Jean-Paul Delevoye was commissioned by the Prime Minister to submit a report on the subject by June. Part of the reform in 2011. The second will probably be introduced in 2012, after the presidential election.
ALSO READ:
"Dependency: a report in June
"Dependency: CFDT advocates solidarity
"Heritage to fund addiction
"Dependency: Tracks subject to Bachelot
"Dependence, site Bachelot and Montchamp
"Dependency: a priority area for Sarkozy
It was inevitable. The rise in agricultural commodities since last summer is going to blow the labels on the shelves. "There will necessarily impact of rising agricultural commodity prices on food prices. I do not take anyone by surprise, it's been several weeks since I say, "warns the Minister of Agriculture, Bruno Le Maire, following a roundtable that brought together early Wednesday morning about twenty representatives of the food chain: producers, manufacturers and distributors. The purpose of the meeting also attended by Secretary of State for Consumer Affairs, Frédéric Lefebvre, focused on the impact of rising agricultural produce on every link in the chain."Our goal with Frédéric Lefebvre is to find a balance between the need for compensation of farmers and defending the purchasing power of consumers," says Bruno Le Maire.
Downstream, so does the survival of farmers with higher grain prices that are the basis for animal feed "added production costs of 40%. "If their price does not increase, there are thousands of farmers who will disappear in France," warned Bruno Le Maire. The immediate upstream, the meat will suffer higher prices in supermarkets. "The distributors have agreed to immediately pass this increase on the sales price of pig meat, poultry or beef," said Bruno Le Maire. But beware of overflow.The observatory of prices and margins to ensure that this increase reflects only the cost of agricultural raw materials and there is no windfall. One example where the price of bread: there is no reason that the price of the rod increases dramatically while the share price of wheat is not the largest share of the cost of baguette.
However, "price negotiation is open" hammered Frédéric Lefebvre, who declined to say how much the prices would go up to the consumer. The latter, however, brandished the threat of lawful weapon or if the retail industry does not play the game Article L 442-9 of the Commercial Code makes it possible to call into question the liability of any purchaser requires the supplier transfer prices unreasonably low situation of soaring agricultural commodity prices."We're in this situation today. It allows the Minister for Consumer Affairs to assign the offender to a fine of up to two million euros, "said Frederic Lefebvre. Another panel will take place by March to draw up an inventory. The retail average increases of about 2%.
The result is final. According to a poll by Ifop for the Sunday newspaper Ouest France, eight in ten French (80%) believe that in recent months, the quality of services offered by the SNCF was "somewhat worse". Only 15% of respondents believe the contrary, that it was "somewhat improved". Three percent of respondents believe the situation has "not changed" in this area and 2% were undecided.
More telling, three out of four respondents (76%) say the times were "less respected" in recent months. They are only 18% say that they are "more respected". Three percent noted no change and 3% were undecided.
Malaise
The survey, conducted on 20 and January 21 with a sample of 968 people, seems to confirm the ras-le-bol general users of the station.After the subscribers of the TGV, which just received a compensation package, it's time for users of regional express trains (TER) to show their displeasure by engaging in a strike submission of tickets from Monday.
Eager to appease the discontent of its customers, the station provides a plan for improving its twelve lines called "sick". Efforts should focus on the Paris lines, RER A and D in mind.
ALSO READ:
"SNCF: users refuse to submit their subscription
"Self-criticism of the station on the incredible series of incidents
The board of directors of the Audiovisual outside France (AEF) held in an atmosphere with a knife to cut both the relationship between Alain de Pouzilhac and Christine Ockrent is tight for six months.However, Alain de Pouzilhac has agreed to a gesture by saying: "Christine, I've never directly accused in this case" and arguing that it considered itself reached in his honor by the charges of hacking it the subject.
The CEO of external broadcasting also said that the crime involved only "the holding structure and not the television channel France 24", as has been claimed.
"An intolerable situation"
This subject was not upset to be addressed, but Michel Herbillon MP, representing the council has put his foot in it to evoke "an intolerable situation requiring an urgent solution for a company that carries the image of France to the abroad " paydayloans.A position that would have caused the approval of qualified persons present, as well as staff representatives.
Another sticking point, the majority of the board expressed concern about the failure to sign the contract objectives and expected ways to fix the company's strategy until 2013. The state official promised a "speedy resolution".
ALSO READ:
"INTERVIEW – 'The War Chiefs is not France 24
"France 24: the report on piracy
The noose tightens on conventional breaks, these "friendly separation" between employer and employee who are very successful (455,000 have been registered since August 2008) and now represent 11% of the grounds of breach of CDI. Christian Charpy, head of employment center, announced Wednesday, during a meeting with the Association of Journalists of social information-a unique figure which confirms that this new provision of the Labour Code would provide early retirement scheme for certain large companies.
According to Christian Charpy, a job seeker five entering employment center after a break treaty has over 50 years. This is double their other reasons for listing. But the fifties unemployed are eligible for compensation for three years if they have paid 36 months.And if they are over 58 years, "they can be compensated until age of retirement," admits the Ministry of Labour. "Employees found there, because they have a guaranteed income until retirement," abounds Isabelle Mathieu, a partner in employment law at Daempartners. To say that employers are using conventional breaks to separate "cheap and cost of unemployment insurance" of their seniors, there is only one step that the OECD has passed in April last.
The diversion of this device invented by unions and employers to frame-outs which took the form of dismissal for misconduct-concern mainly large firms. Including more than 250 employees, where 17.4% separation amicably affecting more than 58 years. Or 13 points higher than in less than 50 people.Unemployment insurance note well "over-representation of 55-60 years, but has no" evidence to draw the conclusion of a drift "detrimental to its finances, largely in deficit (11 billion at end 2011). His office has commissioned a study to take stock. Results in the first half.
ALSO READ:
"Employment of older workers: France lagging in Europe
"INTERVIEW – Wauquiez:" A cultural revolution on seniors'
"Seniors career progress slow
Comments Off