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 …
"Today, we can not take action without evaluating and communicating the results to the French. Otherwise they feel cheated, "said Liberal MP Claude Gloasguen. Photo credits: Jean-Christophe Marmara / Le Figaro
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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Will there a shortage of cameras in France? The French representatives of Japanese companies have shifted from caution to a post-earthquake alarmist tone. "The situation is critical, we will receive a limited amount of cameras. The months of May and June, traditionally important to sales, will be very complicated, "says Laurent Roussel, president of Panasonic France.
For his part, that Nikon is launching this month its new SLR D5100 warns there will be only 140 000 shipped worldwide or the quantities for normal development. "Then we do not know when the next will be produced," says Benedict Dieuleveult. This means that the restocking might as well take place in May than in September. And in the latter case, it will be too late to ensure supplies for the summer season crucial.The SLR market, which accounted for 600,000 sales in France in 2010 is the most affected segment of the camera market.
The reasons for these delays are related to the consequences of the earthquake that hit Japan on March 11. The factories of the great names of the photo little affected by the tsunami, but are still penalized by blackouts or disruptions in component supply. Canon is thus a state of "intermittent generation," "partial recovery of activity" in its sites dedicated to optics. Among Japanese manufacturers, Olympus only exception to this rule: it only has an optical factory in Japan, located on the west coast of the archipelago – the tsunami struck the east. Its production units are located elsewhere in Asia. "Right now, we suffer no delay nor a decrease in delivery, says Christophe Valentin, marketing director of Olympus France.But we remain always thank you for the interest in a sub-contractor. "
Threats to employment
The numerous local subcontractors in the industry have suffered more from the tsunami. Some productions have still not recovered components of "normal" levels and in the worst cases, have not restarted. Most major Japanese houses have also set up systems to help support the rebuilding of their suppliers.
Corollary fears of disruptions in store, announcements of price increases began. Panasonic was the first to open the ball, with an increase of 10 to 12% on its products for the month of May. "This increase is also intended to help the French structure, knowing that the volume of sales probably will fall," said Laurent Roussel. His concern is shared. "The French subsidiaries of Japanese corporations are 7 000 to 8 000 jobs.A decrease in their activity could have negative consequences on employment, "says Laurence Fauque, General Delegate of Ficime, a federation of businesses. In turn, distribution and particularly specialists could be financially penalized by supply disruptions.
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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Sometimes an anecdote says more than a great speech. The experience of a player proves it. He had 80,000 euros to invest. A sum that Mr. B. decided to place life insurance. His first instinct was to go to the bank where he had a contract. The counselor is willing to trade a gesture and it proposes to reduce the entrance fee at 0.5%. A nice gesture when the number of contracts still show costs about 2%. But our reader was determined to defend its interests and to allow competition quick pay day loan. Although it has taken since it has gotten better way: by opening a new contract with an insurer, the client has successfully limited to 0.1% in its fees. Morality? The little appetite for the French insurance in recent months may be negotiated fiercely conditions of entry.The French Federation of Insurance Companies (FFSA) and is down 4% collection of life insurance in December, from 11% in January and the estimated 15% in February. Fears of tax change should not fix things.
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.
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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.
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Poweo will sell to Verbund, its shareholder, all of its means of electricity generation in order to identify the financial resources necessary for continuity of operations. Verbund, which owns nearly 46% stake in Poweo, has offered to buy for $ 120 million, corresponding to their net book value, 60% of production Poweo it does not already own, said in a statement the alternative operator of electricity and gas in France. The agreement announced Wednesday takes effect from 1 January 2011.
Poweo Production is all electricity generation assets of the group, whether fired combined cycle natural gas (NGCC), in operation or under construction, or asset-based energy renewable.
"Poweo believes that this transaction will allow it to generate adequate cash resources in light of its financial commitments for the full year 2011 has minimum", said the French group, saying he would continue the activity commercialization of energy.
In exchange, the transaction is welcomed. At 10 hours, the title Poweo gained 5.93% to 5.36 euros, with a market capitalization of 87.78 million euros. Since the beginning of the year, it nevertheless shows a decline of 61.4%.
Poweo announced in November that it was studying various strategic options to restore cash generation from operations, affected by its loss of electricity sales, pending the implementation of market reform of Electricity supposed to give him access to nuclear EDF on favorable terms.
The consolidation will be studied
He indicated Wednesday he wants "to continue intensive discussions already underway to identify and implement any accompanying measures to perpetuate further its presence in the French market as a marketer of energy faxless payday advance."
The company expects including regulations implementing the law on the reorganization of the French electricity market (Nome), which should be published in the first half of 2011 to determine "the contours of its new business model and its competitive positioning and prospects associated.
"It will consider any opportunity in this part of industry consolidation that could help accelerate the recovery of its activities."
The group also said it will receive until June 30, 2013 an option to repurchase its 60% stake in Poweo Production at a price identical to that assignment, he could exercise "if future developments regulatory conditions or market give meaning to such an operation. "
Poweo Production has also entrusted to a bank a mandate of the sale of its entire branch Renewable Energy, which includes an installed production capacity of 105 MW (megawatts).
Poweo developing since 2005 a project portfolio of generation capacity consisting mainly of type CCGT power stations, including one of 412 MW already in service in Pont-sur-Sambre (Nord).It does not, however, means to compete with EDF and depends primarily on the incumbent to supply electricity. On the wholesale market, the group must sell more expensive and the electricity it produced or purchased from the utility public.
Nome law does not specify the price at which EDF will sell part of its nuclear production. The incumbent requires a floor price of 42 euros per megawatt hour, while its competitors require a much lower price, close to 35 euros.
(With Reuters)
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The CAC 40, the gates of the 3900 points, moving up 0.35% to 3902.08 points on Friday morning. However the rating agency Moody's announced this morning that it had downgraded five notches to note the long-term debt of Ireland to Baa1 from Aa2.
Today, continuing the meeting of leaders of the European Union. Thursday night, they confirmed the creation of a "European mechanism of stability" (MES), European version of the International Monetary Fund (IMF) in charge of rescue packages euro countries, like Greece and of Ireland this year. He will replace interim funds installed last spring.
But the debate on Eurobonds continues, under pressure from the markets who fear debt restructurings souveraines.La ECB on Thursday urged a doubling of its capital. There would be increased from 5 billion to 10.76 billion euros.The guardian of the euro said it has to cope with volatility "in exchange rates, interest rates and credit risks."
Early this morning, Asian stock markets were changing the overall balance. Atony which checks for four days while the year-end holidays are approaching.
The economic figures to follow
• France:
The business climate in manufacturing industry in France has improved in December to return to its level of mid-2008. The synthetic indicator of business climate in the sector rose three points to 103.
• Germany:
10 am: barometer Ifo business climate
• European Union:
– 11: foreign trade in October
• United States:
– 16h: composite indicator of economic activity in November
The AMF extends tender offer for Seloger.com
The winners on Friday, found at the top of the rating group Havas (1.77% to 3.73 euros) excluding CAC 40. The top billing in the CAC 40 is illustrated by Cap Gemini (1.26% to 34.61 euros). Conversely, the red lantern is Veolia Environnement (-0.30% to 21.80 euros)
The Autorité des marchés financiers (AMF) announced Thursday that the offer of Axel Springer on the website of ads was extended until further notice.
Seloger.com (balance) will also double its dividend this year bad credit pay day loans.These announcements occur when Axel Springer has announced the continuation of the hostile takeover bid on art website, rejected by the latter.
The Paris stock exchange on Friday welcomed Toreador Resources. 60-100,000,000,000 barrels of oil are sleeping under the Paris Basin. The company has become established in the market.
Sanofi-Aventis (balance) has announced the signing of a global research and development with Germany's Merck to jointly pursue research that could lead to new targeted cancer therapies.
Total (+0.26% to EUR 40) announced a strategic partnership with Suncor's oil sands in Canada. The French group will pay Suncor 1.751 billion Canadian dollars. The group also announced it increased its stake in a non-liquefied gas project in Australia for $ 281 million.
ADP (+0.30% at 60.82 euros) on Thursday posted a 3.5% increase in passenger traffic in November.
GDF Suez: -0.02% to 27.70 euros The acquisition of Britain's International Power was approved Thursday by its shareholders. The transaction creates a powerful energy company in America and the Middle East.
EDF (+0.35% at 31.92 euros) is today an investor day in London. The group also announced a five-year extension of the duration of operations of its nuclear reactors Heysham 1 and Hartlepool to 2019.
France Telecom: 0.12% to 16.05 euros Nomura raised its recommendation from neutral to buy.The broker also raised to "buy" recommendations on Rexel, Legrand (+1.7% to 31.70 euros, the largest increases) and Schneider Electric (1.16% to 117.25 euros).
Eurazeo: -0.35% to 54.76 euros Gilbert Saada, co-chair of the investment team and board member, will leave the French investment company on January 1, reported Friday a source close to the case, confirming Information newspaper Les Echos. Eurazeo declined to comment.
Natixis (0.67% to 3.62 euros) will take a 25% stake in the asset management division of the Indian finance company Infrastructure Development Finance Company (IDFC).
Vilmorin (balance) convenes its annual general meeting
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