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After weeks of uncertainty, the commercial court of Nanterre Friday authorized the takeover of courier Sernam into receivership on January 31 by Geodis, a subsidiary of SNCF. This is-of a partial recovery. Geodis and its subsidiary BMV disburse 750,000 euros to recover clients Sernam, or 200 million euros in turnover, and some employees of the courier company in bankruptcy.

Of the 1441 employees, 833 will join Geodis in their labor pool. SNCF will be offering for reclassification to another 600 employees Sernam which are not included. However, Geodis will recover almost none of the 55 logistics sites of the bankrupt or the 1300 delivery vehicles.

There is another week, the rescue of the company into bankruptcy by turning the fund Butler Capital Partners was far from certain. The subsidiary of SNCF had established conditions of occasions that it seemed difficult to respond positively. It took the mobilization of workers and a very high pressure, during the Easter weekend, Thierry Mariani, Minister of Transport, to push Pierre Blayau, CEO of Geodis, to be flexible to open the way for recovery.

Mobilizing ministers in recent months has, hitherto, to defuse these issues one to one industrial high-risk period for presidential elections. To achieve this, the government relied heavily on public enterprises. This is doubly the case of the SNCF. In the folder Sernam today. But before that, in January, she was involved in the liquidation of its subsidiary, SeaFrance and delivers more than 800 positions in rehabilitation and compensation of around 60,000 euros per employee not included, enough to silence anger.

No fire

In late February, EDF has rescued Photowatt and its 425 employees by announcing a full recovery in one of the few French players in the manufacture of photovoltaic panels. Renault owned 15% by the State, has agreed to secure the backlog of Foundries of Poitou.

The government has also convinced LVMH, the world of luxury, to mobilize one of its subcontractors to save a site in Yssingeaux Lejaby employing 93 employees. In other cases, governments have succeeded in obtaining respite. This is the case of the Petit Couronne refinery (Seine-Maritime), which employs 550 people payday loan companies. She was placed in receivership in late January for six months following the bankruptcy of its parent Swiss Petroplus which the owner, announced the closure. The liquidation was avoided. The deadline for submission of bids is 30 April, between the two rounds of presidential elections.

Another very sensitive site ArcelorMittal Florange. Employees rallied against the closure of the last two blast furnaces in Lorraine.

Nicolas Sarkozy announced in late February for new investment on the site and has led management to ensure that the closure was only temporary. The anger remains, but there was no fire. Three weeks before the second round, the government hopes that no other case does invite the end of this campaign.

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3 questions to Pierre Blayau, CEO of Geodis

What has allowed a resumption of Sernam while it seemed compromised last week?

We gave a period of five weeks before making the actual resumption. It was left to the attorney the time to organize the social aspect of this operation and for us to set up failover, including computers, Sernam to Geodis. Such a delay would pose a risk of deterioration of the financial position of Sernam. After discussion, earlier this week, with the receiver, we have agreed to reduce the actual recovery period to 21 days, May 7 We have been flexible to allow recovery.

One gets the feeling that Geodis is committed to backwards in this recovery?

Contrary to what I read or hear, Geodis has always been voluntary. This operation has a real industrial sense. We will grow in a highly competitive market. We take up staff and customers representing 200 million euros in turnover. We do not increase our fixed costs.

After the takeover by Mory Caravelle last year and now that of Sernam, market concentration French-mail is complete?

Even if there are fewer players, our market is still excess capacity. The process of concentration should therefore continue to favor companies that have a real performance culture.

Louis Welsh, CEO of aerospace group EADS, Airbus' parent company, for another few months, had assured him a few weeks ago the BBC: "We will continue and we will resist external interference." The confirmation of the German Ministry of Economics of a possible rise of Berlin the capital of the group could make the mission more difficult. The German government has indeed made a provision that could be used to repurchase additional shares of EADS.

Last November, Berlin had confirmed the recovery of half of the shares of the automaker Daimler, or 7.5%. The aim of the German government was not to lose ground against the French government retaining these shares in the lap of Germany.

But Berlin could therefore go beyond. The government has made a provision so that the public bank KF – who had already intervened in the case Daimler – can optionally be able to take additional units, the ministry said. In Focus, 4.5% stake now held by a group of private investors, shareholders also 60% of a consortium named Dedalus. This last group of public and private investors, includes, alongside great names of German finance Deutsche Bank, Commerzbank and Allianz, regional states in which EADS operates in Germany (Bavaria, Baden-Württemberg, Hamburg and Bremen ). Dedalus has a total of 7.5% of the aerospace group.

Power relations

By the end of the year, the consortium Dedalus might decide to sell 4.5% stake. If he offers to the German State, it will be obliged to redeem them, the ministry said. Deutsche Bank and Allianz, who took 10% of each Dedalus at the time of formation of the structure in 2007, did not comment. According to the Financial Times Deutschland, the provision of government reach 1.6 billion euros. The new acquisition would amount to 12% of Berlin's participation in the capital of EADS. According to Les Echos, it could reach 13% if we add the 1% held by the public bank KfW in Dedalus. In front, France has 15% stake, and Lagardère 7.5%.

The balance of power at EADS are a sensitive subject. Recently, the German government has expressed its fears of excessive weight of France in his eyes in the division of roles and assignment of key posts, including the changeover from the center of gravity of EADS in Toulouse. Thomas Enders, Airbus President and current successor of Louis Galois, had proposed to his headquarters in Toulouse.

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A chaotic situation in the euro area, decorated with the prospect of a presidential election in France: the cocktail did not much attractive for foreign investors in 2011. In this context, the attractiveness of the Hexagon folded but did not break. The country remained in second place in Europe for the number of foreign investments in 2011, behind the United Kingdom. According to the annual balance sheet submitted by the French Agency for International Investment (AFII), France last year attracted 698 new foreign investment projects that create jobs. If Bercy wants to see "the second best result since more than ten years," it is nevertheless a figure down from the previous year, while the Hexagon had attracted 782 investment. In 2011, investments were divided between extensions of existing settlements (46% of total) and creative (46%). Other projects include the purchase of ailing companies or acquisitions. As usual, many of the investments (60% in 2011) is of European origin. Companies from North America account for 25% of the total-the United States last year have again become the first country-investor in France, and those in Asia for 11%. The emerging countries of taking off no teletrek payday advance.

Some 27,958 new jobs resulted from foreign investment. This figure, down 12% compared to 2010, confirms a basic trend: the size of investment projects knows "a steady decline for several years." The average number of jobs created or maintained by the project was 60 in 2006, 55 in 2007, 50 in 2008, 47 in 2009, 41 in 2010 and 40 in 2010. The Afii explains one side by the proliferation of projects with high added value, which by definition have less need for labor; another, it recognizes "the caution of some investors, which reduce the initial ambition of their projects in an economic recovery remains fragile, "says Afii. "The crisis in the eurozone could cause some wait, which is being squandered. It would also be a lie to say that the electoral event is not regarded in the world, "said Minister of Economy, Baroin.

The challenge for France is important: foreign companies employ more than two million employees in our country, realizing 20% ​​of R & D and entrepreneurship are the source of more than a third of French exports.

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"Attractiveness: France wants to get rid of misconceptions

On February 20, during the auction of the hamlet of Courbefy, located 40 km southwest of Limoges, no buyer had appeared, despite a retail price of only 300,000 euros. With the effect of media coverage, between 150 and 200 buyers from around the world are scrambling to try to acquire this highly original property, offered for sale price of a two-room Paris.

Without buyers, the entire village, 19 rustic buildings in various states, the boxes for horses, pool, tennis court, culminating in nearly 557 meters high with a beautiful view of the mountains of Chalus in the Périgord Limousin regional park, should return to Credit Agricole, creditor's last owner who could not repay the loan. Its proposed resort, launched in 2003, has never worked and went bankrupt, causing the abandonment of the site in 2008.

The news of the sale of Courbefy was first taken up by the media in France, before being scattered by the whole world, fascinated by the idea that a whole village could be sold for a price as ridiculous . "Admittedly, this is an offer very original, very unique, because the entire village is sold at once," says Mr. Paul Le Figaro Gérardin, counsel for the Credit Agricole. "It's because someone has bought one by one all the houses after the abandonment of the hamlet."

After being abandoned by its last inhabitants in the 1970s due to rural exodus, the small village of Courbefy might find occupants with a last minute deal last Thursday filed with the court registry by Limoges an American company, AHAE Press, registered in the State of New York. This entity belongs to the Korean-born American photographer Ahae, artist specializing in landscape photography and wildlife, whose exhibition "Through my window" must be presented at the Louvre in Paris from June 26 to July 23.

With its 10% deposit of the purchase price, the sale process is restarted, and new auction will take place at court of Limoges on May 21. "I'm sure will be many bidders," suggests Paul Gérardin me. "We have already responded to 150 to 200 inquiries from around the world. Initial requests are first come from the Paris region, London, Belgium, the Netherlands, Sweden and other European countries before coming the United Arab Emirates, China, U.S. and Russian. "

One potential buyers, a Dutchman, wants to use the hamlet for a reality TV show in which participants would call premises in shape.

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White smoke comes not yet held Monday in Brussels, where a decisive meeting of the Eurogroup on Greece. It comes from the Italian Presidency in Rome, and the headquarters of the European Central Bank in Frankfurt.

After a phone conversation with Angela Merkel and Prime Minister of Greece Lucas Papademos, Friday, Mario Monti issued a statement encouraging: "At the end of this conversation, which came in the details and which was conducted in a constructive spirit, three participants were confident that an agreement on Greece can be reached Monday, the Eurogroup. "

So far, mistrust prevailed. Especially since the previous Eurogroup, on Greece, was canceled Wednesday. "This time, an agreement is likely," said Jean Pisani-Ferry, director of the Bruegel think-tank in Brussels. "Otherwise it's too late, there will master more technical details …", he adds.

The challenge of this size Eurogroup is: give Greece its private creditors and the green light to launch the second bailout of Greece, estimated at 130 billion euros, to avoid a default in Greek debt falls from 14.5 billion euros on March 20.

That Greece is committed to the reforms demanded by the troika, beyond the April elections, Germany, Finland and the Netherlands had planned mid-week to split the bailout to not pay, firstly, that the sum needed to rescue private, or 30 billion euros. 

Exchange of debt

But this scenario is complicated, difficult to read for the markets, has been criticized by the IMF and European lawyers, who see it as a source of additional blocking with private creditors, asked to relinquish 70% of the value of their securities. "This option is no longer on the table," said Deputy German Finance Minister, Thomas Steffen. "We are ready to have a solid basis for a decision Monday," says the German Finance Ministry in Berlin.

The European Central Bank has brought his stone to an eventual agreement. Its chairman, Mario Draghi, submitted Thursday night, the vote of the Governors, the exchange of 50 billion euros of Greek bonds, which should allow eventually to redistribute 12 billion euros to Greece, which allocated to debt repayment countries. For its part, the IMF would be willing to contribute to the new rescue plan by a loan of 13 billion euros, reported last night the Wall Street Journal on its website.

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The effect of the crisis was immediate for the television market and particularly for TF1. The first French commercial channel just announced for the first nine months of the year, a decline of 1.6% of its advertising revenue to 1.054 billion euros. The decline is even more pronounced for the third quarter, which ends, as advertising revenue in the chain were down 3.2% to 296.6 million compared to last year at this time.

An equation that TF1 attributed to "a macroeconomic environment less favorable than expected, especially from September." This "economic uncertainty", leads the group also anticipated for the year 2011 "a withdrawal of consolidated turnover of about 1%."

However, if the proceeds of the TF1 channel degrades, the group announced a turnover in nine months, up 0 paydayloans.7% to 1.826 billion euros.Other activities of the group saw their income rise by 3.9% over the same period to 784.4 million euros, while in the third quarter of 2011, this position is up 12.6%, to 264, 6 million euros. This is due, according to the broadcasting group, "the increase in sales related to the acquisition of TMC and NT1 and the performance of subsidiaries of diversification." In fact, the first nine months of the year and all antennas together (TF1, TMC, NT1, pay channels), the advertising revenue rose 2% to 1.494 billion euros. In the third quarter, it rose from 424 million a year ago to 442.3 million in 2011.

The hope prevailed on Monday in the Paris Bourse. After the meeting of eurozone leaders in Brussels on the CAC 40 closed up 1.55% to 3220.46 points in a modest trading volume of just over 2.5 billion euros. In its wake, London ends up 1.08% and 1.41% in Frankfurt. In New York, the indices were also well directed, the Dow gaining 0.82% and the Nasdaq more than 2% mid-term.

Regarding the debt crisis, the hope seems to come on the market. EU leaders agreed to increase the firepower of the European bailout fund (EFSF), to recapitalize banks and erase part of the Greek debt. On this point, the euro area is "relatively close" to an agreement with private creditors. European states are now seeking 50 to 60% of discount.The details of this comprehensive agreement should be announced Wednesday, after a summit. French President Nicolas Sarkozy said that the situation remains "very complex" but that "negotiations are progressing. A consensus is emerging, "he said.

First question, Greek banks have reacted badly to the news. Some securities industry lost more than 20% of their value on the Athens Stock Exchange. It has also closed down 4.51%.

Caution

In Paris, investors have decided to extend the rally started vendredi.Cet optimism was tempered, however, by indicators in the euro area and France who fear a recession. The publication of the PMI in October in the euro area showed an increased risk of recession. Contraction accelerated to $ 47.2, against 49.1 in September.These indicators are reminders of the fragility of the European economy and the urgent need to halt the crisis.

Highly vulnerable to swings in investor sentiment, banking stocks have evolved sawtooth. Societe Generale has finally closed up 4.11% to 19.75 euros, Credit Agricole gained 2.77% to 4.97 euros and BNP Paribas climbed 0.69% to 32 euros.

Renault, which goes like rival PSA Peugeot Citroen, use measures of short to deal with a slowdown in demand, has closed up 2.83% to 28.30 euros. Air France-KLM has won his side 2.20% to 5.75 euros, while the new management group has given priority to "react to the emergence of new competitors, especially low-cost airlines," said the boss of the group, Jean-Cyril Spinetta.Icade, despite the publication of a revenue increase of 11% in the first nine months of 2011, ended down 1.08% to 64.30 euros.

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The French fans of smartphones! According to research firm IDC, sales of smart phones are expected to reach 4 billion euros at the end of 2011, an increase of 33%. This represents the sale of approximately 12 million terminal. "This increase meets the mobility needs of consumers," decrypts Kirk Campbell, IDC's boss. A need that was not lost on retailers. All signs, or almost, now have their mobile applications.

In the wake of its competitors Auchan and Carrefour, the Casino Group has launched its application "mCasino" in October 2010.According to Stéphane Bout, director of information systems group, the mobile phone has become an essential marketing tool for the retail sector.

Lefigaro.fr: How the rise of smartphones he changed consumer behavior?

Stéphane Tip: Even with the Internet, the nature of the relationship between the customer and the brand has been transformed. This relationship is a continuation and leaves the perimeter of the store. This is especially true today with smartphones. Consumers are connected, exchanged opinions on products, inform in real time. The application mCasino, which works with the iPhone and Android, which is also available on the iPad tablet, was developed to make their lives easier, but also to ensure continuity of services that we offer.This launch is a logical extension of our innovation strategy that relies on the use of all electronic media: Internet, kiosks in stores, scannettes and of course mobile phones.

Stéphane Bout, director of information systems of Groupe Casino. Credit: DR.

Wall Street earnings increases, on Thursday. After opening slightly higher, U.S. financial markets now earn more than 1%: the Dow is 1.16% to 11,066.34 points, the Nasdaq rose 1.44% to 2496.01 points and the S & P 500 gaining 1.36% to 1159.59 points.

After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines.On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Meanwhile, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday by the Washington Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.

On the foreign exchange market, the euro reached 1 bad credit pay day loans.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple (-0.39% to 376.77 dollars) will remain particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo (-4.60% to 15.19 dollars) is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had already in 2008 attempted to seize the group's internet America.

• Hewlett-Packard (0.41% to 23.96 dollars) should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman cited by Reuters.

• Boeing (0.25% to 60.11 dollars) has received an order for one.$ 1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences (-0.03% to 39.14 dollars) has obtained a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International (2.02% to 28.75 dollars) issued for the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Lefigaro.fr – Italy can it fail?

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

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