Avtovaz does not leave this market segment to competition from China or India. Granta is sold 220,000 rubles (5,600 euros). A price that is far below that of a Logan entry-level, hence the idea of the ultra-low-cost.

The rest is a matter of industrial process and sharing platform, the concept dear to car manufacturers and enabling them to lower their production costs.The Granta benefit from the platform of the Kalina, a model launched in 2004 which has not met with great commercial success. "Renault has helped teams Avtovaz to improve the quality of its models," said a spokesman for the French group. In addition, Avtovaz build its new city (of a size comparable to a Twingo) in its factory in Togliatti, 1,000 kilometers from Moscow, where labor costs remain low.

Tomorrow, the export?

For the Russian manufacturer, it is not missing the boat. This will be the first model launched by the "new" Avtovaz. However, the group really need to burnish his image and give it a quick facelift.

The Granta is primarily intended for the Russian market. But, like other Lada, it may be exported. "Renault will use this model was not defined e ', do you know in French. Everything is possible.Includes entry into the Western market for a new model even cheaper than Logan (7,600 euros in entry-level, excluding promotions).

Through Avtovaz, Renault approaching the threshold of new symbolic price of 5,000 euros which had underpinned the launch of the Logan, they are not reached by the group. For now, only few Chinese manufacturers and Avtovaz succeeded. In other words, there is no new car, responding to Western standards to 5.000 euros. The Granta could come fill this gap.

Other models of the group will soon be built at the factory in Togliatti. Beginning in 2012, adapted versions of Logan Lada station wagon and van will be manufactured, followed by Nissan, Renault and then two. A location of production that overcomes the prohibitive tariffs imposed by the Russian government.

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• Budget: tough decisions on niches
• Pensions: outline of the reform should remain
• Towards the compulsory insurance underwriting loss of autonomy
• The delicate capital increase
• 2011 upturn expected for the job
• Paris wants to reform the international monetary system

Of the four returnees that Nicolas Sarkozy has had to manage since his election, now is probably the trickiest. Very politically charged, the fall will also heavy economically. Number of reforms and sensitive issues facing the head of state and government who begin their Wednesday Cabinet reentry in a tense social climate.

Contrary to tradition, the vote of the Finance Bill 2011 will not be the first meeting of the economic return.It will be preceded by consideration of the Assembly, from September 7, the pension reform. The fiercely contested between a Labour Minister, Eric Woerth, weakened by the controversies that have continued over the summer, and an opposition determined to block any progress, including the extension to 62 years of retirement age.

But the pressure in this landmark case – the Head of State intends to establish his image as a reformer, especially with financial markets – especially coming from the street. Unions, braced against a reform they consider "unfair and ineffective", the French call en masse to protest on September 7. A mobilization that looks very well attended, in the street, transport and some public services where strikes were not hard to exclude. This day of action will not be the last.Meeting Monday at FSU, the unions agreed to see the 8 "decide how to proceed quickly, probably before September 29, when a euromanifestation against the austerity policies.

Behind the social issues lies the question of growth. For despite the increase of 0.6% of GDP in the second quarter, the horizon remains uncertain. And the downward revision of 0.5 percentage points of growth for 2011, together with further cuts in public spending and tax loopholes, reflects these uncertainties. "France has suffered a negative shock with its strong and deep recession of 2008 and 2009, says Philippe Waechter, director of economic research at Natexis Asset Management. A policy is too restrictive in order to quickly rebalance public finances will penalize the economy. "The paradox of this situation is summarized by the rating agency Moody's.This concern, last week, the deteriorating situation of public finances States rated "AAA", inviting them to structural reforms to rebalance their accounts. On Monday, the same agency cautioned, however, put the European states against a too rigorous, which could negatively affect their growth and influence their debt. In short, the government must practice strict management of public finances without too strict. A delicate balancing act …

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Budget: tough decisions on niches

Net income from Lafarge withdrew its side of 29% to 233 million euros. The current operating margin shows finally a decrease of 30 basis points to 13.9%.

In the second quarter alone, sales rose 2% to 4.436 billion euros but, at constant perimeter and constant exchange rates, sales rose 2%. The operating income increased 5% to 836 million euros.It is stable at constant exchange rates and constant perimeter.

New measures to reduce debt

Brunot Lafont, CEO of Lafarge, said in a statement that "the pace of economic recovery remains uncertain and highly variable from one country to another," led the group to adjust its market forecast for the year 2010. Lafarge table so now on a variation of the demand for cement between -1 and +3% on the year compared to 2009 (against 0% to 5% expected in late March).

The band announced further steps to reduce its debt amounting to 15.16 billion euros (down 1% in the first half). Thus, it will "limit its investments in 2011 to 1 billion euros" and sets "a new goal of structural cost reductions of more than 200 million euros."

The pill is all the more bitter for the staff unions of sickness, such as primary agents of funds or regional health insurance (CPAM, CRAM), have declined steadily for several years.

From 85,000 in 2003, they returned to 75,243 in 2009, according to the draft agreement on objectives and management (COG) which AFP has obtained a copy. Like all governments, the CNAM is subject to the rule of non-replacement of a staff of two. But already, Michel Régereau announced he would vote against.This could lead, if followed by his counsel on a "blocking" quite rare in the annals of Secur. "So far, the presidents of unions secu supported the compromise reached with the government and sought to obtain a majority," he said.

"For the first time a president of CNAM will vote against the government decision on a matter as important," he said. "I think it's a first," concurred Carolina Ferrera, Director CGT, adding that the central union "can not condone such job losses.

According to Michel Régereau, the Fund had estimated it had saved 850 jobs, bringing the losses in 3350. But with nearly 4,000 positions eliminated, "then we can not.""Our network of primary funds is to be a challenge (…), it will be very hard for regional banks, they will retreat to their core business and our strategy to improve the efficiency of the health system will be lost, "he added.

For example, the Fund wishes to develop information to health professionals, improve the conditions of discharge from hospital for patients, and developing diabetes prevention, "he listed. "To develop these programs, we need means," he said.

"It will be a disaster is already explosive into the coffers of secu!" For both the personal to the insured, Carolina Ferreira warned, saying the government demands "unacceptable.""We are dealing with a government that is deaf" and "blindly applying the rule of RGPP," the General Review of public policy, "she accused.

Remains to be seen what the outcome of the vote of the board of directors, composed of 35 members (unions, employers, mutuality, qualified individuals, patients' associations, family associations and professions). If he had voted against the COG 2010-2013, "is the state that (would) hand to the application," said Carolyn Ferrera, and could possibly refer the matter to Parliament, according to Michel Régereau.

Dilemma for voting against unions because they would lose part of their role.

Marcoéconomique side, the Paris markets react to the employment figures fell after the stock market yesterday. After a bad month in May, June is a very moderate decline in the number of job seekers registered at employment center Class A (2,691,000 in metropolitan France, down 0.3%).

In addition, other indicators are expected: durable goods orders in the U.S. in early afternoon and the conclusions of the Fed's Beige Book in the evening.

But it was the avalanche of publications that draws attention:

Saffron (4.90% to 21.19 euros) has announced its first-half adjusted net income rose 8% to 223 million euros, above the consensus. The turnover amounted to 5.19 billion euros. The group plans for the rest of the income year similar to those of 2009.

Rexel (3.47% to 12.95 euros) has announced a turnover up 2.4% to 5.7 billion euros in the first half. The company expects a slight growth in sales on a comparable basis and constant number of days over the year and EBITA margin of an adjusted 4.5%.

ArcelorMittal (-1.78% to 24.28 euros) has reported net earnings of 1.70 billion dollar in the second quarter, well above the 1.16 billion expected by the markets. In contrast, the turnover of 21.65 billion, below the 23.1 billion expected.

Nexans (-2.70% to 54.50 euros) has reported a net loss after minority interests of 17 million euros for a turnover of 2.1 billion euros in the first half of 2010 (-5.3% in organic). The group, which says its target operating margin of 4% over the period, expects improved sales in the second half and a return to net profit.

Atos Origin (1.34% to 34.01 euros) announced Wednesday for its first half operating margin above expectations of 150 million euros, with a rate of 6% against 4.6% a year earlier. The focus group confirmed a slight decrease in organic turnover in 2010, but less marked than the 3.7% decline in 2009.

Bull (-15.93% to 2.48 euro) recorded a first half net loss of 18.4 million euros, against a net profit of two million euros a year ago.While it expects operating profit of between 35 and 40 million euros in fiscal 2010, he now sets out "a minimum of 30 million euros."

PSA Peugeot Citroen (-2.37% to 24.28 euros) Wednesday said profit from operations $ 1.137 billion in the first half against a loss of 826 million a year earlier. Net income group share of 680 milllion euros against a loss of 962 million. The manufacturer anticipates an operating profit of around 1.5 billion euros.

The announcement could also be reacted rival Renault (1.24% to 35.24 euros).Also in the automotive sector, Valeo (5.02% to 27.20 euros) a statement Tuesday its margin target in 2010 after a first half marked by a return to net income and a continued recovery in automobile production despite end of car scrapping.

EDF Energies Nouvelles (-0.20% to 32.65 euros) Wednesday reported an Ebitda up 15.2% to 168.9 million euros in the first half, below market expectations. The sales were meanwhile up 28.1% in the first half, to 545 million euros.

PagesJaunes (-1.70% to 9.07 euros) has reported a turnover down 3.5% to 542.3 million euros in the first half, below the 545 million expected.The publisher of printed directories expects a drop in revenues of 1% to 3% this year and confirms its margin target of between 510 and 530 million euros in 2010.

EDF and Areva: Following the serial

EDF (1.46% to 32.71 euros) and Areva (-0.57% to 338.05 euros) shall enter into a strategic partnership agreement covering all their areas of common interest in the Nuclear, said Tuesday the Elysee. The possibility of a stake in the capital of EDF, Areva will be considered in the context of this agreement.

LVMH (2.45% to 94.52 euros) Tuesday reported a strong rebound in sales and profitability in the first half, driven by the performance of Louis Vuitton.

Vinci (+1.66% at 38.31 euros) has returned to growth in the first half thanks to the first effects of the acquisition of Cegelec.The turnover of the first half came out up 1.8% on an actual structure, to 15.4 billion euros.

Air France-KLM (4.29% to 11.43 euros) on Tuesday confirmed the target return to balance its operational activity in 2010-2011 but remains cautious about the economic developments in the second half.

M6 (0.59% to 17.76 Euros) Tuesday posted first half results exceeded expectations, including increases of 9.4% of consolidated sales and 7.4% of advertising revenue M6, 12% in the second quarter alone. In an interview with Le Figaro, Nicolas de Tavernost, chief executive, hailed "a relevant model in crisis and recovery."

Crédit Mutuel-CIC announced Tuesday a partnership with Banque Casino, to acquire 50% stake in the subsidiary from the distributor.

Compagnie des Alpes (-1.96% to 20.51 euros) warned Tuesday that its sales in the theme parks is projected to decline in 2009-2010. The total turnover decreased by 7.9% in the third quarter, to 120.7 million euros.

Spir Communication (1.22% to 16.60 euros) again suffered in the first half with a decline in its turnover from 10% to 280.7 million euros.

"Very stable, will ship with our other two ships, MSC Fantasia and MSC Splendida, the biggest and most luxurious cruise ship ever commissioned by a European ship owner to sail the Mediterranean, Le Figaro said Gianluigi Aponte, founding president of MSC Cruises it controls 100%. It will be a VIP class, with 99 staterooms, butler service and placeholders: lounge, restaurant, pool, spa and gym. "Feature 333.3 meters and a width of 38 meters maximum, Fantastica can reach speeds of 23.7 knots.Sailing from Marseilles, he will have 1751 cabins and can accommodate 4,000 passengers. This will increase by 10% the capacity of MSC Cruises, carrying 1.4 million passengers in 2013. Count from 750 to 2000 euros per week all inclusive, with a stopover day.

A letter of intent was signed in early March for this order, which required the support of the State. For STX France is a vital site. His yards idling. To avoid the worst, the government had to mobilize the French bank (Credit Agricole CIB BNP Paribas and Natixis), who were reluctant to grant the necessary funds (our edition of February 18). "The president has made sure that the site did not stop," says Gianluigi Aponte.MSC Cruises and enjoys the support of Coface, the French agency for export credit, which guarantees funding.

Another optional command ship

The owner will pay his command five times in twelve years. It will first check today, amounting to 115 million euros. First client of Chantiers de l'Atlantique, to whom he has already spent 10 orders, MSC Cruises claims the second place cruise in France and number four worldwide. His boss was pleased to have the most modern fleet in the world: if the oldest ship date of 1981, all others were built after 2002. The owner has already made "an option" to purchase STX for the next ship, a steamer of the same scale as the Fantastica. "We continue to invest, because the cruise is well. The industry has felt only slightly crisis, says Gianluigi Aponte.The Italians and the Koreans are eager to work with us. But I'm faithful to STX for over seven years. When I get on well with a supplier, I did not change for a few million euros! "

Last year, MSC Cruises has increased by about 30% of its turnover to 1.2 billion euros. Its net profit reached 60 million euros. "With an average price of 1200 euros or so, the cruise excellent value for money," says Gianluigi Aponte. It attracts more and more. "The younger clientele: the average age is now about forty years.

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The general and regional councils also have used the gun tax. But it was not enough, especially for departments. For the latter, the surplus between income and expenditure has shrunk by 17.8% in 2009. For social spending soared 5.3%.The crisis has pushed the bill of RSA and the aging of the population that of personal autonomy allowance (APA). The elected county expect a similar drift in 2010, "For some departments, the budget balance is very fragile," concludes the report.

Reduced investment

However, in 2011, the constraints will become even stronger. The funds that the departments, but also municipalities and regions, receiving state, which represent nearly 30% of their income, will no longer increase. This was decided by the government. Moreover, the reform of business tax will reshuffle the cards in local taxation. The communes and intercommunal retain a large basket of tax which they may determine the rate.The departments themselves, will not play on the property tax and regions on the gray card No fax cash advances. A situation that worries the county and regional elected and pushes them to invest less.

In 2010, capital spending will drop the first 2.2% and 3.4% of the latter, according to the report. Spared, the mayors expect an increase of 4.5%. "But eventually, the municipalities will be affected because they receive subsidies from the regions and departments," warns Philip Lawrence, in right-wing President of the Finance Committee of the Association of Mayors of France (AMF).

What are the solutions? The local financial professionals, such as UMP or Marc Gilles Carrez Laffineur propose to increase the redistribution between rich and poor communities.Another avenue: better management of intercommunal. For staff costs have mostly slipped to this level (they will grow 8% in 2010). The groups of municipalities have produced savings but duplicates! The government, he promised a reform of the APA to relieve the departments and the establishment of ad hoc aid. "But for now, we are expectant. If nothing happens, we will introduce a bill that will force the state to finally make up our social spending, "said Claudy Lebreton, President PS Assembly departments of France. Meanwhile, between votes and budgets insincere appeal to the courts, the climate remains tense between elected officials and county government.

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LE FIGARO. – You transfer some of your activities in Great Britain. Would you withdraw from the country?

Henri de Castries. – No, no way. It is not out of the United Kingdom but we concentrate, as in our other markets, segments on the most strategic and fastest growing.Therefore we give only a part of our life insurance in Britain: the activities of traditional life insurance, as we had also stopped developing in 2002 because they no longer matched the expectations of our customers while being highly capital consuming. However, we maintain a portfolio of more modern products, whose growth prospects seem high and where margins are more consistent with the group average which is between 15% and 20%. Moreover, the operation does not damage insurance, or health.With this transaction for 2.75 billion pounds (3.3 billion euros), we derive the capital that we can redeploy where customer needs are the greatest.

Is this a turning point in your strategy? And should we expect AXA on acquisitions in emerging markets?

The crisis has caused a market decline and a new distribution of growth areas. It has not changed the major principles of our strategy, instead. We'll continue developing our core businesses for damages, life insurance, asset management through organic growth and, opportunistically, through acquisitions. The developed markets still have good growth prospects, even if only from the effect of demographic changes, but we work in parallel on an allocation of our resources to emerging countries in Asia, of course, but not only.There are actually three other major areas of expansion: the Central and Eastern Europe, the Mediterranean area and Latin America. In Asia, growth is actually attractive. But the modalities of development of foreign players are still complex, especially in China and India. So do not confine our ambitions to these two major markets.

In Asia, the failure of the attempted takeover by Prudential AIA offers does it generate new opportunities?

Prudential was willing to put a price on the table that seemed very exaggerated. Our priority in Asia today is to conclude the transaction on Axa Asia Pacific. Then we'll see …

In Europe, the prudential rules could push banks to divest their insurance subsidiaries. Axa is he interested?

We observe closely what is happening.But no movement of magnitude is possible – for Axa as with all other major players – as we are not clear about what will be the regulation of the bank and the insurance. Then we will examine the opportunities. But I prefer to say at the outset that we, the insurers will not be easy these suppliers of capital as some might hope. We are ready to balanced partnerships with banks. But the distribution network – in this case banking – should not count on us to collect commissions unreasonable.

What about your thoughts on the construction of a new business plan?

It is actually an ongoing process, but we do actually re-adjustment of our business plan in light of the crisis, which has changed the level of our market and changed their dynamics.The result of our thoughts on our new objectives will be known early next year.

How do you rate prudential reforms as they prepare?

Insurers who had managed to remain faithful to their trades have weathered to the crisis. No European player has needed to raise capital. We agree with the economic approach to Solvency II proposes that risk, but be careful to calibrate as insurers meet an essential mission: they are long term investors, thus stabilizing the natural system. Nobody has an interest in an excess of zeal on the part of the prudential regulator activity handicap players like us. Therefore, the new standards should not result in additional capital needs. More broadly, these reforms raise a fundamental question: Europeans' appetite for risk.This is a new phase of debate on the precautionary principle: there is too much caution can be harmful. In this case, it can cause no growth. It must strike the right balance.

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The European Commission had made the same request to all Member States in July 2008 with the ambition of a Complies to share its requirements in two years, ie by July 2010.According to the newspaper, France, Portugal, Italy and the United Kingdom is problematic, one month maturity.

The guarantee unlimited public is considered a "state aid incompatible" with EU competition law by the Commission. With this guarantee, the company is in fact not subject to the law on bankruptcy and insolvency. The state covers all the group's commitments and repay debts if the company can do itself. In the case of La Poste, the transformation of the public enterprise into a limited company had solved the problem of the unlimited guarantee.

The situation is repeated Does the station? According to Les Echos, the French government sent an absolute bar to the Commission in early April, saying that "France rejects the view expressed by the European Commission will present its legal arguments because the government 's will not change the status of Epic SNCF.

On Monday, the Secretary of State for Transport Dominique Bussereau said in a statement it was "no question of changing the status of EPIC SNCF, which does not entitle its holder a competitive advantage." The statement said that France had asked the Court of Justice against the EU Commission.

Discussions were already sealed since Frederic Mitterrand has reported an "ethical problem" for potential buyers. Jean-Francois Cope said his contribution to the debate by expressing support for the maintenance of advertising day after 2011, the date fixed by law to decide the future of advertising on France Televisions.The decision of the board of directors is therefore in the direction of the leader of UMP.

This decision takes into account "the substantial uncertainty surrounding whether or not to advertise before 20h," the statement said the leadership of France Televisions, which states that the "exclusive negotiations in progress is intrinsically linked to the assumption of suppression of advertising before 20 hours on the antennae of the group. "

A result in ahead of schedule

The management team at France Televisions has another reason to rejoice. According to the Tribune on Tuesday, she managed to exit the group's public accounts in 2009, making him reap a profit of 19.6 million against a net loss of 78.4 million in 2008. The performance is surprising in light of the deficit of 135 million originally budgeted. All indicators are also green.Operating income also goes a loss of 101.2 million to a profit of 68.7 million is one year. A result that the State had not expected before 2011 pay day loan lenders.

Net revenue available group also rose to 2.497 billion against 2.263 billion a year earlier. This result is explained partly by an 8% increase in advertising revenues for 20 hours (405 million euros), and secondly, by a government grant of 405 million euros expected to offset the stop advertising after 20 hours in 2009 which resulted in a shortfall of 383 million euros to France Televisions.

The cost of programs increases

The results show an increase in expenses of 3.2% to 2.45 billion euros. Since the cessation of advertising, France Televisions was indeed invest heavily in its production.The group would also step up its commitments in the sector of cinema

These new standards imposed on manufacturers led to an increase of 4% of program costs to 1.94 billion euros. The savings from the reduction of staff (120 positions at least 10,350) are not sufficient to compensate. Hence the current plan of internal synergy.

Confusion surrounds the departure of Carolis

These results sow disorder while rumors of departure of Patrick de Carolis at the end of his term in August amplified since Saturday. Alexandre Bompard, 37 years and current CEO of Europe 1 appears to be the favorite to take the head of France Televisions. His appointment could even intervene Tuesday on the sidelines of the meeting of the board of directors of France Televisions or Wednesday in Council of Ministers.The information is currently denied by the Elysee.

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