Aug 31 2010

Carrefour revives profits in first half

Tag: Uncategorized, economic, economics, news, resourcesadmin @ 10:12 am

Carrefour revives positive accounts. In late June, the retailer announced that it achieved a profit of 67 million euros. Last year at the same time, the result was in the red to the tune of 48 million.

Operating income before non-recurring items amounted to 1.096 billion euros, up 7.6%, the statement said, is better than the expectations of analysts who had forecast a rise of 4% to 1 , 05 billion euros.

Carrefour has confirmed its objectives for 2010, aiming an operating profit before non-recurring items of approximately 3.1 billion euros online payday loans.Crossroads show in a still difficult solid growth in sales and operating profit before non-recurring items and we are on track to achieve the objectives set as part of our transformation plan, "said Chief Financial Officer Group Pierre Bouchut, during a conference call.


Aug 30 2010

Festivals facing reduced subsidies

Tag: economic, news, people, resources, top newsadmin @ 7:32 am

As every summer festivals in numbers on the territory have not failed to meet a great success with the public. However, despite attendance that does not deny, the contraction of budgets of local cultural events to make this worthwhile. For the vast majority of them are "small joint ventures", in the words of Emmanuel Negrier, author of "Public Festivals, tapped in large part by public funds.

According to a study by France festivals, grants from these mainly involved local average for 51% of the resources of these events. "The festivals of contemporary music, which developed later than others, however, are less dependent," says Emmanuel Negrier.To give an example of the financial stability of a festival of medium size, the budget from that of Auvers-sur-Oise is broken down as follows: 44% public funding, 23% from sponsorship or partnerships, and 33% of own revenue, notably from the ticket.

The counties, which face increasing social spending, have generally lowered their subsidies by 10%. This is the case in Rock en Seine, which begins this Friday with the envelope from the general council of Hauts-de-Seine is dropped from 300,000 euros to 265,000 euros on a total budget of 5 million. "The trend is clearly down government subsidies. In addition to the crisis, the reform of local finances led to a narrowing of the capacity of local authorities to act in the field of culture, "says Emmanuel Negrier. A feeling also experienced Lorient Inter-Celtic Festival."Apart from agreements concluded in three years, we enjoy public support dropped from 10% to 20%. In total, they nevertheless represent 35% of our budget, "it says there.

Increased use of patronage

What, therefore, to overcome this shortfall? There are really only two main levers on which play to increase revenue: the price of tickets and the development of sponsorship. If the increase in ticket prices is a limited instrument, which undermines the availability of a diverse public festivals, many events, however, try to play the role of patronage. This is for example the case of Inter-Celtic Festival Lorient or that of Annecy. The Crescendo Festival of Annecy has indeed experienced a revival this year thanks to the donation of 500,000 euros a Russian businessman, Andrei Valeriyevich Cheglakov."The only thing Andrei Valeriyevich Cheglakov wait in return is the recognition by the Mayor of Annecy festival of this size that has an interest in the city," said Pascal Escande, festival director. This case, however, is very exceptional, "he concedes himself.

Especially in times of crisis, it also becomes more difficult to find private funds. While the vast majority of companies have retained last year an almost identical level of funding, "they tend to focus their actions and be more attentive to their consistency," said Beatrice Menanteau, director of Admical , an association that promotes corporate philanthropy. Above all, it is currently unthinkable in France private funds to replace grants: "In Spain, some festivals are completely private.But their benefits are not equivalent to those of French festivals. Neither stimulation of cultural creation, or access to culture to a diverse audience are possible without the help of communities, "argues Emmanuel Negrier.


Aug 28 2010

The weekly women's Envy Be and merging

Tag: Uncategorized, economic, life, opinions, worldadmin @ 10:40 am

Burst in full interim results conference's media group Lagardere. The upscale women's weekly group, Be, merged with rival Envy, edited by Marie Claire group. The information was soon confirmed by the two groups. The announcement should be made official Friday morning after a conference call with two editors. "The proposed merger of two weekly was presented yesterday to the works of two groups, we stated Thursday night from a reliable source.

This approximation Express is surprising. It is the newest upscale women's magazines, Be was launched with great fanfare and publicity to great fanfare last March 19 by Lagardère Active. Positioned as a "new global media brand" (based on a website, TV and radio), Be was unable to stabilize its sales.After a promising start when the title flirts with 230,000 copies sold (OJD, dissemination France paid) Be seen its circulation fall to 171,397 copies in late June Disappointing sales, however, have nothing catastrophic, especially as Lagardère Active has entrusted to bet on a "target distribution of 160,000 copies.

The day before the first anniversary of Grazia

For its part, Envy wipes the same side. Its circulation is over 240,000 copies in February, when launched, but quickly runs out of steam until barely exceed 160,000 copies (OJD) in June … For the group Marie Claire, this result is particularly disappointing . The group had much hesitation and refine its launch for many months before jumping into the water.To minimize risks, the group had even appealed last year to Jean-Paul Lubot, the designer of Closer magazine, the origin of this new segment of the fashion magazine combining fashion and celebrity news.

Today, the merger has any marriage of convenience between two groups who know each other well. Lagardère owns 42% stake in Marie Claire, a group whose participation chaired Arnaud Lagardere wants precisely to separate. Competitors as vendors release, Lagardere Active and Marie Claire have, it seems, have even more incentive to join together to confront the supremacy, particularly in terms of advertising revenue, the third competitor in this sector, weekly Grazia published by Mondadori France sells 179,704 copies (OJD). Irony of the calendar, Lagardere Active and Marie Claire agreed to before the first anniversary of Grazia.


Aug 26 2010

Tax on nuclear tone up in Germany

A new milestone was reached in the crisis between the energy industry and the German Government on the issue of extending the life of nuclear plants. The owner of EnBW, including French EDF is the largest shareholder and strategic partner, has launched a thinly veiled threat. "Our principle is to rotate plants if it is a reasonable economic standpoint," said Hans-Peter Willis in Handelsblatt. He warned that the plant closures are not excluded if the government insists on creating a new tax on atomic energy.

The debate has gained momentum last Saturday, with the publication in the press of a page of advertising in favor of increased use of nuclear power plants.Initiated by the four largest industrial energy E. ON, RWE, Vattenfall and EnBW, the approach has been signed by major industrial groups such as ThyssenKrupp, BASF and Bayer. The boss of Deutsche Bank, Josef Ackermann, also participated, to manager of the football team and son of a former boss of RWE Oliver Bierhoff.

The document does not boast only atomic energy, but expressed opposition to German industry to the proposed new tax advocated by the government in exchange for the continued operation of nuclear plants until 2032.The tax on fuel should bring 2.3 billion euros per year, according to Finance Minister, Wolfgang Schäuble, who proposed the idea at the announcement of the austerity plan of 80 billion euros in the spring.

But since the German economy is booming: growth this year should easily exceed the 3% projected by the head of economic research institute DIW, and exports are rising again and order books full. The opportunity is ideal for manufacturers to cast the threat of an emergency stop on growth if electricity became too expensive.

Merkel insists on its position

Since 2002, and the establishment of the Law on the exit from nuclear by 2022, the energy debate has never really ceased in Germany. In 2006, Merkel had spoken in favor of extending the life of plants.The problem is now that of aging, the most recent of which already 22 years. Maintenance costs are such that the operator EnBW may threaten to quit if his new tax is too heavy.

The Chancellor has also decided to get tough: "When something goes in the sense of threat or pressure, that pushes me in general in a move totally opposite," she told the group Madsack. Angela Merkel last attack, reports the German press, which now expects to see the two camps clash without pity.

The Chancellor must put order in his majority. The Vice-Chancellor FDP, Guido Westerwelle, undermined his party, wants to play his last card by being soft on the industry. The new energy plan must be reviewed on 1 September in the Council of Ministers.In the meantime, the war of the atom continues.

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Aug 24 2010

The Paris Bourse plunged into doubt

Tag: business, life, money, resources, specialadmin @ 10:36 am

Continue on the path to upward or follow the wisdom of U.S. and Asian markets? The Paris Bourse has chosen this Tuesday: the CAC 40 1.03% cowardly to EUR 3,516.79 in early trade. Elsewhere, the same movement: the Footsie in London coward 0.70% to 5198.22 points at the opening while the German Dax lost 0.80% to 6010.91 points.

Yesterday, the Cac 40 was able to stay the course despite the continued decline on Wall Street, finally closing with a gain of 0.77%. In New York, the Dow Jones, which had begun at equilibrium, has finally ended the day on a drop of 0.38%. The investors preferred to play the card of a wait before a series of indicators to be published this week. The earnings season is almost over, the ads focus all attention macroeconomic markets.

In Asia, investors were once again very hesitant, giving no clear signal to follow the Paris Bourse. Most markets are falling, a sign of fear of more and more strong to see the recession back on the front of the stage.

On Tuesday, the ball begins publication of indicators across the Atlantic with sales of existing homes. In Europe, markets will have knowledge of new orders in industry in June.

Values follow

Accor announced Monday the signing of a Memorandum of Understanding regarding the sale of walls 48 of its hotels in Europe for $ 367 million, Predica, insurance subsidiary of Credit Agricole (-2.03% 9.95 euros) and the Land Walls, a subsidiary of Land regions (-0.68% to 71.50 euros). Titles leapt 1.54% to 23.72 euros and are the only ones in green.

Danone (-0.72% to 41.19 euros) Immédia acquired the company, number three French juice mixed with fruit (smoothies), whose turnover is around four million euros, reports the Tribune.

The Ministry of Sustainable Development and Bercy warned on Monday evening Regulatory Commission of Energy (CRE) and the Higher Council of the energy of their intention to decline by 12% the purchase price by EDF (-0 , 39% to 31.67 euros) of photovoltaic electricity.

The bank Societe Generale (-1.72%) and BNP Paribas (-1.61%) are among the largest declines.


Aug 22 2010

Growing deficit menu Brégançon

Tag: Uncategorized, money, people, resources, specialadmin @ 7:12 pm

Since 2007, Nicolas Sarkozy had never held a ministerial meeting in Fort Brégançon. He is preparing to inaugurate the formula Friday. In this presidential residence, nearby Cape Negro, where he spent the holiday, the Head of State shall convene, at five days of the Council of Ministers of return, Prime Minister François Fillon and Christine Lagarde (Economy) and Baroin (Budget). Who will come together to Paris on Friday morning. The workshop is expected to open about 11 am and finish around 14:30.

In convening this meeting Brégançon, the Head of State wishes to demonstrate that even on vacation he continues to work. "The Elysee is never on vacation," explains why an adviser to the president, adding that if "Brégançon was chosen because the building is equipped with all modern means of communication.""Brégançon is the Elysee summer," adds the same adviser. One of the relatives of the Head of State also confirmed that Nicolas Sarkozy "has spent holidays studious family". Multiplying telephone conversations with the Minister of Agriculture, Bruno Le Maire, to keep abreast of the milk crisis, and discussions with the Interior Minister, Brice Hortefeux, who needs to close 300 Roma camps of By the end of October. The president had he not asked his ministers at the Council on 3 August, to remain "vigilant"?

While many French will be Saturday on the way home, the Head of State wishes to draw their attention to growth and public finances, the menu of the game. This diptych is at the heart of the strategy of the Elysée and Matignon for several months.But five weeks after the presentation of the State budget and Social Security, the tradeoffs are of course come to these subjects much more important. From there to think that safety will take second place, there is not that the president does not seem ready to go. "We must walk on two legs: the security and economy, said Thursday the head of state to his friend Brice Hortefeux.

Dedicated to public finance issues, the meeting will turn mainly on the theme of growth. With a crucial question: what assumption of GDP growth for 2011 hold? The answer to this question will depend on forecasts of tax revenues for state coffers and Social Security. The meeting, however, should not lead to a formal review."The news on the economic front are good and they go beyond the track records of growth in the second quarter," says one government source, as: "a pleasant surprise on Social Security." These "good news" will in all likelihood, be a statement in the afternoon.

Thanks to the surprise of the second quarter, when France was up 0.6% of GDP, the government's forecast of a 1.4% overall growth for 2010 seems largely achievable. The final figure may even be slightly higher. Good news for tax revenues, in late June that popped up 22 billion compared to last year.Barring a sudden reversal of the global economy, the year 2010 could therefore end with a small "pot" for the state budget.

Arbitrations

But what about 2011? Economists are cautious and on average expect growth of between 1.5% and 1.8%. A forecast well below the government-sent in January in Brussels, betting on 2.5% growth. In the corridors of Bercy, working on a growth assumption closer to 2%. Knowing that any downward revision of 0.1 percentage points of GDP involves finding a little less than one billion of additional revenue if we want to prevent the deficit from getting worse.

A figure to relate to the 7 to 10 billion euros effort to reduce fiscal and social niches, already promised by the Executive for 2011.Precisely, these devices reduce taxes constitute the final point of the meeting of the day.

Main issue to be arbitrated: which of them to focus the effort? Several groups oppose the government, between those advocating a generalized movement of the plane with all those nooks and recommend confined to selected niches, that is to say, they deliberately used by households to reduce their taxes. This first solution is more sensitive politically, and constitutionally risky. Nicolas Sarkozy should not be decided Friday. According to one close to the Head of State, Friday's meeting, "is the last yard before the arbitration.

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Aug 22 2010

Soros buys 4% of the Bombay Stock Exchange

Tag: economics, economy, news, opinions, publicationsadmin @ 6:24 am

U.S. billionaire George Soros bought 4% of the Bombay Stock Exchange to nearly 35 million. An investment made through his Quantum hedge fund.

George Soros bought the stake in the oldest stock exchange in Asia to Dubai Financial Group, a unit of Dubai Holding, controlled mainly by the emir of Dubai, Sheikh Mohammed al Maktoum.

This transaction is the latest in a series of strategic foreign investments in the stock markets and derivatives markets in India. Foreign investors own nearly 30% of the Bombay Stock Exchange (BSE).

Deutsche Börse and Singapore Exchange hold in particular 5%.


Aug 04 2010

NicOx closed its offices in the U.S.

Tag: Uncategorized, economic, people, publications, worldadmin @ 7:52 pm

The French biotechnology company NicOx plaice luggage United States after facing the U.S. health authorities' refusal to authorize the marketing of its flagship product, Naproxcinod.

The group based in Sophia Antipolis announced Thursday in a statement it was closing its offices on U.S. soil. The group currently employs 22 people at its facility in Warren, State of New Jersey, on a total of 127 employees. NicOx activities in the United States deal with marketing of Naxproxcinod and clinical trials.

"It is with great regret that we must stop our operations in the United States," said the CEO of NicOx, Michele Garufi.Affirming its recognition for its employees, he adds that "it is essential to manage our resources as efficiently as possible."

NicOx announces however it incurs "the earliest" further discussions with the Federal Drug Administration (FDA), the federal drug agency. The biotechnology company remains hopeful of a successful marketing U.S. Naproxcinod, a drug on which he bet big. NicOx also said he will pursue the regulatory process in Europe.

Moreover, the biotech said it "will actively seek agreements Naproxcinod Partnership in Europe and elsewhere in the world as well as other compounds of the portfolio. She finally announced it would study "parallel opportunities to take appropriate licensing and mergers and acquisitions.


Aug 02 2010

Orange tempted by the Moroccan market

Tag: Uncategorized, business, finance, international, moneyadmin @ 9:32 am

The Orange brand from France Telecom eyeing the Moroccan operator Meditel, according to the weekly News Morocco. The French-language magazine said that discussions between Orange and holders Meditel, private groups and Moroccan FinanceCom CDG have reached an advanced stage.

Orange covets, according to the weekly, 40% stake in Meditel, an operation that could cost the French 650 million euros. The French operator has simply told Reuters "confirm [ing] his interest in the Moroccan market, but could not say for now.

The Maghreb is among the new targets for development of French telephone operators. If Orange is well positioned to Tunisia to be licensed fixed and mobile, however it is far away from Morocco, contrairementà rival Vivendi is a shareholder of Morocco Telecom, the contract number.