Even at age 20, Mickey is still not profitable in France. While the festivities celebrating the 20th anniversary of Disneyland Paris are in full swing, the company operating the theme park never ceases to sink into the red. In the first half ended March 31, 2012, Euro Disney SCA posted a loss after minority interests of 100.8 million euros. Last year at this time, this loss amounted to 82.9 million euros.

The 2012 vintage, however, is not lost. It is now that he plays. "The group's business is seasonal and annual results depend significantly on the activity of the second half of the year, which is traditionally the busiest season for Disneyland Paris," says Euro Disney. Depending on the success of its summer season, a subsidiary of The Walt Disney Company still manages to erase a part of twelve months more or less consistently the deficit incurred in the first half. Still, in five years, ever the operator had also started the year badly.

However, against this outperformance is assumed. It is explained by a surge in costs, with nearly 20 million of additional operating costs of a semester to another. "We have significantly increased our investments," said Philippe Gas, President of Euro Disney, citing "the introduction of new products and offers entertainment and construction of improvements targeted in both parks and hotels."

Many efforts to mark the twentieth anniversary, Euro Disney sees as a great growth opportunity. "We expect a significant impact of these investments this year," says management. "We are already seeing encouraging signs for the second half with an increase in bookings in hotels," says Mark Stead to AFP, the Deputy Director General.

European ghost

This gamble is to counterbalance the gloom throughout Europe. In the first half, at least, attendance has plummeted by 1% to 6.8 million visitors. Italian, Dutch, Belgians, or Spaniards are rarer in the twirling teacups and ghost trains Marne-la-Vallee.

Meanwhile, Italians and Britons shunned hotels, who billed 33,000 fewer room nights compared to the first half of 2011. The operator has managed, however, to partially offset this drop in price increases, allowing boost of 43.24 to 44.11 euros average spending per visitor.

To fund these developments in lean period, Euro Disney had to draw 136 million in its treasury, which reached 230 million at end-March. If the situation worsened, the group has the right to postpone deadlines royalties or interest owed to Disney and other creditors.

Note also that, by dint of being planed by the losses, shareholders' equity went into the red at – 15.5 million euros. Danger? The group expects to be back above the waterline at the close of its fiscal year to September 30.  

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The sector paris horse on the Internet is officially open to competition since June 2010 and saw sustained growth, unlike that of paris sports on the Internet, significant drop in over a year. Zeturf, founded and directed by Emmanuel de Rohan-Chabot, pulls out of the game with 25 million euros in gross proceeds from games and 26 employees. "We save 180 million euros of issues, but we thank the players much as winnings. That's why we come to 25 million euros in proceeds from the games, "he says credit report.

Expert in high data availability and information security, Zeturf puts all its information technology service to punters, one of whose characteristics is to concentrate their challenges on the last minutes before the races.  

"There are very powerful effects of peaks in races like the Arc de Triomphe or the President's Award of the Republic, with the entire population of bettors who are concentrated in a few moments."

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Purpose wants to be known among city dwellers. The chain will open its first home furnishings store in the capital during the week of May 7, on the prestigious Avenue Wagram (XVII), next to Roche Bobois. This is the second City goal, brand created two years ago to lead the offense group in major cities. The first of its kind since late 2010 is installed in the mall Domus Rosny-sous-Bois (Seine-Saint-Denis). A third is scheduled to open in late June in the mall Cap 3000 in Nice.

Covering an area of ​​between 1000 m2 and 1500 m2, the City Purpose are two to five times smaller than the stores Aim at the periphery of towns. The entire range of Purpose can not be presented. As Conforama, with its sign of downtown Confo Deco Goal has chosen to focus on the organization of living, bedrooms and kitchen. "Our products, all contemporary, are adapted to small spaces. They will be at very affordable prices, as the Parisians today lack a tender other than the high end, "said Berengaria Lamboley, marketing director of Purpose.

If the appliance will not be exposed in the shop of Wagram, customers will still buy coffee machines, refrigerators and vacuum cleaners via touch screens. Or through tablets which vendors will be equipped. Purpose The City of Wagram offer innovative services, such as animations to lunch fast payday loans. "We also deliver free in the evening between 8:00 p.m. and 11:00 p.m., in central Paris and the Hauts-de-Seine," says Regis Schultz, CEO of the group.

A third sign referred

Offensive Purpose does not stop there. Regis Schultz prepares to unveil, in July, a third store format, with a dedicated teaching. Located in the "middle rurban" (catchment areas from 30,000 to 40,000), these stores will be "Aim small, with a comprehensive range of approximately 1500 m2, and are for those who do not want to buy a 40 km washing machine, "explains Bérangère Lamboley. Eight stores of this type are planned this year. These openings will bring to 219 the total number of stores owned by the brand of furniture.

Goal is now the third French player, with a market share of 10.3% in 2011, still far behind Ikea (17.8%) and Conforama (14.5%). For sale by its owner Goldman Sachs, Colony Capital and OpCapita (former Merchant Equity Partners), the group like five French investment funds. Shareholders give hope to the sign for 450, or 500 million euros, valuing the company at about six times its Ebitda (80 million euros in 2011).

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Concern is growing about employment in the telecom sector. Jean-Claude Mailly, general secretary of the Workers Force, wrote to Constable telecom (ARCEP), with a copy to Francois Fillon, a letter to "attract (his) attention to the impact of the fourth mobile license in the sector ". An appointment was set with the President of ARCEP, Jean-Ludovic Silicani next Monday late afternoon.

"Our fears are a large alignment with lowest social ultimately affect employees in terms of pay, job destruction and group benefits and more generally on the future of this branch , "wrote Jean-Claude Mailly. "The public authorities must establish as quickly as a regulated framework for preventing the destruction of jobs and preventing these abuses do not fall into place," he adds.

Concerns for call centers

End of March, in an interview with Le Figaro, Jean-Ludovic Silicani indicated that the sector "risks losing about 10,000 jobs in two years." But this destruction should be creating value, generating new jobs at Free Mobile first, but also in related sectors such as electronic commerce or the Web.

A macro view is far from convincing FO. "Our feedback from the field we are rather echoes of 30,000 job cuts on the entire industry," said Pascal Pavageau, FO confederal secretary in charge of economic and industrial.

Orange, SFR and Bouygues Telecom, destabilized by the arrival of a new competitor, of course, have interest in stirring the cloth of employment. "Some may want to cry wolf. But we see that restructuring is already underway among operators: contracts are stopped, benefits with subcontractors shall be adopted, the new hires are canceled and call centers are now going abroad, " Pavageau said Pascal, even claiming that "3% to 7% of jobs in France are starting to be outsourced, mainly on call centers." In the medium term, the union also fears that the sector is no longer able to invest as much in development, innovation and research and development.

That is seeking its FO meeting with the regulator? "First, we want to immediately and quickly, from the regulator and the government, an overview of employment in the sector, says Pascal Pavageau. Second, we want the government obtain a commitment of four operators in the maintenance of employment in France and their investment opportunities. "

The union will even consider that Oseo or ISPs may be called on to provide funding, if necessary.

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Nicolas Sarkozy wants to extend to "large local governments" the principle of non-replacement of retiring in two applied to the public. According to him, modulate state grants would be "very healthy" to encourage savings.

"We will extend" the policy of non-replacement of staff on two "large to local authorities, who have quite the ability to make the same effort as the state," said the president-candidate in an interview broadcast Tuesday on the magazine's website Actors public.

"This is a very important issue: since 2007, local authorities have created 100,000 jobs, while the state removed 160,000", he said.

Nicolas Sarkozy, however, did not specify which communities that would be affected. Communities that employ the most staff are the major cities, regions and departments.

"The larger communities, which represent two thirds of local expenditures, must make the same effort that the state and they have the opportunity to reorganize, to be more efficient in their ways," Nicolas Sarkozy has insisted.

Unlike products that are struggling to attract equity investors, Stone devotes its safe haven status. If the majority of investors to prefer unfurnished apartment, either in the new with the Scellier or to renovate the former, others opt for furnished rentals, deemed combine flexibility and profitability cash advance loan. As such, residential services have a large supply of products apparently attractive.

Apartment in Dijon offered by Adagio to a business clientele. Photo credits: Adagio

So far, Francois Hollande was very talkative on controlling public spending. To prove his seriousness in budgetary matters, the PS argued the EUR 49 billion of tax increases planned – both graded increases to fund new measures and to reduce the public deficit to 3% in 2013. Change in tone Thursday on France 2. The Socialist candidate was more explicit result: the return to balance accounts in 2017 will also "by 50 billion savings on public spending," he said, highlighting a point that appears from the origin, but discreetly, in its program.

In fact, in a country where public expenditure accounts for 56.6% of GDP, while fiscal consolidation achieved through an action on the charges. Except as we stay in France. Unlike the choices made in the UK and measures imposed in Portugal or Greece, or Francois Hollande nor Nicolas Sarkozy proposed to actually reduce government spending, that is to say, the return of 100 euros a year to 95 next year. The two main candidates simply promise to slow the rise.

From 1978 to 2008, public spending grew on average by 2.6% per year, plus inflation. "We will limit their increases to 1% per year," said Francois Hollande. Right, this government promised in Brussels an increase of 0.4% per year until 2016. Then where are the savings put forward by both sides? This is actually a smaller increase in expenses, compared to their natural tendency (which is explained by the increase in salaries of civil servants, the increase in health spending, the rising number of retirees, etc.. ). This is supposed to be parallel to that of GDP. Example project with Holland. Without special measures, the approximately 1 trillion of government spending should increase as the national wealth (1.7% per year initially, 2.25% at the end, according to forecasts of the candidate). An average increase of about 2% per year during the future five-year-around 20 billion euros each year. The PS wants to limit their growth to 1% per year. The economy compared to the natural drift is 10 billion per year and $ 50 billion in the five year term. The weight of public expenditure in GDP would decline to 53.9% while in 2017 the government is 52.8% in 2016. In both cases, the action will inevitably unpopular.

Divisive options

Social benefits-health costs, pensions, family allowances or unemployment … – indeed absorb 45% of public expenditure. Just to bring growth in public spending to 0.7% in 2011, the current government had to reform pensions, act on Medicare and not to replace staff on two retiring.

Thursday, Francois Hollande suggested avenues for savings: lower prices and consumption of drugs, focus on health prevention, cuts in aid to enterprises, decentralization. Displaying its objective of stabilizing the size of the public, he admitted that there would be job cuts in all departments except Education, Justice and Home Affairs. "The salary policy will be serious," said Michel Sapin, program officer of the applicant, being careful not to promise any pay rise. And state transfers to local (one hundred billion a year) "will not progress." Not to mention that if economic growth is not at the rendezvous, the scheme collapses. Michel Sapin no plans yet not to intensify efforts in this case: "A real spending cuts could destabilize the economy," he retorts.

Advocating a greater effort, Nicolas Sarkozy announced the continuation of "one in two." The UMP also wants to cut $ 2 billion per year transfers to communities. Magnitude of the cuts, selected sectors: these options are politically divisive. But in a camp like in the other, the information disclosed so far are not enough.

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Fitch upgrades Greece. After the swap of debt that was a huge success – over 80% participation – there is more good news for the country. "This exchange and losses imposed on creditors have raised the profile of debt service and reduces the risk of a repeat of its short-term repayment difficulties," said Fitch in a statement. The rating agency notes that the country-B, no longer considers Greece in default … for now. Three days ago, its American competitor, Moody's, had preferred to maintain the rating of Greece to C, the lowest in his scale. For its part, Standard & Poor's is expected to meet the CCC.

Fitch remains cautious nonetheless. She stressed that the challenges the country faces are important. The next decision that the agency will take vis-à-vis the Greek debt will be dictated by the analysis that she will do "performance of Greece in terms of the parameters set by the new EU-IMF and the ability and willingness of the sovereign State to honor its obligations related to restructured debt. '"A broad program success through maintaining significant budgetary surpluses, structural reforms and a concerted demonstrable economic recovery would put pressure bullish on the notes, "the agency says.

Troika, comprising representatives of the European Union, the European Central Bank and the IMF, concurs. She said Greece will have to make further budgetary adjustment efforts in the next two years. The report reached this conclusion based on the primary surplus target (that is to say outside debt service) Greek public finances which should reach 4.5% in 2014. Given this goal will require "an adjustment path in the short term that implies a primary deficit of 1% in 2012, followed by an adjustment of 2.75% of GDP in 2013 and then in 2014".

According to the report, "there are significant risks that the decline of the debt is interrupted or even a reversal occurs as a result of economic shocks." In a more pessimistic scenario presented in the report, the country's debt could exceed 145% of GDP in 2020. In addition, a high degree of uncertainty and the debt burden makes "the uncertain outlook for Greece to be able to return to the markets at the end of the program" help, either in 2015, the report notes.

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