International Headlines and Stories

No pay rise for the new strong man of L'Oreal. Jean-Paul Agon, CEO of the group, also holds the post of president since Friday but will retain the same salary this year than in 2010. "For 2011, the Council (…) stopped fixed at 2,100,000 euros gross a year earlier, unchanged from 2010," does it say in the management report 2010 of the Board of Directors , submitted to the AMF and made available on March 17.

Jean-Paul Agon has not received in 2010 his entire salary: part depended targets he has not fully met. It has affected 80% of the 2.1 million indicated, is 1.68 million euros. A salary cut in 2010, no increase in 2011: the future CEO of L'Oreal is so far not mistreated by his group. He was awarded $ 6.9 million stock options last year.Since 2006, the officer received a total of 1.25 million stock options. It will retain 50% of them while he remains in office.

As for Sir Lindsay Owen Jones, Jean-Paul Agon was replaced as president on Friday, it will benefit more now that its fees for participation in the boards. As each board member, he will receive as such a lump sum of 30,000 euros plus 5,000 euros per session. It has received 85,000 euros in 2010.

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Another gloomy day on the Paris Bourse. The CAC 40, which dived under the 3900 points yesterday, Tuesday is anchored in the red. After starting down sharply from 2.17% to 3793.95 points, the benchmark index in Paris lost its hollow and cowardly 3.43% to 3744 points to 10.30. In London and Milan stock exchanges follow the same path and also drop over 3%. The Frankfurt Stock Exchange widening its losses to almost -5%.

The indices are struggling to find their way to higher while the Japanese nuclear situation has worsened. Another explosion and fire occurred in the central Fukushima Dai-ichi. "The level of radioactivity has grown considerably" and becomes dangerous to health, "said Japanese Prime Minister, Naoto Kan, television, causing a panic on Asian markets.The Tokyo Stock Exchange, meanwhile, has fallen 10.55%.

The Bank of Japan (BoJ) announced it yet injected 3 trillion yen (26 billion yen) in the money market to support the economy, plus the 5000 and 15,000 billion yen already injected respectively in the morning and Monday. But this ad is not enough to ease tensions. Especially since the predictions of the impact of the disaster on Japan's economy grow heavy. Analysts now suggest 120 billion worth of damage and consequences for the country's trading partners.

Gust Indicator

Despite these concerns, investors could keep an eye on macroeconomic statistics of the day.In France, consumer prices are starting to rebound in February, rising by 0.5% in monthly changes, and a year where they show a growth of 1.7%, Insee said.

Then come in Germany, the ZEW index of investor sentiment, and the U.S., prices for import-export of February and the index of activity in the New York Fed in March to 13.30, the index of the property market from March 15 to 19.15 hours, the Fed decision on rates.

On the currency markets, the euro appears to drop in morning trading: a euro is worth 1.3940 (-0.46%).

The mea culpa Renault

Scor: -0.30% to 18.54 euros

The reinsurer announced that in the worst scenario for Japan, the total losses of the group in non-life net protections proportional and non-proportional, would not exceed 185 million euros before taxes.The group does not cover nuclear power plant operators for damages or any liability in Japan.

Overall, companies involved in the situation in Japan are suffering just like EDF (-3.31% to EUR 28), Areva (-6.03% to 29.60 euros), LVMH (-3, 66% to 102.70 euros) and RPP (-3.12% to 102.50 euros).

Renault: -3.56% to 36.81 euros

The manufacturer on Monday presented its apologies to the three frames he had unjustly accused of spying for China as well as measures to restore the image of the group, but Carlos Ghosn has refused the resignation of his number two, Patrick Pelata .

Assystem: -5.37% to 15.50 euros

The group expects to accelerate its growth in 2011 and expects to play a role as a consolidator in Germany, France and the United Kingdom.

Alstom: -4.12% to 36.96 euros (largest decline of ACC)

At 17 hours will be hearing from Patrick Kron before the Committee on Economic Affairs of the National Assembly on the activities of the Alstom group in the field of energy.

After market, Zodiac Aerospace will publish its revenue for the second quarter and first half results. Bollore will report its annual results.

Consumers do not win, but dentists can rejoice. The senators voted Wednesday for the removal of the requirement for practitioners to mention the purchase price of prostheses they provide to their patients. This indication was made mandatory since the implementation of the "hospital, patient, health, territory" (HPST) in March 2010 and aimed to introduce more transparency in the prices charged by dentists.

For the price of hearing varies almost by a factor of two firms, analyzed the organization last February mutuelle.com. Rates that depend on several factors: the quality of the prosthesis, the reputation of the dentist, the neighborhood where he practices, but also the level of medical coverage for the patient."It is almost a rule that the physician inquires about it, so that the topping facto contributes to drive prices up and enjoy in good part to the care provider," noted the Court of Auditors A report published last year.

No effect on import prices

Disparate rates are also particularly high. Citing a 2005 report published in Belgium, the Court of Auditors noted that the price of a prosthesis in France is 2.5 times that of a prosthesis in Germany, itself 25% more expensive that 'in the Netherlands.

Aggravating factor for the French practitioners: the growing share of imported models (about 15% in 2010 according to the French Dental Association) has never passed on the average price charged by dentists.Yet the cost of dentures made in China, Madagascar and North Africa is three times lower (40 euros against 120 euros) than models manufactured in France.

Competition poor '

Accordingly, it is 10% of the French population is forced to give dental care because of cost, says the Institute for Research and Documentation in Health Economics (Irdes). Generally, dental costs alone constitute more than half of medical benefits to which patients give up that ground.

It is under these facts that the Court of Auditors argued last year that the quotation offered to patients include the purchase price of the prosthesis. "Improving transparency would help to remedy a lack of competition today," thought the institution.

"Intensive lobbying"

The senators, however, have decided otherwise Wednesday. Gilbert Barbier, behind the amendment removing this requirement, explains: "The text was virtually unenforceable. If you want to calculate the cost of a prosthesis, we must delve a lot of ancillary costs, "he explains. Furthermore, why impose this requirement only to dentists, not the garage for example? "He asks. "Dentists have had the feeling of being stigmatized. Let us keep right, "came Wednesday in support of meeting the Minister of Health Xavier Bertrand.

Another argument advanced by Senators: prices of acts called "conservatives" (scaling, treatment of caries, decay …) would be undervalued by social security. "For ten years they have not been adjusted.This explains that dentists sometimes compensate by increasing their margin on prostheses, "suggests Gilbert Barbier. Yet, according to the ECA, some of these rates were revalued by 30% in 2006. Meanwhile, prices of prostheses continued to grow at an annual rate of more than 3% …

For UFC-Que Choisir, the situation is clear. "The intensive lobbying professionals was correct in the interest of patients," said Cedric Musso Thursday, director of institutional relations within the association, in the columns of "Paris-Today in France. "The dentists are not commercial professions. As health professionals, they do not make a profit on hardware sales. "

Xynthia is not a name as the Vendee and Charente-Maritime are nearly forgotten. The storm that hit the French Atlantic coast on the night of 27 to 28 February 2010, has killed 47 people, including 29 in the only common Vendée La Faute-sur-mer and Osten-sur-mer .

The banks appear to have decisively turned their backs on the crisis. After Societe Generale and BNP Paribas, Natixis is now the group to post record profits for the year 2010. As expected, a subsidiary of Banque Populaire, Caisse d'Epargne (BPCE) recorded a profit of 1.7 billion euros, up sharply from last year. Natixis had published in 2009 a net loss of $ 1.4 billion. In the fourth quarter alone, profits of the bank owned almost 72% BPCE amount to 442 million euros, down 48% but above the 305 million euros expected by analysts.

Another pleasant surprise, the income of the bank are also above estimates. With revenues of 6.5 billion euros for its entire fiscal 2010, Natixis exceeded its own target of six billion euros of net banking income (the equivalent of sales for banks).

At the Paris Bourse, the figures are very well received: the action takes off from 6% to 4.37 euros.

Loss of illiquid assets less

The group's results were driven by favorable portfolio of illiquid assets (hard sell), mainly U.S. products that have become undesirable since the financial crisis. Then they generated a pretax loss of 2.863 billion euros in 2009, they were amputated as the result of 182 million last year. Through various assignments, the portfolio no longer weighed only 7.4 billion at end 2010 (weighted assets) against 29.7 billion at end June 2009.

Another positive outcome of 2010: the control of overheads. They grew more slowly than 4%, the net banking income up 10%.The group has managed to achieve cost synergies, as part of its strategic plan, called New Deal, to the tune of 142 million euros no fax payday loans. In addition, Natixis has also seen an improvement in the cost of risk, down 78% excluding portfolio of illiquid assets.

50% of net income redistributed

And although the bank account to benefit its shareholders of its good health. The direction that it pay a dividend of EUR 0.23 per share, or 50% of net income. This distribution will be accompanied by a payment option in action. A measure to strengthen the equity of the bank in the context of new prudential rules of the Basel Committee.

The bank also shows there is reassuring and a capital ratio under tough new rules of Basel III greater than 8% from 2013.She also reiterated they do not need a capital increase to meet new regulatory requirements.

BPCE poster 3.6 billion profits

Its parent BPCE also unveiled the results of good quality with a net profit of 3.6 billion euros for 2010, multiplied by seven over 2009. The property underlines the good performance of the bank financing and investment, savings and financial services specialist.

With this return, BPCE expressed its intention to fully repay the state before the end of the first quarter, a balance of 2.2 billion euros, said Chief Executive Perol.Initially, the group had set a target to repay the entire loan from the state $ 7.1 billion in late 2012.

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Summit a few hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said. Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other.However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We are in ac cord to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

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Again, EDF should not reassure investors. In fiscal 2010, net income Electrician tricolor plunged 73.9% to 1.02 billion euros against more than 3 billion expected by analysts on average. Involved a heavy load and a provision for change in scope, which complicates the interpretation of results.

The group's profits have been sealed by a special charge of nearly $ 2.9 billion, including $ 1 billion in the United States and 915 million in Italy. EDF owns half of Constellation Energy's nuclear activities the United States and half of Edison in Italy. The provisions made in 2010 also cover the additional costs incurred by following the extension EDF in France transitory regulated tariff for market adjustment (Tartam), a specific tariff for businesses. Thus, excluding items, earnings would have the group rose 11.3% to 3.96 billion euros.

The annual operating results are thus more in line with expectations. EBITDA, the EBITDA, rose 4.4% to 16.62 billion euros, above the 16.45 million euros expected by analysts and objectives of the group was a Organic growth in EBITDA, of between 3 and 5% in 2010. Turnover is also in line with estimates to 65.16 billion euros where experts had forecast 64.98 billion euros.

Scope change

And, come under the group's financial situation has been improved. The debt was reduced by 42.5 billion end-2009 to 34.4 billion euro late 2010, encouraged by the change in scope.In fact, as highlighted in the CEO of EDF Proglio "2010 was the year of major projects, which enabled the group to find a healthier financial situation" before discussing the three "major operations" of the year . EDF sold its electricity distribution networks in the UK consortium of Hong Kong Cheung Kong and sold to the regional state of Baden-Württemberg (south-west Germany) from 45.01% stake in number three German energy EnBW. Finally, the public group has decided to allocate 50% stake in its subsidiary RTE portfolio of financing the decommissioning of nuclear plants.

Confidence for 2011

Management is confident and shows for the current year. The electrician is for 2011 organic growth of its Ebitda of between 4 and 6%. However, targets rely on a price of nuclear 42 euros / MWh in the framework of the law Nome.

The group also expressed its intention to propose a device to pay a bonus dividend to shareholders holding their shares for at least two years.

Faced with these conflicting signals, it remains to be the market reaction so that the title EDF posted the worst performance of the CAC 40 in 2010 with a decline of over 20% of its title.

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Deprived of power in Egypt, Hosni Mubarak could soon be as his property. Barely half an hour after the announcement of the resignation of the Pharaoh, or at 17:30 on Friday, the Swiss government announced it was blocking all funds that may belong to the Egyptian president and his family in Switzerland. The Federal Council has issued an order to that effect asking the Swiss banks to search for and freeze the assets of the clan Mubarak. According to the Swiss National Bank in late 2009, the Egyptian deposits on accounts in Switzerland reached 3.6 billion Swiss francs (2.27 billion euros).

"President Hosni Mubarak has resigned today after weeks of mass protests. The Federal Council took note of this evolving situation, "it said in the text.The assets of Mubarak and his entourage were blocked with "immediate effect" and the order is "valid for three years," says the Federal Council. "In addition, the sale and disposal of assets – including property – belonging to such persons are prohibited. The Federal Council intends to take all necessary measures to prevent any possible misuse of public funds. "

London wants action "concerted"

For its part, the British Minister of Trade, Vince Cable, said Sunday that any assets held abroad by Egyptian President should be a "concerted international action." "I did not know he had huge assets here, but we have no doubt that there is an international action on this issue," he told the BBC1 channel, in response to a question about the possible presence of some of these assets in the United Kingdom, raised by the local press."It makes no sense for a government to act alone, but we must look into the matter payday loan. It also depends on how these assets were acquired, "added the minister.

Vince Cable has also warned that British banks the government would take action against any institution that would help the former Egyptian president to transfer funds. "One of the tasks which the Government has been working since coming to power is to terminate the operations of tax evasion on behalf of their clients, companies or individuals," he argues.

Between 40 and 70 billion

According to experts cited in the Middle East by the British newspaper Guardian, the Mubarak family fortune is estimated at between 40 and 70 billion dollars (29.5 and 51.7 billion euros).It would be divided as such: $ 15 billion for Hosni Mubarak, one billion to his wife Suzanne, eight billion for his eldest son, Alaa, and 17 billion for his second son, Gamal. By comparison, the couple's Ben Ali is estimated at five billion dollars, as ranked by Forbes magazine. And that of the richest man in the United States, Bill Gates, to 54 billion.

The Algerian newspaper Al Khabarprécise his side much of the wealth of Mubarak would be deposited in banks or invested in real estate. The Mubarak family would own and outside of Egypt, properties in the United States, Great Britain (whose son and mother hold the nationality), France, Switzerland, Germany, Spain and Dubai .Finally, two son, Gamal and Alaa created and taken stakes in many companies in Europe and the United States.

(With agencies)

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Paris Has it been too sure of his strength? There is just one more year, the possibility of relocation was seen as a joke by the City Council. At the point of not meeting the requirements of the French Tennis Federation, eager to expand the site of Roland Garros in order to accommodate the public, partners and media in better conditions, and to demand a fee from astronomical 2016 (the current lease expires in 2015). "There is a Roland Garros. There is no other. It will be more if it leaves Roland Garros Paris. The love story between Roland Garros and tennis is necessarily the Porte d'Auteuil, on the current site (…) I'm really a city tour to the suburbs but frankly what belongs to Paris is Paris.Roland Garros as the Eiffel Tower is part of Paris, has just recently told Jean Vuillermoz, Deputy Mayor of Paris, in charge of sport in a whiff of superiority. Faced with this situation, the TFF has decided to react by putting Paris in competition.

A hotly contested competition
A bluff? Initially judged as such, the call for entries is taken very seriously. Three suburban sites are then selected to host Roland Garros: Versailles, Marne-la-Vallée and Gonesse. The quality of records that are pushing the proposed FFT to seriously consider a move. "Attitudes have indeed changed," admitted the director Roland Garros Gilbert Ysern, whom we asked last November.Under pressure, the Mayor of Paris reacts through Bertrand Delanoe, who tabled a "vow on the development of the Tournament of Roland Garros in Paris" fulfilling all the wishes of the original Federation. Extending the area of 60% (5 hectares), covering the Central, the construction of a new 5,000-seat stadium, a new concession for a period of 99 years and a charge down the figure indexed business.

An eminently strategic
By choosing to stay in Paris, the FFT would be the choice of conservatism. A choice of heart more than reason? So says Hervé Dupont, executive director of the Plaine de France, holder of record of Gonesse."Either the Federation made the strategic choice to remain in Paris for convenience, for fear of change, because it costs him a little cheaper … Either it moves and in this case we believe we have the best project." Leaving the historic site Auteuil would especially at Roland Garros to catch up and even take the lead, on the other Grand Slam tournaments (Wimbledon, U.S. Open and Australian Open) in terms of area (over 30 hectares). Pragmatic, Guy Forget is rather favorable to offshoring.

An opinion that disagrees obviously not John Vuillermoz: "Is that what is important is the space, the number of acres? Does the importance of this tournament is not elsewhere? The goal is to get better. There will be an opening to a new space, a new short 5,000 seats. A lawn will replace the short No. 1, which is not beautiful.This will allow spectators to picnic before a large screen that will broadcast all the matches. This is what will stay at Roland Garros in its box, while remaining accessible to the greatest number. This is not just about square meters. "

Dissension
Unlike Gonesse and Marne-la-Vallee, where the political will to welcome Roland Garros is unanimous, the case of Paris, like that of Versailles, is facing some dissension. "We are a democracy, everyone can express themselves. You say there is no opposition would not be true.Now, democracy is majority and in this context, the Paris council has spoken: 12 councilors voted against and 141 voted for! After the Greens, who voted against the Olympic Games in Paris, which are against the top-level sport in Paris and that the residents of the Porte d'Auteuil want to stay together and not to involve the mass is their problem … But the great mass of the Parisians is favorable. All the polls show, "says Jean Vuillermoz, reminding us that Paris can count on support from the weight, partners and sponsors.

Sponsor support historical
BNP Paribas, whose brand is associated with at Roland Garros for 37 years, is actually very clear about this: "We support the continuation of the tournament in the capital. We believe that much of the prestige is that it is in central Paris.Whatever the qualities of offshoring projects, they would not have the same influence. "Same story from Alain Afflelou:" Roland Garros is a prestigious tournament that counts a lot in terms of public relations device. Currently, it is easy to reach, it will be more complicated than 35 km … "Favorite, File Paris nonetheless threatened. Not sure he collects 66% of votes of the 195 voters of the Federation for its victory on Sunday. He could well find themselves with ballot Versailles (the most dangerous rival?). The two finalists then the tie would be within three months, an absolute majority, at a new General Assembly …

The Paris plan: