International Headlines and Stories

Voted! Many viewers will be this Saturday night in tapping away on their mobiles to support one of four candidates – Louis, Stephan, Aude or Al.Hy – who will compete in the finals of The Voice télécrochet on TF1. All the more so since its launch on February 25, the show has excellent hearing, with nearly eight million viewers on average. If the suspense is over on the election's outcome, one thing is certain: the string will be the big winner of the evening. Charged € 0.65 per SMS, the votes of fans bring him close online pay day loans. According to a survey of Parisian, TF1 affects between 40,000 and 400,000 euros a Saturday night with these premium text messages, since the program began on February 25. And the final on Saturday will be the twelfth primetime télécrochet. "For every prime time The Voice, there are between 100,000 and hundreds of thousands of votes," says Krikorian Master everyday, the bailiff of Justice opens the envelopes on programs.

Viewers will vote to support one of four finalists.

Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

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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For once it is not Airbus which organizes the festival, but ATR, the second aircraft manufacturer based in Toulouse, in the shadow of European giant. Equal subsidiary of EADS and Italy's Finmeccanica, the manufacturer of regional aircraft propeller book on Thursday, Air Nostrum, Iberia subsidiary of Spanish, the thousandth machine out of its assembly site.

A symbolic milestone for ATR's plans to increase its production by 60%, to 54 aircraft per year in 2010 to 70 this year to reach 80 to 90 per year by 2014. At the same time, its turnover has to go from 1.3 to 2 billion.

Consequently, extensions are underway on the site and "hundreds of jobs will be doubled," said Filippo Bagnato, ATR CEO. ATR employs 1,000 people in Toulouse and in 6000 made working in France and Italy with subcontracting. Sitting on a record backlog representing three years of delivery, ATR new ambitions: "it is possible to reach the 2,000 aircraft delivered within ten to fifteen years," says the president.

China threat

To listen, you almost forget that the company, founded in 1981 with the launch of the ATR 300, narrowly escaped death in 2004 with a backlog of five aircraft. The manufacturer was the victim of the craze for jets that, throughout the 1990s, have conquered the regional aviation market while surfing a bit expensive oil.

"Our shareholders have been clear. They did not put the key under the door but had to hold ATR not to lose money, be in equilibrium. We therefore reduced the size of the company. It was that or death, "recalls Filippo Bagnato. ATR gathers her remaining strength to attract new customers. "We had to sell the plane three times to the airline, to subcontractors who were reluctant to invest and banks." ATR increases its range and benefits of soaring oil prices which increase operating costs of a regional jet. Propeller airplanes take their revenge. This is the slaughter. Only Canada's Bombardier and ATR survive, but not Saab, Fokker, Dornier, Jetstream, Fairchild … The airlines have their accounts: in the same journey, the "turboprop" consumes two times less fuel than a jet.

Despite its success, the manufacturer remains vigilant. The turboprop market is promising – with a projected delivery of 3,000 units from 50 to 90 seats in the next 20 years. It arouses desires. ATR expects a reaction which should give Bombardier a successor to its Q-400. He is also concerned about competition from China. "China has had limited success with the M 60 which is nothing more than an evolution of a Russian aircraft. But it launched a 70-seat aircraft and is considering a 90-seat aircraft, "said Filippo Bagnato. The M 700, a copy of ATR according to experts, is being developed. It is expected on the market within three to four years.

To stay ahead, ATR continues "feasibility analysis" on a larger aircraft with 90 seats. The development of a new propeller device costs twice cheaper than a jet – less than $ 2 billion. But the decision belongs to EADS and Finmeccanica.

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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

These are the first quarterly figures for Mariano Rajoy, and they mark new records. 24.44% of the Spanish working population is unemployed, according to the survey of the National Statistics Institute (INE), the most comprehensive report on the subject. To find such a high percentage, we must go back to 1994. As for the number of unemployed, 5,639,500, it is unprecedented.

The detailed figures are even more dramatic. Youth unemployment has surpassed the psychological half: 52.01% of those under age 25 seeking employment. More than 1, 7 million households survive without one family member has a job. A disturbing figure, in a country where family solidarity is one of the few buoys that are still resisting the crisis.

Degradation of S & P

The increase in the unemployment rate from 22.85 to 24.44% coincides with the entry into force on 12 February, the reform of labor law prepared by the Conservative government. A set of measures that flexibilisent working conditions facilitating dismissals on behalf of … the fight against unemployment.

The deteriorating labor market could lead to further abuses. "Having one in four unemployed will increase our deficit and debt," warns Alberto Pastor, professor of economics at IESE Business School. And conversely, "the achievement of deficit targets necessarily require additional austerity measures likely to deepen the recession and therefore further deteriorate the labor market," says Jesús Castillo, Natixis. A downward spiral.

Standard & Poor's, meanwhile, did not wait for the unemployment figures to punish Spain. By Thursday evening, the agency lowered its rating two notches, from A to BBB +. A decision justified by three reasons: the economic downturn, the difficulties in reducing deficits and fears about the fragility of Spanish banks.

For despite a process of concentration and recapitalization, financial sector remains a concern. Most Spanish economists exclude the possibility of a global rescue plan. They did not rule on the other hand a refinance outside banks. "Some will be forced to appeal to European funds," and believes Santiago Nino Becerra know, professor of economics at the Ramon Llull University in Barcelona.

On Wednesday, the Minister of Economy, Luis de Guindos, admitted that Spain was "perhaps one of the hardest moments for its economy." The government does provide an out of recession next year, a return to growth in 2014 and the balance of public accounts in 2016.

The Italian Treasury has borrowed this Friday 5.95 billion euros in the medium and long term testing at an auction. The operation went well. Borrowing costs are still rising at 5.84% to 4.86% and ten years to five years, but the offer has been fully covered. "The numbers are correct. At least, there is no bad news, "said Michael Leister, rate strategist for DZ Bank. Borrowing costs in Italy have averaged 5.61% since the beginning of the year.

Secondary market, the yield spread between ten-year Italian paper and paper German reference widened by only one point e basis, to 4.08%.

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Bad news for laboratories and pharmacies. "In 2012, for the first time, the French market for reimbursable drugs sold in pharmacies will be in recession. After four years of stagnation, it will show a 2% drop in value, "Robert said Thursday Chu, president of research firm IMS Health France. A setback due in part to price cuts and delisting imposed by governments, but also to "a failure of innovation."

Other mature markets will not show very strong growth. By 2015, the pharmaceutical market will grow by +2% to +5% in Japan. It will gain +1% to +4% per year in the United States and other developed countries, IMS provides. "The other European markets are affected but the timing is different," explains Claude Le Pen, an economics professor at Paris-Dauphine and France consultant IMS Health no teletrek payday advance. In Germany, for example, the policy of price reduction was initiated before that of the Hexagon.

Profitability deteriorated

The expiry of patents that protect the original drugs is another factor, important for the retraction of the pharmaceutical market. The peak of these patent losses will be achieved in 2012 with $ 48 billion of revenue at risk of generic competition. In practice this means that four fifths of those sales (about $ 40 billion) will not occur. Generics, legal copies sold of 15% to 70% cheaper by country (55% in France), take place.

The distributor sells one to one of its retail stores (3 000 to 5 000 m2), all located in the shopping streets of major cities. "In most cases, assignment of lease rights or collection of an indemnity or compensation allows both reduce costs and generate an exceptional income," says one expert. However, competitors and suppliers are worried about a possible exit from the market in the wake of closures of outlets the most visible, vital to the store's reputation. Especially since Virgin sells very little through its website: only "a few percent of sales" line, according to management, against 11% for FNAC.

The Bordeaux Merignac store closed early 2011, the Carrousel du Louvre in late January, one in Saint-Denis in the beginning. The Virgin of Metz should lower the curtain end of June and the date of closing of that of Toulouse was not communicated to employees. The brand sold at Fnac location of 3000 m2 that it had reserved in the future shopping center Beaugrenelle. Last year, his competitor had already convinced Lagardère Services to undertake the small stores in stations and airports, since renamed Fnac. The future of the flagship Champs-Elysees is uncertain. Virgin charge of real estate firms to find a buyer for his lease.

A new store model

Despite this dramatic reduction in wing, Jean-Louis Raynard, CEO of Virgin Stores, assures to look for ways "to restart the sales payday loan lenders." In 2011, sales were "slightly" decreased to about 300 million euros, while the goal of returning to profitability, fixed by its shareholder, the fund Butler Capital, has not been reached. The sign is positioned on "high-growth segments, such as helmets, but their contribution is still insufficient," admitted the manager, who also spoke of "a new store model, smaller, more segmented with an offer and a greater role for digital. " Virgin had to test its new store format before summer. Since the date of presentation of this "new strategy" has been postponed twice. It is now scheduled for early May "an establishment in the first site at the end of the year." In the meantime, Virgin will open at the mall from the Gare Saint-Lazare, probably in the coming days. It will not surprise the customer by its small size (965 m2), because the offer has not been reviewed

.

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Seen from France, in its presidential campaign when it comes to rescue of ailing industrial sites, the remarks by Sergio Marchionne, the boss of Fiat-Chrysler, on the European car should react. For him, there is no alternative but to radically reshape the European car factories.

"The industry faces overcapacity of about 20%, especially on small cars, pulling prices down: this is why almost nobody makes money in Europe. This inability to sell all the products we sell, that's exactly the problem faced by the United States in 2007-2008. But there, American manufacturers have closed 20% of their capacity and, now, they win money, "says Le Figaro who is this year president of the Association of European manufacturers (ACEA).

The same evils, the same remedies. The boss of Fiat-Chrysler considers it necessary to remove the 20% in Europe of excess production capacity, more than 3 million cars, which could, according to experts, lead by a dozen plant closings. "We have no choice, launching this adjustment process and then start again from scratch on a sound basis. It will be painful for twelve months, but let's do it! "

The picture that Sergio Marchionne to the situation of the European car is "horrible". He expects this year the market fell for the fifth consecutive year, "5%". And sees no recovery before 2014, and again, at a speed not "crazy." "Meanwhile, we must build on this interval to restructure and get the full benefits of the restructuring when the market recovers."

"It would be the best thing that could happen" because the area in 2008 missed a "huge opportunity" to "streamline" its operations.

According to him, "it is for Europe to support this transition, because, individually, the governments of various countries will not do." Sergio Marchionne noted that in France the state has helped manufacturers provided they do not close plants, while the "U.S. has rather pushed to restructure two groups during their bankruptcy." We must now a "coordinated effort" at European level so that "the pain is shared" so "rational".

With redundancies

"If Europe stops this restructuring, the manufacturers will not invest enough to modernize their production and move upmarket," he says.

Europe could also establish a "financial support mechanism" to cope with redundancies. Anyway, it will take a "social welfare system provides the transition," so as to give the "care and attention" to the employees concerned. Leaves, he hopes, that the industry gets back to hire when it will be healthier.

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Jerome Chartier is UMP, a member of the Finance Committee.

LE FIGARO. – You've looked at the cost of the quinquennium. What is your assessment of this work?

Jerome Chartier. – We have a collective duty: a constant reminder that the expenses that shall be implemented after the presidential election will still have a fiscal impact after fifty years. Nicolas Sarkozy has not inherited a country virgin 30 years of debt! For example, we still have not finished paying the bill for 150,000 additional officers hired by Francois Mitterrand in 1981 and will continue to assume in the budget settlement of their pension for many years yet. A majority of the degradation of our deficit since 2007 is related to the consequences of decisions taken ten years or thirty years ago, and nobody can deny. Today, when Francois Hollande speaks to hire 60,000 more teachers, it is not an expense for five years only, to 2.5 billion euros as encrypted in its assessment. They would be hired for forty-two years, and it will then pay for their retirement. It is actually 120 billion euros of financial liabilities would weigh substantially on warrants after 2017. That's what a discourse of truth budget. And the deafening silence of Francois Hollande on this reality weighs heavily in his campaign.

Ultimately, what is the cost of this five year period?

In a book dependent, two journalists were obviously looking for a slogan, a five-year 500 billion-and then tried to justify it. This method of working alone demonstrates the total lack of seriousness with which we entered this debate. This hoax has fizzled. The Court of Auditors, in particular, has brought back to reality, which recalls that sum more than half (52%) of the current deficit is a direct legacy of past decisions. She also said that the crisis explains almost 40% of our deficit, to the extent that it has reduced our revenues sharply by almost 50 billion euros in 2009. It has spawned at the same time, like all European countries, the exceptional increase our spending in 2009 and 2010 from 46 billion to protect the French and preserve their jobs guaranteed approval cash loans.

The government's choice to do so would contribute 10% to deterioration

.

The reality is that ever a term of five years had produced so few new unfunded expenses. The economist Henry Sterdyniak, department director at the OFCE, says the same thing. A study just published it is very clear in late 2006 to late 2012, the French public debt would increase by 620 billion euros. It breaks up this way: 275 billion from interest payments, 310 billion from the economic crisis, including 30 billion stimulus policies implemented in 2009-2010, and 60 billion of tax reduction policies some of which are directly related to the crisis. He adds, and it is rare to be said, that the restrictive policies of public spending (fewer officials, non-revaluation of wages, rigorous management of social benefits …) allowed the other hand save 55 billion euros. Conclusion-and it's not me saying it-the responsibility of head of state and government in creating the deficit is greatly reduced at best to 35 billion euros. For the record, it was exactly the estimated cost of the program of the candidate in 2007! And no one can suspect of belonging to Henry Sterdyniak the campaign team of Nicolas Sarkozy.

How do you respond to those who tell you that it is 35 billion too?

35 billion that is exactly the amount of large loan, which finances the structure of French growth in the future, and promises of jobs that go with. Rarely has a presidential term has been provided the opportunity to invest in the future: higher education, research, attractiveness for industrial relocation with the removal of business tax, pension reform … Many of the decisions taken were not included in the 2007 program and the direct result of the crisis. The French now believe that they are healthy decisions for the future of France.

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