International Headlines and Stories

A rating agency on three, Standard & Poor's, has already withdrawn its prestigious AAA to France. One of his rival, Moody's, could soon follow, warned the Socialist candidate for president Francois Hollande. In the days following the presidential election.

Moody's placed under the supervision of the French debt rating earlier this year, he said in an interview with Journal du Dimanche. It "will make a decision on May 12, he argued. It will not be a consequence of the May 6 vote of the French. I warn, already, for our fellow citizens that there is no confusion (…) For now, I ask in any case to be assessed by the French and not by markets. "

How the candidate can know the date on which the decision will fall on Moody's France? Rating agencies maintain absolute secrecy about the content of their deliberations and their timing, until the publication of their decision. To predict the date of May 12, the candidate is based on the deadline set by the agency between his warning to the country concerned and the actual announcement. Moody's placed its ratings on negative watch on Feb. 14. It must give its verdict, probably too negative for the French-AAA before May 15  

Francois Hollande tried to clear the ground, should he be elected, and while his main opponent, Nicolas Sarkozy, waved the threat of an attack against France markets where Socialist victory no fax payday loan. Today, has defended the PS candidate, turbulence affecting Spain and Italy but not France. "It is particularly irresponsible for the incumbent to use the threat of speculative movements to persuade voters to abandon the alternation," he pleaded.

The first week of the next president, whoever he is, ahead eventful. First Moody's should actually decide before May 15 the fate of AAA it has issued so far in France. Then the Commission will publish its opinion on the stability program of France. This document, sent to Brussels last week, details how the government intends to restore the balance of public finances by 2016. Problem: it takes into account neither the promises of the outgoing president, nor those of his socialist opponent.

ALSO READ:

"Growth, Francois Hollande remedy

"Sarkozy economic stimulus the quarrel against the left

"The market reaction to the presidential

»BLOG – Why the futures contract on the OAT is good news

"Choose well, choose Goal!" The old slogan of the number three of the furniture it always goes well. The company creates envy and indeed could, as revealed yesterday, Les Echos, soon change hands.

Reportedly, no less than five French investment funds have indeed shown interest in the brand of furniture from the current owners, Goldman Sachs and Colony Capital funds and OpCapita (former Merchant Equity Partners). Paragraph (Auchan group) looked at the file, but refrained. The name of the Austrian Lutz teaches that attempts since 2008 to enter France, is also advanced.

Officially, however, the group is not for sale. "No process was launched. Goldman Sachs and Colony Capital, which each hold 48.5% stake in Aim, rather sought a refinancing solution, "says a source close to the two actors, who adds:" They received expressions of interest, among others of Axa Private Equity and PAI, but they will refuse the offers if they are insufficient. "

Develop and design the kitchen

The three shareholders hope to sell Aim for 450 or 500 million euros, valuing the company at about six times its Ebitda (80 million euros in 2011). This is less than what was paid for Conforama Steinhoff – nearly seven times Ebitda – but the amount is close to that that the three had paid Kesa (Darty parent) in March 2008, ie 550 million euros.

Under the leadership of a new CEO, Regis Schultz Purpose managed to change course. The brand is losing its image with cheesy a thorough review of its range. More modern, but also more focused on the shelves carriers, such as decorating and cooking business card. And especially to lower prices, more in line with those of its competitors, thanks to tremendous work on own brands and supplies. Particular aim was to ally Cafom (Habitat-unique.com sale …) and joined the Central Purchasing SELECTIS to buy at cheaper prices.

The fleet of approximately 200 stores, almost unchanged for three years, was renovated. Purpose and City, a store designed for smaller and larger cities where the supply of appliances is only available on the terminals, was born in late 2010.

A nice improvement

The efforts are paying. Last year, sales grew 4.2 Goal% (LFL), reaching 1.8 billion euros. The company gained market share for the third consecutive year, from 9.2% in 2008 to 10.3%, despite the loss of eight franchised stores. But Goal acquired almost as many (five) since the beginning of the year, thanks to 200 million euros released by the sale of the walls of twenty-five stores last November. An operation orchestrated by Colony Capital, as he did at Buffalo Grill and encouraged at Accor. "Certainly, Goal has almost no debt and the bride looks very nice. But, with higher rents, its profitability will be even more difficult, "says one industry expert. Especially since prospects are rather gloomy furniture. In 2011, the market had grown by only 1.5%. "Goal should instead focus a competitor, French or European, who can achieve economies of scale in procurement," says this source.

ALSO READ:

"Retailers are catching up in e-commerce

As of Wednesday, the tourists interested in tours visiting the Louvre will be surprised to see Nintendo equip a DS3. The largest museum in the world decided to replace its old audio guides by video game in relief. Good news for visitors, they will be leased 5 euros, against 6 for an audioguide. In addition to the traditional explanations cassettes, game consoles allow three-dimensional views of some exhibits, like the Winged Victory. A way to contemplate angles unreleased until now. Initially, the Louvre has commissioned 3DS and 1500 should have 5000 consoles eventually. Connected, consoles can be geolocated. We did lose more in the maze of the Louvre, while 70% of visitors come for the first time!

The comments are available in seven languages ​​and include 700 works low interest rate personal loans. Several trips are also avail-able. Agnes Alfandari, head of multimedia at the Louvre, has highlighted the ease of use consoles, equipped with touch screens. An explanation becomes a breeze. The museum should also be able to more easily perform upgrades explanations and evolve. Thus, pathways for people with disabilities should be developed.

This is not the first time the museum opens in new technologies. The Louvre, as the Quai Branly Museum, has its application on the iPhone. Some 200 works are presented. A way for museums to increase their attractiveness to a young audience while increasing their revenue streams.

ALSO READ:

"Leonardo da Vinci, the genius at work

Training remains a major challenge for companies. Especially in times of crisis, where the imperatives of productivity and internationalization require the DGs and their HR managers to work on climbing skills of their teams. Which levers businesses support each day to ensure the professionalism of their staff, how do they organize relations and the division of labor between HR and business managers? This is the theme of the fourth edition of Panorama conducted by HR consulting firm BearingPoint strategy, in partnership with Le Figaro economy, Sciences Po and Ipsos

When asked "why professionalize?", HR departments respond to 43% it is necessary to "secure certain profiles and some skills" and are 35% to emphasize the obligation "to achieve gains productivity "and 30% emphasized the" major alterations "suffered by some functions. "The HRD also mention the direct benefits of this professionalization for employees, is Olivier Parent du Chatelet, a partner with BearingPoint. Valuing employees is cited by 25% of HR and development of mobility by 62%. "

Concretely how firms organize the professionalization they? "The steps of professionalization rest today on a triptych: the training path, career paths and managing a business that includes the GPEC and animation business sectors", the authors of the study.

Several levers

In detail, the Panorama HR BearingPoint emphasizes development over the past fifteen years of corporate universities, the rise of business management, although it remains to this day the "poor relation approaches deployed" , while the definition of career paths is identified by only 40% of HR as a lever for action. "However, the involvement of businesses is a key appears in the definition of career paths. Today they are virtually absent from development approaches: only 19% of the sponsoring business managers, 13% fly them, "says the study.

Another weak link of political professionalization, their low integration. "Most often, different organizational structures are the individual career management and mobility, collective management skills and training, or facilitation of business networks, said Olivier Parent du Chatelet. Split between different levels of HR and business managers or business, they manage their policies and processes without real connection. "This undermines their effectiveness.

One of the recommendations of BearingPoint is also to integrate all of these courses offer a comprehensive HR, "at a crossroads between training, career management and planning of jobs and skills." These policies should also start thinking in terms of generalization, involving both business managers and HR, with a real efficiency target business, competitiveness and employee retention.

ALSO READ:

"E-learning is giving way in Europe

"The web edge in the new Masters 2012

SERVICE:

"Find your training Kelformation

"Job offers in France and abroad with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

The egg hunt, chocolate bunnies or chickens will be open Sunday. Easter is indeed a special time to eat chocolate. A strong tradition since last year 12,500 tons of chocolate were sold at this time.

"We realize 20% of our turnover on this occasion. Easter with Christmas are the two highlights of the year for our business, "says Jean-Paul Burrus, president of Salpa, known for the brand Marquise de Sevigne.

The offensive of dark chocolate

The trend remains the great classics. "The most popular products are the egg, the chicken or the bells, with one exception in Alsace: the rabbit, a custom from Germany," says Jean-Paul Burrus. "After the eggs or square pyramidal and chickens conceptualized, the market returns to more traditional things," says Sylvain Quidel, head of Leonidas, whose bestsellers are topped with fried egg or rabbit. Dark chocolate is also continuing its offensive. At De Neuville, accounting for 40% of annual sales.

The chocolate does not seem to fear the consequences of the economic downturn, convinced that from twenty euros – the value of the average basket – it is a pleasure that is accessible. In addition, this year, consumption should be boosted by a calendar and a very favorable weather.

The decline in unemployment in the U.S. in March to 8.2% against 8.3%, not fooling anyone. The labor market has actually worsened last month. He created only 120,000 jobs, almost twice less than expected. The favorable review of the February numbers limited to just disappointment. As also those of January proved slightly worse.

According to the Labour Department, the private sector hired only 121,000 people in March, when he was recruited 233,000 people in February. The service sector is the main troublemaker with only 90,000 new jobs, against 204,000 the previous month. Yet on the increase for months, temporary jobs have vanished completely. The new posts have also declined significantly in the transport and independent professionals. In trade and distribution, staff reductions have accelerated.

Even more disturbing was the drop in unemployment is largely due to the cessation of 164,000 job seekers find work. Out of the workforce, they are no longer counted as unemployed.

Misleading effect of a mild winter

Some analysts believe that these figures, on the whole disappointing, confirming the misleading effect of the warm temperatures of winter. We have attributed the relatively strong hiring in December to cyclical factors, while the mild winter would have been an essential support activity. The explanation is not fully convincing because in the construction sector most sensitive to climatic hazards, the trend since February has not changed: the job cuts are modest between 6000 and 7000.

Wall Street will react Monday that these disappointing data, because U.S. markets are closed for Good Friday. The debate on the need for the Federal Reserve, to reconnect with exceptional measures to stimulate the supply of credit is restarted. It had been thought earlier in the week, however, that the continued expansion in industry and services in March, according to the ISM index, the Fed had converted to the wait. If job creation in April again proved mediocre, the U.S. central bank may reconsider the option to buy Treasury bonds to further lower interest rates long term.

ALSO READ:

"The Fed hopes the shower market

"Embellished employment in the United States

"The rebound in U.S. growth remains fragile

Public hospitals are not so bad, that is the situation of their banks might damage. That, in broad strokes, the picture painted in its annual rating … by Dexia Credit Local, former first sector bank being dismantled.

The deficit in French hospitals reached 220 million euros in 2010. That sounds a lot but the amount represents only 0.3% of their budgets. Excluding appendices generally accounts surplus – long stay, retirement homes, nursing schools, real estate … – care, "heart-to" hospitals, loses 470 million (0.8% of budget). A stable amount of improvement after two years. 2011 should be in the same waters: a somewhat wider scope, including both private non-profit institutions, the government announced an initial estimate of 504 million deficit, against 508 million in 2010.

These figures make it unlikely that the return to balance this year, wanted by Nicolas Sarkozy. However, they reflect "the efforts by hospitals to control their staff costs," says Claire Bouinot, Dexia Credit Local. Because their revenues have increased by only 2% in 2010, the lowest increase for over ten years. Moreover, 300 hospitals "only" are in deficit (-600 million euros), others are in balance or in surplus (380 million).

The year 2010 also marks a break: after a decade of growth, investment by hospitals fell almost 5%, to $ 6.5 billion. They are expected to decline again in 2011 and slightly more strongly in 2012 payday loan. The 2007 Hospital Plan which, in "looping" financial arrangements with state subsidies, led to the partial solution to the obsolescence of French institutions, has expired. It "does not appear in the same volumes relayed by the Hospital Plan 2012", Claire Bouinot analysis.

But above all, co-financing of investments by banks, which was almost closed eyes until 2008, has become extremely difficult. Not that the banks fear increased risk: 24.1 billion, the debt reached "6.2 years of cash flow, a normal level," says Andrew Baker, director of studies of Dexia Credit Local.

But Dexia, precisely, which gave almost half of the loans to hospitals, this activity has slowed since 2008 and early 2012 has completely frozen, waiting to know his fate. And "among our competitors in the public sector, foreign banks have disappeared, savings bank, Credit Mutuel, Crédit Agricole and Societe Generale reduce the wing," says Andre Boulanger. Standards requiring them to strengthen their balance sheets and low earnings generated by public clients explain this decline.

Nothing serious immediate for most hospitals, which merely postpone investments. But much more worrying a small minority of them, including fifty hospitals "in a particularly difficult situation, where the operation consumes cash instead of generating," pointed to by Claire Bouinot.

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

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.