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lefigaro.fr: A year ago, almost to the day, you said that "it was time for the truth about Natixis. How did you welcome the confirmation by the AMF (AMF) by sending a notice of objections to Natixis?

Colette Neuville: This is a new good, which will complete our complaint. But there will still be some way to go because, although Natixis has to be sanctioned, it will compensate the victims. The shareholders want compensation before any other words, recover some of their money.

If one assumes that the losses of shareholders are due for half to the general fall in stock markets, should implement a procedure that allows them to get half the introductory price (19.55 euros), or 10 euros.One might ask why the Banques Populaires and Caisses d'Epargne to buy Natixis shares they sold to the public offering in exchange for an IOU in the form of bonds or other securities composed of an amount of 10 euros. I

the need bear in mind that these are nearly 3 million shareholders who have lost 80% of the 5 billion they have invested in this case. It is the political and financial scandals have made the most victims in France. We for our part before the Prosecutor of the Republic there is a little over a year and, for now, we had no return. The only merit of our complaint so far is to have interrupted prescription.

Probably for political reasons and timing, the state has not seen fit to punish Natixis.

It seems that the French government considered that it was not appropriate to shed light on the matter Natixis when he put forward the behavior "virtuous" French banks during the crisis under their European and American counterparts. But he did not respect the principle of separation of powers, but embodied in the Declaration of Human Rights and considered from Aristotle through Locke and Montesquieu Great Britain in France as essential for the proper functioning of democracy. So I look forward to the appointment of a judge who makes all the light and determines all the responsibilities on the scandal Natixis cash advance in one hour .

What do you expect from the MFA?

I expect the Sanction Commission (member of the MFA, Ed) it is not limited to information on complaints issued in October 2008, but it is seized of the whole affair since the beginning. Regarding the objections that have been transmitted, Natixis said it is not pursued by the MFA for disseminating false information. I note however that according to Article 223-1 of its General Regulations which the MFA refers "to inform the public must be accurate, precise and sincere." So although the AMF services consider that the information given by Natixis did not exhibit these qualities.

You are involved in Vivendi (1), and you are indignant at the action taken on the matter EADS (2).The case Natixis is it more serious than the other two? Do you think that the MFA will draw lessons from the EADS?

The Vivendi case and Natixis have in common is that many shareholders were victims of misleading information. But the case of Natixis is more serious because of the shameful organized canvassing by both banks to enjoy the confidence of their customers and sell their securities. Vivendi shareholders had they bought their securities without being specifically requested otherwise by the misleading representation of society.

As in the case EADS, the chairman of the MFA has publicly expressed the day after the pronouncement of the decision of the Sanctions Committee of its wish to be making appeals against decisions of the commission. I think it will ensure that a text quickly gives it this right, the logic of separation of powers.

(*) Association for the Defense of Minority Shareholders

(1) Colette Neuville is the origin of a class action against Vivendi and two of its former leaders, Jean-Marie Messier, former CEO and Guillaume Hannezo, former chief financial officer, accused of transvestite results group between 2000 and 2002.

(2) after three years of investigation, the AMF has cleared all officers of EADS.

A territorial policy of social housing, that is to say building in priority areas in deficit, such is the ambition on Wednesday by Secretary of State for Housing. Two days after the publication of an alarming report of the Fondation Abbé Pierre on poor housing, Benoist Appearing presented the draft state for 2010, namely to contribute up to 4.7 billion euros to finance 140,000 housing, half in Ile-de-France, Rhône-Alpes and Provence-Alpes-Côte d'Azur, the zones "tense". The program is ambitious, even by the balance of 2009 when 120,000 housing units were built "three times more than in 2000, the ministry said.

4 billion tax form

But if the Social Union for Housing which manages public housing can not approve a policy that it "calls for two years, is on the question of financing the rub.The state budget provides for the payment of 624 million euros to public housing agencies as aid to the stone. The rest of the state aid-more than 4 billion-will take the form of tax incentives (VAT, property tax, preferential interest rates). "The $ 624 million is less than 660 million euros achieved in 2009, and far from the 800 million budgeted in 2008," laments Pierre Quercy, general delegate of the Social Union for Housing which manages public housing bad credit payday loans . "We're going to build a priority in areas of shortage, and therefore more expensive, but with less money," says the delegate general who believes a more realistic assessment of the number of homes built to last 100,000.

At the Department, any accusation of declining level of aid is denied."The effort of the State is not limited to 624 million euros of aid to the stone, take into account the full support of 4.7 billion euros, which will build 140,000 homes social, said the firm Benoist Appeared. Construction or purchase. As announced Tuesday the secretary of state, public housing agencies will be able to acquire any vacant units to turn them into housing. Another idea supported by the Social Union for Housing, but according to Pierre Quercy will face the same problems of funding. "We estimate that 350 million euros of state aid would be needed to buy 10,000 housing units in the tense areas," said the delegate general. What largely begin the budget.

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In the Benetton family, is the financier. Chairman of Edizione Holding, Gilberto Benetton, 68, was on Wednesday in Paris. He inaugurated at the Carrousel du Louvre, the world's Restaurants. This space managed by the subsidiary Autogrill house a McDonald's already controversial. For Le Figaro, Gilberto Benetton details the strategy of the family in its various activities.

LE FIGARO .- Why invest in the Carrousel du Louvre with an area of restoration of 2 000 m²?

Gilberto BENETTON .- Le Carrousel du Louvre, nine million visitors and two million meals a year. For a group like ours, we felt it important to be there. We present in France since 1994, our largest market outside Italy, with 84 rest stops. Our fleet also teaches in seventeen stations, two major airports and hotels.We work in association with partners like French Brioche Doree and Buffalo Grill, with whom we will open soon a service area on the motorway between Marseille and Nice.

At the Carrousel du Louvre, the opening of a McDonald's restaurant has troubled the French …

We propose a range of cuisines from around the world. Among the brands represented, we can find the Spanish Mira, Meltem the Mediterranean, the Moroccan Salam, the Asian Self, Beaudevin for France and for Segafredo Italian coffee. What makes the success of our formula is to offer a wide range of services with a predominance of local products. This is a great innovation.We are already present in the world in more than fifty museums, archaeological sites and palaces of prestige as Pompeii, Versailles and the Palacio Real in Madrid or the Empire State Building in New York.

What are your development projects?

This is no time to expand in Europe, but the consolidation. That means reducing our costs, cut out the superfluous, lower our prices. In France, we are the second group of restaurants on motorways. New opportunities will arise. We will participate in bids to manage new areas on the motorways and the TGV station.

Your group is already very diverse. What activities will experience the highest growth?

Management infrastructure, be it highways or airports, is the most promising.Edizione, holding family owns 79% of Sintonia, large umbrella company infrastructure. We are ready to get up to 51%, to make way for new shareholders while retaining control. Latin America and Southeast Asia are the growth prospects strongest. Sintonia has one billion euros of liquidity. In Italy, we presented a draft of expansion of Rome airports to increase capacity from 33 to 70 million passengers per year. By the end of 2010, the new Alitalia, since its takeover by Air France-KLM will have its own terminal.

Do you regret certain investments?

Our only mistake was coming in 2001 in Telecom Italia, a 24.5% at worst as wrong when the telecommunications business was at its zenith. We have not managed directly participation.We decided today to leave. In the textile industry (Benetton Group, which owns 67% Edizione), we faced the crisis with equanimity. Turnover declined this year by about 4%, especially in the United States and Eastern Europe. The Western Europe remains substantial. Each one million more passengers is 1 000 jobs.

And Autogrill?

Autogrill will continue its development in France and Germany. In fifteen years it has grown from a turnover of 700 million euros to 5.8 billion business. It is unparalleled in the world. This seems an easy job, but it's far from true. The proof: the competitors are not legion. For ten years we have taken control of the U.S. HMSHost, the Frantour Restoration of specialist duty-free Aldeasa makes us the world leader in the specialty, Alpha Group and WDF.There would be many other channels to acquire, but not yet. We must consolidate and improve the quality of our services. From this perspective, the opening of the Carrousel du Louvre is a test and a step forward.

After four quarters of decline (-9.3% a year since the second quarter 2008), the slight upward trend is confirmed by figures from INSEE based on those of Notaries from promises of sale signed in Q2 year. While some professional networks, which Laforet Immobilier Wednesday, talk of a recovery, the increase in prices is to be interpreted with great caution.

Indeed, over the past twelve months, property prices remain former fallen sharply, from about 8%, and the number of transactions continues to fall. From September 2008 to September 2009, 550,000 housing transactions have been recorded in metropolitan France, down 25% compared to transactions a year earlier.

Increase of 0.7% in Ile-de-France

During the third quarter of 2009, prices of existing homes rose by 0.7% in Ile-de-France, driven by rising house prices (+1.9%). In one year, the decline is 8.3%: -7.5% for apartments and -9.5% for houses. In Paris, apartment prices rose 1.4% (-7.2% yoy) and those houses by 5.8% (-8.7% yoy). In the provinces, INSEE noted an increase in the third quarter versus the second quarter, 0.1% (+0.6% for the apartment and -0.3% for houses). In one year, the price of existing homes in the province decreased by 7.9% (-6.9% for apartments and -8.5% for houses).

A slow recovery

Improving conditions of loans to individuals for several months have been felt in the housing market. For the economist Michael Mouillart, the market is overtaking its lowest point."The worst is behind us, but the recovery will be slow. The rise in unemployment will slow the pace of recovery, but will not compromise, "analysis" he added that during the year 2010, sales volume should reach the former levels of about 500,000 to 525,000, and prices rise by about 2% to 3%. Mathilde Lemoine, Director of Economic Studies of the HSBC bank, however, is more reserved, "in 2010, stagnant wages due to rising unemployment, rising prices rose in nine and stabilization loan rates should influence the solvency of households and hence on home sales. "

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Danger on the accounts of the Association for the management of the guarantee scheme of employee claims, AGS. This organization employer advance loans to businesses, where backup, reorganization or liquidation, are no longer enough cash to pay the salaries of their employees, their benefits or even dismissal. In twelve months from October 2008 to end September 2009, the advances made by the AGS soared 47.9% to just under 2 billion euros. The number of beneficiaries has increased from 42.5% to just under 300 000 people.

"The strong growth of our business stems completely from the crisis justifies Météyé Thierry, the director of the delegation Unedic-AGS.We had to manage since the beginning of large media files such as the Camif. The caseload of over 100 employees and is also up sharply: 175 between the early and end of October, against 140 for all 2008 and 120 in 2007. Conversely, the amount of debts recovered caps (when business conditions recovered or recovering the amounts advanced on assets sold in liquidation). In one year, they have barely exceeded 600 million, a decrease of 3.7%. "The recoveries are increasingly difficult to operate," notes Thierry Météyé.

Given the imbalance, the SFA has decided to increase again by 0.1 point premium rate business in early October, to move it to 0.4% of payroll.This would double the rate in six months, exceeding the 700 million currently collected! "This represents a significant increase for businesses, recognizes Thierry Météyé. But it was necessary to meet rising demands in advance. "

Deficit of 215 million

Result, the AGS has a deficit of around 215 million euros. The agency hopes to fill with increasing revenue contribution in early 2010, with an increase in rates and stabilization of recovery levels.

Another note of hope: the decline of almost 40% in the third quarter of 2009 the number of collective proceedings opened. "The trend is particularly pronounced in September," said the SFA. Ditto on the number of backup procedures requiring the intervention of the SFA. In one quarter, they fell almost 20%."We're in a phase of stability," said Thierry Météyé.

"To wage increases in 2010

"Half of the executives were increased in 2008