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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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There are so many add-on features to every insurance policy that add up to more expense for the consumer that every person who signs up for affordable car insurance needs to read thoroughly through the policy before agreeing to paying higher premiums.

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

 

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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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.

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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.

 

After Greece, out of bankruptcy risk through the release of a second bailout of 130 billion euros, it was Spain who finds himself in the crosshairs of the Eurogroup, meeting on Monday evening in Brussels. The Spanish finance minister will have to explain on the skids deficits Spanish before his peers, the European Commission and the ECB President.

The prime minister, Mariano Rajoy, had a surprise, on March 2, alongside the European Council, stating that Spain would build his 2012 budget with a deficit target of 5.8% of GDP, while that agreed with the EU was 4.4%, to reach 3% of GDP deficit in 2013.

The market reaction was not long in coming. Following this, the cost of borrowing from Spain to 10 years jumped to nearly 5% more than for the first time in months, that of Italy. Guardian of the future "fiscal pact", the European Commission ordered a "serious blunder", brandished the threat of financial sanctions and sent experts to Madrid to assess the fiscal situation. Last year, the Spanish public deficit soared more than expected to reach 8.51% of GDP in late 2011.

Threat of sanctions

"There is no questioning of objectives," says the Spanish Minister of Economy, Luis De Guindos, in an interview Sunday on ABC newspaper. "Spain is a loyal member of the EU who feels bound by the European fiscal rules," he says.

Engaged in a very severe austerity measures, faces a general strike in late March because of its reform of the labor market, Spain is weighed down by losses of its regions, which have slipped to 2.9% of GDP against only 1.3% under-the Madrid region meets its objectives, which weighs heavily on central government accounts.

Barely out of the Greek crisis, "the euro area can not afford a new speculative attack," recalls one in Brussels. The Commission will ask the government to submit a plan "credible" to bring deficits to 3% in 2013, implying a say in Brussels on the draft budget 2012 Spanish.

Monday night, finance ministers from the euro area will give the green light to launch the second program of aid to Greece. Of 130 billion euros, the IMF should be involved up to 18 billion, said Christine Lagarde.

Even the Germans say they are reassured about the situation in Greece. "I am confident that the measures taken hard by the Greek government will put the country on the road to recovery," said German Finance Minister, Wolfgang Schäuble, unwilling to speculate on a third plan to help … To parry , the European Central Bank will continue its buybacks of bonds on the secondary market, ensures Coeuré Benedict, a member of the Executive Board of the ECB to Japanese newspaper Nikkei.

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After three months of decline (-4.1% from July to September) the property prices have started to increase again in Paris in October, according to the barometer MeilleursAgents.com. A start of surprise that Sébastien Lafond, president and founder of MeilleursAgents.com, analysis as an unexpected new tax measures, notammentla taxation of capital gains, announced by the government. "Under pressure to sell before the deadline of 1 February 2012, and therefore to sign a pledge before the end of October, many owners have decided to put their two room flats on the market," said he. This influx of goods would normally increase the downward trend. Yet the opposite occurred. "The arrival on the market of small areas of good quality in the most desirable areas of the capital (central districts) where the supply is almost always less than demand," boosted the market.Seeking a safe haven in times of crisis, buyers have little discussion of prices these homes that have sold "cheap and fast," says Sebastien de Lafond. In Paris, the transactions were small areas and 63% of the total in October, 10 points higher than the average.

7975 euros per square meter on average

As a result, prices have gained 1.5% on average in October according to the monthly barometer, finding the average level found in the month of April in 7975 euros per square meter. Of course, the increase was not uniform in all districts of Paris. I searched the neighborhoods of the eighth arrondissement rose from 3.5 to 4%, while the eighteenth, nineteenth and twentieth districts stagnated. The suburb has not seen any improvement.

The Fillon II plan to reduce deficits of France to be unveiled in late morning, after an extraordinary cabinet meeting. After an initial savings package of 11 billion euros announced in late August, the Prime Minister must present a new program of 8 to 10 billion savings this year and an acceleration of restrictions until 2016. With the objective, the balance of public finances in this horizon. Nicolas Sarkozy and François Fillon met yesterday to finalize the new plan.

The government should give priority to savings at risk for unpopular measures. The legal age of retirement could be increased to include 62 years from 2016 or 2017, when the reform was originally scheduled for 2018.Prime Minister Francois Fillon will return to this plan tonight during the 20-hour television news on TF1.

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In the second of the five-day strike of cabin crew of Air France, the company claims to have secured 80% of its flights. According to a spokesperson, it will be the same for Monday. Knowing that the day before, "88% of flights, not 80% as announced" were maintained, she said. The conflict creates a battle of numbers between unions and management. According to the latter, there would be 30% of strikers. For the main trade unions, there are between 50 and 60% of agents who have disengaged. Remember, the movement is to protest against the proposed reduction in the number of cabin crew in some planes.

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added.As at the airport in Toulouse: Toulouse-Orly ten flights on nineteen planned included were canceled, said the Depeche du Midi. The newspaper also states that "last-minute delays are expected." Note that at Nice, the third busiest airport in France, three flights were canceled Saturday to Paris no fax pay day loan. The same applies to Marseille where five flights were canceled in the direction of Roissy and Orly.

In total, about 200 flights on the 1000 planned were canceled Saturday. To service, the company temporarily restricted to 100 passenger capacity of its medium-haul flights from Orly. This management method was chosen to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. "It blocks the flights a minimum. Is completed according to the presentation of the crews as and when.Traffic should be disturbed until Wednesday, November 2 included.

In 2007, a similar strike, triggered by the same six unions to the same period of Toussaint, had caused major disruptions. Air France was forced several times to review downward its traffic forecast: 90% of flights expected to be provided the day before, this had increased to 60% during the weekend.

Modified or exchanged for free tickets

The company called to check passengers before they leave for the airport, on the website of the company, the list of flights canceled or delayed. They also know the traffic forecasts by sending an SMS to 63654 with their flight number.