Faced with the explosion in property prices Paris took 17.5% in 2010 according to the Chamber of Notaries – an elected official in Paris, proposes to amend the rules of homeownership, shaking the roots to the passage of earth French traditionally very attached to the stone.
Jean-Yves Mano, deputy PS Paris Mayor Bertrand Delanoe plans to establish in the capital, a kind of property fixed term whose main effect would be virtuous to put pressure on prices overheating. His idea is to convince developers to build housing on land that would remain the property of the City of Paris and would be leased for a period of 99 years (leasehold). The buyer purchasing only the frame, the prices should, according to the chosen logically be lower.Once the loan repaid, the purchaser would carry out with the then mayor of rent from 1500 to 2000 euros per month for leasing the land. In an interview in Paris-Today in France, Jean-Yves Mano said that the new long leases could affect future new developments planned in the 13th and 17th (Batignolles) districts, or about 2,000 homes.
Specify the nature of the lease
For now, the idea seems to appeal to developers. Marc Pigeon, president of the National Federation of Builders developers estimated that the initiative is to dig "because she can walk as is the case in other European countries." "We do not yet know the precise rules of the lease that the City Council may establish, including the issue of the renewal, it is still too early to tell," he says though.He said the effect will not be immediately noticeable especially on the volumes of housing construction. "120,000 new homes are built each year, we're not going to suddenly build 20,000 with long leases. He assured however that the measure will inevitably have an impact on prices.
One consequence that Peter does not consider whether Bazaille automatic. Notary in Lyon, he began by stating that Jean-Yves Mano invented nothing since the dissociation between buying a property and the land on which it is built, is made in the capital of Gaul over a century. "Much of the buildings of the 6th and 3rd district of Lyon – including the recent district of La Part-Dieu – were built on land belonging to the Hospices," he says. Upon expiration of the leases, civil hospitals are free to renew or not.And if the lease is not renewed, the owners must leave their homes to be destroyed.
Theoretical effect on prices
In theory, this sword of Damocles may put pressure on prices when the owner wants to sell his property. "However, there are agreements in Lyon Sudreau-Pradel, said the lawyer. They predict that in case of non-renewal of the lease and enter into a new contract with another developer for reconstruction, it must compensate the owners of homes that will destroy. " Compensation is calculated on the basis of market prices, and secures a little uncomfortable payday loan. The first leases "long term" were signed in 1860, some are expired, allowing notaries to note that "the price difference with buildings built on their own land is minimal," says Peter Bazaille.As developers, they do not really propose attractive prices.
For him, if the city of Paris decides to implement such a system, it will provide rules to prevent speculative. Buying an apartment with a long lease created a real property right, that is to say that the buyer can sell quite well with the idea of making a capital gain, thus challenging the opposite effect to that intended. "We could for example provide a framework for the resale prices of these buildings, or establish the principle that beyond a certain limit, the owner pays a portion of its added value to the community," offers Peter Bazaille .
Change of mentality
Finally, it remains to accept the notion of temporary ownership to the French for whom the earth and stone are sacred."Unlike the English, we made our revolution," says the lawyer who says that the London scheme based on the payment of occupancy tax, is very close to what was happening in France under the old regime. "This is not because the French are very attached to property that can not fly, tempers Marc Pigeon, the idea of buying even for a limited period may attract people who prefer not to remain renters. Especially if the lease is renewable. "
The long lease at 3 points
• The long lease, to construction, real estate lease is a long term of between 18 and 99 years.
• It is granted upon payment of a fee, by a "lessor" which remains the owner, or a "taker" who will not diminish the value of the property and building on the ground.The idea is to ensure mutual economic interest: the customer built cheaply because it does not have to buy the land. The landlord gets a property with its buildings to the deadline without having to compensate the contractor who built. Exception to the rule, the leases provide for Hospices Civils de Lyon at the end of the contract, land shall be delivered bare and buyers compensated
• The long-term lease of real property gives the tenant a right in rem may be mortgaged, sold or seized.
• The leasehold can not be extended automatically at the end of the lease.Renewal requires a new agreement.
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Affected by the crisis of the disc labels would they even dream? Two months after the sale of Warner Music Edgar Bronfman Jr., the prospective takeover of the major U.S. seem to shake the door of the bank Goldman Sachs.
Live Nation, the giant concert organization, claiming to be the last time, revealed the Wall Street Journal and the New York Post on Friday. It is well to mark the seventh interest in Warner, after BMG Music Publishing, Sony, the investment fund of billionaire Poju Zabludowicz Tamaris, the fund's billionaire Russian-American Len Blavatnik, the fund Yucaipa Ron Burkle, Platinum Equity or Permira.
But Live Nation has very different interests of the latter.While it is primarily the catalog of Warner Chappell, and revenue from the exploitation of rights, which attracted investors such as BMG, Turner lurks on the production activity of the recorded music major.
The latter would, in effect, expand Live Nation offer, which already covers much of the music profession. Organizer of 20,000 concerts a year, Live Nation has gained a foothold in the ticket purchasing Ticketmaster last year. The group also controls the company Front Line, which specializes in artist management. Live Nation has, moreover, of working in merchandising and merchandising cashadvance. Finally, via Live Nation Network, Turner also holds agreements between brands and artists.
Sales erode
All these activities play an increasing role in the artists' income, while sales of recorded music are being eroded.The acquisition of Warner Music at Live Nation would get their hands on the activity of recorded music. Less profitable, it remains a precondition to sell tickets for concerts, tours, T-shirts and management contracts. But the operation could thus face a denial of competition authorities. The shareholders of Warner Music could therefore be tempted by an offer of a simple competitive standpoint.
Another uncertainty, the financial position of Live Nation. The group posted a record loss of $ 228 million in 2010. The group has 165 million of free cash flow. According to the Financial Times, Live Nation could lean group Liberty Media, which owns 20% of Live Nation, to submit an offer.
All activities Warner (production and editing) is now valued at between 2.2 and 2.5 billion dollars.A price likely to decline while the major EMI, fell into the hands of his creditor, the bank Citigroup, should be placed on the market soon.
The Paris Bourse approaches helm of the 3900 points to 10.00, after laboriously saved the technical threshold of 3800 points last Friday with an increase of 0.63%. Having opened strongly in the open green, the benchmark index in Paris accelerates gains with a rise of 1.80% to 3879.62 points, based on the rise on Wall Street this weekend, but also on Asian markets on Monday morning. Despite the closure of Tokyo because of a holiday, they have continued their upward trend, encouraged by the stabilization of the nuclear crisis that has rocked the archipelago.
In the absence of major indicator scheduled for the first weekly session, all eyes turned abroad. Optimists, operators retain Parisian improving the nuclear crisis in Japan. On the central Fukushima, no aggravation was reported in recent hours.Soldiers and firefighters are still at work to cool the reactor and prevent significant amounts of radioactivity being released into the atmosphere. The operator Tokyo Electric Power announced Monday that the six reactors at the north central Japan were again connected to the mains.
Moreover, the World Bank has estimated that the earthquake and tsunami of 11 March could cost the Japanese economy up to 235 billion (165 billion), up 4% of national production. The international agency notes, however, that reconstruction would quickly resume.
Libya, the center of attention
However, caution about the strength of this long-term uptrend, while investors should still be observed in the coming days, the situation in Libya.The strikes of the international coalition began this weekend and the Libyan air defenses had been severely damaged. In the viewfinder, on Monday: the supply lines of forces of the regime of Muammar Gaddafi.
This tension is already affected oil markets, fueling the rise in oil prices. In morning trading, a barrel of light sweet crude for April delivery was taking 1.57% to 102.66 dollars. That of Brent North Sea crude for May delivery gained 2.14 dollars to 116.07 dollars. "Some oil facilities could be destroyed during strikes or when sabotage," said Victor Shum of Purvin and Gertz firm.
As for currencies, the euro remains stable, declining only 0 online pay day loans.16% against the greenback at 1.4157 dollar.Note that the yen continued its downward trend against the dollar at 80.90 yen against 80.59 Friday in New York, supported by the G7's decision to intervene to counter the outbreak of the Japanese currency.
Side indicator, the news will be published with the U.S., 15 hours, sales of existing homes in February.
Values to follow
EDF: 1.93%, to 27.98 euros
The Ambassador of France to Italy was summoned to the offices of Chairman Silvio Berlusconi on the Parmalat case and Edison. The two Italian companies are the subject of sharp differences between their French and Italian shareholders.
Areva: + 3.46%, to 31.22 euros
A renewal of Anne Lauvergeon to head the board of the nuclear group is a "possible scenario", said Sunday the Minister of Energy, Eric Besson.
Renault: 1.43%, to 38.68 euros
The Industry Minister Eric Besson has appeared to dismiss the resignation on Sunday a car manufacturer CEO, Carlos Ghosn, after the false espionage case that shook the manufacturer, stating the need to avoid "further destabilize 'the group . Nissan's partner Renault has also announced it would boost its production lines in Japan.
L'Oreal: 2.29%, to 76.36 euros
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.
Air France-KLM: 1.15%, to 11.44 euros
The idea of "bases Province" was overwhelmingly approved by referendum.The Cockpit living near the bases would not have to make stopovers, which should allow the company to save money.
Diageo: 2.06%, to 13.40 euros, Pernod Ricard: 0.97%, to 63.26 euros
The Sunday Times, the group plans to launch a bid of two billion dollars on the brand of tequila Jose Cuervo, the newspaper added that Pernod Ricard might also be interested.
Audika SeLoger.com and publish their annual results after market close.
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Always fans of humor and entertainment, the French have been especially sensitive to self-deprecating humor in advertising in 2010. The winners of the pub, presented Thursday by the Ipsos institute, is a perfect illustration. Of the twenty campaigns on television and billboards acclaimed by the French, most skillfully combines these different registers.
In parodying the advertising codes, the second series of spot-Orangina that puts particular scene wildlife Flush armpits or hair from more offbeat fruit juice-both amuses, entertains and desecrates consumption. The cocktail is perfect. It is signed in this saga of the agency Fred & Farid the top of the podium in television.To establish his record, Ipsos combines scores for approval and allocation (ability to correctly assign the viewer mark in advertising or on television, he cites an inherent feature of the spot).
Same jurisdiction of the dispute and / or self-deprecating campaigns also acclaimed for the small screen, like the Leclerc (signed Australia) which promotes the toothpaste without packaging by a blonde not so fair as that, or that of PMU-produced by Publicis Conseil, who announced his arrival in Paris by inviting athletes jockeys to sing their anthem on horseback at football or rugby. A new version of the campaign, always playful with jockeys, starts this Friday on TV.
"More than ever, people are wary of all forms of authority, decrypts Marie-Odile Duflo, CEO of Ipsos ASI.Discredit the authorities, exacerbated by revolts in Arab countries or the revelations of Wikileaks, leading consumers to regain control, even indirectly. "The ad is in that sense more attractive than another.
Breaking with boredom
On display to grab the attention and ensure proper storage, nothing beats the winks. Like the declination of the campaign "Come as You Are" McDonald's, which incorporates the traditional last box of Asterix albums to divert the feast of indomitable Gauls in a McDonalds restaurant. Increasingly integrated into the landscape hexagonal image of American fast food, a symbol of globalization, improved spell. This subtle approach had already been distinguished by the professionals at Crystal last Festival. It is the agency BETC Euro RSCG to be crowned in this category.The award winners also display the constancy of Trésor by Lancôme to celebrate the eternal feminine (Penélope Cruz signed with campaign Higher + Higher) or the invitation of Coca-Cola to project ourselves into his factory to happiness (Ogilvy & Mather). "Basically, the ads should be entertaining, said Vincent Leclabart, president of the agency Australia, winning four times in the TV awards, including Bonduelle, Leclerc and CIC, which all use the spring comedy. 80% of French people are not interested in the pub, which they regard as a source of trouble, according to the latest survey from TNS Advertising & Society. "
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Neither starting rumors or Gaddafi talks of OPEC members (Organization of Petroleum Producing Countries) about a possible increase in production of black gold in the coming weeks have managed to fall fever markets.
After rising to 106.95 dollar Monday, its highest level since September 2008 and have lost up to $ 2 in Asia on the morning of Tuesday, a barrel of light crude was trading at 105.57 U.S. dollars the New York Mercantile Exchange, up 13 cents from the previous day.
A game of yo-yo that translates queries from operators, who do not know whether to believe or not the producing countries.Saudi Arabia, which said it could increase production by 700,000 barrels a day, finds that the offer is "very appropriate" market needs while Kuwait, the UAE and Nigeria to make talk 300,000 barrels / day extra.
These production increases are intended to compensate the Libyan supplies, which fell from 1.6 million to a million barrels per day since the crisis began. But for now, no member of OPEC does not speak officially for exceeding the quotas. "We are in consultation," merely states the Kuwaiti oil minister.
The representative of Iran, a country which chairs the cartel, however threw a famous cold snap in asserting that consumer fears are "psychological." He believes, like Qatar, inventories and production are "at an acceptable level."
For their part, the United States do nothing to calm things down when the Secretary General of the White House is suggesting, as he did last Sunday, it was conceivable that the country draws its strategic reserves. "There is no supply problem and would be a mistake" to do so, he has indirectly responded Tuesday CEO of Total, Christophe de Margerie, in Houston.
Inflationary pressures
But the business community fear that the violence in Libya and the Arab world will undermine the tentative economic recovery. "The picture is now darker for growth. We had long been considered a significant rise in oil prices in our forecasts, but their rapid and continuous gains begin to put us ill at ease, "recognize the analysts at Goldman Sachs.
They also fear a "day of anger" in Friday in Saudi Arabia that could lead to new unrest.
But they are aware that soaring crude prices, which rose from $ 86 to over 105 dollars in three weeks on the U.S. markets, is not unique in the Middle East. It also results from increased demand from large countries with strong growth such as China and India.
One more reason for the International Monetary Fund (IMF) has, after the European Central Bank, sounded the alarm about the increased risks of overheating in emerging markets. Rising oil prices there is indeed aggravate inflationary pressures.
"The launch on the stock market is the best way to ensure the future of the team and its 450 employees," said Chairman Williams, Adam Parr, a month ago. After the departure of its sponsors RBS, Philips or AirAsia, the Williams Formula 1 team is in serious financial trouble. She lost about 40 million euros in sponsorship revenue, nearly offset by the arrival of PDVSA, a Venezuelan oil company to the tune of 33 million. A sponsor of the new Williams driver Venezuelan Pastor Maldonado has taken in his luggage.
Thus Williams on Wednesday became the first Formula 1 team to go public. It plans to offer for sale at the Frankfurt Stock Exchange 27.39% stake, equivalent to 2.7 million shares at a price between 24 and 29 euros.Williams and reap between 65 and 78 million, part of which (80%) will go to Patrick Head.
Patrick Head on the start, Frank Williams worries
While thinking of retiring, the head of engineering at Williams has indeed confirmed it would sell its share of … 27% stake in the team, but it will retain a 5% . Frank Williams will remain the majority shareholder (he currently owns 63% of the capital, the remaining 10% being held by the investor Austrian Christian Wolff). A dual listing does not fail to raise questions with investors.
The departure of Patrick Head should have a significant impact on athletic performance of the team who are already more than disappointing. Since the 2002-2003 season, Williams is never back on the podium of the best manufacturers. Not the most reassuring for investors.
Another concern: the health of the co-founder Frank Williams team. "Would it not be wiser to transfer the revenues generated by the IPO in the team?" Asks one analyst finance expert of the Formula 1. Chairman Williams spoke of the Exchange as "the best way to ensure the future of the team," but is ultimately the best solution? "It should not investors believe that Williams is unable to generate revenue outside of the Exchange. As I see it – Patrick Head close to retirement, health status of Frank Williams disturbing – this is more like an exit strategy, "says the analyst. In other words, the majority shareholder of the British team could sell a large portion of its shares to a large investor.
Ferrari will not imitate Williams
Anyway nothing seems to have deterred the leaders of Williams to perform this "operation survival". Neither the economic crisis: "Despite the economic environment of recent years we have maintained a positive cash flow for the years 2008, 2009 and 2010 and our budget is fully insured for 2011," says Frank Williams. Neither the cancellation of the race in Bahrain, the stock market is very sensitive to geopolitical context. "The arrival of Williams on the market is very interesting and I'm sure it's an operation that will be closely watched by potential investors as well as other teams like Ferrari, who are ready for a great interest entry Stock Exchange of its F1 team in the future, "said one trader in Frankfurt.
If the Italian team welcomed this "positive introduction," it will not imitate Williams."There is no project (IPO) for Ferrari. Maybe three, four or five years. But nothing for now and perhaps never, "said the president of Ferrara, Luca di Montezemolo.
Zodiac? We never imagined a hostile transaction. A party Zodiac shareholders were not interested in our offer of alliance. We have turned the corner, "said Jean-Paul this Thursday Herteman, Safran, during the presentation of results 2010. The engine manufacturer is also active in the defense and security, has made a "good" performance last year's operating income increased 20% to 878 million euros and net income (group share) of 29% to 508 million euros from a turnover of 10.7 billion (+3%). Of debt, Safran found some leeway to make acquisitions "targeted".
But the attempt at rapprochement with Zodiac, equipment specialist, has failed."The story is perhaps not over," says Jean-Paul Herteman for the transaction retains its particular interest, especially in terms of synergies in electricity generation. His mastery is key in the great coming technological revolution in the manufacture of aircraft of the future, much quieter and more fuel efficient.
To play leading roles, Saffron seeking a partner or ally payday loan. "We are missing a few bricks in spite of our technological leadership positions on the engines and boxes, wiring, power electronics or electrical equipment of the most advanced programs, such as electric brakes for the Boeing B787, President Safran said. The group already supplies the engine of the C 919 Chinese, future rival of the A320 and B737, announced Thursday the creation of a joint venture with Comac, the builder, in the wiring.The C-919 as the Airbus A320 NEO (remotorized) will feature the Leap-X engine offering reduced fuel consumption by 15% compared with conventional devices. These aircraft will provide the transition until the new disruptive technologies are ready in 2025-2030.
To prepare for this "electric aircraft," Safran also has its own strengths. He launched the plan which provides Amp several hundred million equity investment in five to seven years ahead in technology for power generation.
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French banks have their eyes fixed on the popular uprisings in Tunisia and Egypt. And because they are particularly engaged on the continent, let alone in these two Mediterranean countries.
French institutions are even the first European creditors in Egypt with $ 17.6 billion loan to Egypt, according to September figures from the Bank for International Settlements. The exposure of British banks, second most after France pledged amounted to $ 10.7 billion against 6.3 billion for Italian institutions. In total, European banks have lent $ 40.3 billion in Egypt.
Societe Generale has achieved 3% of its annual profit in Egypt
Societe Generale is the largest presence in Egypt.Its subsidiary, National Societe Generale Bank has 4 billion euros in loans and deposits 6 billion, according to figures released by the bank. The country accounts for about 3% of annual profits of the bank. It must be said that the continent is a development target for the French establishment no checking account payday advance. Societe Generale has also unveiled in late April its plans to open about 500 branches in Africa by 2015.
Societe Generale is not alone on this continent. Farm Credit makes almost 1.5% of its profits in Egypt with a billion euros of credit agreements and 2.5 billion of deposits at end-December. Proportionally, BNP Paribas is less involved on the continent: only 0.2% of its profit comes from its activities in Egypt, according to a note published in January by the Office of Analysis Keefe, Bruyette & Woods. The risk premium associated with the African continent is expected to grow.But for now, French companies do not seem willing to reconsider their strategy of expansion on the continent.
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Opodo acquired by an investment fund? Unless dramatic turn of events is what should happen to the travel site on the Internet, offered for sale by its current owner, the Spanish Amadeus. The candidates had until Tuesday to surrender themselves to the operator of ticket reservation system. Two tenders, valuing Opodo more than 400 million euros, are clearly identified. Tuesday night, a question still hung on the willingness of rival Expedia and the quality of bank guarantees provided by the applicants.
The offers are from known three investment funds: one side the French and British Axa PE Permira together in a consortium, and the other the U.S. Carlyle. These three financial occur in this case with the faces of industrialists. In a highly fragmented industry, they know it's the size that makes the difference.Indeed, in a business where margins are low, everything is business volume. Only the largest will win, because they will be able to negotiate better purchasing terms, especially vis-à-vis the airlines.
Carlyle was positioned on the first sector. In association with Vista Capital, holds Spanish Orizonia since 2006. Orizonia and Amadeus, Opodo seller, is familiar: in 2008, the first acquired its interest in the second their compatriot, the online travel agency Rumbo.
Axa PE for its part, Go Voyages acquired last spring. The fund, chaired by Dominique Senequier, hoped in the wake swallow Edreams Spanish, offered for sale just before the summer break by TA Associates flexcheck cash advance. But the case, which turned, as the transaction Go Voyages around 300 million euros, was won by Permira. The two competitors are involved in the case Opodo.The idea being of course to bring the three champions to build Europe's number one industry. If their bid was not accepted, Axa PE and Permira would simply close and Go Travel Edreams.
Profitable since 2007
Launched in November 2001 by nine European airlines, Opodo has achieved a business volume of 1.2 billion euros between January and September. The site, which has been profitable since 2007, is one of the heavyweights in online travel in France, alongside SNCF Travel, Go Travel, Travel Private Promovacances or Lastminute. Opodo offers a wide range of benefits (package holidays, tailor-made packages, car rentals, hotel nights, vacation rentals, cruises …) but retains the heart of the business of selling airline tickets.
If Axa Private Equity and Permira to prevail, they could face a competition problem.Opodo Travel and Go in the majority on the market only flights sold by online travel agencies in France. The answer will define the size of the relevant market. Amadeus should determine the winner of the auction in the coming days.
Jan
19
After a meeting of European finance ministers two days, the European commissioner for financial services on Tuesday urged the banking sector to exercise restraint and responsibility in awarding bonuses.
Michel Barnier has said that "the current situation where it takes work to many people, the banks have a duty of responsibility, morality and ethics as well." He warned that it "would ensure a rigorous process of the correct application of rules" in place in Europe and would consider "whether that is enough."
His appeal comes at a time when major European banks will disclose the amount they intend to pay bonuses under the year 2010 online cash advance. Goldman Sachs is preparing to pay $ 15 billion bonus to all its 35,000 employees.JP Morgan has distributed no less than $ 10 billion to the bankers.
The issue is particularly sensitive since the crisis began. The skirmish between Barclays Bank and the British government last week demonstrates the difficulty policy to enforce the rules on pay. France, which chairs the G20 group of major industrialized and emerging countries, however, calls for a limitation of such remuneration worldwide.
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