This is one of the topics on which Bercy must be urgently addressed. Once set in motion the dismantling, liquidation of Dexia raises the crucial question of the fate of Dexia Credit Local, actor historical funding of local authorities in France. With two major risks to the key. The first, more obvious, the future of 1300 employees of the group. The second, less visible but equally significant, the need to compensate for the loss of a market leader in loans to local area is drying. A strategic issue for the French economy, knowing that municipalities and other semi-public companies focus a large part of the investment in France.
According to the scheme blessed by Bercy, The Post Bank is expected to take over from Dexia on new loans, via a joint venture which it will own 65% and the Deposit 35%.But in the current discussions, Philippe Wahl, chief executive of The Bank intends to significantly reduce mailing the scope of its intervention.
According to an internal document that has acquired Le Figaro, a subsidiary of La Poste aims to establish "a secure and cost-effective model." A slogan: zero risk on its balance sheet, zero financial resources and significant margins. The Post Bank and excludes to the liquidity available for its core businesses such as home loans or consumer credit in the service of this new clientele. A surprise because it is precisely to tap into surplus resources of the Post Bank that it had been in the loop.
Instead, the "new player in the financing of local authorities" – as he describes himself – is that its production loan is refinanced entirely by Dexma, the tool securitization Dexia which the Deposit will hold 65% Dexia Bank 30% and 5% PO. This necessarily limited new production.
The strategy of small steps
The Postal Bank does not hide it: it does provide "a gradual entry in the market." It must be said that the bank does not have jurisdiction over this area. A solution would involve Dexia to the joint venture, but Philippe Wahl opposed it, arguing that he had drawn a line under the past.If "tools and know-how" will be taken, much remains, at this stage in DCL, which will continue to do business consulting and other brokerage insurance: paying as many services that are generally obtained when The bank, first granted a loan, often less profitable. In other words, the relationship promises to be complicated.
The strategy of small steps of the Post Bank suggests some difficult years for local governments. While their financial needs are increasing, the supply of credit is reduced to a trickle. The difficulties of Dexia added in effect to the decision of Savings and Credit Agricole others to desert, from mid-2011, this market is too expensive in terms of regulatory ratios.The Deposit has set up an emergency budget of 3 billion euros, when experts estimate that 7 billion unmet needs. Next year it will be even more.
The Paris Bourse tries to continue the rebound on Friday. The CAC 40, which opened sharply lower did an about face in the morning. Halfway through, he won by 2.17% to 2871 points, pulled up by the banking sector. Investors seem to focus on a recapitalization of some institutions.
Other major European markets advance in unison, Frankfurt climbed 2.83%, Madrid and Milan by 3.23% from 3.75%. London, however, remains in equilibrium, the FTSE symbolically yields 0.05%.
Concerns about sovereign debt in Europe is still present when a crucial week for Greece ahead. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy.Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote. Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek. In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. " The idea of taking office faster than expected EFSF has also been raised by Germany this weekend.EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.
The Ifo index better than expected
The Ifo index of business climate in Germany has also provided a little balm in the heart of investors. He recorded a decline in September, less than expected. However, this is its third consecutive decline, which seems to suggest that the activity of the first euro zone economy is slowing.
Sign fears still strong on the issue of public debt in Europe, the euro held steady in the $ 1.35 this morning at 1.3407 dollar.
Values to follow
• banking takes off
The banking sector led the trend.By late morning, flying from BNP Paribas 6.66%, 6.31% of Crédit Agricole and Societe Generale of 5.20%. Rumors of a recapitalization of French banks to benefit industry. In addition, the Deposit, the Postal Bank and Dexia negotiate the creation of a new public to fund local governments, according to Le Figaro. In addition, the Franco-Belgian bank could increase its program to sell its toxic assets, housed in bonds, 20 billion euros, according to Les Echos.
• LVMH (+0.38% to 105.85 euros)
The group announced Friday now hold almost all the shares of the Italian jeweler Bulgari, the luxury giant announced the takeover in March.
• France Telecom (2.13%) Iliad (2.11%) Vivendi (0.03%), Bouygues (-1.08%).
The state is on track to win his bet on the financial 4G mobile frequencies after a first series of which reported more than budgeted and, according to experts, suggests an aggressive posture in the second round by operators who have not had the expected number of lots.
Also note, the IPO of Groupama, long anticipated, was again postponed and is now expected "more towards 2015," said its director general, Jean Azema, in an interview with Les Echos.
From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
The more than 2000 centers of computer servers around the world already consume as much energy as air transport, said Jean-Philippe Buisson, director Ile de France Dalkia. Nearly half of the electricity consumed by these sheds containing hundreds of cupboards full of electronics that process the billions of Google data, banks and any large corporation, is devoted to cooling. In a new area of Val d'Europe being built in Disneyland in the new town of Marne-la-Vallée, the heat produced by one of these "data centers", instead of being wasted and sent to the atmosphere, will be recovered.Exchangers collect water at 55 ° C, to fuel, from the end of the year, 600,000 square meters (m2) of office space and apartments on 150 acres.
A complicated solution found in a recent study conducted by Microsoft, but which was made possible in Marne-la-Vallee as decided at the design center and the business district.
5400 tons of CO2 emissions and less
According to Dalkia (a subsidiary of EDF and Veolia), prime contractor for the network, the central heat in the atmosphere will save 5400 tons of annual CO2 emissions compared to a gas boiler. The computer center, a "bunker" of 8000 square meters dedicated to extend over 25000m2, is owned by a bank that prefers to conceal his name, as these "data centers" are critical buildings.The bank, according to Jean-Philippe Buisson, finance the heat exchanger, about 10% of the total investment of "several million". The remaining 90% are devoted to the distribution of hot water and sub-pumping stations.
The bank will sell its heat to Dalkia under a contract of twenty-five years, which will allow a return on investment. This district heating and hot water will return to green about 8 cents per kilowatt hour for customers. It's "a little cheaper than electric heating, notes Jean-Philippe Buisson, a little more expensive than gas heating, but with one advantage: price stability," while gas is still pegged to the oil .In addition, for the consumer, this clean is eligible for the 5.5% VAT.
Dalkia is exploring the possibility of recovering heat from data centers in other neighborhoods or new neighborhoods eco France.
The Taiwanese HTC opens new front in the war of patents that Apple opposes including the system developed by Google Android. The number two mobile phone in Asia filed a complaint against Apple in the U.S. yesterday, before a court of Delaware, and is putting together a file with the U.S. International Trade Commission. HTC believes that the iPhone, iPod and Mac computers violent nine patents that Google has given use to its partner in Taiwan last week. "HTC will continue to protect their patented inventions against counterfeit Apple," warned Grace Lei, the legal adviser to HTC.
The Cupertino company immediately responded: "We think competition is healthy, but competitors must create their own original technology, rather than stealing ours," said Kristin Huguet, spokeswoman for Apple.Apple has already launched similar legal offensive to defend its patents, accusing the manufacturers of phones running Android, including HTC and Samsung, have copied its iPhone.
This new legal battle occurs in the middle of dispute between Apple and Samsung in several courts around the world. The South Korean giant has had to suspend sales of its new Galaxy Tab tablet in Australia and Germany following a complaint filed by Apple that accuses him of having copied the design for the iPad. Samsung also attacked Apple patent on the use of telecommunications. According to local press, the South Korean was about to launch a tablet on Windows, the operating system from Microsoft, to reduce its dependence vis-à-vis the Android system.
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A work of art? A scupture? A monument? Attraction? Orbit wants it all at once. Red steel tower rising slowly in the sky Olympic Park East London thanks to the play of the cranes that circumvent the laws of gravity and set pieces that weigh less than 2.5 tonnes each. The London Olympics, which begin July 27, 2012, wanted their icon. It is made of red steel. That's at the Universal Exhibition in Paris in 1889 as the Eiffel Tower was built …
Nestled between the Olympic Stadium and the swimming pool, the work designed by Anish Kapoor, a British artist of Indian origin, will be the symbol of the London Games. The artist, whose recent work Monumenta at the Grand Palais in Paris, has conquered the public, could build this new project with Lakshmi Mittal, the chairman of ArcelorMittal.The steel giant from an original way and in the circle of second-tier sponsors of the Olympic and Paralympic Games. Cost of the adventure: 16 million pounds (about 18 million euros) for Arcelor Mittal, London, adding 3 million pounds.
A unique perspective
On site, a dozen people work to build, despite the often strong wind blowing from the Thames estuary, the giant Meccano imposes no engineer would have imagined. The sculpture, made of red tubular steel elements, already stands at over 80 meters high and it must reach 115 meters. It will weigh 1,400 tons. When everything is finished, an elevator will climb onto a platform boldly eccentric.The energetic can go down via a silver staircase winding around the tower.
The tower would house a restaurant and she will, when the Games are over, a unique perspective on the new district of east London that is emerging today. As the streets that Jack the Ripper haunted past are still among the poorest in London. The Olympics will enable a large-scale urban renewal. New life for London's East End which is the symbol of steel.
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Jul
16
The world champion loves yogurt tracks. Especially when it comes to change its scope of activity or distribution channels. In 2002, he landed in cosmetics. Eight years later, he experimented with home delivery and "customization" of its Evian bottled water. With Danone Activia Bar-based, it pushes even further the "brand stretching" (extension of its brands), which it is Champion with the various versions of its flagship product (to be paid to drink …).
Here, the yogurt came directly from the factory-Littry Danone Molay, Normandy. They are served in pots of 80, 150 or 250 g. You can buy classic or glazed, with a score of "toppings" (fruits, chocolate chips, cereal …). Two other outlets are also tested in Paris, a kiosk at the Galeries Lafayette and a "corner" in a pasta bar eighteenth arrondissement, Nooyi."These pilots are aimed at developing a new range of commercial catering, says Alain Gauthron, Director of Professional Danone, a subsidiary of Danone France Fresh Products. We give ourselves a year and a dozen stores to test the concept. "
A separate activity
In Rosny 2, one of the busiest shopping centers in France, where its competitors are called Haagen Dazs, Paul and Pomme de Pain, the Danone Bar displays relatively accessible price (from 2.20 euros the potty ). "If it works, we can replicate this type of situation in other shopping centers," predicts Alain Gauthron.
The facts are simple. If the yogurt has found its place in canteens or in hospitals, it has less popular at the restaurant where only one in eight integrates its meal. Yet the French are among the largest consumers of yogurt."When outside, the consumer wants a different experience than it may have at home," said Alain Gauthron, including frozen yogurt are less calories than ice cream.
The idea of yogurt bars comes from Spain, home of Daniel Carasso. On the occasion of 90 years the group in 2009, "Danone casa" was born in Barcelona, both museum and store. Eight shops have followed.
In France, the starting point is different. "This will not only be a vector image, but a new activity, says Alain Gauthron. The whole business model is to build. "Shops or corners, own stores or franchises, Danone is given time to develop his concept. He bets first on its brand. "When we say Danone, everyone thinks of the yogurt.It is a very important asset when starting from scratch, "says Alain Gauthron.
The idea was matured by the "innovation incubator" Danone's Fresh Produce, a team of researchers, engineers, marketing specialists working on projects with two, three or four years. Then, a "lab" (test) was set up size. This is the "method Danone" to deploy new concepts.
"The project of the PS does not the road." The essayist Alain Minc does not beat around the bush to try the program of the Socialist Party should he win the presidential election in 2012.
In addition to his friendship with Martine Aubry, Alain Minc believes that this project is "totally unsuited to the economic situation." "This is a project that was modern in 1981!, Says in an interview with the daily Le Parisien / Today in France. Youth employment is the world of yesterday. We can not, with the blade of the debt so close to our neck, having a Keynesian program. " The essayist and remember that "debt represents 80% of our gross domestic product. 20% is what he had to do to end the crisis. The remaining 60% are the result of thirty years of accumulated cowardice, left and right wing. "
Alain Minc goes even further in his indictment.He said a victory for the Socialist Party in 2012 would be penalized by financial markets. "The application of the socialist project would lose to France's 'AAA'," says Alain Minc. If for now the rating agencies have confirmed the rating of the country, it could be questioned if France did not take more drastic measures to reduce its deficit.
Lagarde IMF: "A decisive push Sarkozy"
Among the various proposals of the PS, Alain Minc attacks the merger of the income tax and social contribution no fax cash advance. It considers the measure "extremely devastating for the middle class. I have long been convinced that all European countries should increase VAT by 2%. It will not escape, "said he.
Another topic discussed: compensation of top managers.While Nicolas Sarkozy and François Fillon supported the measure to overtax Xavier Bertrand and Jean-Francois Cope was cautious, Alain Minc "tearing his hair" when he sees the boss of Renault, Carlos Ghosn, will reach 10 million euros for fiscal 2010. "The selfishness of the ruling classes should encourage them to be more moderate in terms of pay. I persist and sign: we must know to practice self-regulation, "says he.
On the euro, Alain Minc said the German attitude to save Greece "intelligently selfish." "If Germany was up to the Deutschmark, it would be in recession," said he.
Finally, he welcomed the appointment of Christine Lagarde to head the International Monetary Fund."It's miraculous! Obviously there was a decisive push to Sarkozy, "he enthuses.
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Remote loosen a person trapped in an elevator, detect anomalies before the user being aware of the malfunction, reprogram a remote device according to business needs … Otis is launching its "Elite Service" in test last year: 23,000 units are already equipped in the world, including 1200 in France.
With this kind of innovation, the U.S. manufacturer of elevators installed in 200 countries to strengthen its position as world leader. "We are number one in front of Schindler and Kone and ThyssenKrupp are elbow to elbow, said Bruno Grob, President of the Africa, Northern Europe and East Otis.Our market share for new lifts to 25% and we ensure the maintenance of 1.7 million units. "
The company, which also sells escalators and automatic doors, completed last year a turnover close to EUR 8.4 billion, down 2% compared to 2009. "The crisis we have suffered in the United States or in countries of southern Europe such as Spain, Greece and Portugal," says Bruno Grob. However, profit before tax increased by 5% to almost $ 2.6 billion. Listed subsidiary of Wall Street United Technologies Corporation (Carrier air conditioning, aircraft engine manufacturer Pratt & Whitney …), Otis does not disclose a target for the current year.
France, a key market
The company did not, however, interest in resting on its laurels, as the business evolves lifts at high speeds.In recent years, China has become the world's largest market for new aircraft. "Over 600,000 sales worldwide this year, 400,000 will be in China, ahead Bruno Grob. We are also a number there and expect to install 75,000 units this year. "The Middle Kingdom is already generating just under 10% of the sales group based in Connecticut.
The United States remains however the most important country for Otis (20% of sales) for the maintenance market is active. A few weeks ago, the brand was chosen to manage the fleet of 68 elevators in the Empire State Building in New York. A contract of $ 80 million. Fortunately, since the fall of residential real estate, sales of new equipment were down 50% in the U.S..
France is also a key country for the group, which owns a factory that employs 600 full lifts people Gien, a component in Argenteuil site and the European distribution center for spare parts at Roissy. The subsidiary hex weighs quite heavy in the accounts: in 2010, it achieved a turnover of 1.16 billion euros. Good health in recent years is fueled by law SAE, which provided a first tranche of work before the end of 2010 to improve the safety of elevators.
So many reasons why our countrymen are so well represented at the head of the company. "The current president, Didier Michaud-Daniel is French and one of its ten most important contributors, six are French," said Bruno Grob.
No more Nokia. The world's number one telephone on Tuesday released an alert on its results. The restructuring announcements in recent months have failed to rectify the accounts.
The turnover of its phone division will be "substantially" lower than the initial forecast of between 6.1 and 6.6 billion euros for the second quarter. Volumes and average selling prices of the phones are below expectations. The operating margin will be, too, much lower than the previously announced range (6 to 9%). It could be "close to the equilibrium point (zero), predicted the group. For the record, the Apple flirts with 42%.
Nokia also believes "it is more appropriate to provide annual targets for 2011."Leaving the field of speculations open: Would it be so bad? However, the group plans to provide quarterly forecasts and annual targets "when circumstances permit."
"The strategic transition periods are difficult," Elop justified. Called into action last September, the former Microsoft, the first foreigner to head the Finnish group, failed to stem the loss of market share in the group. After an initial phase, punctuated by an overhaul of management and a mea culpa General Company for recognizing the delay in smartphones, the first steps have been taken No teletrack payday loans. No effect yet.
Four years late
Nokia announced it would abandon its gradual Symbian operating system for the Microsoft Windows phone.However, "the first Nokia product with Windows Phone to be launched in the fourth quarter," Stephen Elop said Tuesday. Not only does it arrive on the market a year after the first Windows phone, but in addition, this system has, so far, not met with great commercial success. In announcing the alliance, Nokia and Microsoft, Google's boss had also joked, "Two turkeys will not make an eagle." This does not Nokia to build on this progress to return to the smartphone market. It is also imperative to send back the average selling price of its phones to stop the erosion of margins.
Since joining Nokia, Stephen Elop has been repeatedly stressed the need to change strategy. The Group's business challenges are no secret to anyone.This revised outlook 2011 has been very badly received by the markets which saw a further sign of wavering in management. On Tuesday, the stock has lost 17.53% to 4.75 euros. Since 2007 and the arrival of the iPhone on the market, it sold 83%.