My Opinions

The employment recovers. A preliminary estimate of INSEE and the Ministry of Labour, 10,200 jobs were created in the first quarter 2012, an increase of 0.1% over the previous quarter.

This positive development comes after two quarters of contraction in employment. For the first time since the third quarter of 2009, the overall economy had destroyed jobs, 31,500 in the third quarter of 2011, and 22,600 in the fourth.

It was mainly the interim who had served as an adjustment variable. More than 90% destruction of items recognized in the second half of 2011 resulted from the decline in temporary jobs (34,000). In the first quarter 2012, job losses have instead been "very limited" according to INSEE, as contained in 1300 positions, a decrease of 0.2% over the previous quarter.

Over one year, the trend in employment remains slightly positive. 3000 jobs will be created, an increase of 0.1%. France had thus, in the first quarter 2012 according to a first count, 16.1 million employees.

We waited up to 100 billion for the valuation of Facebook at the New York Stock Exchange. It will be less: social network, which could make its debut on the Nasdaq on May 18, intends to sell 180 million shares at a price between 28 and 35 dollars in its IPO. This would allow the community to raise mastodon 5 to $ 6.3 billion. "We have no specific intended use for these recipes," says the site. Thus, the market capitalization of Facebook should approach the $ 80 billion.

Besides these 180 million shares, existing shareholders will sell 157.4 million shares, the proceeds of their return. In total, the sale of more than 337.4 million shares represent an operation to 10 no fax cash loans.63 billion dollars (the average price of 31.50 dollars per share), the largest entry of an enterprise of the net economy.

The estimated valuation for Facebook is the business of the net economy with the highest capitalization at the time of its IPO, largely eclipsing the $ 23 billion that Google was worth when he made his first steps as listed company in 2004. And yet, the figures released by Facebook could be deliberately modest in order to better announce higher and create a buzz.

With AFP

ALSO READ:

"Facebook has won a billion dollars in three months

"Facebook has not only a problem of timing

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

This holiday Belambra French, ex-VVF Vacances, should know the name of its next owner in June. Reportedly, four investors – LBO France, LFPI, Sagard and Montefiore – are in line to buy the 60% held by the Fund at Groupama, Acto. Montefiore would not intervene alone, but could take a minority ticket.

The four financial investors have learned Thursday night that they were qualified for the second round auction, organized by the investment bank Lazard. They had filed their first offers, early last week. The funds have several weeks to refine them.

Tourism and real estate

Came in 2006 with capital of Belambra, Acto structured the group around two areas: tourism and real estate no faxing payday loan. The fund initially was counting on a valuation of around € 200 million, or slightly less. The prices offered by potential buyers would be below expectations.

In 2011, Acto had entered into negotiations with the minority shareholder of Belambra, the Deposit, holder of 34% of its capital. Due to differences over valuation, public institution, also a shareholder in Compagnie des Alpes, declined to take over control of the tour operator. It would, however, weigh in the balance by validating the choice of his future partner.

Continuation and conclusion on the issue of allowances Lauvergeon. Except cons-order last minute, the former president and CEO of Areva touch Tuesday amounts associated with leaving the nuclear group: one million euros – the equivalent of one year's gross salary excluding bonuses – which 500,000 euros in addition, financial compensation to a non-compete clause. Jean-Cyril Spinetta, Chairman of the Supervisory Board of Areva, has asked the company to make the regulation of 1, 5 million in all.

In late March, the Minister of Economy, Baroin, had indicated in writing that "the implementation of the proposals of the supervisory board being the settlement agreement did not call for opposition (his) hand." He belonged to Jean-Cyril Spinetta to apply – or not – this protocol. It ruled.  

ALSO READ:

"Areva: MEPs point malfunctions

"UraMin: the board of Areva passes the sponge

"" There is no conspiracy against Anne Lauvergeon "

In trouble in Europe, PSA could have done to the Iranian crisis. But the group's activity in this country is at a standstill for several weeks. This disturbance is nothing trivial. Although he appears quiet on the subject, Iran is in fact the second largest group, with 458,000 sales in 2011, about 3.5 million.

This country, in which Peugeot holds nearly 30% market share represents 22% of the volume of the brand. It is even the main market of the Peugeot brand for passenger cars, ahead of France.

While these sales are made by Iran Khodro, the local partner of PSA. The manufacturer assembles on site of Peugeot 405 and 206 including parts manufactured in France, the site of Vesoul. "The Iranian volumes represent only 1.5 to 2% of sales of the automotive division. These disturbances will not have a significant effect, "a spokesman relativizes. This division has reached 42.7 billion in sales last year, Iran contributes an amount of 640 to 850 million euros, which is not negligible. These revenues come from sales of CKD units, spare parts, as well as royalties paid by Iran Khodro. "Although we currently have other more important concerns, Iran is a thorn in the PSA. This is all that activity, which requires few resources, gives off a good return, "says an inside source.

Renault, a different case

Specifically, the manufacturer is paralyzed by financial sanctions imposed by the United States and the European Union to try to force Tehran, suspected of wanting to develop atomic weapons, to renounce its nuclear program. Remittances are prohibited between Iranian banks and European banks, the group "can no longer finance its activities to Iran," which led him to "suspend shipments to Iran." Consequently, the site of Vesoul, paralyzed since late February, will again be laid off in April. The workshop that manufactures parts employs 285 people. These parts are mostly to the 206 (approximately 40% of Peugeot's sales in Iran), the supply of 405 taking place almost exclusively in Iran.

This "situation may last," do you recognize internally. This is all that PSA is now allied with General Motors (which owns 7% of its capital), in a context where the U.S. increasing pressure on Iran. "GM has to its investors and customers forcing Peugeot to end its activities in Iran," said Mark Wallace Tuesday, Director of UANI (United Against Nuclear Iran) and former U.S. ambassador to the United Nations, calling on Congress to investigate the PSA-GM alliance.

Paradoxically, his rival Renault hopes to continue to increase sales of Logan in Iran. Unlike PSA, Renault has a joint venture with local manufacturers Iran Khodro and Saipa. "Sanctions do not apply to the automotive sector," said Renault, which states "to respect the regulations." The Diamond has doubled its sales in 2011 to 93,600 copies.

The British government is preparing to launch a new phase of privatization of the public sector. The Prime Minister, David Cameron, on Monday launched a consultation on the possibility of using private funds to modernize the country's overcrowded roads. "We lose £ 7 billion (8.4 billion euros) a year because of traffic jams – and yet the last government built only 25 miles (40 kilometers) of new highways, which, incidentally, is Unless the number of ministers of transport of this government, "the Prime Minister justified. He emphasized the dangers to the UK economy of underinvestment in infrastructure, while his government is engaged in a comprehensive program to reduce public spending, including the 2012-2013 budget presented Wednesday will again be the illustration.

To solve this square the circle, the government wants to seek private financing, from investment funds, sovereign funds and other investors. The Minister of Economy, George Osborne, recently visited China to try to convince Beijing to invest in infrastructure programs in Britain. He hopes to attract 20 billion pounds (24 billion) of funds for roads, railways, nuclear or high-speed Internet network. According to the liberal doctrine into force in Downing Street, private companies are better able than government to effectively manage the cost of maintaining and upgrading aging road network.

Vehicle Tax

About 3% of the country's roads, the busiest, would be assigned to long-term concession (several decades) to private companies no teletrack payday loans. But, in order not to incur the wrath of the powerful car lobby, David Cameron has promised that no toll would be allowed on existing routes. A single stretch of motorway, north of Birmingham, is subject to tolls and the coup remains underutilized. When Tony Blair had discussed the idea in 2007 to increase tolls, he had to retreat after a petition signed by more than 1.8 million citizens. Cameron suggests that only capacity increases can justify tolls.

The proposed scheme would be for dealers part of the budget for highways from the vehicle tax, which pays 6 billion pounds per year (7.2 billion euros). "There is not yet determined the business model, says Alasdair Reisner, the Civil Engineering Contractors Association, which will be included in the consultation. One can imagine a shadow toll, paid by the government based on a number of cars on a given axis. If the road is not usable at any given time, the subsidy would not be paid. "

David Cameron cites the privatization of water systems UK under Margaret Thatcher as the model to follow. What consumer groups reacted by denouncing the large increases in bills incurred since by households. "Instead of alleviating the burden on motorists, the government is willing to let private companies take over the strategic road network and make it pay to drivers," denounces Maria Eagle, transport manager at Party Labor.

ALSO READ:

"Britain on the brink of recession

If the timing of the IPO Facebook is still not known, investors are in turmoil. And gendarmes stock alert. The Securities and Exchange Commission (SEC), the authority of U.S. financial markets, has struck a major blow this week by denouncing irregularities in the market called "pre-IPO" or pre-IPO. She has filed suit Wednesday against SharesPost, a leading specialized platforms in exchange for shares of unlisted companies, like Facebook or Twitter. His main mistake "of having effected transactions in securities without being registered in advance with the regulators as a brokerage." Clearly, the operations were carried out in a strictly regulated market.

Finally, the SEC and the founder of SharesPost, Greg Brogger, reached an agreement. The company must pay a fine of $ 80,000, and its founder will pay $ 20,000 bonus. In addition, SharesPost acquired a brokerage, which allowed him to register with the Financial Industry Regulatory Authority (FINRA), another regulatory body. The SEC announced parallel lawsuits against two managers of private funds – Felix Investments and Free Facie Management Associates – "created solely to acquire shares of Facebook and other Silicon Valley companies, deceiving investors and pocketing commissions unspecified ". The managers of these two companies have sold securities to Facebook prices up to 66 dollars per share, nearly twice the rate at which they had got hold of it, denounces the regulator.  

Gamble "even for sophisticated investors"

"While we applaud innovation in financial markets, new platforms and new products must obey the laws and ensuring fairness and transparency are the basic mark of a good financial regulation", argued a officials of the SEC, Robert Khuzami, said in a statement totally free credit score. This is a very sensitive issue because Facebook is trading on a gray market with a valuation of nearly $ 98 billion! However, in the first approach, the experts were hoping for a stock of Figaro valuation of approximately $ 75 billion. Finally, it should rather be on the order of $ 100 billion, they say.

The issue of pre-IPO market is considerable, at a time when the SEC ensures restore investor confidence. "When you do not trust your neighbors are happy to see that there are police on the streets," said Max Wolff, in charge of research on the secondary market at GreenCrest Capital in New York, in the columns World. SharesPost and SecondMarket platforms are best known on the secondary market. A market that has allowed tens of thousands of wealthy investors to take their share of companies very popular, as were also Zynga or Groupon before their IPO. Caution, however, not to lose feathers, warns Marc Fagel, director of the SEC office in San Francisco, said in the statement: "This secondary market (…) is dangerous even for sophisticated investors."

ALSO READ:

"A site can already invest in Facebook

"Facebook investors dream

"The controversy rises prior to the listing of Facebook

Antoine Frérot, CEO of Veolia, has again scored points in the guerrilla who opposes Proglio, former CEO of the environment and current president of EDF. Thursday, the Board of Directors of Veolia was held in the absence of Proglio. The meeting, which took place in calm, devoted to a marked shift in the balance of power between the two men at the expense of Proglio, and in favor of Mr. Frérot.

Esther Koplowitz and Jean-Francois Dehecq, two directors of Proglio relatives, should leave the Board in effect at the expiration of their term at the general meeting on May 16, 2012. The banker at Lazard, George Ralli, hitherto independent director and be close to Proglio, will he, the representative of Groupama, in place of Jean Azema, arrived five months ago the management of the mutual insurer .  

"Engendering the board"

Finally, Serge Michel, the fourth director whose term will soon expire, is the only one to be renewed as it is. 85 years old and named, like all other board members when Proglio was CEO of Veolia, this connoisseur of Veolia always follows the group and its executives very closely.

Antoine Frérot wanted, according to a close, "feminize the board and introduce other adminirtrateurs present and ready to engage in the conduct of Veolia Environnement." Two women, Maryse Aulagnon, founding president of the Affine group, specializing in commercial real estate, and Nathalie Rachou, manager of Topiary Finance, should come to the board at the general meeting, as well as the general manager of the automotive Valeo, Jacques Aschenbroich quick payday loan. Finally, Augustin de Romanet, who recently retired head of the Deposit, Veolia's largest shareholder with 9.2% stake, will be replaced by chief financial officer of the public group, Olivier Mareuse.

Of seventeen directors, only three or four belong, after the meeting, the clan of personalities hostile to Mr. Frérot. The risk of a challenge after the elections, the leadership of this group which the State is not a shareholder, seems to go away.

In February, Proglio had sought to evict his ex-Dolphin Executive Officer of Veolia. He had found the boards of other voices to challenge the implementation of the recovery plan of the group. But the prospect of arrival of former Minister of Ecology Jean-Louis Borloo, opportunely announced in early March, killed the project in the bud. Better, Mr. Frérot then received its directors affirmed its support radical strategy, focused on an overall cost reduction, debt and group activities to local services. Although some have yet to see "how the restructuring is taking place," investors and financial analysts have welcomed the decision of the board. The stock has gained 1.08% Thursday. Worst performance of the CAC 40 in 2011, he returned 43% since January 1. What, again, release the pressure on the group.

As promised, the euro zone countries have begun to unlock financial support for Greece. After the agreement between Athens and its creditors to reduce debt, the euro area has decided to provide 35 billion euros in the country. This represents the first installment of a loan of EUR 130 billion planned in exchange for his efforts. Agreement on the remaining amount, or 94.5 billion, should be reached next week, said the German finance minister Wolfgang Schäuble.

Most of the 35.5 billion euros will be released on Friday allocated to banks. Indeed, this is to compensate the fact that they can not file for Greek debt to the European Central Bank in exchange for cash, the country is bankrupt organized.  

A "partial default" by Fitch

The rating agency Fitch has also been the first to react to the agreement to reduce Greece's debt, lowering the grade of C in the country "partial default" ("restricted default", in financial language). "The debt swap is a credit event," the agency said. A decision is also justified by the choice of Athens to enable collective action clauses (CAC). Clearly, the creditors objected to the debt reduction will be forced to participate in the operation.

Losses for banks represent almost 74% of the amounts of Greek debt they hold, Fitch added. The agency will climb the rating of Greece when the operation is complete: technically speaking, the country will no longer be in default.

Another of the three major agencies, Standard and Poor's (SP), adopted a similar position in late February. She had placed the note in "selective default" or "SD" (selective default), against "CC" before, indicating that it planned to raise the CCC once fully by the exchange. As for Moody's, which has no corresponding note in default, it lowered the rating on March 2 from Greece to "C" against "Ca" to date.

"We are not out of the woods"

"We are not out of the woods, but we have taken an important step," said Wolfgang Schäuble about the successful exchange of debt. He said he was "confident" of obtaining a financial recovery and the Greek economy, "by following this path." He assured that there was "no shadow of a danger" that the Greek, with a call for private creditors, is repeated elsewhere in the eurozone.  

Some economists believe that Greece will receive a third bailout in 2015 and that debt will always be 120% of Greek GDP in 2020. An amount deemed unsustainable.

ALSO READ:

"Greece: the more pessimistic than economists policies

"Greek Debt: successful restructuring

"We must reread Edmond About, the man who knew everything about Greece