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Better be envied than pitied. While Latecoere signed two months ago an agreement with its banks to clean up its financial position, the Alura Capital Partners Fund has just made its entry into the capital of aerospace equipment. According to our sources, the hedge funds in recent days has notified the company in Toulouse he had crossed the threshold of 2% of its capital. Contacted the two companies did not wish to comment.

The arrival of new investors reflects a renewed interest in Latécoère, caught two years ago by incurring excessive debt. Called into action by creditors in September 2010, Pierre Gadonneix, former boss of EDF, had initially prepared a quick backing of aerostructures specialist, before changing his mind. The group has completed in late December, its financial restructuring, aiming now to "participate in industry consolidation in a horizon of 2-3 years."

Some already are betting on an accelerated schedule, while the aerospace-defense is faced with the rise of civil aviation and the decline in military orders. The rating agency Fitch expects an increase in mergers and acquisitions over the next 12 months in the area. Consolidation to which the size of the encourages war chest of EADS and BAE Systems other: according to calculations by the agency, the cumulative cash flow of the six main European players reached 17 billion euros. If they do not want to return this money to shareholders, these groups will have to offer investment alternatives. Good news for them, as the funds Cinven and Carlyle, who had driven up prices of acquisitions in recent years, no longer have the same firepower.

Maneuvers

The maneuvers have already begun. According to Bloomberg, the British GKN is emerging as the favorite to take over Volvo Aero, a transaction of about 1 billion euros. Saffron is always the theater of operations in Italy to get their hands on the engine manufacturer Avio. For its part, Latécoère had received in early 2011, the takeover bids from the British GKN, the Dutch Fokker-Stork and Chinese Avic.

The AIF Alura Partners was founded in Paris in October 2010 by Alain Demarolle, former head of European investment fund Eton Park. The inspector, who had in 2008 a study mission on SWFs to the Finance Minister Christine Lagarde, received last month, the price of the international investor of the year the Paris-Ile- de-France economic capital.

The warning is timely, at a time when twenty-five countries of the eurozone summit meeting in preparing to sign a pact of brass on the return to balance their public accounts. The Netherlands, paragon of virtue budget, had to acknowledge on Thursday that public finances are sinking into the red and they can not fulfill their promise of recovery, just like Spain or Greece. The failure of the closest ally of Germany in terms of orthodoxy serves to illustrate the damage of a recession is spreading in Europe since the winter. On the first day of a summit officially devoted to research of new growth, it also confirms that this new fever deficits goes far beyond the shores of the Mediterranean.

At the Hague, the official statistics institute has sharply revised down its forecast for the next four years, a backlash slowdown in exports, a drop in traffic in Rotterdam and a housing market collapse . The Néeerlandais GDP would shrink by 0.75% in 2012 and the government deficit to rise to 4.5% mechanically. It was only in 2015 as best they could fulfill their commitment to reduce the fiscal deficit with the European standard of 3%.

The blow is severe for the minority government of Mark Rutte who must save at least € 9 billion to return to the nails. "A country that has done much to others the lesson needs to be, in time, the first to submit to collective discipline, loose a senior European official pay day loans. It's the least we can expect. " On Monday, the Dutch coalition parties will meet to negotiate a new coalition agreement, under the sign of austerity and double-locked. The far-right leader Geert Wilders, who supports the office without participating, suggests that the fate of the team Rutte is hanging by a thread in parliament.

It is also a cold shower for twenty-five heads of state and government who will initial on Friday morning, the fiscal covenant intended by Angela Merkel and Nicolas Sarkozy. This treaty, completed in a record time of 80 days, requires them to return to equilibrium, under the threat of financial sanctions. The woes of Spain, whose Prime Minister Mariano Rajoy said the explosion of the deficit to 8.5% of GDP in 2011, had led to doubts about the holding of this objective. Behind the scenes dealings are already beginning to circumvent the collective discipline, at a time when the counters growth fall below zero. Mariano Rajoy arrived yesterday in Brussels with the intention to overcome, at least in 2012, the deficit limit imposed by the euro area. José Manuel Barroso, the head of the EU executive, and Jean-Claude Juncker, the president of the Eurogroup, make it known publicly that there is no question of giving. The question is whether this line can hold when the list gets longer capitals hit by the recession.

The price of gas and electricity for low incomes will fall in Reunion, and those of 40 essential commodities will be frozen at least from March 1 through the efforts of local communities, said Friday the prefect, Michel Lalande. A series of measures taken after a round table of five thirty gathering around him the chairmen of local councils, chambers, representatives of consumer associations, oil companies and professional drivers guaranteed payday loans. All participants in the roundtable have finally launched a "solemn appeal" to calm the population.

Remained elusive to date on the possible assistance that could contribute to Europe to solve its debt crisis, China is beginning to establish conditions.

Thursday, the Chinese Ministry of Commerce has strongly condemned the recent anti-dumping investigations launched by the EU against him, suggesting that their maintenance could jeopardize any assistance from China to the Old World.

"While the global economy is still not out of the financial crisis, many European countries are stuck in the sovereign debt crisis, all countries should adopt a cooperative, open and tolerant to work through this crisis' , he said on his website, adding: "The European anti-subsidy investigation to the outside world sends the wrong signal that protectionist (..) undermines Sino-European joint efforts to address the crisis."

The European Union opened an anti-subsidy investigation on some organic coated steel from China, coupled with an anti-dumping investigation launched last December 21 on imports of these products. Procedures triggered by a complaint by Eurofer, which represents over 70% of European manufacturers of the products concerned. According to the website of the European Commission, these producers believe that their Chinese competitors receive subsidies in the form of tax exemptions and purchases made by the Chinese government over the market price.

Beijing claims its status of "market economy"

"The Chinese professionals in the industry have expressed strong dissatisfaction with the investigations that violate WTO rules," said in response that the Chinese Ministry states that it "will follow with great attention the development of this case."

At the 14th Sino-EU summit held last week in Beijing, Premier Wen Jiabao had stated its support for European integration and the euro while promising to be more involved to find a solution to the debt crisis. "China will continue to invest in government bonds, while ensuring their safety, liquidity and the appreciation of their value," had assured, meanwhile, the president of the Chinese central bank, Zhou Xiaochuan, before defending his country would "become more involved in finding a solution to the debt crisis in Europe through various channels such as the IMF, the European Financial Stability Fund and the European Stability Mechanism."

At that time, Beijing had reissued the hope that the EU recognizes its status of "market economy", without waiting for 2016, when this status will be granted under the accession agreement China to the WTO. 

"When a country is not under market economy status, the EU can impose antidumping duties very high with very little evidence," said Patrick Messerlin, director of the Groupe d'Economie Mondiale (GEM).

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The euro countries should provide in the night the green light to a massive assistance to Athens, to save him once again the bankruptcy assistance, debt forgiveness and contributions combined, Greece will cost more than € 350 billion in twenty months just to the EU, banks and international institutions. As much as the debt that the country continues to grow as Sisyphus his rock.

Assistance discussed Monday in Brussels, amounting to EUR 130 billion, shows more modest ambitions than the first 110 billion plan presented in May 2010 as a panacea. The 2012 version covers the next eight years, but it is far from solving all maturities by then. It does not fill a growing distrust between Greece, is said bled dry, and creditors like Germany believe that it can never do enough.

Demand concessions maximum

In the calendar, the distress of Athens as important as the progress of complex financial dealings with governments, private banks, the IMF and the ECB. Under penalty of default, the government must realize Papademos an agreement with its creditors before March 20, deadline by which 14.5 billion of government bonds mature. "We must conclude today, because time is running out," said President of the Eurogroup, Jean-Claude Juncker.

Faced with the enormity of the amounts, the sense of urgency is far from being shared in the monetary area. North, capitals such as Berlin, The Hague and Helsinki took advantage of last hours to demand concessions maximum of Athens by suggesting, as the German Wolfgang Schäuble, a Greek bankruptcy would be manageable after all.

To the south, others are alarmed instead of a possible contagion of bankruptcies in Portugal, Spain and even Italy, in the midst of a recession. "We have now all the elements for an agreement," insisted Monday Baroin. Europeans are close to finalizing, but a diplomat added, "they still have to lift the heaviest of ambiguities" in that price, Greece should it stay or not in the euro?

A surrender of sovereignty single

The agreement on the table focused on two issues: the erasure of unprecedented € 100 billion of private debt, agreed in advance by the banks, which must be added to the bailout of at least 130 billion euros financed by creditors. It is on this second effort, called on governments and international institutions, that the real uncertainties remain to be overcome.

Despite the anger of the street, the government is preparing to slash Papademos 3.3 billion in additional government envelopes, like Medicare, minimum wage and defense. "The Greek people have made considerable efforts, it is now for others to do the same," assured his arrival a Christine Lagarde yet mindful of the IMF funds.

Politically, Athens refuses any loud and European tutelage and just show the vitriolic exchanges with Berlin. But in practice, Greece seemed about to make a single surrender of sovereignty: the establishment of a budget account blocked, intended to guarantee the repayment of debt and interest payments. The mechanism, suggested as a sign of confidence by Berlin and Paris, is to serve the foreign creditors before committing a penny of national public expenditure.

Even if Athens managed to get unparalleled support that night, he will probably remain the Greeks the bitter taste of a potion imposed from outside

. Aid to Greece (public and private since May 2010)

110 billion euros. Amount of the first rescue plan EU-IMF.

€ 130 billion. Amount of the second rescue plan EU-IMF.

100 billion euros. Amount of Greek debt erased by the private sector.

12 billion euros. Realized capital gains on government debt which should give the ECB the benefit of Greece.

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Skills transfer will take place earlier than expected at the head of Canal +. By the beginning of 2013, Rodolphe Belmer, now deputy director general in charge of the publishing division, will replace Mr. Meheut operational as president of Canal +. According latribune.fr, the television group would prepare the encrypted handover, while the current president's mandate runs until 31 December 2014. This plan would have been endorsed by Jean-Rene Fourtou, almighty man of Vivendi, parent company of Canal +.

Bertrand Meheut, who took the head of Canal + in complete disarray in 2003, has restated the financial statements and the group's image in recent years. If it passes control to Rodolphe Belmer, who seconds since 2003, Bertrand Meheut keep one foot in the house as President nonoperational. An unusual transaction in the media world where the big bosses tend to devour their children to organize their succession.

In fact, Rodolphe Belmer is already one that drives the progress of Canal + to define whether the strategy or make appointments. He is the architect of the historic change that the group is trying to achieve by establishing a presence in the market for free TV. Against the initial notice of Mr. Meheut, Canal + has led to develop the draft Canal20 free channel. Then in the summer of 2011, he contributed to the redemption of DTT channels free of Bolloré, Direct 8 Direct Star, proving its ability to convince its president.

Ramp-up

This strategy is more widely in the conviction of Rodolphe Belmer that the future of television will belong to those capable of building strong and clean content. They must guarantee the autonomy and the attractiveness of the audiovisual group.

Rodolphe Belmer also imposed the idea that in matters of pay, it could not be any offers low cost. A position which today is reflected in the decision to close the Canal + TPS Star channel on the DTT present and whose financial losses amounting to millions of euros.

But the rise of those who arrived as number two of the group in 2003, at the height of the storm, was also illustrated by the process of appointments within the group during the summer. Wishing to renew and rejuvenate frames, Rodolphe Belmer organized the transition i-TV, the news channel group with the appointment to head one of his relatives, Cécilia Ragueneau. It also decided the appointment of Peter Fraidenraich, former head of i-TV, at the head of sports rights acquisitions.

Finally, there is barely a fortnight, Rodolphe Belmer has redesigned the organization of the group by naming the head of a center of free TV Aprikian Ara, and poaching of BETC Euro RSCG Raphaël de Andreis, now supports of pay-TV operations.

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The premium for 3000 euros deployed in April 2009 for hiring a permanent contract of a trainee will ultimately resulted in the recruitment of 7245 young people in just over a year. This result, communicated by the Department of Employment, is seven times lower than the initial target of 50,000 hires.

The measure, which was included in the contingency plan for youth employment, will have cost 20 million euros to the state, against 150 million budgeted.

September 2009 has concentrated 42% of new recruits, the vast majority occurring during the summer period due to the completion of courses at study students. Nearly 5,200 companies have benefited from this device, particularly in services (legal activities, architecture, engineering, computer …) that concentrated more than half of the hires made. Conversely, the hotels and restaurants accounted for only 1% of contracts signed. Beneficiaries aged 23 or 24 years, had long been in higher education: 85% had a BA + 3. They were recruited, mostly, after a period of over six months. More than one in two has been hired as executive status.

As for the geographical distribution of recruitments, nearly 43% were made in Ile-de-France, the only region with Rhone-Alpes to be exceeded (by far) the threshold of 400 hires. Conversely, Corsica … has signed only six contracts.

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Is this the end of the action? Thus David Shairp, strategist at JP Morgan Asset Management, started his weekly newsletter. An issue that should speak to investors today on the defensive, discouraged by successive storms experienced stock market.

In response, the asset manager first makes common sense. "No asset class is likely to outperform indefinitely, since this would imply a permanent inflow of capital that would eventually not lower the rate of return on investment," notes David Shairp cash advance payday loan. A way of saying that investors will eventually return to the path of the Exchange. The current bad patch will indeed end. But when?

Persistence of large fluctuations in sawtooth

This time, the history market it refers. "The current period is not unprecedented.

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. "The word bankruptcy is no longer an abstract word," he stressed, pointing between the lines he had himself used the term taboo in 2007.

The French will have to resolve "some sacrifices," warned the Prime Minister, "so you do not have to take one day a policy imposed by others." Without naming them, the Prime Minister of the finger tip by the danger of pressure from rating agencies threatening to lower the AAA rating of France.

The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.This acceleration, he said, "will reinforce the reform of 2010 and will decline by more than 4.4 billion accumulated deficits of pension plans between 2012 and 2016."

• The rate of income tax and of the solidarity tax on capital will be frozen for the next two years.

• Reduce the tax differential between capital and labor. The levy will be fixed up 19 to 24% to reduce the tax differential between labor income and capital. "The standard deduction will increase to 24% for dividends and interest," added the Prime Minister. The standard deduction (PFL) allows a taxpayer to pay the tax due on income from investment banking (treasury bills, interest on life insurance, etc.)..

• 500 million euros in additional savings for the state in 2012.

The bus and its small price could soon impose on domestic journeys. The Department of Transportation would indeed currently working on a bill authorizing domestic routes by mode of transport. "The text is discussed in inter-and we hope to present it in late February, before the end of the parliamentary session," said a spokesman for the ministry.

This would be a small revolution in the world of the French transmission. Indeed, for the moment, only the cabotage is allowed, that is to say the possibility of a bus carrying an international connection to a regular passenger in a French town and the land in another municipality of the Hexagon . This activity is only allowed from the publication of a decree in January.Eurolines is immediately seized it and announced, in February, opening the French territory over 500 trips from region to region, with lower rates on average 50% lower than the train.

SNCF not necessarily opposed

Direct competition with the train is also at stake in this future proposal. Regions that manage the funding lines TER directly involved, could indeed put all their weight to oppose the project. At the congress of the National Federation of passenger transport (FNTV), last week, Thierry Mariani, the transport minister, had ensured that these national lines "should not upset the economic balance of TER lines." The ministry promises today, "the opening line will be made after consultation with the communities and provided they do not jeopardize a public service contract."

For its part, the SNCF does not necessarily see this opening with a jaundiced eye. The railway company, which is already on the bus segment via its branch TER, could also take the opportunity to expand its offer. The boss of this activity, Jean-Pierre Farandou, explained during the same Congress that "the whole rail is not the solution. It should be a complementary service to irrigate the area where the train can not go. "

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