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President of the European Central Bank, Mario Draghi, excludes more than Athens could leave the euro. "Our preference is that Greece continues to remain in the euro area," he said Wednesday at a conference in Frankfurt. This is a recognition that an outflow was no longer taboo. "Since the Treaty (establishing the single currency) is silent on an output, this is not the ECB decides," he added, recalling the legal vacuum in this area often referred, including the experts themselves same.

This statement confirms the remarks made Monday by Luc Coene, one of six members of the ECB Executive Board, responsible for economic analysis, which spoke of "an amicable divorce," in an interview with Financial Times.

These words, at least ambiguous and seem to add fuel to the fire, also reflect the embarrassment of the authorities in Frankfurt. They face de facto capital flight experienced by Greek banks. The phenomenon is not really new but it has accelerated in recent days further weakening the Greek banking system.

Emergency stop

To date, commercial banks do so more than the cash they receive from the ECB, which totaled nearly $ 100 billion or one third of their balance sheets, a level quite abnormal. According to market sources for Reuters, the ECB has started its lending quotas to Greek banks. She no longer accept to take title they give him as collateral. The commercial banks will have no alternative but to use the emergency window established by the Bank of Greece, according to a procedure remains perfectly legal, but that goes against the principle of uniqueness of monetary policy in the euro area.

In doing so, the ECB intends to pressure the Greek government which must recapitalize the banks that need it. At the Cabinet meeting on 27 April, it was envisaged that a recapitalization of € 18 billion would be set up. This is an emergency measure pending the recapitalization program released a wider 50 billion euro, and whose envelopes are explicitly included in the second rescue package announced last March. The technical details are currently in discussions with European experts and the IMF.

The ECB seems caught in the crossfire. While recalling officially Wednesday that it continued "to support Greek banks," the president about his aim to put pressure on the government and the public pending elections to be referendums value vis-à-vis of the euro.

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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.

 

1. What is Growth Pact?

The objective of a growth pact is offset, at European level, the negative effects of austerity policies. As defined by the President of the European Central Bank (ECB) Mario Draghi, it's about finding ways to enhance the productive potential of each country. Clearly, to carry out structural reforms such as to "facilitate the activities of entrepreneurs," because "the creation of new businesses and job creation are critical."

It is less in the spirit of Francis Holland, throw out the treaty negotiated in early 2012 that hard to add to it a component for growth. The new President is especially set up "infrastructure projects", such as the development of broadband networks, funded by the fundraising market at European level ("Eurobonds"). "But we will not revive a policy of public works and begin to build bridges across if it is useless for the business," says his entourage.

The new head of state also wants to increase the funds of the European Investment Bank (EIB), which is already being negotiated in Brussels. This state development bank invests primarily in long-term infrastructure projects. "It would take that money from structural funds, little-used today as states must co-invest and they do not afford to be as-redirected to finance growth," insists on the PS.

A tax on financial transactions at European level, without having a negative impact on activity, would also serve to finance projects.

2. What are the countries that have an interest in negotiating Growth Pact?

Some countries differ on the recipes that can boost activity. But "in principle, it is difficult for a country to say it is against growth, Cinzia Alcidi notes, study center CEPS in Brussels. We must hope. "Portugal, Spain, Greece, but also the Netherlands, that is to say the euro zone countries now in recession, welcome to welcome this breath of oxygen. Germany itself, which begins to see its exports stalling due to the effects of rigor in these countries is changing.

It's not because everyone agrees on the principle that negotiations will take place smoothly. "Although Italy and Spain have recognized the need for measures supporting growth in the short and medium term, both countries will not let this happen without the implementation of structural reforms (labor market reforms and wage moderation) analysis Beffy Pierre-Olivier, chief economist at Exane BNP Paribas. The political strategy of François Hollande on the French labor market and the protection of purchasing power could become a sticking point in negotiations. "

3. Germany thinks?

Berlin has traditionally focused on the reforms called "structural". "Germany is committed to a thing, said Cinzia Alcidi: she does not want growth to be boosted at the expense of balanced public finances, through stimulus packages as we saw in 2009." This position is cultural: our neighbor across the Rhine refuses to weaken its economy and its credibility in the debt market by expenditure. Monday, the spokesman for Chancellor Angela Merkel was categorical: "it is not possible to renegotiate the fiscal pact", which has already been "signed by 25 of the 27 Member States of the European Union" and must allow to strengthen discipline in public finance management.

4. What consequences Growth Pact can be to the French and the Europeans?

"If a European decision is taken at the European Summit of Heads of State and Government on 30 June, we should not expect to see the effect from 1 July!" Warns Jean-Christophe Caffet, economist at Natixis. One can imagine further that the funds are intended primarily for countries with the greatest difficulty, at least in France. Nevertheless, initiatives on the EIB or the Structural Funds "should not have any significant impact on the growth of the European Union", economists consider Societe Generale CIB. They recall that the 350 billion allocated to Structural Funds and the EIB have represented, spread over 5 years, only 0.3% of gross domestic product (GDP) of the area.

5. The European Central Bank could she participate in the revival?

French socialists would like the ECB plays a greater role to revive the economy. "Right now, the European Central Bank will do nothing special, Judge Clemente de Lucia, economist at BNP Paribas. It could simply continue to conduct an expansionary monetary policy to boost demand. " This will help provide banks with aplomb, allowing them to lend more to households or businesses. Problem, they have no confidence in the economy and therefore do not claim little credit.

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That's at least one area in which Nicolas Sarkozy and Francois Hollande are the same observation. To build more and cheaper to build, the state, which is the largest landowner in France, should accelerate the sale of its lands. It is urgent: according to the Fondation Abbé Pierre, missing 900,000 homes in the Hexagon. To end this shortage, it would build 500,000 per year. But in 2011, which was not a bad thought, we built only 360,000.

Course, freeing land owned by the state and public institutions (SNCF, La Poste, RFF …) alone will not solve the problem. Again, the outgoing president and his opponent argue the same figures: this commitment will build 100,000 homes over the five year term. However, the two candidates differ on the implementation of this policy. "We will sell the land at market price, because we do not want to burden the state budget, says Benoist Found, the Minister of Housing. This will yield $ 2 billion. And we will build both social housing as housing homeownership. "" We will give the land to ultimately bring down prices of apartments, retorted Senator Repentin Thierry, in charge of housing the team in Holland. And we will build exclusively social housing. "

The idea of ​​selling land to large-scale department to remedy the housing shortage is not new. Nicolas Sarkozy has already been set to music between 2008 and 2012. With, the key 55,000 homes. Previously, Dominique de Villepin, prime minister, had tested in 2006. Result, today, many real estate projects are developed on former public land.

Unavoidable delays

Thus, in Dijon, 450 dwellings are currently out of the ground instead of the military hospital Hyacinthe Vincent, disused. In Paris, 3,500 apartments, of which the first to deliver in two years, will be built at Batignolles on land ceded by the SNCF and RFF. Of urban redevelopment initiatives have a major drawback: they take too much time. It took fifteen years for the first buildings to be built at the fort of Issy-les-Moulineaux, which housed the Directorate General of Armaments (DGA).

"These are times to extension, as there are plenty of incompressible phases: the negotiation of the sale price, changing the local development plan (PLU), demolition, obtaining building permits, the possible the clearance of …, "said Jean-Claude Florence, deputy department in charge of conveyancing to the Department of Defense. Another black spot: public operators sell the land without any discount, the market price. And as the land itself adds every year, they also help to increase prices of new housing.

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

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

 

"All that remains of the old Thomson is a part of the debt," exclaims Frederic Rose, CEO of Technicolor. Inheritance is heavy, but Technicolor also received shares in a beautiful portfolio of 40,000 patents that generates 13% of turnover and 73% of the EBITDA of the group. On the one hand, a debt "excessive", according to Frederic Rose, more than 1 billion euros, which swallows every year 120 million euros of financial expenses. Other, patents essential technologies in audio screens or images that drive essential any industry consumer electronics. "Today, 80% of electronics manufacturers worldwide use patent licenses held by Technicolor," boasts the DG.

Debt and patents. It is around these two faces of Janus that will crystallize the future of the former flagship of French industry of electronics. The activist funds Third Point and Apollo, who are its shareholders first, salivating over the potential jackpot of patents. It is true that these intellectual properties has become the real challenge of the technology world. Last summer, Google acquired Motorola's $ 13 billion to get their hands on patents that will ensure a future in the mobile. Apple, Samsung, Yahoo!, Sony are fighting in court about patents AOL, which has sold 800 patents to Microsoft for $ 1 billion. The stuff of dreams funds activists are upset that Technicolor weighs only 400 million euros in stock! Their idea is simple: he would sell the patent portfolio to pocket a windfall, even after the repayment of debt. The remaining activities of Technicolor? They will find many buyers!

This is the heart of the dispute between the direction of Technicolor to its shareholders. For Frederic Rose, it is not about to dismantle the group. The patent portfolio has value only if it is fed regularly by the group of 400 scientists – including more than half in France – working in industrial activities free business cards. "We file patent enough each year to maintain the portfolio at its level. These are our main activities in the world of images and technologies of houses connected to power this portfolio, "Analysis Frederic Rose. In services industries of the image, Technicolor works with most production studios film and audiovisual. It is the world leader in the industry, and this accounts for half of its turnover, with an EBITDA margin of 13%. This is the basis of activity and the growth drivers of Technicolor.

Close the Angers plant

However, the group is faced with major strategic decisions to be taken on its third business: decoders. If Technicolor wants to preserve the activity of design and software for decoders, it can not continue to produce them in France. Hence decided to close the Angers plant this summer. "Since 2008, I promised to keep the Angers plant for three years. We lose 10 million euros a year on this plant. I had warned the government that lower tariffs on these products would ruin the opportunity to perform in France, "said Frederic Rose. The loss of the supply contract to France Telecom Livebox precipitated the decision to close the factory that employs 350 people. "The president of Thomson Angers talks with four potential buyers for the conversion of the site," says CEO Technicolor.Un serious social issue. But beyond the problem of this plant, Frederic Rose explains that he seeks to consolidate the industry in 2012 with one of the other global players in the sector. In this market, Technicolor competitor for Pace, Sagemcom and Motorola. "The goal is not to lose money in the decoders in 2012."

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Children dressed in suits and ties at the controls of a gelatin factory teddy, preparing delivery giant Haribo sweets. This is the wildest dream of any toddler … To swallow his delicacies across the Atlantic, Europe's leading confectionery, world No. 8, put the package. Its first national advertising campaign is currently broadcast on several cable channels (Nickelodeon, Disney Channel, Cartoon Network). Millions of samples are distributed from New York to Los Angeles. And a Facebook page was launched.

Installed in the U.S. since the 1980s, Haribo now want to throttle. "The United States is the world's largest market in confectionery, says Jean-Philippe Andre, president of Haribo France, which has also taken over the reins of the U.S. subsidiary, based in Baltimore. We realize there are some fifty million dollars in sales, it's nothing compared to the potential of this market. "

Sales of sugar confectionery (candy, lollipops, toffees …) have approached last year $ 10 billion (1.3,%), which over a third for gummies, the specialty of Haribo, according to Euromonitor. With its flagship product, the teddy gel (Gold-Bears), imported from Germany and Spain, the German manufacturer has experienced double digit growth for five years, including more than 20% in 2011.

Officially, it gives a year to see if consumers respond to his seduction operation. In reality, it prepares its weapons against the heavyweights of the category, Twizzlers (Hershey), Starburst and Skittles (Mars). But not only. "In the land of crisps and snacks, we must impose our candy share of stomach," says Jean-Philippe André.

Recycle the classics while modernizing

This is the second step in the internationalization of the group after the Eastern Europe (Hungary, Bulgaria, Russia …) in the 2000s. Born in Germany in 1920, Haribo was first spread in Denmark, France, Spain and Belgium. The company, which weighs about 2 billion euros, exports its candy in 105 countries, Germany remains its largest market. The International is one of the sites and Hans-Guido Riegel Hans-Arndt, nephews and successors Hans Riegel, 89, still in command of the company he founded with his wife in Bonn.

Recipes for success should remain the same. Production is local. In France, the only country where strawberries are sold Tagada and Dragibus, nearly 90% of the candies are manufactured in two factories in the South. And is recycled by modernizing the classics. For proof, since the launch last fall candy spicy Pik. This is the segment that the fastest increase in radius confectionery (13.2%, according to Nielsen).

Challenger is the leading Lutti, Haribo has already captured 16% market share, especially among adolescents, and intends to grow further thanks to Smurf, crocodiles or coke bottles now available spicy declined. "For six years we have a growth of around 5% in France, second largest group, but we still have significant room for improvement," said Jean-Philippe André, whose sales rose by 7, 5% last year to 180 million euros.

Since 2006, he revived the radius to blow promotions, capitalized on the quarantine and delivered Tagada strawberry marks (Tagada Dragibus, marshmallow) on the screen, betting on particular spots in 3D cinema.

Prevail in hotels and sports stores

His roadmap for the future: Haribo impose beyond the supermarket shelves, which represent 80% of sales, use and renew with new formats. Apart from sachets of 50 g generalized for three years, he tested since the beginning of the year a case of three candies (or Tagada Dragibus) to 0.30 euro that can easily slip into his pocket. "The ambition is to be available everywhere, like Coca-Cola, responding to opportunities to use multiple means of specific packaging," says Jean-Philippe André.

After opening two stores in the outlets (Toulouse and Troyes), Haribo is gradually in toy stores (Toys'R'Us, King Jouet), hobby or sport (Intersport). And he intends to push his pawns in the chains of hotels and restaurants. After the strawberries in desserts Tagada Quick Dragibus and coffee served in restaurants in Indiana, Haribo hopes to strengthen its presence in Accor hotels. When will Tagada strawberries on the pillow in arriving at a Novotel?

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Sony's new boss, Kazuo Hirai, did not wait long to make the painful cost reductions promised. According to Japanese newspaper Nikkei on Monday, the Japanese group will proceed in the year to the elimination of 10,000 jobs worldwide, which corresponds to 6% of its workforce. Sony has not confirmed this information for now.

The group fears a net annual loss of over $ 2 billion for the year ended March 31. In addition to the ill health of his division TVs, Sony has suffered, in 2011, the soaring yen, Japanese tsunami and flooding in Thailand. Hit hard by the crisis of 2008-2009, the electronics giant had already eliminated 16,000 jobs during this period.

In February, Kazuo Hirai had prepared the minds of a new wave of job cuts: the former head of Sony's games division, officially inducted Group CEO on April 1, announced that it would take "tough decisions involve layoffs, and reduce fixed costs in some areas, "to restore profitability.

Kazuo Hirai then spoke of the sales divisions of Sony in Japan, Europe and the United States and its supply chains. According to Japanese daily, half the job cuts announced should also result from divestitures. A few weeks ago, Sony had sanctioned the sale of its chemical activity, for the manufacture of LCDs, which employs nearly 3,000 people. The transfer should be effective in the last quarter 2012.

Marrying content and products

The disposal of these chemical activities is a first step in the restructuring of Sony. The group suffers from poor health of his TV division, which has grossed more than eight billion euros in losses over the past eight fiscal years. Kazuo Hirai himself has undertaken to restore the profitability of this division, undermined by the strong yen and fierce competition in two years.

Preferring to take advantage of lower prices of liquid crystal displays (LCD) rather than lose, the Japanese had already withdrawn from the joint venture owned with Samsung LCD, whose impact "on costs too heavy" had been singled out. Sony has no plans to abandon much of that product category. The television division is considered "critical" by Kazuo Hirai, who hopes to have it return to profit by reducing costs.

More generally, the new CEO of Sony account revive its brand by marrying more products and content. "The material leads to software to hardware and software," said he. A strategy that has already been implemented successfully in the video game division of Sony, Sony Computer Entertainment. In addition to manufacturing phones, tablets, game consoles, cameras and PCs, the Japanese group is indeed also a producer of content, through its film studios and music.

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It was too dry in southern Europe. Particularly in Portugal, where the month of February was the driest in 80 years, and Spain. "The disturbances do not pass. (…) We are witnessing an upsurge in forest fires and streams experiencing flow rates up to 80% below normal, "noted recently The Weather Channel. "No improvement, or real return of rain is expected," worries do we, as the drought could lead to "catastrophic harvest."

Red indicates a severe drought.