My Opinions

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.

The Women's Day celebrated on Thursday and its litany of gestures and speech for the occasion more than a tired mind, both male and female. Never mind, here, much less agreed, the World Day of … plumbing. A joke intended to mock the endless list of World Days – "Pinhole photography at" (sic), "for normalization" (sic) or "the kindness"? Not at all. In France, the Information Centre of copper is responsible for promoting the third edition of this World Day of plumbing. A good cause, said, for those who doubt, the site of the World Plumbing Day "The plumbing is vital to public health worldwide cash advance america." In fact, no safe drinking water without piping, valves and seals of quality. According to the UN, diseases related to unsafe drinking water every year kill more than 3 million people. By coincidence, the World Day of the plumbing is organized on March 11, the anniversary this year, the Japanese tsunami. The Fukushima nuclear disaster that ensued has accumulated problems of floods, leaks and contaminated water. The promoters of the World Plumbing Day will argue that even in the most extreme circumstances we always need a good plumber.

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The end of the franc is big to the Treasury. The latest * franc notes were redeemable at branches of the Bank of France until February 17 at midnight. Ten days after the end of the countdown, the institution is taking stock. A total of 1.5 million tickets have been reported for a total value of 378 million francs (57.6 million), from 1 September 2011 and the deadline of February 17. According to the Bank of France, there is 55 million franc banknotes in circulation, hidden under the mattress, forgotten in old bags or kept by collectors nostalgic. A nest egg estimated at 526 million euros. This balance, called "emission cap" will be donated to the state, she says.  

The countryside of the Banque de France will not have been very successful, despite his repeated reminders to the holders of francs in recent months and the creation of a dedicated website (www.jechangemesfrancs.com). Indeed, the franc banknotes still in circulation became a treasure of 602 million euros in late 2010. Yet the French had thrown at the offices of the institution's approach to the deadline. "Just under 200,000 cuts were exchanged in December 2011, but nearly 367,000 in January 2012 and 733,000 cuts on the first 17 days of February," says the Bank of France. A record was set on February 17, with 91,000 tickets reported.  

The large denomination reported mass

For latecomers or those who have not managed to get hold of these small economies too well hidden, they have "no choice but to keep their tickets as a souvenir or sell to coin collectors," warns we at the Bank of France. But beware, all tickets will not take the value. "Better to have kept the cuts of 20 francs or 50 francs Debussy Saint-Exupery," advises Michael Prior, specialist of currencies within the Compagnie Générale de Bourse (CGB.fr). Now demonetized, only small values ​​will make a "margin buxom." A lesson that apprentices numismatists have understood. "Two thirds of the reported cuts are notes of 200 francs and 500 francs," says the Bank of France, which states that "the average volume of trade amounted to 15 tickets per transaction, for an average value of 3627 francs (553 euros). "

* The range of notes that can be exchanged against euro: CHF 20 bills bearing the image of Debussy, equivalent to 3.05 euros, the "Saint-Exupery" 50 francs (7.62 euros) , the "Cezanne" of 100 francs (15.24 euros), "Gustave Eiffel" of 200 francs (30.49 euros) and the "Pierre et Marie Curie" of 500 francs (76.22 euros).

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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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Under the fiscal 2011, TF1 achieved stable sales to 2.62 billion euros compared to 2010. However, the chain headed by Nonce Paolini seen advertising revenues fall by 2.9% to 1.5 billion euros. What encouraged the group to a conservative forecast for 2012.

However, the advertising revenue of the group TF1 is up 1.6% to 1.821 billion. As for the M6, this increase is due to activities including digital and video advertising on the Internet and the integration of TMC and NT1.

A trend found in the income grouped under the activity Broadcasting France (2.1 billion euros, up 1.2%) and includes the subsidiaries e-TF1, TF1 Enterprises and pole production doped in 2011, by the success of the movie "Untouchables".

The turnover "other activities" increases, meanwhile, from 4% to 1.115 billion euros. Growth on redemption of TMC, NT1 and share in Metro France.

Strict financial orthodoxy

Lack of blockbusters, and because of the collapse of the video market, the subsidiary rights audiovisual saw its sales fall by 27.4 to 115.5 million euros No teletrak payday loan.

For its part, the group's net profit down 20% to 183 million euros. The group recalls that excluding exceptional items of 82.8 million positive net earnings were boosted in 2010, the 2011 would print up 25%. Operating profit increased by 22.8% to its 282.9 million euros.  

The first private television group, which combines still 23.7% audience share, has improved its operating profitability as the latter increased from 8.8% in 2010 to 10.8% improvement in 2011.Une due to the decreasing cost of the grid's flagship TF1 who returned from 950 to 905 million euros.

For the years 2012/2013, TF1 has also decided to revise downwards the forecasts of the latter to € 930 million against a forecast 2011/2012 to 950 million. In fact, the subsidiary of Martin Bouygues is clearly the choice of strict financial orthodoxy.

In exchange, these ads are welcome. The title wins more than 7%.

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Soon he had to go quickly to complete this negotiation in the long term. Wednesday night, the State, the Deposit and Consignment Office (CDC), La Banque Postale (LBP) and Dexia have agreed on a "summary of conclusions" laying the foundation for a new local bank. The bodies of public institutions and Dexia must approve the scheme this Thursday – the Supervisory Board of CDC did on Wednesday night – to allow the President of the Republic to announce the creation of local associations it meets Friday. Pending the effective launching of this new bank, savings funds from the CDC will make available to local public sector, including hospitals, a budget of 3 to 5 billion euros.

In mind, this is to ensure the handover between Dexia Credit Local (DCL), a subsidiary of Dexia in difficulties and the first player in France's local government finance, and La Banque Postale, led to his entering this profession abandoned by private banks. In fact, this transfer goes through a montage of rare complexity. Moreover, it is not a new bank that will be born, but two!

Entry of the state in the loop

The assembly established by the Commissioner Rene Ricol investment, initially, and then finalized by Jean-Paul Redouin, Deputy Governor of the Bank of France, goes into effect by the creation of two banks: d On one side, which means a company will finance new production, on the other, a commercial company that will distribute loans to local authorities. To prime the pump, the CDC will make cash available to the joint venture.

The company will be owned means on one side by a holding company for the State (31.7%), CDC (31.7%) and LBP (4.9%) and the other by DCL (31, 7%). According to the agreements, LBP will aim to return from DCL, under certain conditions, by 2020. This means company will own 100% of DexMa (Dexia MA), the refinancing vehicle with MCI.

Accordance with the agreements of October, DexMa, bringing 75 billion euros in credits, will be redeemed at a price of DCL to 380 million euros. However, the CDC advised by Lazard and JP Morgan, who fought to review the terms of the transaction in terms of degradation of the euro area since the fall, won a provision to review the prices of within three years. She also gained entry to the State in the loop, which was not envisaged in the scheme in October.

This company will provide the means and the back office and the refinancing of the commercial joint venture LBP (65%) and CDC (35%) who will distribute the new loans. The joint venture will remunerate its counterpart on a package of 15 basis points. If the bill is higher, will be paid by MCI.

For its part, the subsidiary of Dexia will continue to manage so-called toxic loans granted to local elected before 2008. According to the scheme proposed by Rene Ricol, DCL will continue its core activities, short-term loans, leasing or insurance. Finally, LBP and the CDC will also direct some trades in the direction of joint venture companies.

The European Commission, the last obstacle

If the outline were arrested, it is clear that the device is not fully seated. The discussions will continue with LBP – pivot of the organization even if it is a small shareholder of the company means – to define the borders between these entities both partners and competitors: in short, what really makes for that. The fate of 1,350 employees of DCL is not set. Society means and the joint venture is expected to resume commercial teams, but nobody knows yet how much. Finally, the last obstacle and not least, the European Commission.

According to several sources, Brussels, which must approve state aid granted to Dexia by the end of March, was expressed last weekend. The Competition Directorate has written very dry emphasizing how it would be vigilant on this new scheme. Some consider unlikely that DCL is allowed to continue its core activities in light of 90 billion euros of guarantees given by France, Belgium and Luxembourg with Dexia.

The French plan also raises a new obstacle. Indeed, is the nationalization of DexMa results in a decrease in its cost of issuance, and this is probably the result of state aid. Or changes in capital does not change because the tool – as the CDC calls since the beginning – is discredited: and then this whole gas plant will be worth nothing.

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The French Union of seed (FSU) also points out that the 16 million paid out last year's wheat, 10 million were paid to farmers, were donated 5 million and $ 1 million to seed a fund of research. The same principle should be applied to this new tax.

Support research in seeds to increase diversity would be the ultimate goal of this law, according to the manufacturers no teletrack payday loan. "We evaluated the research costs of the 71 seed who work on French territory to 200 million euros a year. This is the budget looking for Monsanto alone! We alerted members to the need to collect these funds to continue to have French breeders, not just foreigners in France, "insists Francis Burgaud.

Nadine Morano does not hide his satisfaction. The strategy implemented by the Minister of Learning to stick to the commitment of Nicolas Sarkozy – bring 600,000 to 800,000 the number of young alternately by 2015 – appears on track. In October, the number of new contracts signed alternately jumped 7.3% over the same period in 2010 to over 325,000. "This is despite the crisis," said Nadine Morano.

We must recognize that the government has the means to succeed the start: youth outreach campaign before the summer, incentives and administrative simplification passed in late July, doors open at 71 training centers organized in August promotion to employers the new rules into effect in September … with success."It was the battle of youth employment to win and we will continue to put pressure on prefects well they keep on file for the learning needs of businesses," she says.

Nadine Morano is finalizing a regional mapping of places still available in training centers. "It is not normal that there are still 25% of places unfilled in some employment areas," she notes.

Nadine Morano will also continue its work of conviction with regional presidents. The market is simple: for every euro invested in learning the local executive, the government will double the bet.

A winning strategy, because the Minister will sign Tuesday the 19th convention of goals and means with a region. And not just that: the Ile-de-France, which is committed to creating 41,000 training places over five alternating years, through a joint effort of 650 million euros.

Prime Minister Francois Fillon announced Monday, after a special cabinet, new austerity measures. The amount? Range evolves 6-8000000000 euros. The downward revision of growth in 2012 (1.75% to 1%) means to provide such an effort if France does not want its deficit skid.

Among the tracks mentioned: an increase in corporate tax (IS) for large companies and action on VAT. Specifically, according to reports, companies making more than 500 million euros in turnover should pay an additional tax (eg 10%). The nominal rate of corporation tax will not be found … but the big companies will actually pay more. And perhaps as early as the down payment in December. The state expects 1 billion additional revenue per year.

Greece is on everyone's lips in Cannes, which should open the G20 summit on Thursday morning. The Greek prime minister was called to 8:00 p.m. Wednesday evening for a meeting including President Nicolas Sarkozy and German Chancellor Angela Merkel. It must explain its decision to submit the agreement European referendum last week.

Paris and Berlin put pressure on Athens to advance that the referendum in late November, while January was first advanced. The two major euro-area warn that the disbursement of 8 billion euros in aid granted by the EU and the IMF has become uncertain.

In this context of uncertainty exceptional French interest rates soared in the morning, the gap is widening at a historic German rates.Potential victim of contagion, Italy tries to reassure her convene an extraordinary cabinet meeting on Wednesday night to adopt austerity measures guaranteed payday loans.

• Merkel wants clarity

"We have set up a program with Greece last week. We want to make this program and why we need clarity. This is what should serve the meeting tonight, "said German Chancellor Angela Merkel in Cannes on Wednesday. It should meet in the afternoon Greek Prime Minister George Papandreou, along with Nicolas Sarkozy, representatives of European institutions and the IMF BEYOND CEO Christine Lagarde.

The announcement on Monday night next to the organization of a referendum in Greece in the European aid plan has caused a panic in the markets and threatens the firewall in place within the euro area the last week.