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For sure, the case of reminders stuck with Toyota. The Japanese manufacturer, which is already subject to a sixty complaints from consumers in the United States must now respond to accusations of a U.S. attorney. Tony Rackauckas, Attorney of Orange County, south of Los Angeles has filed suit against Toyota on Friday night.

Toyota was aware

"We affirm the court on behalf of residents of Orange County, that Toyota has knowingly sold cars and trucks with defects responsible for sudden and uncontrollable acceleration of certain vehicles," he said. For the record, Toyota has recalled nearly nine million vehicles worldwide, including six million in the United States because of problems of uncontrolled acceleration and to a lesser extent, defective brakes.

The Prius, the hybrid model, which was the pride of Toyota, has been implicated.A case that forced the group's CEO, Akio Toyoda, to begin a round of apologies, first in the United States and then China. "I fear that the pace at which we developed could be too fast," he admitted before the Commission to monitor and reform the U.S. Congress last February 24.

On behalf of the "consumer protection"

For Tony Rackauckas, the California attorney, the meteoric rise of giant Nagoya is not the underlying problem. He said the acceleration defects affect "hundreds of thousands of vehicles sold in California in recent years." In addition, "Toyota knew these defects but intentionally concealed California consumers."Affirming that his complaint was "first brought to Toyota in the name of protecting consumers' Tony Rackauckas calls for a fine of $ 2,500 for" each violation of the law on unfair trade practices. "

For its part, Toyota has responded quickly. In a terse statement, the manufacturer provides "not having received the complaint" and therefore "not be able to comment on pending litigation." Despite these twists cascade, a survey published Friday by the marketing firm Corporate Research International (CRI) should reassure Toyota.

Customers, however faithful

Indeed, it appears that the group's U.S. customers remain loyal to him. "Only 6.5% of Toyota's current customers surveyed said they no longer buy Toyota because of reminders," concludes the study, conducted among 1640 people between February 19 and March 2.Same observation in Japan, where Toyota cartonne forever. The brand saw its sales increase in Japan in February from 47.9% a year to 146,145 vehicles, according to the Japan Auto Dealers (Jada).

By putting on Thursday Ermine first President of the Court of Auditors, Didier Migaud definitively stored his old political habits. Former socialist president of the Finance Committee of the Assembly, appointed under the opening by Nicolas Sarkozy to succeed Philippe Séguin, who died suddenly last January, does not distract the institution's objectives: "The fundamental role of the Court" is to "give citizens the information they are entitled (…). Needless to seek an indescribable sense of power-cons, "he said Thursday on the occasion of his installation, in the presence of head of state, presidents of the Senate and the Assembly and Ministers Budget and Justice."The Court and the financial courts are not judges of the desirability of public policies: they have to assess how and to assess the results."

Take height and work in a bipartisan … This is not an empty word for close to Laurent Fabius – who was one of the first to congratulate him on Thursday after his swearing. Didier Migaud notably drafted with Senator UMP Alain Lambert organic law on finance laws (LOLF) rule that since 2006 the annual budget presentation to the State. But he also participated in the commission Pébereau debt. The chairman of BNP Paribas has always praised the sense of responsibility of the member of the Isere, which had agreed to sign a report calling for deep cuts in public spending, despite pressure from his political camp cash advance america . The group's cash at December 31, 2009 amounted to nearly 66 million euros.

Major European and American renters have hardly invested in 2009, but Haulotte Group has maintained its market share in Europe while growing in Asia and America.

Haulotte Group will pay no dividend for 2009.

According to preliminary information provided by the sector for 2010, the year is still difficult, even "if the worst is now behind us.""The rental companies remain cautious about their investments and should carry out spot purchases and replacements to the fleet in view of utilization still low and rental rates under pressure," Gilbert Dupont analysis.

lefigaro.fr / jdf.com: The beginning of 2010 seems to mark a resurgence of activity. Is it time to review mergers and acquisitions?

Herve Mangin: The market mergers and acquisitions work for periods of three to four years from 1997 to 2000, then 2003 to 2007. Since 2009, we are in the trough of the wave. Current levels are the lowest ever achieved for five years. Between 2007 and 2009, the number of deals announced declined by 53% and 32% between 2008 and 2009. The market mergers and acquisitions have obviously suffered from the economic crisis but also the draining of financial markets, preventing firms from refinancing.Since late last year, we see a resumption of operations, with an increase of nearly 50% in the fourth quarter versus the third quarter.

How can we explain this turnaround?

The economic visibility improves, credit conditions are more flexible, companies have taken preemptive measures to deal with the crisis and some have a large cash cushion. There are two ways to use this cash, either redistribute it to shareholders through dividends or share repurchases, or generate growth through investments or mergers and acquisitions. However, growth remains soft, the high level of taxes, consumer debt and high unemployment. It is better to buy existing capacity rather than creating new plants that use rates are poor.

The takeover of Cadbury by Kraft has yet taken place earlier this year.

The operation took place earlier this year because it was strategically very important for Kraft. This is also not expected to return to a debt level more comfortable to launch its offer. He attacked as soon as market conditions are loaned. Another symbolic aspect of this acquisition: it illustrates the need to increase the cash portion of the offering to complete the transaction. In other words, the larger the share in cash, the higher the transaction was likely to occur. Then again Kraft could do so only because the visibility has improved.

What is special about your fund Axa Opportunities?

The management of our fund is unusual to begin by targeting predators, their strategic and financial interest to generate external growth.Once we've found a predator, we want to know what would be the best "prey". And only from there, we are studying the viability of the project on a financial plan. So we try to place us before purchase. Operations in 2010 will be more strategic than financial. We focus on companies that have cash and are facing challenges in terms of growth, diversification, and whose price is underestimated. Our fund is invested in particular sectors of health, chemicals, oil and telecoms. According to a study co-published by Boston Consulting Group and UBS in January 2010, 20% of CEOs will make an acquisition of at least 500 million euros in turnover this year. Groups that have the greatest appetite are in insurance, chemicals and pharmaceuticals.

The portfolio is invested two thirds in mergers and acquisitions and third in special situations (change of management, disposals important modifying the profile of a group …, Ed), while in 2009 the allocation was balanced. Our pocket liquidity is still below 10% and amounts to about 2% today. This pocket is more tactical than strategic: we do not intend to play on the cash to take advantage of market reversals. And especially since our fund is PEAable (the fund must invest at least 75% in European equities).

Do you ever happen to take positions outside Europe?

Absolutely. Having decided to adopt an approach focused on the predator to detect targets the most interesting, sometimes I take positions in securities outside Europe when the target detected there.But this represents no more than 8-10% of the portfolio. For example, I have a line on Mead Johnson, an American company specializing in the infant food because it is an attractive prey for Danone and Nestle, in particular because of its positions in emerging markets.

What are your beliefs about the four areas you are most invested (health, telecommunications, chemicals, petroleum)?

In telecoms we further expect further consolidation of domestic markets as large cross-border transactions. A reconciliation between Telenet and Mobistar France Telecom would thus solve the strategic problems of France Telecom in Belgium. Health, which is a major provider of mergers and acquisitions, should suffer the same fate as laboratories continue to suffer from the rise of generics.Sanofi, which has made more than 8 billion of acquisitions last year, would buy biotech and further diversification. For this, Stada, Shire or Stallergenes are good prey. As for the chemicals and oil, they should see competition from emerging countries, notably China and India grow. SWFs should also be present, but more on that equity takeovers.

What about bank stocks? The sector is expected to undergo further restructuring, and Societe Generale would be again at the heart of debates.

For bank stocks, is a question of timing. From 1997 to 2000, banks were in second position on the market for mergers and acquisitions behind telecoms. Similarly between 2003 and 2007 but this time behind the property.I do not see them go top of the list before 2011, because of uncertainty about Basel 3. They should instead carry out asset sales as a first step. Regarding Societe Generale, which could at some point the desire to attract a European rival. In this case, a French white knight would come to her rescue (including BNP Paribas).

Why do not you invested in the car?

I am not invested in this sector because the European players are more predators than prey. Peugeot and Volkswagen are currently taking stakes in Asia for example.And anyway, it is better to invest on groups whose fundamentals are attractive, which is often not the case of the automobile.

On what themes you bet?

The race to growth lies in emerging countries will also be one of the most important theme in 2010-2011. We see particular for Kraft, who has not bought Cadbury confectionery in the UK, but to gain strategic positions in emerging markets. Sanofi has just acquired a vaccine manufacturer in India, and continues to build in China by 2020 40.000 new hospitals should be built, and 90% of the population should receive special protection. Others include Vivendi, which acquired the Brazilian GVT or Heineken has acquired the activities of the Mexican brewer Femsa to 7.6 billion dollars.An offer of GDF International Power also has a sense of perspective in particular geographical synergy in the Middle East.

What are your plans for 2010?

Now that the means of external growth are met, the operations will be resumed. 2010 marks the return of mergers and acquisitions, ie the beginning of the wave. This does not mean that we will experience a bubble market and we'll find the record levels of 2007. But clearly there is potential to find a standardized level. We nevertheless believe that large transactions will only be until the second half of 2010.We should save up 15% to 20% in 2010, the market for mergers and acquisitions.

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Industrial prices rose modestly in December on the French market, 0.2%, the same pace as in November, according to figures released Monday by the INSEE. For the full year 2009, producer prices have therefore fallen by 2.9%.

In December, prices of refinery products rose only slightly by 0.8% over the month, against 3.3% in November and 3.2% in October. For export, prices have remained quite stable (+0.0%) moderated by lower export prices of refinery products, by -2.1%. "The difference in recent developments in relation to the internal market (+0.8%) from a structural difference in sales depending on the market," said INSEE. In imports, industrial products remained almost stable at 0.1%.

To increase its capacity from 6 to 8 million passengers per year, the airport of Toulouse, who is now a publicly owned company, had decided before the crisis, to build the new hall. A very bright and functional addition to three already existing.

The architect Toulouse Gerard Huet, who was responsible for this achievement which cost more than the 100 million euros. A terminal voluntarily generalist who will be able to accommodate both the needs of low cost carriers as majors. It has been sized to be extended if the request came. There is, for example, 12 banks record that could very easily become 24. "This is not because we built a terminal that airlines and passengers rush!" Says, however, very pragmatic, Jean-Michel Vernhes, Chief Executive of the airport.

Without falling into the trap of subsidy per passenger demanded that certain low costs "of practices which we reject," he says talks continue with low-cost airlines, which now represent 17% of the traffic bad credit payday advance .

For the year 2010, Air Nostrum, a subsidiary of Iberia, will reopen the line to Barcelona operated twice a day, however, EasyJet will increase its capacity to Charles de Gaulle and Air Austral to La Reunion. To facilitate access to the airport road has been reviewed and a new 3 700 parking spaces is under construction. It will then improve the service between the airport and downtown."We do not oppose the construction of parking and improved public transport," says the President to the attention of elected officials.

An open house is scheduled Saturday, March 6 just before the commissioning.

Patrick Devedjian, Minister of Recovery, Luc Chatel, a spokesman of the government, Eric Woerth, budget minister, Christine Lagarde, Minister of Economy, have multiplied statements Wednesday to defend the annual remuneration of Henri Proglio, chairman of 'EDF and Chairman of the Board of Directors of Veolia. On Thursday morning, Christian Estrosi has added a layer. On RTL, he said: "Christine Lagarde gave a notice is so that the government", adding: "Christine Lagarde, on behalf of the government changed its mind."

The opposition and some elected right triggered a controversy. They accuse Henri Proglio receiving dual compensation amounting in total to 2.05 million. The latter receives 450 000 EUR at Veolia. It affects one million euros plus a variable up to 60% of his salary fixed at EDF. 1.6 million.This figure was confirmed by the Ministry of Economy. The Board of Directors of EDF must treat this matter on Thursday.

Aurelie Filippetti, PS national secretary for energy, has denounced the "indecent compensation" pay day loans . The President of the modem, François Bayrou, has raised an "affront to the principles of our Republic". In November, Christine Lagarde had said before the Senate Henri Proglio not touch two salaries. The UMP MP Valérie Rosso-Debord, close to François Fillon, acted "very shocked" by this combination. Asked in the National Assembly by the Socialist deputy Christian Eckert, Christine Lagarde said in the heckling of opposition. "The president of EDF is not paid more than when he was boss of Veolia.He must face reality: there is a market, competitors, a world that has changed, "said the minister, who recalled that" the conditions in which Henri Proglio has agreed to join the group EDF were twofold: to retain non-operational role at Veolia and devote his full time to EDF.

According to the firm Proxinvest in 2008, an Executive Chairman of the CAC 40 gained 3.6 million euros. A non-executive chairman who presides over a board, 864 225 euros.

The largest U.S. bank, Bank of America, has experienced a greater loss than expected in the fourth quarter because of the cost of credit, says in a statement Wednesday.

Over the last three months of 2009, the bank recorded a net loss after minority interests of 5.196 billion dollars against 2.392 billion a year earlier, or 60 cents per share, while analysts on average expected a loss of 4 , 5 billion, or 52 cents per share. "Certainly it's disappointing loss to publish the fourth quarter. However, it should not overshadow our many successes, "said Brian T. Moynihan, president of Bank of America. Firstly, we repaid the U.S. government. Secondly, we strengthened our balance sheet through securities offerings successful. Finally, all our non-credit operations had a positive impact on our results.

Net banking income (equivalent of sales) of the bank, to 25.076 billion dollars, is also revealed in below expectations of Wall Street analysts who had forecast on average 26.84 billion in free business cards .

Bank of America has suffered a decline in demand for loans and "portfolio management debt" compared to a year ago while its revenue from market activities have strongly rebounded. "We are heartened by the resurgence of the economy for 2010, through the stabilization of our cost of funds. However, economic conditions remain weak and we expect that unemployment continues to rise. This will therefore penalize consumption and growth. "

Friday, JP Morgan Chase announced a net profit of 3.278 billion dollars (2.27 billion euros), a figure four times over the fourth quarter of 2008. Net banking income (equivalent to the turnover) amounted to 23.164 billion dollars over the same period against 17.226 billion in 2008. Levels well below expectations of analysts who had forecast at 26.2 billion. Tuesday, Citigroup posted a net loss of nearly 1, 6 billion against $ 27.6 billion in 2008.

READ ALSO: "U.S. banks confess their sins

The French do they realize the inevitability of the efforts to achieve a satisfying retirement? This suggests that a poll published Sunday in the JDD. According to this consultation Ifop *, breaking with previous surveys on the subject, 41% of respondents said they were ready to contribute more to retire as soon as possible. The average age of starting accepted amounted to almost 62 years, one third of respondents saying the same for departure between 65 and 69 years. A first. Because of this development, the level of concern by the amount of future pensions continues to grow, 76% of respondents reported little confident, against 61% a little over a year.

If the French are therefore more willing to make sacrifices, they do show, however, little lenient with successive governments.They are in fact 40% believed that the pension system has not really been up to this reform, while 48% believe that those assets have gone done the wrong way.

An instructive survey, a few months of a new launching system. The Head of State has chosen last year to advance the timing of the pension reform from 2012 to 2010. If the CGT said the current system "viable", the secretary general of the CFDT François Chérèque decides in contrast to the introduction of a points system, more personalized than the current system, as was done in Sweden. For now, the government appears not convinced, saying the country had recently suspended the system. If considering a reduction of the legal age of retirement now set at 60 years, a dues increase does not seem so far not in the agenda.

* Conducted the 7 and 8 January on a sample of 1019 persons, representative of the French population aged 18 and older, including 522 active. Quota method. The interviews were conducted by telephone at residence of respondents.

Coup de théâtre to the Constitutional Council. Tuesday night is no less a pillar of the 2010 budget that the Sages retoque in deciding to cancel the carbon tax in its entirety. In their decision, the constitutional judges – seized last week by the Parliamentary Socialists – have ruled that the law created too many exemptions, which is "contrary to the objective of fighting against global warming" and creates an inequality in tax."Less than half the emissions of greenhouse gas emissions would have been subject to contributions to carbon, because many of these exemptions, they argued.

In detail, the Constitutional Council has stressed that "were totally exempt contribution of carbon emissions from power plants generating electricity, emissions from industrial sites in 1018 the most polluting (refineries, cement, coke …) "emissions from aviation" or "those of the public transport of passengers by road. "These exemptions have led to only 93% of emissions from industrial sources, excluding fuel, are exempt from carbon contribution," according to the text.The tax would have "focused on fuel and heating products that are only one source of emission of carbon dioxide.

An alternative is proposed by Fillon January 20

Shortly after the publication of the decision of the Elders, Matignon has announced that Francois Fillon presented January 20 in Council of Ministers a new scheme taking "full account of the observations of the Constitutional Council. The prime minister maintains, however, that this contribution is needed to guide the behavior of firms and households in terms of energy consumption and reduce emissions of greenhouse gas emissions. "The cabinet of Jean-Louis Borloo for its part indicated that the Minister of Ecology and Sustainable Development Wednesday react to this defeat.

For its part, the Socialist Party – through its National Secretary for the Environment, Laurence Rossignol – did not expect to qualify the decision of the constitutional judges of "heavy defeat for the president. It is both the sanction of a working method that is to do everything in a hurry and a series of announcement effects. For the federation France Nature Environment (FNE), a cancellation is "catastrophic." "The carbon tax is clearly in agony.Copenhagen has shown that political will was not enough in the fight against climate change and today is the leverage that tax is lowered, "lamented spokesman FNE, Arnaud Gosse.

A measure dear to the Head of State

Wanted by Nicolas Sarkozy, the tax, renamed "carbon contribution" by the Senate, was a key measure of the proposed 2010 budget. In total, it would have resulted in 4.1 billion euros in tax revenue next year, including 2.2 billion paid by households. The Head of State himself had described as a "revolutionary tax" and a "major shift" to "lasting change" behavior of the French. The tax was aimed at encouraging individuals to reduce their CO2 emissions by applying the energy consumption of households and businesses, with compensation to individuals.For businesses, the carbon tax would replace the business tax, which was abandoned, however, been validated by the Constitutional Council.

According to calculations by INSEE, the entry into force – scheduled for 1 January – would be to effect a general price increase of 0.3% in first quarter 2010, an increase of about 4 cents per liter gasoline pump. Set at 17 euros per tonne of carbon dioxide (CO2), but she had raised important challenges left, but right where some denounced the introduction of a new tax.

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