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"We see the gentleman behind the great communicator." Thus did Laurence Parisot commented on Monday, the first decision of the boss of Publicis Group, the new President of the French Association of Private Enterprise (Afep, which includes hundreds of large companies including those listed on the CAC 40). Maurice Levy has proposed to his counterpart Medef code to complete their common governance, to promote parity. The text now recommends that boards of directors (or supervisory) have at least 20% of women within three years and 40% by six years, these deadlines will act over the arrival due mandates.Some recommendations that match the proposal passed earlier this year by the Assembly at the initiative of the UMP MP Marie-Jo Zimmermann, with the support group president Jean-Francois Cope, who must still pass the Senate .

But the draft law provides for sanctions, including revocation of appointments of directors who flout the rule. Nothing like it in the code AFEP-MEDEF: all the betting is that firms will not dent their image. This is the principle of "comply or explain" ("comply or explain"), which Maurice Levy thinks it will be very effective: "If the rule is not applied, it should explain why in its annual report and before his shareholders.This is the strongest thing that can be imposed on a board of directors. "This idea of self-regulation had given birth to the code AFEP-MEDEF, allowing companies to avoid legislation on executive compensation (parachutes gilded, stock options …). Similarly, Maurice Levy believes that "the law is no longer necessary" on women directors. Marie-Jo Zimmermann replied "very pleased that companies show their willingness to move forward" but hopes that his bill "continue its path. He took this sword of Damocles that things start to move, we'll see in two or three years if we can remove it.In addition, continued its elected Moselle, my text provides a resolution of the board annually on equality across the company: hiring, pay, career development … ".

Bernadette Chirac at LVMH

"We may not like quotas, but there are circumstances where a little help can ease the situation," said Laurence Parisot, who "companies are at the forefront. We never talk about discrimination suffered by women in top management. The subject is still in the agenda of the "Social Agenda 2010" of Public Service."And we talk enough about the risk of decline with future territorial advisors," says the boss of bosses, the voting could be first past the post, whereas the regional advisers are currently elected on joint lists.

According Afep, women accounted for 10.4% of the directors of the CAC 40 in late 2009, and is expected to rise to 15.7% this year. Carole Lewiner will be ushered to the board of Bouygues, Laurence Dors at Capgemini, Meglena Kuneva at BNP Paribas in Fatine Layt Imeri … Without forgetting Bernadette Chirac at LVMH.

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The third Chinese airline, China Eastern, on Friday announced a membership agreement from June 2010 with the Skyteam alliance is located in, including Air France-KLM. His entry will be effective in mid-2011. Companies Delta Airlines, Alitalia, Korean Air or another Chinese company, China Southern, are also part of Skyteam.

Air France-KLM had already signed a partnership with China Eastern on code share flights between Paris and Shanghai. For the French company and the alliance, the future membership sounds like a victory against the other alliances such as Oneworld and Star Alliance. Skyteam marks indeed a great point against Luftahnsa who was also in the running.Thus deviend Skyteam alliance, the largest in China, probably the greatest future aviation market in the world.

More chess with Japan Airlines and Kingfisher Airlines, which joined Oneworld, Skyteam revives success. Oneworld not in its ranks as Cathay Pacific to Asia as the marginalized in this market.

However, doubts remain about the relationship with China Airlines Star Alliance, which had signed a trade agreement with China Eastern.

In June 2010, SkyTeam also plans to host two additional members, Vietnam Airlines and Tarom.

Le Figaro: What has motivated the association between Cidelec and Megaman in France?

Eric Louis – Megaman held its European network with an exclusive agent in each country. Cidelec is one of them. This choice allows Mega Man to keep the necessary flexibility and demand characteristics of each market and French market as we are concerned.

Cidelec side, why did you choose to import these products?

Megaman seeks innovative and impeccable quality of these products. Megaman is the only brand to produce all of its range in its plants and thus to control the entire production. Megaman, since its inception in 1994, is the only major manufacturer to produce only energy saving lamps. Megaman is now distributed in over 80 countries worldwide.Neonlite company holding the brand Megaman is a foundation devoted to sustainable development and education. All the company's profits are either reinvested in research and development to constantly improve our offer to be invested in associations and organizations dedicated to sustainable development and education. That all of these common values that we have decided to work together.

What standards are in force in Chinese factories?

Brand eco-citizen, Mega Man has all the international certifications (Management ISO9001, ISO14001 Environment …). Product quality is monitored by camera 24 24 to check life products. Each lamp undergoes a final test run of 30 minutes before being shipped. We guarantee maximum control to ensure the safety of users.Megaman fully involved in the preservation of the environment. In France, the Fondation Nicolas Hulot and Megaman have signed an exclusive partnership, Megaman pledging to support the actions of the Fondation Nicolas Hulot, the program "Climate and Energy Economy."

What are the characteristics of LED lamps for Megaman?

Megaman Lamps LED products have several advantages that allow them to make a difference on the market. Lasting up to 30,000 hours of life, they are a lasting solution with a rapid return on investment (an LED is made profitable in 6 months for professional use in 24/24).

LEDs are available in two Megaman shades of color: warm white (2800K) to habitat, and cool white (4000k) for tertiary No fax pay day loan.They enjoy exceptional color rendering, up to 92 in cool white. Megaman guarantees stability of the color temperature (+ / – 100K) at the end of life as the norm on the market is closer to 400k.

Thanks to the patented technology TCH (Thermal Conductive Highway), LEDs Megaman receive a reduced heater with heat dissipation from the surface and through the radiator reflector. The heater does not thereby exceed 70 ° C.

The use of 2 parallel circuits containing 64 micro-LED with different colors each can obtain a uniform light, diffuse and tasks without shadows.

What is your market share in France? Which circuit are you distributing?

Concerning the market for LEDs in general, we believe our market share to 3.5% (all types of lighting combined). This share reached 5.6% in supermarkets for DIY.Megaman has developed a range of LEDs Premium specially dedicated to the public. It will be available in the second half of 2010.

What are the strengths of your LEDs to the general public in a market coveted by the biggest names in electronica?

In a lifetime of 20 000 hours, the LED array Premium Megaman is specially designed for the needs of the general public. In a low energy consumption (from 5W) and enjoying a high quality diffuse light, it fits the budgets of households. After an initial investment, the consumer may benefit from use of nearly 20 years (3 hours per day) with minimum power consumption: more than 80% energy savings.

A few words about ELS …

Today ELS employs over 600 employees including 100 people outside China with offices in France, Spain, Great Britain and the United States.The ELS Group is dedicated to the marketing of lighting sources and recyclable energy saving. The desire to ELS is to offer its customers attractive products and efficient while respecting the values of man and nature. ELS CIDELEC parent company, then developed on the European market, South and North American, Australian … we have also set up a factory lights in Guangdong Province so naturally our headquarters needs to be central to So its activities in Hong Kong.

From our Washington correspondent

General Motors (GM) hopes to return to profit this year. But, for the six months following its release from bankruptcy – that is to say the second half of 2009 – the American manufacturer said Wednesday losses of 4.3 billion. A deficit can be explained by the accounting impact of one-off payment of 2.6 billion dollars to fund medical expenses of its workers unionized. Losses in the second half to add 88 billion of accumulated losses reported by GM since 2005. Fallen giant, which reveals for the first time since its release its finances in bankruptcy, however, is reassuring in terms of "positive cash flow of one billion dollars."GM will release its 2010 first quarter results next month.

The largest U.S. auto also Wednesday renewed his promise to repay the U.S. Treasury $ 4.7 billion by next June. This is the outstanding amount of loans to support its radical reorganization and exit bankruptcy instant payday loan. But the bulk of 50 billion dollars of state aid to GM has been converted into shares. The Treasury, which holds 61% stake in the manufacturer, hopes that conditions will be reunited as quickly as possible to divest this anachronistic situation through a grant from the reintroduction Detroit giant."We have important work to achieve but we are building the foundations that we will be re-listed," said Chris Liddell, the new group finance director, Microsoft hired by GM's new boss, Ed Whitacre .

Moving faster than expected GM bankruptcy has eliminated most of its debts and reduce its cost of labor. If we do not consider brands that are being abandoned, like Pontiac, Hummer and Saturn, GM sales are recovering.

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The NYSE opened up Monday, preparing to end the quarter and a week shortened because of Easter. At the opening, the Dow Jones gained 0.39% and the Nasdaq 0.54%. The Standard & Poor's 500 up 0.51% (5.99 points) to 1172.58 points.

The U.S. markets have ended on a stable note Friday. The Dow Jones gained 0.08% to 10850, 36 and the Nasdaq 100 0.18% to 1952.63. The values of consumer durables and clothing and basic materials have gained ground.Conversely, those software and services and facilities and health services have been abused.

For U.S. investors await today in early afternoon revenues and expenditures of households for the month of February.

But the main highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States. The U.S. markets will be closed as usual April 2 for the Friday that precedes Easter. Investors can therefore respond to the employment figures as the following week. They should focus their attention until the "Leading indicators of employment 'perception of the labor market by households, with the Conference Board survey from Tuesday, then the number of ADP private practice Wednesday.According to the makers of "Aurel BGC, the consensus of economists expect a sharp rebound in job creation." But, "this movement is partly technical, related to the reintegration of people who temporarily lost their jobs because of weather conditions in February …" add the specialists Aurel BGC.

Other key indicators of the week will be Tuesday house prices and an estimate of consumer confidence, Wednesday the index of activity in the Chicago area and the numbers of orders in February no teletrack payday loan.Thursday last week's meeting, the market will focus on the ISM index of manufacturing activity and construction spending in March.

On the currency markets, the euro continued to recover against the greenback after the announcement last Thursday of an agreement between the countries of the eurozone to help Greece with the participation of the IMF. The euro was trading above $ 1.34 in the morning.

The values listed, Chinese, Geely signed Sunday an agreement with Ford on the acquisition of Volvo cars. The sale had been expected for several weeks, the Geely group wishing to build a Volvo plant in Beijing for its domestic market. Ford said the transaction was $ 1.8 billion and would be finalized during the third quarter.By selling Volvo, bought 6.45 billion dollars in 1999, and Ford sells the latest brand of upscale pole he had wanted to be and which also included Aston Martin, Jaguar and Land Rover.

According to the Sunday Telegraph newspaper, Verizon Communications, the second mobile operator in the United States, is in talks to merge with Vodafone.

Companies are also starting to communicate on the cost of health reform. AT & T announced a provision of 1 billion, Caterpillar announced a 100 million dollars and Deere & Co, an extraordinary expense of 150 million. The impact of this legislation on corporate performance is difficult to estimate the short term. The new law eliminates many tax deductions that companies used to reduce health costs for retirees.

The NYSE is concerned. After closing at its highest since 18 months yesterday, the U.S. markets begin the meeting this Wednesday in the red. At the opening, the Dow Jones coward 0.23% to 10,826 points, the Nasdaq fell by 0.36% to 2406 points. The S & P is also losing ground: -0.35% to 1,170 points. The remote Greek crisis worried now overseas. To these doubts was added degradation by the rating agency Fitch of Portugal. Investors expect the EU summit tomorrow with more anxiety.

The new real estate undermines morale

Side indicators, the Commerce Department has issued orders for durable goods in February increased 0.5% from janvier.C is somewhat less than expected.

Later, the numbers of home sales, but new this time for February will be announced.Then came the weekly U.S. oil stocks, provided by the Department of Energy. Stocks expected to rise, which was lost over a dollar on oil Wednesday.

"The new home sales should remain very depressed. While sales in the former have declined less than expected, but in February they returned to their lowest level since 8 months, says it at Aurel bcg. The nine are still suffering the competition of the old and foreclosures. Inclement weather does not argue for a pleasant surprise on this indicator no credit check payday loans .But this figure is already bad clearly anticipated by the markets. "

Adobe in the viewfinder

Adobe Systems announced late Tuesday quarterly results for its 2009-2010 fiscal year better than expected and also reported predictions of the second quarter exceeded expectations.

MF Global has announced that the former governor and former chairman of Goldman Sachs, Jon Corzine, has been appointed executive director of the group.

In the property sector, Lennar has sharply reduced its quarterly loss, and assured to be on track to return to profit this year.

ConocoPhillips said Wednesday that it would halve its 20% stake in Russian oil Lukoil.

General Mills on Wednesday posted earnings per share (EPS) of 96 cents for its third fiscal quarter ended February 28, cons EPS of 85 cents a year earlier.

Dell targets a turnover of five billion dollars in China in 2010, according to CEO Michael Dell.

On the foreign exchange market, the dollar rose to its highest level in ten months and a half, about 1.34 dollar per euro, against a single currency penalized by the fact that the European Union (EU) could agree on an action at the International Monetary Fund (IMF) to stem the crisis in Greece.

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 S?guin, 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 P?bereau 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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