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Iliad exceeds all market expectations. The provider of Internet access reported on Wednesday a turnover of 313.1 million euros in 2010, up 78% and well above the 288 million consensus estimate of analysts. The EBITDA jumped 20.7% to 798.1 million euros (above the expected 773 million) while sales gained 4.3% to 2.038 billion euros. Free cash flow for the ADSL business has emerged up 33% in 2010 to 435.5 million euros.

The most notable of the past year is the rapid recovery of Alice in restructuring since its acquisition in August 2008 to Telecom Italia.The subsidiary has seen a further erosion of its subscriber base in 2010 (565.000 in 2010 against 678,000 in 2009) and a decrease in sales (-16.7%) but its profitability has improved throughout the exercise in favor of a policy of cost reductions initiated last two years. Alice has contributed positively to EBITDA of up to 83 million euros.

The group will propose a dividend of 0.40 euro per share for 2010, against 0.37 euros for 2009.

Outlook confirmed

Based on these results, Iliad confirmed its objectives for short and medium term. The group, owner of Free, has a cumulative free cash flow of over 1.1 billion euros between 2010 and 2012, including Alice. Turnover is also expected to double by 2015.

Side operational objectives, Iliad expects a coverage of 4 million households in the fiber optic end of 2012 and 100,000 subscribers to fiber optics by the end of the year. The timing of the launch of the mobile offering is also confirmed for next year. The ISP, which just signed a partnership with Orange, plans to cover 27% of the French population with its own network by January 2012.

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It's confirmed. The Figarol'avait as revealed on February 22, gas prices in France will increase by 5% from 1 April. Eric Besson, Minister of Industry and Energy has announced at a press conference on the installation of the National Observatory of fuel poverty that GDF Suez was preparing "to submit to the CRE (Commission for Energy Regulation, Ed) a request to increase gas prices in effect from April 1, "5%" in principle ", he said.

In January, gas prices had been frozen by government decision. These are only three months after the invoice will begin to swell. 10.8 million households connected to natural gas are affected by the bad news. The increase of about 5% represents a premium of around 45 euros for their heating bills. Especially after this increase, the price of gas has taken nearly 20% in one year.On 1 April 2010, he had jumped by 9.7%. Last July, he was again appreciated by 4.7%. This winter, the government had decreed a break.

Rising oil prices reflected

GDF Suez was announced last August the establishment of a new method of calculating gas rates in France, intended to better reflect market prices and had to be applied from 1 January 2011. If the old method of calculation had been used, the increase was 1.7 points higher.

So now, rising oil prices is it better taken into account.Yet in recent weeks, the barrel is trading above 100 dollars and even exceeds $ 110 for several days, as tensions in Libya does not fade and that the risks of contagion Arab revolutions always worried.

Besides gas prices, two other major elements involved in the fixing of prices: the cost of transportation and distribution, on the one hand, and marketing costs (contract management and billing), on the other.In the case of transportation, this element is reviewed annually on 1 April precisely.

These days, the National Housing Federation (NLC), the main tenants' organization, called the return "to a utility power with a state guarantee of rate stability."

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If, on the political front, he has decided to maintain the suspense, the director general of the International Monetary Fund (IMF), Dominique Strauss-Kahn did not go around the bush to discuss the global economic crisis. "Considerable progress is being made, [...], but they are much too slow, we are far from", says in an interview face to readers of Le Parisien, Aujourd'hui en France published Monday.

The crisis in Europe

As the world tries to get out somehow this economic and financial crisis, Dominique Strauss-Kahn warned, using its ambiguous wording. "You mouth holes but others are created. The act of drawing lessons does not guarantee that we will prevent all future crises. This is what is most worrisome, "he warns.

This does not preclude the IMF Managing Director to distribute good points."All of Asia is distributed, also Latin America, with the same risk of overheating," he says. Even Africa is complimented: "Africa is rather better," says DSK. However, if "Europe has avoided the catastrophe," it off again more slowly and it may last. Missing from the euro zone it has not since the beginning: more coordinated economic policies, "he says. And for that, he insists that "the States to waive part of their sovereignty. However, fashion is not so much to have more Europe today …».

"The euro

"There has not really had a crisis of the euro as its currency." Unsurprisingly, the IMF Managing Director supports the European currency, while some are calling for the abandonment of the euro. "A vast deception," he says.The countries that come out of the euro area would lose much of the confidence necessary for a good economic situation. "

For DSK, banks are as responsible as those who were to supervise "and did not the police." Thus, in regulating the banking sector, he lamented that the good will of the states have not been implemented. "What I find shocking is that banks today have returned to practice before the current crisis, including pay and bonus, he offended. Me, I heard some politicians say "never again". Result: The bonus came back as before. "Bad points for France or the United States, which claimed the control of a bonus in banks of their warhorses.

"The 35 hours

On social issues such as 35 hours, retirement or tax on capital, Dominique Strauss Kahn was less talkative.

About 35 hours, he recalls that "it is a historical process that is due to improvements in productivity and should be considered at the scale of life." He added: "Overall, the long-term time employment is still a downward trend in all developed countries," he says.

"Retirement

Regarding retirement, he confirms what he said on France 2 last May ("Retirement at age 60 is not a dogma")."If life continues to grow, we can not hold with fewer people working to pay the pensions of more and more people," he replies to other members of his party, the Party Socialists, with whom he disagrees on this issue. Without taking a position on the reform undertaken by the government, it simply states that "the purpose of a pension system is that it be fair to those who worked longer or shorter time, under conditions more or less difficult and just vis-à-vis assets.

"The tax on capital

Finally, while asserting that "the IMF has no vision on the TFR French," he recalls "the need for taxes on income, consumption and wealth. The more we diversify the sources of direct contributions, the more likely it is to be fair. "

"All long-term unemployed should be received within three months to receive either skills training or employment." In passing this sentence Thursday night at the show "French Song" on TF1, Nicolas Sarkozy launched a new battle against unemployment, while there were in France, 31 December, between 2.72 and 4.05 million unemployed by their category. Be between 80,100 and 202,500 from a year earlier.

At the employment center, the message was heard. An ambitious plan is implemented. "We're working on for several weeks with the team of Xavier Bertrand (Labour Minister, Ed)," said Le Parisien's entourage Christian Charpy, the CEO of employment center. The newspaper said 680,000 people registered for over a year unemployed in category A will be called for interview "physical" from the month of March.The agents try to determine what monitoring will be most suitable for each person. For now, however, the long-term unemployed registered in the other classes (B, C, D. ..) are not affected by this initiative. "Most are already in training or employment," says employment center.

The year 2010 has been an annus horribilis for the job. And December data, published recently, will not grow much for optimism. With increases in the number of jobseekers registered 27,100 in Class A and 32,600 in ABC (including the unemployed who worked more or less than 78 hours in the month), December has been one of the worst months of the 2010 paperless payday loans.As the number of long-term unemployed, he continued his surge: + 18.1% in twelve months for the unemployed for over three years and 38.5% for those with two years of unemployment.

The resurgence of subsidized contracts

It is within this context that the morose president said Thursday that the government would generate an additional EUR 500 million in the budget for the job to fight against the long-term unemployment and promote early learning. "We will mobilize all our forces" for the job, said the head of state. "Growth has returned, the signs are encouraging, it will work."

In addition to strengthening the support for employment center, the government decided to reopen the valves assisted contracts.Xavier Bertrand has said in an interview with Le Figaro on Friday funding 50,000 new subsidized contracts, while 390,000 already budgeted for 2011. "We will also ask departments to finance contracts with the State 60,000 more flights to the beneficiaries of the RSA," said Minister of Labour. "This fits perfectly with our desire to promote the value of work. Better to pay a salary as an allowance. "

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Massive withdrawals. Last year, investors have withdrawn French SICAV and FCP over 57 billion euros, according Europerformance Six Telekurs. Even more than in 2007 and 2008. They have deserted en masse money market funds, whose compensation is almost zero (more than $ 61 billion in withdrawals). They also neglected French equities and the euro area, too turbulent. Funds invested in these markets have suffered more than 6 billion euros in redemptions.

Subscribers have preferred to head to the world. U.S. equity funds, Asian, and especially the "emerging markets" have collected nearly $ 7 billion. In contrast, bond funds are pale, with less than 370 million of net sales. The crisis in the European government bond has discouraged investors.

For management companies, the year 2010 has therefore been difficult.The major networks are most affected by the disenchantment of the French for mutual funds, including money. The amounts they manage have declined on average by 10%. The giant CAAM (Crédit agricile) suffered net withdrawals of more than 8 billion euros. The bleeding has reached nearly 17 billion and 14.6 billion at Natixis, BNP Paribas.

Yet, some societies have managed the feat of winning new customers.With the exception of Swiss Life Insurance and Covea, or sponsors of ETFs (exchange traded funds), they are mostly independent managers, often specialized and reputed for their long-term performance.

These managers will attract investors

Among these happy few, Carmignac Gestion eclipse all his competitors, with more than 16 billion collected last year, mainly through its flagship fund, Carmignac Patrimoine, and its success with European investors. Comgest, specializing in Asia and emerging countries, also makes an excellent year, with over 1.6 billion euros in fresh capital. Lazard Freres Gestion has attracted nearly a billion thanks to the performance of its equity funds, including small values.Financial Exchequer has also recorded several fine collections of its funds in equities, as the young company Mandarine Gestion.

"Institutional investors have restructured their portfolios last year. They abandoned the managers who had disappointed and preferred the managers whose historical performance reassure "said Arnaud Perrier at Rothschild & Cie Gestion. But companies that have been most successful this year are also those who favor Advisors IFAs, which drain the subscriptions of investors. "In November and December, sales made by individuals, notably through IFAs, are clearly divided.And January is excellent, "says Stéphane Toullieux, Chief Financial of the Exchequer.

These subscribers in any case seem knowledgeable, and have set their sights on solid values. Among equity funds French "who collected the most last year, the place of honor belongs to Opportunities Tangerine (Mandarine Gestion) to Agressor (Financial of the Exchequer), UFF Actions France (also managed by the Financial Exchequer) and Dorval manager.

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Febrile very end of this year, Asian stock markets turn from green to red on Tuesday. Markets, which react further to higher Chinese interest rates are not reassured by the direction chosen by Wall Street. The U.S. stock market, which reopened its doors yesterday (under snow) after an extended weekend, has taken the quotations on a very mixed.

Moreover, markets are following the trend driven by the Tokyo Stock Exchange. And it is not good: at the close, the Nikkei lost 0.61% to 10,292.63 points while the broader Topix index dropped 0.20% to 902.83 points. All in a trading volume remains low, with barely 1 billion shares traded.

The Japanese stock market has welcomed into doubt the flurry of macroeconomic statistics published in the morning.First, the unemployment rate in the archipelago has stagnated at 5.1% of the workforce in November, unchanged from October, according to the Ministry of Internal Affairs. Then, retail sales rose 1.3% year on year in November, recording their tenth increase in 11 months. The rebound in sales of food products and appliances offset the fall in car purchases. From his side, industrial production rose 1% in November (first increase month on month in six months), a figure in line with expectations. In contrast, consumption of Japanese households fell 0.4% in November over a year while economists were expecting a small increase.

Hong Kong takes in the red

At this news have been grafted in doubt following the opening of the Chinese stock exchanges.While Shanghai welcomed without panic rising interest rates, the reaction of the Hong Kong Stock Exchange, closed for Christmas, was more negative payday loans for self employed. The Hang Seng Composite lost 0.94%, taking with him the Shanghai Composite, which fell by 1.20%.

The other exchanges can only follow the movement: the Korean KOSDAQ loose 0.09%, the S & P lost 0.45% Australian. Only the Indian Sensex keeps head above water (+0.13%).

"Investors have protected their profits when values fell in Shanghai last night. They did not buy more with the uncertainty about Chinese values, "said Kazuhiro Takahashi of Daiwa Capital Market.

The increased gross

Crude prices were up Tuesday in electronic trading in Asia, while North America is swept by a cold snap, according to analysts.In morning trading, a barrel of light sweet crude for February delivery took 24 cents to 91.24 dollars. One of Brent North Sea crude for February delivery gained 18 cents to 94.03 dollars.

Eastern Canada has been affected in turn on Monday by the snowstorm that hit the U.S. east coast with winds up to 150 km / h, which disrupted air traffic and caused power outages. The storm, which wreaked havoc on Sunday and Monday most of the East Coast of the United States was raging in the evening on the New Brunswick and eastern Quebec, where about twenty centimeters of snow had fallen. Accumulations of 50 cm was possible in some places until Tuesday morning.

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Like every year, Proxinvest publishes its figures, highly anticipated, the compensation of executives of major French companies. Data that still raise debates about the value of work: on average, bosses (CEOs) of the CAC 40 have received a total remuneration (fixed and variable pay, stock options and shares) which in 2009 amounted to some 3.1 million euros. "This is 211 times the minimum wage, compared Pierre-Henri Leroy, the director general of the cabinet.On the SBF 120 (the index of the Bourse de Paris which has the 120 largest companies listed), the average $ 2.1 million.

The study emphasizes that Proxinvest for CEOs of the CAC 40, the average total compensation down 14% (-20% at constant sample) with a stable center, this after two years of declining average higher by 25% in 2008 and 17% in 2007, while the other leaders of the SBF 120 have seen them, their earnings eroded by 14% in 2009 after already 17% decline in 2008. "This reflects some of these exemplary patterns" said Pierre-Henri Leroy.

Where does this new downturn? It is primarily the part that weighs shareholder: staffing options and restricted stock was reduced by an average of 46%.The share of wages fixed, variable, and "incidental" in the total amount received by the CEOs are still reinforces the CAC 40: 54% in 2007 to 6% in 2008 and 76% for 2009, and to the SBF 120 (excluding CAC 40) of 56% in 2007 to 64% in 2008 and 72% in 2009.

Carlos Ghosn in the crosshairs

Carlos Ghosn, CEO of Renault has reached over 8 million euros. Photo credits: MIGUEL MEDINA / AFP

Orange after a few days ago, it's time to sell the SFR Ipad in its stores. The iPad + WiFi, 3G, 16 GB is today at the online store for pre-order SFR and December 10 in stores SFR from EUR 179.90.

To receive this highly competitive rate, customers will have to meet two conditions. First, subscribe to the new box Neufbox Evolution of SFR. Second, purchase a package shelf iPad "Internet Absolute + 39.90 euros per month for the first 12 months and then falling to 34.90 euros per month. These prices are for a 24-month commitment. Any consumer already a customer of SFR (fixed or mobile) receiving a 10% discount on the package price each month. This package allows you to surf the internet freely 24h/24h and 7d/7d, with throughput up to 7.2 Mb / s.Throughput is reduced – but not cut – beyond 3GB of changed data per month.

Customers who do not wish to subscribe to Neufbox Evolution iPad will buy 100 euros more, or 279.90 euros, the package simply by subscribing to "Absolute + Internet".

For those who find it too expensive package, Vodafone offers a more economical package blocked. Thus, customers can acquire the iPad to 379.90 euros if they take a pass blocked at 26.90 the first 12 months then 21.90 a month. This package is also under 24-month commitment, and has a 10% discount for consumers who are already customers of SFR. This package is stuck at 1GB per month exchange.

On the Apple Store, the apps are already available SFR: SFR TV, but also neufbox SFR SFR WiFi that allows access to more than 3 million wireless access points throughout France. SFR customers thus gaining the largest WiFi network in France.

This is a victory for Brussels embarrassing. At a time when the Commission puts States on a diet, the Court of Justice in Luxembourg ruled in favor of this on Wednesday, EU officials defended their right to a 3.7% increase in wages. A revaluation hard to swallow for the Twenty-Seven, who wanted to divide this up by two "to take account of the crisis."

In its ruling, the Court held that the Council (which brings together 27) "had no discretion" to change the remuneration of the 45,000 civil servants in times of crisis. In fact their pay is adjusted automatically each year, and only the Commission can play an exemption clause in cases of "serious and sudden deterioration of the economic and social situation." This does not match the current situation, according to the EU executive."We can not say it's a sudden crisis," said Michael Mann, a spokesman for the Commission. "It is a crisis that lasts for years. In our view, it does not apply. "

Legally, the decision comes as no surprise, already in 1972 a similar dispute had been resolved to the benefit of officials payday loan lenders. But the timing is disastrous, because the decision falls on the day of a historic general strike against austerity in Portugal and the presentation of a drastic austerity plan by Ireland.

A bit embarrassed, explains the Commission that the increases are calculated based on changes in salaries of civil servants in eight countries, and that the fiscal tightening will affect the current European level with a time lag. Recall that the officials pay them as a contribution to crisis.But these explanations go wrong in view of the comfortable level of income (2,300 to 16,000 euros excluding gross compensation), although the contract, less well treated, are becoming more numerous.

The case could also harden the standoff on the EU budget initiated between the European Parliament and the bloc, which wants a cap on spending increases to 2.9%. The 2011 budget is currently blocked, for the impasse, the Commission must submit a new project in the coming days.

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As expected, participation in this seventh day of action against the pension reform was not up to the previous. School holidays, the financial cost to the protesters represent the days of absence from rehearsal, and the adoption of the law Wednesday by parliamentarians contribute to the admission of key union leaders, have helped reduce this Thursday density processions and the proportion of strikers in the business.

According to the Interior Ministry, 560,000 people in total were collected throughout France. Only slightly more than the figures announced in mid-day on October 19 by the authorities (500,000). The challenge of pension reform will have mobilized two months after demonstrators last week.We are moving towards a "crisis in the days and weeks to come," says Eric Woerth, Minister of Labour.

The CGT, meanwhile, were nearly 2 million people no fax payday loans. Departure of the procession in Paris, the secretary general of the CGT Bernard Thibault warned: If participation was ultimately "less" Thursday than previous mobilizations, she would remain in his "impressive" given the passage of the law. The leader of the CGT and the CFDT secretary general Francois Chereque, and that of Jean-Claude Mailly FOR still hoped, at least formally, use the magnitude of mobilization to persuade Nicolas Sarkozy not to publish the decrees application of the law reforming pension systems.The CGT also called to continue the mobilization until the law is enacted.

The Socialist Party first secretary Martine Aubry, has in turn also indicated that the Socialists' until the last moment "that will fight for the law is not enacted. Watch the video.