Sundial of world news

Monday, Le Monde has turned a page of his story in a calm atmosphere. Once is not custom. Upon completion of the supervisory boards of the World, offers the trio Pierre Berge, Xavier Niel and Matthew Pigasse ("BNP") received 11 votes. The other nine votes abstained. Employee representatives had 9 votes, and Louis Schweitzer, Chairman of the Supervisory Board, which made the difference in making its voice and that entrusted to him by Claude Perdriel, boss Le Nouvel Observateur and unsuccessful candidate for the resumption of the World.Louis Schweitzer has done everything to ensure that The World is lost in a new crisis between the employees and field representatives (Lagardère and Prisa, La Stampa, Pierre Lescure, Jean-Louis Beffa …).

Over the weekend, in the daily columns, he emphasized the seriousness of the financial situation and warned: "I hope there will be convergence." At the end of the supervisory board, Gilles Van Kote The president of the Society of Editors (RS) welcomed "the gesture of a great lord of Claude Perdriel, which withdrew its offer and voted for its competitors. On Monday morning, Claude Perdriel and Orange announced they were withdrawing their offer, drawing the lesson of the plebiscite of employees of the World for the trio "BNP".Into effect on Friday, the different societies of staff (Le Monde, Le Monde Interactif, Telerama, Courrier International, employees, managers …) have spoken overwhelmingly (between 80 and 91%% for the Society of Editors of World) for the trio Pierre Berge, Xavier Niel and Matthew Pigasse. After the vote, will open exclusive talks with the trio BNP. Beforehand, prospective buyers are, as they had committed 10 million euro move before July 5 to cross to Le Monde's financial deadlines July 10 and have enough money to take all summer ."Then, in late July or early September a new supervisory board will endorse the negotiations and the deal should be finalized in late September or early October," said Gilles Van Kote.

Negotiations with Lagardère and Prisa

In total, Pierre Berge, Xavier Niel and Matthew Pigasse provide 110 million euros. Therefore, they will control 64.65% of capital. For the first time in the history of the world, workers will abandon the majority stake and control group. The trio "BNP" had taken the measure of the importance of this decision. That is why he insisted on preserving the editorial independence of publications group. Better, it should make a gesture in their favor.Pierre Berge has promised to create a foundation with 10 million euros destined to gradually increase the share of employees to 33%.

With other shareholders, Lagardère and Prisa, also diluted, dialogue should engage. Following the recapitalization, Lagardere will have only 5.86% of capital, and Prisa 5.1%. Lagardère cons grin and heart. In the vote, he refrained. "This is a position consistent with what we've always said. We did not oppose the rescue of the World while taking care to safeguard our interests, "responded Khiroun Ramzy, the group's spokesman. However, Lagardere clearly leaning in favor of the trio Perdriel, Prisa, Orange, with whom he had begun negotiations for the acquisition of its stake in the holding company and Le Monde Interactif. In total, he was to receive nearly 40 million euros. The trio "BNP", everything remains to be done."The investors must now specify their intentions. Everything depends on the proposals they will make us, "adds the group. However, the trio "BNP" remained unclear. If he says he must "return to the activity in the digital world", it does not specify the amount he is prepared to pay to redeem the 34% of Lagardère in Le Monde Interactif.

The other loser is the media giant Prisa Spanish. The group led by Juan Luis Cebrian came late in the battle alongside Claude Perdriel and Orange. He has to defend its interests in the holding head. But his stance in favor of an issue of the daily morning have undermined his bid.

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lefigaro.fr / jdf.com – After having doubted the ability of countries to cope with budget deficits, the markets are concerned now plans rigorously implemented by European states. Are they become schizophrenic?

Eric Bleine – I do not know if we can speak of schizophrenia, but I find the reactions of financial markets is excessive. This is not surprising when one considers that most large companies in the CAC 40 are majority owned by U.S. pension funds, and increasingly by players from emerging markets. If individuals are continuing to ignore the actions, it will increase, and financial markets continue to be volatile. In this context, I advise investors to focus on their process of investment. In other words, to believe in what they do and do not move during moments of extreme doubt.It is when the visibility is poor economy and financial and prices of listed assets are low it takes to earn money. The doubts the current market is understandable but exaggerated. He should know how to take them by buying now, taking as a necessary condition to have investment horizons reasonable (between 18 months and 3 years) does not get into the position of having to liquidate its portfolio under stress specific personal.

European equities are they really excluded?

Financial markets have still not integrated as European companies are financially sound, well managed despite the crisis and they have high margins and refinanced debt. The euro zone is not in a situation so bad as that.The proof that more than European ones, are also international companies which derive a substantial part of its sales in the U.S. or in emerging countries. If fears about the euro area are so important is because pension funds are selling their fears, "the fear". What explains this high volatility. But I guess they will stop selling because valuation levels as low and reassuring news that we are beginning to have on the sustainability of our currency, the euro.

How do you manage the allocation of your portfolio between defensive stocks and cyclical stocks?

Overall, I'm quite recently strengthened financial securities in defensive stocks. I have preferences for certain banking stocks and am overweight, representing 18% of portfolio value Central.Despite the pressure around these companies, the current prices seem particularly attractive and excessive criticism. We focus on the big European banks such as BNP Paribas, Santander, Intesa, UniCredit, Deutsche Bank or Barclays. They are strong and come out winners in my opinion this crisis, the market does not take into account.

It is a rather surprising position in the current context. Other atypical cyclical stocks?

Yes, because we are also overweighted car values (5.32% of portfolio) as DaimlerChrysler, Faurecia and Michelin. For example, Michelin will benefit from new standards that will enable tire manufacturers to sell products with high added values.Furthermore, we focus Faurecia, because we believe that Faurecia has good chances of success in China by supporting the rise of automobile manufacturers in emerging countries

I'm also positive and closer to consensus on technology stocks (11.55% of portfolio) invested with Atos, Steria, STMicroelectronics. There is a real demand for computer services and technology assets. Finally, I like also valued as Lufthansa is one of the few aerospace companies to have limited its losses in 2008 and which we believe will be winners of an industry concentration. However, although it benefits from the dollar, we excluded EADS for which we still have some reservations.

A second half what should we expect?

We look forward to a calmer second half versus the first.We're going out of concerns about the sustainability of the euro area and the ability of states to refinance. The fears will gradually dissipate and the risk premium with them. This should drive us as a first step to a CAC 40-3800 points. Then the market should realize that the growth of European countries will not be as catastrophe we would suggest. This gives a potential ACC 40-4000 points, why not towards the end of the year. With the portfolio that I currently constituted, I am ready for the increase in ACC 40.

Will it happen to food packaging, plastic chairs or bumper? The Federation of plastics, which brings together producers of plastic products, is sounding the alarm. "This is a situation unprecedented in the plastic. Our suppliers of polymers evoke technical reasons, cases of "force majeure" and do not honor their deliveries, "said Bruno Etienne, its president.

He complains of the total opacity surrounding the subject. In less than three months, the phenomenon has spread to most chemists. In a letter to his clients, a leading industry refers to "a situation of force majeure for a mechanical problem. A spokesman said "not able to comment in the present context," adding that the group has written to its customers and does not give more details.Rhodia did not wish either to speak on this subject, nor the Union of Basic Organic Chemistry (SCOBA). PlasticsEurope, an association of European producers of plastics, boot button: "The problem of availability of raw materials is not limited to plastics, but is much broader. Polypropylene is most affected. "

A response that plastics companies deny. "There is still some time, the European plants polymers suffered from overcapacity. They could even export to China. Does it change? "Asks Bruno Estienne. He wondered if a half-word part of European production is shipped to China, to the detriment of businesses he represents.The producers of polymers are in fact, in their majority, started in the construction of production units of polymers in Asia, but all are not yet operational. This theory has a flaw: the prices of plastics in China are structurally lower than those in Europe, where prices through May rose by an average of 70% over one year.

However, in 2009, production fell by 20% and has increased by 9% during the first four months of the year."Some factories were closed in 2009, and the groups are reluctant to reopen them," said Jean-Marc Manducher, CEO Ronax, a buying group that has identified eight cases of force majeure in a few months! In addition, the European prudential standards discourage the restart of some production units.

SMEs under pressure

"We are caught between the chemists in our principals," said Bruno Etienne, who wishes to hold a roundtable meeting to identify the difficulties currently crossed by the industry and evaluate the time needed to return to normal.

If the survival of businesses does not seem threatened, some are already struggling. One example for manufacturers of garden furniture, whose business is seasonal excellence, and whose unfilled orders will not be caught.T automobile sector is also likely to be affected, if manufacturers of technical parts (bumpers, interior trim parts in engines) are not promptly supplied.

The crisis has cost France dear. No less than 6 percentage points of GDP between 2008 and 2010 and 3 points of tax revenue and social, as estimated by INSEE. "The growth restarts quite normally, but it remains the scar," said Thursday its chief executive, Jean-Philippe Cotis.

The rescue plan EU-IMF Greece will be ready "in the next few days," said Thursday the EU Monetary Affairs Commissioner Ollie Rehn. He said he will "protect financial stability in Europe and worldwide."

"I think the negotiations will be completed in the next few days," said Ollie Rehn. Traders Greek, European and International Monetary Fund (IMF) are close to agreement on "a multi-year program leading to a major fiscal adjustment, and other structural modifications" necessary to restore public finances of Greece, and back its economy on track for sustainable growth, "he added.

This package of financial assistance by developed countries in the euro area and the IMF will give Greece enough "breathing space", has yet estimated the Commissioner.He declined to say more, stressing that negotiations were not buckled.

The EU and the IMF have pledged 45 billion euros in loans to Greece, including 30 billion provided by 15 other countries using the euro. But many observers now believe it will take a larger envelope for a permanent exit the stagnation Greece. The $ 130 billion is the most frequently mentioned.

The euro area also fears the contagion of the crisis, Greek, especially after the deterioration of sovereign debt ratings of Portugal from Spain Tuesday and then Wednesday, reflecting the mistrust of financial markets and make credit more expensive for the countries concerned.

Consolidation of budgetary rules

"What we need most right now is a clear direction.We need a leadership that can guide us out of this zone of turbulence, "said Jean-Claude Trichet in a speech at the Economic Summit in Munich. He added: "I am confident about the outcome of these discussions," he has simply said, indicating that they should be completed in the coming days bad credit pay day loans. According to the President of the ECB, the financial crisis continues to defy the European economy. He therefore called for an overhaul of EU budget rules and increased scrutiny of government finances.

Supporting the euro and Greece

Since Beijing, French President Nicolas Sarkozy has declared fully committed to support the euro and to support Greece.In a statement to Agence France Presse (AFP), the Head of State said: "The plan agreed by Greece is fully credible, we trust the Greek government and we are working hard to all this is put in place without delay. " He added: "France will play its part. We'll be at the rendezvous.

Nicolas Sarkozy has also insisted on "the perfect agreement between Germany and France" on how to resolve the debt crisis in Greece. "I constantly Chancellor Angela Merkel on the telephone."I was very satisfied with the statements of the Chancellor (…) on the credibility of the Greek plan, its determination to implement the European level to support the euro," he said while Berlin had rather hitherto been very reluctant to help Greece.

For Nicolas Sarkozy, "it should be understood that in this case, it is not only of Greece. This is the euro is our currency. We are committed, this concerns us and a duty of solidarity, we will pay.

"France has put in a position to fulfill its obligations to fight against speculation.The plan has been defined by Europe will be applied so important, we will not allow speculation to act at will to destabilize any country, "said the head of the French government about the crisis triggered by Greek abyssal deficit, which caused panic on stock markets and a fall in the euro.

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After the chaos of cancellations, the entanglements of compensation and reimbursement finally exhausted the patience of passengers. Among the 200,000 French stranded abroad at the height of paralysis of the aerial system, many are hoping today support at least part of the costs occasioned by delays or cancellations. To facilitate this, the Secretary of State for Tourism, Herv? Novelli, announced Monday the appointment of a mediator. But without doubt, the obstacle course is just beginning for those who have had their travel disrupted. At what rights can they claim, however? Airlines and tour operators are legally bound to compensate their passengers injured?

As regards the reimbursement of airfare, the situation is quite simple.The European airline passengers stranded abroad can count on the Brussels regulation, which imposes a clear obligation "to rerouting passengers in conditions similar transport and as soon as possible," except to reimburse their customers full Fast Cash advance loan. The standards at the start of the European Union are even stricter: in case of postponement or cancellation before the trip, are all airlines, including those who are not European, that are required reimburse or provide their flight. A right that the European Commission intends to enforce. The spokesman for Transport Commissioner Siim Kallas Friday, April 16 and encouraged the citizens to "assert their rights, even in exceptional circumstances such as these."

Commercial gesture

Photo credits: Le Figaro

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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When the CAC 40 has broken the 4,000-point mark on Thursday, the big question was whether to save on Friday. The European Agreement on the mechanism of aid to Greece found Thursday evening brings a half-hearted: the Euro advanced slightly Friday at 1.3352 dollars (0.35%) and the CAC 40 back from 0.24% to 3990.99 points. Investors are cautious, discussions among European leaders to continue this Friday in Brussels. As like to remind analysts, this bar is a 4,000-point psychological barrier.

Apart from acting and the end of the summit European markets will also be attentive to 13.30 at the third estimate of U.S. GDP 4th quarter 2009.The first two estimates have revealed a U.S. GDP to 5.7% and 5.9%.

As for values, in the absence of results announcements in France, all eyes remain fixed on the bank stocks.

But also Renault and Daimler in: according to information from Figaro, both constructeursdevraient sign their alliance following a special board convened by Renault for next April 6.

In a speech to the press, St?phane Richard, the new boss of France Telecom, unveiled the outline of his managerial plan. He said such a "dialogue was established between my team and the social partners".

The trial of Antoine Zacharias, former CEO of Vinci, was opened on Thursday.He criticizes the spectacular amount of his remuneration: a severance bonus of 12.5 million euros, an annual retreat of 2.1 million euros of capital gains on stock option of 124 million euros.

According to the site of the expansion, the Franco-American investor Guy Wyser-Pratte wants to reorganize the governance of Lagard?re, he wants to evolve into a limited company.

The Minister of Agriculture and Fisheries went Wednesday to meet victims of Xynthia in Vendee and Charente-Maritime. Bruno Le Maire first visited an oyster farm in the island of R? is Tony Brin, to realize the damage caused by the storm the weekend. There, a scene of desolation was waiting after a giant wave passed over a dam three feet high and has invaded the fish ponds. "We will help the fish and shellfish industry already strongly felt in order to continue to live," said the minister.

Specifically, he presented a plan to aid three points for a total of 20 million euros. The bulk of the effort will focus on replacing equipment.This responds to a demand for professionals to enable them to restart their operations and be ready for the season getting ready now. "Especially our equipment that has been affected, such as sorters, the computers or the electricity grid, he says Tony Brin. I have even more checkbook to pay salaries, everything has been drowned by the rising waters, is tell you how we are. "

Lighten the load

Second point plan: relief of financial burdens of 1.5 million euros and finally the implementation of the national guarantee fund for agricultural disasters (FNGCA) to compensate for the loss of fish or shellfish. But on this last point, unlike the 1999 storm, which occurred at low tide and which has devastated oyster or mussel, the damage should be less important.It is funded jointly by government and professional organizations.

Another concern comes from the elver producers who fear their possible side effects of water pollution after they pass on farmland treated. In a scene of desolation, Bruno Le Maire has visited the farm of John Paul Rault, a young farmer Vendeen St. Rad?gonde-of-Walnut, who has lost everything, including his house, in the rising waters for payday loans bad credit . His case is not isolated as 52 000 hectares of land have been invaded by salt water after the passage of Xynthia. "It will take years and years for desalination," said the farmer. Bruno Mayor announced a plan to tens of millions of euros to farmers (see box below)."I shall return in a few weeks to see how its implementation takes place," he said.

A plan dedicated to farmers

A budget of several million euros to farmers. This was announced on Wednesday the Minister of Agriculture, Bruno Le Maire, the operators hit this weekend by storm Xynthia. In detail, two types of aid are considered. Firstly, a reduced specific financial burdens and also social. The state with the Agricultural Social Insurance Agency has raised 5 million euros for the first strand.

Then, after a case-by-case damage caused by Xynthia field, another package will be released under the National Guarantee Fund for Agricultural Disasters (FNGCA)."Given an initial estimate and according to recent experiments, this should be in the tens of millions of euros," said one familiar with the matter. The new aid will complement those of the plan emergency support and to the extent permitted by Brussels (De minimis 15 000 per farm). For their part farmers have asked for clemency for the administration, for example, identification of dead animals or statements in order to benefit from the CAP.

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"A range of measures to help flood victims

While the National Assembly must address on Tuesday on the shutters "great debt" and "Taxation of banks' of the supplementary budget, Eric Woerth, the budget minister, said on France Info this morning that" the impact of large borrowing on the government deficit in 2010 is limited to 2.5 billion euros, or 0.1 points of GDP, while stressing that he was "loaned funds, which will be refunded. Eric Woerth said the need to "reduce our structural deficit, but by the activity that will recreate the recipes that have failed during the recession."He recalled that the forecast deficit passed Monday evening in Brussels indicate a return to a level of public deficit below 3% of GDP, in line with European requirements in 2013, assuming a growth of 2% to 2.5% .

Another topic to be discussed by MPs today, charging the banks should "be subject to parliamentary debate," said Eric Woerth, adding that "it is essential to tax speculative activities.

A minister little to say on pension reform

Regarding the proposed pension reform, a project which must be opened after the regional elections, the budget minister has shown little to say cash advance to savings account .He merely noted that it is a "big issue" and that "all options for reform are on the table."

Also arrested on the law of mobility of staff, Eric Woerth has detailed the operation: "the law of mobility must allow officials to move easily from one jurisdiction to another. An official unearmarked, because his position was eliminated as in private careers, will be entitled to retraining and individual training, which did not exist before. It will then propose a post. It will address three refusals, but then, it will be laid off. "Eric Woerth has assured that" the family and geographical constraints will be taken into account. "It concluded that "after three refusals, it is normal that the employee leaves the terminal, because it means that the person is more motivated to work in administration."

To those who accuse him of wearing a type of speech 'administration, you love him or you leave her', Budget Minister has assured that "this reform can finally build a real human resources policy in the Administration, with merit promotions. "