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The leading global service to local shows in 2009 a slight decrease in its turnover to 34.5 billion euros, an increase of 44% to 584 million euros in net income.

LE FIGARO. – Veolia publishes results better than expected. What were the highlights of 2009?

Antoine FRÉROT. – The two major goals set at beginning of year, in the heart of the economic crisis, have been met. We develop a positive free cash flow after dividends – and to do that, we did not need our program of asset sales which amounted to 1.3 billion euros. On the other hand, we have achieved 381 million in savings, an amount greater than what we had announced.In total, our debt has declined from 1.4 billion to $ 15.1 billion.

Your new strategic plan installment does with that of your predecessor?

There is no question of strategic failure. We aim to quickly find a balance between growth and profitability. Veolia Environnement has formidable strengths: market inherently very porters, strong reactivity with a decentralized but coordinated and a significant asset base of 25 billion euros, which provides flexibility.

We aim to sell 3 billion euros in assets between 2009 and 2011 allows us to breathe our business portfolio. For a group size of Veolia, yield an average of 1 billion per year is not a revolution but a healthy, which allows you to concentrate on the heart of business activities.However, there are very few external growth.

What are your projected outcomes?

At a horizon of 3 to 5 years if the economy remains flat, we expect a profit after tax of at least 9% and operating profit up 4% on average. If the economy is recovering, after-tax profitability could exceed 10% and operating profit increased to 8% per year.

As for 2010, the year seems still uncertain and we do not see today's rebound. In this context, I maintain priority to cash. We seek a new economy of 250 million and 1 billion sale of non-strategic assets.Our operating profit should improve further.

Consider yourself an arbitration more radical in your core businesses?

Veolia Environnement is the only group in the world with four specialties: the water, waste, energy and transport. There is no question of separating from one of them, especially as new needs, new offers, imagine the articulation of these four professions. For example, in water treatment, it has already greatly reduced energy consumption. Tomorrow, sewage treatment plants become producing bio energy and bio-plastics …

Where will the growth?

From the internationally but not only in emerging countries. In Europe and the United States, the model of delegated management – a public water treatment or waste managed by a private group – is much less developed than in France.It will certainly be emulated.

Closer to home, markets are developing. Take the case of countries of Southeastern Europe. Dry and tourism, they will probably need new ways of managing water and improving the quality of bathing water.

You have a license for international passenger transport. When will the first TGV Veolia?

Our partner Trenitalia awaits approval of its trains. It is a rail regulatory authority be established to ensure that competitors of the station can actually make their trains run in the furrows to be allocated. All this should be effective in late 2011.

In urban transport, which is the reconciliation between Transdev and Veolia?

The process of consultation of the staff concerned is underway and we need the approval of competition authorities.We are in final talks with the RATP on swaps. This merger will be followed by an IPO, I hope the first half of 2011. Transdev Veolia will be the leading mondiJal urban transport and reach the critical size in a trade promised sweeping changes. I think including the payment of tickets which will be soon available on mobile phones.

Where is the proposed combination with EDF through your joint subsidiary Dalkia?

Here too, there are new services to be created. For this, we must expand the industrial partnership. With its activity, Veolia is already the largest European producer of biomass, useful for decentralized production of energy.There are also offers to develop the electric motor, which will soon revolutionize the passenger.

Suez there reason to suspect Veolia to take advantage of the strike force at EDF calls?

I have no fear of being disadvantaged in France or Belgium by GDF Suez even if its president is also head of Suez Environment. By analogy, this reasoning applies to EDF and Veolia.

Henri Proglio, became CEO of EDF, "he informed the Board of Directors of the exact duration of his" transitional mandate "to the non-executive Chairman of Veolia?

This was not on the agenda of the Council held on Thursday.

For better and for worse. The formula is devoted to marriages as a glove in Hong Kong. China, with its tremendous growth (10.7% last quarter 2009), certainly takes the resumption of the Special Administrative Region (SAR), politically subservient to Beijing but economically and financially independent. However, it also threatens to plunge the country into a spiral of overheating.

"The potential risk of forming bubbles is high," says Norman Chan, Executive Director of the Hong Kong Monetary Authority.

In China, prices are rising for several months now so excessive, and many experts are warning the country against the dangers of relapse.Mid-January, during the Asian Financial Forum, Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) called for the establishment of measures of capital controls in Asia, stating: "Until is temporary, it probably only means to avoid the bubble shape. Beijing does nothing when the bank credit limit to 7.500 billion yuan (773 billion euros) in 2010, against 9590 billion yuan (966 billion) per annum penny.

"The Chinese spend freely"

The Government of Hong Kong is believed to be safe. But it was forgotten that the two powers "are linked by two-way interests perfectly understood one side or the other, as recalled Victor Visot, president of advisers of Foreign Trade of France.

The city is a work in progress."500 buildings out of earth each year, observes Edward Yau, Minister of Environment, pointing to the towers being built around his office. While height and meet new environmental standards, "says he, anxious to point out that 70% of the land remains wild.

Even 710,000 Hong Kong dollars (66 cash advance in one hour .700 Euros) per square meter for an apartment overlooking the sea, tearing programs like hotcakes. The mainland Chinese are the first customers of Hong Kong developers."All the establishement of Beijing and Shanghai, all top managers have a pied-à-terre here that they have or not a business, said Edward Leung, chief economist at the Hong Kong Trade Development Council. They are the ones who buy goods more expensive and they have that, unlike the financial crisis of 1997-1998, house prices do not collapse. "

They invest more easily than the Chinese authorities have allowed banks on the continent to settle in Hong Kong. In the luxury shops of the Central neighborhood, one recognizes immediately the Chinese in their Mandarin while everyone here speaks Cantonese. "They have money, they spend freely and today supply 60% of sales of major brands," said Victor Visot.

After declining 20% in fall 2008, housing prices soared again, observes Helen Chan, senior economist for the government.Especially in the high end, where they rose 30% in 2009, at the same time that transactions were exploding, driven by interest rates very low (0.5% base rate).

While "the risk of a bubble is not imminent," dithers Nomura specialist on site. But it is real enough that Hong Kong officials, while saying "do not control capital movements, consider taking administrative measures to curb overheating. As they did last October, raising the deposit on the most luxurious apartments.

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With 3.2 billion net profit in the third quarter of 2009, the U.S. investment bank Goldman Sachs has recovered quickly from the crisis. And for good reason. According to a survey published by The New York Times December 23, analysts at Goldman Sachs had anticipated the collapse of the housing bubble in 2006. The officers of the bank had lowered their recommendation on the mortgage market from positive to negative in December 2006, discreetly. In the process, Goldman Sachs has begun to shed its portfolio of CDOs. The whole, continuing to sell such financial products to its customers.

Losses abysmal for some …

Created in 2005 by two traders at Goldman Sachs, Jonathan Egoli (graduate of Princeton) and the French Centrale Fabrice Tourre, CDOs (Collaterized debt obligations) known as Abacus products were stars.At that time the housing market was booming. More than $ 108 billion of CDOs were sold to institutional investors, pension funds and insurance companies in the United States and Europe between 2005 and mid 2007, according to statistics from the company Dealogic.

… Substantial benefits for other

But the end of the housing bubble has left buyers of CDOs on the straw. Goldman Sachs was not the only one to make the right bet. According to Wall Street sources quoted by The New York Times, other banks, including Deutsche Bank and Morgan Stanley, and smaller investment companies as Tricadia also bet on falling subprime.And were able to recover sums from insurers.

Given the extent of suspicion, an investigation was initiated by members of Congress, the SEC (the equivalent of the MFA in France) and the Authority of financial sector regulation (FINRA). To determine if these banks and hedge funds have violated the regulations on the sale of securities they have created and injured their own customers. Suspicions immediately contradicted by Goldman Sachs.

Goldman Sachs denies

In a statement posted on its website, the investment bank responds to the New York Times."Goldman Sachs, like many other financial institutions, has suffered substantial losses in its mortgage portfolio, due to the deteriorating housing market." Losses related to such activity amounted to 1.7 billion dollars 2008.

The bank also noted that buyers were "important and sophisticated investors, who had all the resources internally to analyze and adjust their portfolios. Finally, she denied having withheld information to the public regarding its recommendations on CDOs. While the debate swells on the federal government support to banks, which are expected to announce record profits in 2009, explanations of Goldman Sachs will likely be expected to turn.

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A pull of the wrong color, ever read a book or CD in duplicate … Father Christmas does not always meet every household. A solution now exists to deal with this situation: selling gifts on the Internet. While more than 18 million unwanted properties are expected under the pines, 41% of Internet users plan to sell online gifts disappointing, or 20% more than in 2008, according to TNS for site auctions eBay. A system that has more and more popular, especially in times of crisis, when many French are eager to supplement their pay to finance spending Christmas and New Year or even recycle an object.

"This has really started there two or three years, but since 2008 there has been an acceptance of the principle," says the Figaro.fr Gérard Mermet, a sociologist and director of research firm Francoscopie.Sites of purchase and sale between individuals such as eBay, Amazon, Rue du Commerce, Amazon or 2Xmoinscher now prepare to welcome regulars appointments but also newcomers, starting Thursday evening and throughout the month of January .

Put gifts in stores on December 25 or 24

"Christmas is the time of year when we recruit new sellers," says Pierre Kosciusko-Morizet, President of Amazon founder, reached Figaro.fr. The consumer is now in a sense consuming evil. If an object is not useful, much resale.

But how to proceed if disappointing Christmas gift? "It is important not to unwrap it to prove they are new, the best is to put a picture showing it still packed. The potential buyer and said he will make a good business, "says Esther Ohayon, spokeswoman for eBay.For CDs, DVDs or books, it is also best to choose a fixed price and specify the gain that the consumer can do in relation to price.

For the rating of these products' bestseller, appearing each year head resales after Christmas, declining rapidly. "I therefore advise users to upload their property on the 24th night or December 25th and set a price just below the lowest rate of this object," explains Pierre and Kosciusko-Morizet. Another tip is that of Gérard Mermet, a philosopher, "to avoid conflicts, also make sure that people who have offered you a gift does not attend the site where you sell.

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Sixteen votes to six abstentions and one vote against. Ben Bernanke looks set to retain the reins of the U.S. central bank for a second term after voting to approve the Banking Committee U.S. Senate on Thursday. However, to formally renew its functions during the next four years, this decision must still be validated by the full Senate. However, this is quite good for Ben Bernanke, already distinguished yesterday by Time magazine as "Person of the Year" because of its good management of the crisis.

The measures taken by the Fed chief has also been welcomed by the chairman of the Senate Banking Committee. Christopher Dodd has said that "can be attributed to Mr. Bernanke some credit for its crucial role in the events of last fall.Had he not, with others, including some on the committee acted at a critical time for our country, we would have a very different and far more catastrophic. "

In this concert of praise, some voices are discordant. Republican Senator Jim Bunning, who did not hide his disapproval of the continuation of Ben Bernanke, has mocked the distinction of Time, stating it had been previously awarded to Joseph Stalin, Yasser Arafat or even Adolf Hitler. " "I hope that Ben Bernanke will run better than they" wished Jim Burning. The independent senator from left, Bernie Sanders, not a member of the Banking Committee, has even questioned the president Barack Obama asking him to reconsider his decision last August to extend Ben Bernanke to head Fed.Despite these protests, Ben Bernanke should be renewed without a hitch.

"Ben Bernanke, voted" Personality of the Year "by Time

LE FIGARO. – In announcing this summer by Accor of making the study of a split between the hotel and the services you have expressed your reservations about the form, if not in substance. Over three months later, did you stop your position on this?

Gilles Michel. – The question was raised shortly after the transfer of the participation of the Deposit to the ISP. In this context, we should play our role as shareholder, albeit a minority 7.5% stake, but still full. This meant that we have all of the elements to make a serious analysis. This has justified my "fit of temper" at the time. Since then, extensive work has taken place on the reasons to justify this decision on the benefits, costs and risks of this option and its alternatives, which I welcome.And quite frankly, I've seen all this work, no evidence for the need, in December 2009 to initiate division of Accor.

So you keep on your positions?

I have no reason in the name of a doctrine or principles. The split may be a modality in the service of a project but not an end in itself. During the work, we found that both businesses had before him genuine opportunities for strengthening the ISP calls for. But it is possible to pursue a development strategy in the current framework. Conversely, a split in a market environment that is not without risk, I think exposing every business to increased vulnerability.It is not necessary to incur the risk of executing the operation, financial risks, particularly in terms of ratings of each entity, and the risk of weakening as it can lead an ambitious strategy in the context present.

What is your alternative to Accor?

Accor is a large group of ACC 40. It can lead a strong offensive strategy with determination and speed. Its direction can be bold in terms of both organic growth and external growth.

Do you think the council will follow? And if this is not the case, what will the ISP?

I do not prejudge the discussion board. Each director will determine in its soul and conscience under the sole interest of social enterprise. And if, purely hypothetically, the board should choose the path of division, the next step will be the General Assembly, where of course we would vote against.But I am perfectly aware of the laws of arithmetic. The two shareholders who hold 30% stake in Accor worn since the beginning of the project, saying it is not up to cash in the short term but to create value over time. I do not doubt that they have at heart to remain associated for several years in the capital of each of the two new companies. With regard to the ISP, I would have full discretion as to our involvement.

A council held Tuesday decisive

Accor has accelerated the study of the relevance of a split (with a later check services prepaid and other hotels). The group meets Tuesday Board of Directors, expected to be decisive on the issue.Mid-November, after its previous meeting, the council had said "satisfied with the progress of work" to formalize the project.

The fund Colony Capital and investment company Eurazeo, who own about 30% stake in Accor, there are the best way to enhance their investment. Gilles Pelisson, CEO of the group agreed with this idea. However, the ISP, the second largest shareholder with 7.5% stake, otherwise, officially now. In this context, the position of the six independent directors will be decisive. Unions are worried themselves for employment in hotels.

A study of CA Chevreux, hotels could represent 74% of sales for Accor this year, but only 39% of operating income.In case of division, according to the scheme proposed, the hotel would bring about one third of the group's debt, two thirds of returning to the emerging prepaid.

»COMPUTER GRAPHICS – Investment ISP

The proposed division of Accor moves its shareholders

More than six years after the arrest of Mikhail Khodorkovsky, head of the Russian Yukos oil empire carved up today, a judicial rebound with 100 billion dollars at stake Monday intervened in the case.

The tribunal in The Hague has made the November 30 "award" which theoretically opens the way for plaintiffs to claim damages from the Russian state in an amount estimated by them at 100 billion dollars.

The plaintiffs in this case are three former Yukos shareholders who held together a 60% share of the business booming in the early 2000s. Both are subsidiaries of GML (formerly Group Menatep): Hulley Enterprises and Yukos Universal and Veteran Petroleum Limited, a pension fund to finance the pensions of employees of Yukos.The complaint before the Judicial Arbitration international date from 2005, when Mikhail Khodorkovsky was arrested in October 2003, behind bars awaiting his first trial, when the empire began to be dismantled, primarily for the benefit of Rosneft oil company controlled by the Russian state.

An arbitration was a precedent for foreign firms

The court of arbitration has a strict disclosure policy, refused, late Monday afternoon to confirm the decision, which belongs to the parties. The Paris office of law firm Cleary Gottlieb Steen & Hamilton who defended the Russian Federation also declined comment.

The ad hoc arbitral tribunal composed of three arbitrators ruled on Monday its jurisdiction.A crucial step, says Mr. Emmanuel Gaillard, a lawyer for plaintiffs, director of international arbitration at Shearman & Sterling, "which set a precedent for all foreign energy companies, BP, Total and Shell are investing in Russia." According to Mr. Gaillard, Russia argued that GML could enter international justice. The court ruled that GML, based in Gibraltar, the pension funds in Cyprus and its subsidiaries (the one established in Cyprus and one in the Isle of Man), are foreign investors. As such, they are protected by the Treaty of the Energy Charter, adopted in 1994 by Russia. Moscow denies the value of this treaty that Russia has not ratified. In addition, the Kremlin believes that legacy text-1990s, intended to protect foreign investors and open energy markets, is formally out of the treaty last August.The court in The Hague has nonetheless held that the Treaty protects many foreign companies.

The legal showdown could last for years to come

"Russia should be aware of his actions before international justice," says Mr. Gaillard. The decision on Monday a document of some 200 pages – now opens the way for discussion of the case on the merits. The plaintiffs intend to show that they were expropriated without compensation and claim damages valued at some 100 billion dollars.

If they win the case, continue to enforce the award, inputting, where appropriate, assets of the Russian State around the world.The series could last for years to come.

Mikhail Khodorkovsky appears again

Meanwhile, the former richest man in Russia, Mikhail Khodorkovsky, appears before a court in Moscow since March 3, who is accused of embezzling more oil than is produced society. Arrested in October 2003, Mikhail Khodorkovsky, was sentenced at the first trial to nine years in a labor camp in Siberia for tax evasion.

Russian Prime Minister Vladimir Putin has confirmed if such were needed, last Friday during a meeting at Rambouillet with François Fillon, his rancor against the tenacious most famous prisoner in Russia who had political ambitions, in comparison to Al Capone .

"Khodorkovsky promised" entertainment "at his trial

"INTERVIEW – Khodorkovsky:" When Russia is wrong, Europe must say "

All about the payment Cesu or know the steps to create a service activity is possible by going to the salon services to the person of 19 to 21 November in Paris, Porte de Versailles. According to Alain Bosetti, Chairman of the Fair personal services, "this national event bringing together the entire profession is essential to address issues of heterogeneous public, to relate structures and individual providers, facilitate the meeting between stakeholders home, job seekers and prospective employers.

Responses adapted to each profile

According to organizers, more than 23,000 private and professional visitors and 250 exhibitors are expected this year.For individuals, the exhibition will provide an opportunity to find answers to their questions about the tax advantages of personal services, operation of CESU, the status of particular employer, their obligations … Through including conferences with themes as varied as "choose a provider company," Cesu banking instructions "or" need a used home? -Become a particular employer. " They will also have the opportunity to meet with service providers and compare their offers.

The exhibition is also an opportunity for industry professionals to find solutions to create in this area of work and meet with franchise networks expanding. Lectures will review aid to the creation of businesses in the area of personal services and franchising.They will also discover paths of entrepreneurs where their peers will share their experiences.

Speakers at Home and job seekers will have the opportunity to meet companies that recruit, make contacts and learn about training possible. Business leaders and HR managers can assess the Cesu as a tool for retention of their employees and discover all the services offered to employees through the Village of services to employees. They will learn include the cost of these services for the company.

More information on the Show site services to the person

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The insurer and financial services provider American International Group has introduced a profit of $ 455 million in the third quarter, earnings per share of $ 0.68, which remains well below market expectations. Adjusted EPS reached $ 2.85.

In the third quarter of 2008, the group had recorded a loss of 24.47 billion dollars, which had propelled the brink of bankruptcy.The U.S. State then had paid nearly 180 billion dollars in aid, partly through loans to save a world leader in insurance.

The statement said that the derivatives portfolio of AIG Financial Products was reduced by 13% compared to 1300 billion as at June 30, 2009.

The summer rally that propelled the markets to their highest annual will not rise enough to make sufficient investment value of the group, as falling from 10% to $ 35 in trade pre-market trading.

The former sidekick of George Soros, Jim Rogers, chairman of Rogers Holdings and investor known for his forecasts on the commodities market, has announced that an ounce of gold would continue to grow year after year until it reaches the 2,000 dollars within ten years. "The dollar is a dollar very imperfect" and "U.S. debt is held outside the country is progressing rapidly every year and I do not think Washington cares," he said to support his predictions.

In his statements, which were recorded on the sidelines of a conference of ETF Securities in New York, Jim Rogers also discussed progress continues to be held on the commodities market as a whole. The oil or sugar and should see their prices rise with a steady increase in global demand and supply reduction over the years.

Jim Rogers said that Asian countries in growth would be the main actors of this bull cycle in commodities.

New historic high

The ounce of gold hit a new historic high in sitting for the third straight day in familiar terms from the 1061.6 dollars late Thursday afternoon. Jim Rogers, who said "like gold" wished to draw the attention of investors on two other metals called "noble" that are silver and palladium, platinum derivatives. "The money is still 70% below its historic high," he said, as palladium.

A native of Alabama, Jim Rogers founded the Quantum Fund in the 70's with another now famous investor George Soros. Only ten years it has been necessary to build a fortune and retire at the age of 37.Specialist materials, it has launched a fund dedicated to market "commodities" in 1998 when the commodities market had just experienced two decades of decline.