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"Emerging markets are driving growth of the group," said Pierre Pringuet, CEO of Pernod Ricard, the antenna of the radio BFM on Wednesday. Indeed, in 2009/10, whose results were presented this morning, the group's operational performance has been particularly supported by those countries. The specialist wine and spirits show an operating profit of 1.8 billion euros, down 3% but up 4% in organic growth, with organic growth of 14% in Asia and the rest of the world "resulting from Martell particular dynamism in China and local brands in India, the upturn in South Korea and Duty Free markets and strong growth in Africa and the Middle East," says the direction. Conversely, the "Europe excluding France was the region most affected by the crisis with a decline in profit from recurring operations of 3%, said Pernod Ricard.

The leader has said that the group strategy in emerging markets has paid off. Contrary to some distributors, the group has backed the development of its brands 'premium' in those countries where else put more emphasis on products at low costs. However, Pierre Pringuet, said that "the premium brands are spared the game" with growth twice as large.

But overall, the results published by the group are slightly below expectations. The French group announced a net profit of 951 million euros, up 1% for fiscal year 2009-2010 (ending June 30th). As for turnover, it was 7.1 billion euros, down 2% but the growth amounted to 2% payday loans.

Moreover, the average cost of debt was 4.3% throughout 2009/10, up from 4.8% recorded over the previous year. Based on current interest rates, the target for the year 2010/11 is to maintain the average cost of debt at a level below 5%, said the group, which has not communicated earnings prospects for its next fiscal year.

Objectives: Debt Reduction and Development

Management has stated that "his priorities are the development" of its flagship brands, as well as "pursuing a sustained level of marketing investment and debt relief group, in the words of Pierre Pringuet.The Chief Executive, has stressed this morning on BFM radio that the two group's goals for the year have been achieved: "We had two objectives: to reinvest in marketing, what has been done since the expenses marketing has grown twice as fast as revenues, and defease the group, pushing the ratio of debt to cash flow to 4.9.

Pierre Pringuet also puts forward "the return to normal policy of dividend distribution group." He promises that, once again, "one third of the dividend will be distributed" after the unit was exceptionally low last year "because of the financial situation". The dividend will reach EUR 1.34 per share, therefore, under 2009/10.

In early trade, as the market declined more since the action lost 1.2% against a decline of 0.6% for the CAC 40.

For the first time since 1980, the number of three public (state, territorial and hospital) have stagnated in France in 2008. Specifically, they rose only 1800postes. From never-seen since 1980. At 31 December 2008, according to report data annually on the Public Service published yesterday, the Hexagon were almost 5.3 million employees, or 20.5% of total employment, and 656,000 more than a decade ago.

The virtual stagnation of 2008 is largely to the credit of the state civil service has continued to decrease in population from 2006. It has eliminated 77,000 jobs last year, including through non-replacement of a staff of two who retire and to continue the policy of transfer of powers to local authorities. This represents a decline of 3.1% of its workforce in a year.France, employs 2.4 million civil servants, 69.5% and 14.1% of holders of soldiers. This total is 1.4% lower than in 1998, representing a decline of nearly 35,000 agents in a decade.

The numbers have declined in 2008 across all departments, with the exception of Justice and the prime minister. The portfolios of Education and Ecology have been most affected by the cuts with cuts respective 43,000 and 23,000 agents. Finally, almost a two-state official now works in education, one in five of Defense and Interior to eleven.

2328euros per month for a state agent

Another finding of the report 2009-2010 on the state of the public service: local authorities have continued to recruit with a vengeance with nearly 70,000 new jobs in 2008.The local civil service now employs 1.82 million people. A total of 3.9% higher than in 2008 and, especially, a surge of 40% compared to 1998. This dramatic increase is partly related to the second law of decentralization occurred in 2003. The regions – which employs only 4% of all local officials – have been particularly intensive public sector jobs as they saw their numbers jump over a decade, from 22.5% on average each year and even 49% per year since 2005. In more than one in four cases, recruitment occurred three years prior to 2008 had nothing to do with transfer of responsibilities from the State.

The public hospital has, meanwhile, was more reasonable since the increase of its workforce in 2008 was four times lower than that of local authorities: 1% over one year or more 10000agents.At December 31, staff of public hospitals accounted for approximately 1 million people. Those numbers have increased, on average ten years, 1.8% each year.

Pay later, an officer of the state received an average of 2328 euros net per month in 2008. An increase of 3.7% in current euros a year and 0.9% after allowing for inflation. Territorial Agent earned nearly 600 euros less and a hospital, 150. In both cases, the territorial and hospital officials have seen their wages decline in net income a year, by 0.6% and 0.1% in constant euros.

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The garden party at the Elysee was it canceled too late? The caterers will they be reimbursed? Taxpayers will pay the note they? After the announcement of the cancellation of approvals under the Ministries of Interior, Overseas, in the prefectures and sub-prefectures, these issues are on everyone's lips. Especially since the member Rene Dosière (related PS) spoke for the receipt of an invoice 313 618 2009 euros. The debate, then fed by Ségolène Royal in an interview with the Nouvel Observateur, however, is minimized by the main actors of the case.

"There was no cancellation in the legal sense. These are the tenders that have been canceled. Today, nobody can say 'I lost the case, because no one had been chosen "slice Lars Bernard, vice president of Synhorcat, a leading professional trade."So there is no impact because in this profession, we do not prepare anything in advance. A caterer is not Picard, irritated the union representative.

Same story on the side of the Elysee usual caterers. "We were still at the stage of tendering. We filed our application and we expect the answer. We have therefore incurred no expenses, "said Francois Raynier, owner of upscale catering Raynier Marchetti, who denies the passage strengthened its team of 150 people in anticipation of the Garden Party. "150 is our average size," says he.

"From homemade

The prefecture also announced that the cancellations last minute should incur any costs because the buffets are mostly prepared in-house. "We use the kitchen of the prefecture," says one in Rennes.In the Sarthe, everything is "homemade" due to "credit limit". The few jurisdictions involving caterers explain – as is the case in Mayenne – they were still "at the stage estimates.

In the Alpes-Maritimes, the services of the prefecture are in this case state spending "very minimal" to "a few hundred euros": "We're pooling with the city of Nice and the General Council of Alpes-Maritimes limit spending from outside caterers, "says a spokeswoman.

Flexibility

Even if there had been a contract between two parties, there is no fixed schedule for repayment in the profession, making negotiations on a case by case basis between the provider and client paydayloan. "It's the law of business but we always find common ground," says Bernard Bras.In case of cancellation, the situation remains manageable, "he assures," It is a profession without visibility. Sometimes some customers confirm the case only 3-4 days before the big day We are accustomed to this kind of situation. "

At the forefront of the controversy, the food critics temper this speech. According to them, traders are well advised not to claim compensation for the expected win lucrative contracts in the future. "It's flattering to prepare the buffet or the Elysee Matignon is a commercial asset, an honor, a good card," says Claude Lebey, editor and author of restaurant guides.

Rebound

The representative of Synhorcat still regrets the loss of activity represented by these cancellations. "We are talking thousands of hours of work.For the Elysee, the decision could also have been taken earlier this year when the budget is fixed ….

For the future, the profession remains optimistic. The idea of a snowball effect of cancellations is scanned. "On the corporate side, which represent nearly 80% of our business, we see a rather significant recovery from last year," says Lars Bernard. "These are not exceptional receptions for when the box is bad, do not 'do too much peter cap'. But when there is a quick turnaround, we must celebrate. This is happening today. " The other big market traders – that of individuals – is also on the mend: "over time, we notice that people continue to celebrate events," notes vice president of Synhorcat. The public sector, the smallest of openings, should be the one to be hit hard.

"End 2008-2009, business has plummeted because of last minute cancellations of contracts. In the worst of the crisis, some professionals have lost 40% activity, ensures Lars Bernard. 2010 is therefore a year of healing. Regarding cancellations, we are entitled to think that this will not be like that all year. "

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At the edge of the wreck, SeaFrance yesterday presented a rescue plan providing for the removal of 725 of 1580 jobs in the company of French Channel ferry. Former Sealink currently backup procedure, had, initially, 482 scheduled departures. "We needed a gain of productivity is very important because the company lost 15 million euros in first four months of 2010," said Vincent Launay, Director General of SeaFrance. The situation, already tense because of strong competition and also the British Channel Tunnel, has further deteriorated after the strike in four days held during the Easter weekend. SeaFrance had lost 1.25 million at that time.

Capital contribution

The new effort called the company will probably be the last. The savings deposits are increasingly difficult to identify.Indeed, SeaFrance is no longer operating a single line (Calais-Dover) and uses more than four boats, three ferries.

"We will optimize the use of staff time based on business days, seasons, rotation, said Vincent Launay, in the service sector we do not have all the shops and all restaurants are open, then there are only a few dozen people on board. "

The company SeaFrance had placed under the supervision of the Commercial Court of Paris in April. It will soon be requesting the conversion of the backup procedure in receivership.

The situation is very delicate in April, the debt amounted to 185 million for 0.07 million of equity. Last year the company lost 36 million to 170 million turnover.

Now the future of SeaFrance through a capital contribution of its 100% shareholder, SNCF. "It would take about 190 million," says one with SeaFrance. The importance of the recovery plan is also justified by the need to convince the European competition of efforts by SeaFrance to extricate himself.

PSA Peugeot Citroen has issued a statement Thursday confirming finally signed with China Chang'An Automobile Group (CCAG) "a letter of intent for the creation of a joint venture in China."

The French group announced in January that targeted a growth of 30% of its sales in China in 2010 from 3.4% to 8% share of the market by 2015-2016. Last year, PSA had sold 450,000 vehicles, while General Motor and Volkswagen sold respectively 1.8 and 1.4 million vehicles cash loans Guaranteed approval ".The Chinese market is indeed a challenge for the major car manufacturers: the Middle Kingdom has become the world's biggest car market last year, overtaking the United States, with 13.64 million vehicles sold in 2009.

Peugeot was already present in China through a partnership with Dongfeng society. But it is located in Beijing and in the center. Instead, Changan Peugeot opens the market for the East Coast, including the rapidly growing region of Shanghai.

Nothing goes between two of the major shareholders of Eramet. Romain Zaleski, who holds 12.87% stake in the French mining group, calls for the dismissal of four directors, who are none other than representatives of the Duval family, which owns 37% of the company.

There is virtually no chance that when the General Assembly on 20 May, these resolutions are passed. The Duval will vote against. Their ally in a shareholders' agreement-in-Areva will probably follow suit. The intervention of Romain Zaleski, via his holding company Carlo Tassara in which are housed the Eramet shares, should be a sword in the water.

It is nevertheless part of the logical continuation of the lawsuit began in late 2009 by the businessman. Romain Zaleski wants to cancel the merger of Aubert & Duval and Eramet.Fusion, which dates from 1999 and is the origin of family involvement in the mining capital of the group. At the time, Romain Zaleski was not a shareholder. The reason for this action never stops raising questions about the real motivations of the financier. Crowding out of Duval himself would become a key player in negotiations on new developments in the capital of Eramet. But with what ulterior motives? "We will demonstrate in the coming weeks that the lawsuit Romain Zaleski has backfired," said one familiar with the matter.

Meanwhile, the plan to sell Areva stake in Eramet patina. The value of this participation is made more complicated by the attacks of Romain Zaleski.Even if they have little chance of success, it must be considered.

Securing access to rare metals

Communication Jean-Louis Borloo, Minister for Ecology, Energy, Sustainable Development and the Sea, in the Council of Ministers on Tuesday, does not simplify the situation. As noted in Le Monde, the Minister is considering the creation of a center that would combine the mining of uranium mines of Areva and those of manganese and nickel Eramet and should provide access to rare earths and some metals, essential for the industry. This event brings back another sea serpent: the dismantling of Eramet. Another issue, even result, in the end, the Duval family and Alloys division could leave the perimeter of Eramet."Such a subject is not even mentioned by Duval," says one close to the matter.

This hypothesis would at least end the procrastination of the management of Areva for its stake in Eramet, which "is either too much or not enough." At a time when access to mineral resources becomes a major issue, creating a "national champion" is not absurd.

But faced with competition from industry majors, weighing 200 billion dollars in each stock, the new French group, headed by the same Office of Geological and Mining Research (BRGM has also very little money), would in the featherweight class. However, the creation of a committee for strategic metals (Comes) is expected before the end of the first half and allow to "coordinate the various actions, including those of Ifremer and the BRGM and make them more effective" , says at the ministry.Such coordination "assuming no change". The private groups already agree with each other. Eramet and Bollore have joined in lithium (used for batteries) and overall prospect in South America.

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It took two peaks and a half-dozen ministerial appointments, but the sixteen countries of the euro are finally able to determine in detail the safety net for Greece. The European system, officially operational since Sunday, includes up to 30 billion euros in bilateral loans to an interest rate target of about 5M for a term of three years.

"Until now, the Sixteen had taken decisions in principle, we now show that there is money behind," said Jean-Claude Juncker after a video conference involving Ministers Euro zone finance. "All the tools are in place and operational immediately," said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

Athens has not yet decided to use this financial plan. But it was time to measure reliability.Greece, seriously diminished his credit, is to resume tomorrow's Calvary borrower, raising 1.2 billion of Treasury bills at six and twelve months. Repeatedly announced but never detailed the mechanism difficult to convince the markets for two months. The litmus test is committed immediately. By late May, Athens faces more than 10 billion euros maturity on a debt estimated at 300 billion. It must still find 32 billion before the end of the year. The figures broken down on Sunday in Brussels, more generous than expected, seem a priori to the scale of the challenge.

For 30 billion that could unlock the Sixteen would be added the joint contribution of the IMF. If we follow the rule laid down by 2/3-1/3 the last EU summit, Greece could therefore be based if necessary on a cushion of more than 40 billion euros in loans this year.No estimate has yet been advanced for years.

Mechanism triple expansion

With an interest of around 5% on loans for three years, the Sixteen still follow the principles laid March 25. As a last resort, Greece could be financed at a lower price than it does now on the market (more than 7%). But she would not receive any subsidy-provided imperiously posed by Germany, nor any advantage over other heavily indebted countries like Portugal, Ireland, Spain or Italy. If the ETF would be implemented, "Greece would be encouraged to return quickly to the market" to finance themselves forward Jean-Claude Juncker.A hypothesis that will be realized when Athens will be able to raise money at rates lower than the European plan.

Faced with deadlines looming, the Greek prime minister, George Papandreou, had struck these days on all doors so that Europe finally joins the action to the word. To impress the financial, "we must put a loaded revolver on the table," he said Sunday at the Greek newspaper "To Vima". "The question, he added, is whether the device will persuade the markets (…) Otherwise, it could well be used …"

At the announcement of decisions taken by the Sixteen, the Greek Minister of Finance was confident.George Papaconstantinou welcomed an agreement "very important", confirming that he had not requested the activation of the mechanism: "We believe we can continue to borrow freely on the markets."

It was at Athens that he would take the initiative, confirmed Sunday the Commissioner Rehn. But the mechanism is at least triple expansion. The European Commission, the ECB and the IMF all have their say or their conditions to ask. Finally, the loans would only be released only by unanimous consent of the Sixteen, which gives a veto to Germany. George Papandreou today has a net credible.But it has not finished with the tightrope.

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"SPECIAL CASE – Greece, a challenge for Europe

The austerity plan of the Greek government seems credible to Standard & Poor's. The rating agency affirmed the country's rating to BBB +, "she said Tuesday, ending the period of supervision of Greece. It has nonetheless imposed the Greek note a negative outlook.

"We believe that the fiscal consolidation program of the government to ensure sufficient current rating," said in a news analyst Marko Mrsnik. The rating agency Fitch also grants the BBB + debt Greek.

This decision should be the effect of a pleasant surprise in Athens. The agency S & P had in fact announced in February that it intended to degrade in 30 days the Greek notes. Such a measure would have stored the Greek debt in the class of investments called "speculative".

Athens is not provided out of business."Despite the new measures, we believe it will be difficult for Greece to meet its goal of reducing the public deficit to 5.6% of GDP in 2011 and 2.8% in 2012, it does not implement new measures in the coming years, "said Marko Mrsnik. S & P is in fact the government too optimistic when it expects growth of 1.5% in 2010 payday loans . As a result, tax revenues should not be as high as expected.

Change your

The change in tone of the rating agency came after the presentation of new austerity measures in early March. A plan welcomed by the EU markets.Finance ministers of the euro area have also met again on Monday to "clarify the technical arrangements" for any "help coordinate" for Greece, said the head of the Eurogroup Jean -Claude Juncker. No amount has been officially reported, but the figure of 20 billion euros circulating in Brussels.

The Greek prime minister has asked again for his part in the European Union to demonstrate solidarity. "We need the solidarity of Europe to combat financial speculation," he said Tuesday. He said the establishment of a "European Monetary Fund to promote economic growth and competitiveness is necessary.

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This is without state support that Ford has managed to overcome its difficulties. The U.S. manufacturer announced Thursday it had made a net profit of 2.699 billion dollars over the full year 2009. A performance to be compared with the heavy loss of 14.766 billion harvested in 2008. Over the year, turnover was down to 138.1 against 118.3 billion in 2008.

The group included supporting a very successful fourth quarter. Over this period, the second largest U.S. behind General Motors reports net earnings of $ 868 million against a loss of about 5.978 billion dollars a year earlier. The per share earnings is 25 cents, hardly less than the 26 cents analysts who had forecast. Over this period, revenues totaled $ 35.4 billion against 29 billion a year earlier, an increase of 22%.

Before the opening of Wall Street, the title jumped 2.68% to 11.86 dollars.

$ 500 million quarterly savings

To obtain this result, Ford has relied on reducing structural costs of automotive business payday loan . A total of 500 million dollars were saved in the fourth quarter. The group did not hesitate to pursue a higher price for its vehicles. His arm Ford Motor Credit has contributed to higher profits in this period with a profit before tax of $ 696 million against a loss of 372 million in 2008.

Ford is the only manufacturer of the "Big Three" of Detroit (with General Motors and Chrysler) have not gone bankrupt. It is reassuring for the future and plans to write "a profit before tax and excluding exceptional items for 2010, without specifying numbers.In addition to profitability, the group is including a U.S. car market between 11.5 and 12.5 of vehicles this year. In the year 2009 in the United States, sales at Ford fell 15.4% to 1.68 million units. Note that, after hesitating a large part of the morning, the Paris Bourse is moving more strongly in the green then qu'affluent results of U.S. companies show no surprises.

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Negotiate but not amnesty. This is the philosophy of Eric Woerth, the case of taxpayers illegally holding assets abroad. Opened in April, the unit adjustment for those of them willing to go in the right way – nicknamed "drunk tank" in reference to the "gray list" of tax havens – closed December 31 as planned. But "I will extend this action differently, by giving the tax authorities the means to work in the same state of mind," said Budget Minister Sunday on Europe 1.

The cell allowed these "repentant" to negotiate the interest and late penalties, without escaping tax liability itself.This method will be extended to "the tax administration as a whole" to allow "any person wishing to rectify the situation, make it legal to repatriate their capital, pay tax, do so on acceptable terms," argues Eric Woerth.

A carbon tax on the nuclear idea "crazy"

And to defend the principle of the cell – "a huge success," the minister said. It will be reviewed shortly. On December 9, Eric Woerth noted that the cell had already dealt with 1400 cases and that the State had recovered and 500 million euros. He said that capital repatriated then reached 3 billion.And confirms the information Figaro that, in late December, the caseload was about 3,000.

Angered by the comparisons with Italy, where taxpayers have repatriated 95 billion euros, of which 5 have gone into the coffers of the treasury, the budget minister said that this is amnesty, pure and simple. No way to go in this direction in France, repeats it: "The republican pact does not amnesty." And for those who do not request their regularization, "what will the tax audit.

About the censorship of the Constitutional Council, Eric Woerth confirm that a new carbon tax will "surely" passed before the regional elections in March.Its principle is the same for individuals (taking on fuel and gas reimbursement flat tax on income).

The new device will be "more structured" with that of CO2 allowances, which are subject to more industrial emitters of this greenhouse gas emissions – is the total exemption of carbon tax for these sites that motivated the constitutional censorship. Nevertheless, "we will maintain exceptions" because "the carbon tax is not calculated to undermine competitiveness. Among these exceptions, electricity: "It would be crazy to charge nuclear power because it produces no carbon, ignites Eric Woerth