Otis to participate in its World Cup football 2014 in Brazil. The U.S. company will install in Rio escalators and elevators of the legendary Maracana stadium, refurbished for the occasion. Recently it has also equipped the Burj Dubai Khalifa, the world's highest. And he was chosen to implement its latest generation of products to the Empire State Building in New York.

This series of prestigious contracts is part of a long history for the brand created in the 1850s by Elisha Graves Otis, inventor of the elevator. Since then the company has been incorporated into United Technologies, which has other subsidiaries such as air conditioning specialists Carrier or aircraft engine manufacturer Pratt & Whitney.

Otis remains the king of lifts, with 80% of appliances brand in major tours around the globe. What outdo his most serious challenger, the European Schindler, ThyssenKrupp and Kone. "We are the world leader with a market share of around 25%," says Peter Dejoux, president of Northern Europe and Africa at Otis.

Last year, the group continued to race ahead: its revenues ($ 12.4 billion, or 9.6 billion euros) was up 7%, while its profit before tax (2 , $ 8 billion, or 2.2 billion euros) rose by 9%.

400,000 new lifts in China every year

Yet the recent history of Otis is anything but smooth sailing. First, the group has changed its mind. Exit the French Didier Michaud-Daniel, income in the Hexagon head Veritas, the certification specialist. Since mid-February, it was the Spaniard Pedro Baranda is at the helm. In the aftermath, Peter Dejoux took over some of the functions of Bruno Grob, one of the great figures of the company, died suddenly in November 2011. A new management team, while the global landscape of elevators undergoing a profound transformation. "Growth is high (5 to 10%) in emerging countries like China, India and Brazil as the market is spread in France, posting a decline in Southern Europe", illustrates Dejoux Pierre. China, for example, has become the world's largest market for new lifts, with 400,000 units installed each year.

To meet demand, Otis adapt its industrial sites and multiplies in the new El Dorado. The group built an elevator factory in Chongqing, the metropolis of western China, its fourth in the Middle Kingdom. In India, it will triple the capacity of its plant in Bangalore. "We are implementing there partly because these countries are sensitive to what we produced on site, said Peter Dejoux. But, from our factories in China, we serve as the countries of Southeast Asia. "

Moreover, these markets booming, the group has bucked his offer. With Otis brand, it offers high-end products like the Gen2 elevator to consume 60% less energy. But he also established joint ventures with local companies to distribute products from entry level. In India, in Gujarat, it sells brand elevators Trio. Thailand, Indonesia and South Africa, it distributes the references of another elevator manufacturer, Sigma.

In mature markets, the focus is more on maintenance, which often represents nearly 70% of sales. Otis has launched a dozen countries in a service called Elite that can repair elevators and remote … to increase the annual subscription of 200 to 250 euros. Contracts of this type have been subscribed for 80,000 units, a total of 1.8 million elevators maintained by the group in the world.

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The tone hardens in the conflict between marine companies between Corsica and the mainland. The strike called by the CGT Wednesday to demand the application of the same social laws to all shipping companies, including foreign competition, making these runs was renewed this Saturday. A decision that provoked the "anger" of the direction of SNCM (Société Nationale Corse Méditerranée), 66% subsidiary of Veolia Transdev. The South (ex-CMN) is also affected by the strike. The movement "is followed at 28% to SNCM, a little more to the CMN, but enough to prevent smuggling," said the leadership of SNCM.

The nine SNCM ships and the South (ex-CMN) assigned to services between Marseille, Nice and Corsica are therefore remained docked for the fourth consecutive day, some 10,000 passengers were affected since the conflict began. Many of them have changed their return by traveling on ships of the private company Corsica Ferries, Italian flag, which normally circulate. SNCM has expressed "outrage" because "this movement supposed to fight our competitors rather strengthen, beyond their expectations." Moreover, the director of the company for Corsica, Pierre-André Giovannini, expressed his "regret for the inconvenience to our customers, passengers and cargo carriers, and this new blow to the island economy." He said over the weekend of May 8 Bridge is "one of the most important pre-season tourist" for Corsica.

A bill filed by the PCF

The strikers will meet again Sunday morning to decide on the following movement. "So is the future of thousands of jobs in our profession," says the union in a statement. The strike comes as the ferries market suffered the turmoil of the crisis in recent years. Thus, since its passage in the private sector in 2006, SNCM has almost always been in the red. She was accused of operating losses of 15 million euros last year. Especially, the CGT sailors had already scored a major coup a year ago by stopping work for 47 days, never seen to SNCM. If it were to get bogged down, however this new strike is unlikely to change the trajectory of the group. The direction of the SNCM instead reiterated its "determination to rapidly modernize and evolve the company, in all areas." Last March, the chief executive, Marc Dufour, warned that SNCM would have to separate at least two car ferries and 800 employees in 1617.

In some election, this issue has naturally taken a political turn. Friday, a trade union delegation was received in Paris by representatives of different parties, including the national secretary of the PCF, Peter Lawrence. His party has tabled in the Senate on March 22 a bill to require all companies operating in France the first entry in register of ships, making them subject to French social laws. Sailors CGT also met the spokesman of the Socialist Party, Benoît Hamon, who is, according to the union, "clearly in favor of the adoption of this law," and a consultant Francois Hollande. In Marseille, finally, a delegation was received by the federation UMP.

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Note: Nicolas Sarkozy aims to balance public finances in 2016, Francois Hollande in 2017.

Roman Lucazeau, Chargé de Mission in the Business Institute, details the mechanisms at work in the test programs.

THE FIGARO.FR. – Why submit programs of candidates for this test?

Roman Lucazeau. – Although, compared to the 2007 presidential campaign, the programs of the two main candidates are more accurate, they still gray areas and are based on slightly different economic scenarios. This makes comparison difficult. So we tried to apply the same economic variables: growth rate, inflation, unemployment rate, by 2017. We also wanted to discover what happened to the public finances if the programs were implemented with, notably, lower growth than that provided by the candidates, for example, that France has known, on average, over the past decade.

Originally, this type of exercise is applied by the financial authorities to banks. These are subject to economic scenarios degraded to assess their strength in case of economic crisis. We use a similar method to test the ability of candidates to achieve their stated goal (zero deficit in 2016 for Nicolas Sarkozy in 2017 for Francis Holland).

But in a crisis, a candidate can always abandon its initial program

.

Absolutely. We test the strength of their roadmap, as defined during the election campaign, in a worse position than they anticipate. We evaluate today's promises and do not prejudge the future president of the reactions in case of contingencies.

How does this model?

We leave the bases nominee programs (eg growth rate, the level of taxes and public spending …) and against which they built their proposals. These assumptions are public and have been developed by their campaign teams. We determine how the deficit and debt change if we change some parameters on the basis of data and public reporting, the INSEE, the Court of Auditors and of Bercy. The details of our methodology is available on our website.  

How do you ensure objectivity of your approach?

We submitted the candidates' platforms to the same constraints: same inflation, even growth, even drift government spending or health insurance, etc.. The differences between results are explained by the differences between the programs themselves. Debt strategy of the two candidates based on both on growth, tax increases and budget savings. But Nicolas Sarkozy and Francois Hollande do not intend to use these levers to the same extent. Their programs do not react the same way a change of parameters.

A first in the presidential campaign. Seven of the ten candidates have succeeded on Thursday on the same stage: that of the 66th Congress of the FNSEA in Montpellier (Hérault). Only the far left was missing, including Jean-Luc Melenchon.

All candidates have outlined three major challenges. First, that of the environment, including the management of water, while the French countryside lack of rain for the second consecutive year. Nicolas Sarkozy promised a simplification of administrative authorizations: "It is enough of a preliminary statement" to build dams for irrigation of crops, "up to 350,000 m3." Other candidates have called for better water management. "We're going to crises increasingly frequent and difficult," warned François Bayrou. Also on the environmental component, Francois Hollande has put forward the alternative energy sources. "Biogas, biofuel, biomass, these are new sources of energy and new income for farmers, said the PS candidate. We must share these investments. We will adopt a tax incentive. "

Secondly, virtually consensual: the Common Agricultural Policy (CAP). "I welcome the positive signs that the new CAP takes with keeping its budget. Aids represent fair compensation for the farmer to a policy of low prices to the consumer ", ruled Francois Bayrou. Marine Le Pen is the only advocate a judgment of the CAP in favor of a "PAF" (French agricultural policy), that is to say a re-nationalization of aid. "I am here to defend the interests of French gardeners and French consumers. I do not want a Europe which includes agricultural servant of the WTO, "warned the leading frontist. The sovereigntist Nicolas Dupont-Aignan demanded "firm renegotiation of the CAP because we pay $ 7 billion more to the EU budget that we receive."

Reduction in the hourly cost

Finally, the third item listed, competitiveness. France is now the third largest in Europe in trade of agricultural and food products, behind Germany and the Netherlands. "There must be logical and contractual solidarity, to be more competitive. This will be the sense of public investment bank that will support the development of SMEs in the food industry, pleaded Francois Hollande. We will develop a collective and not individual contract between farmers and manufacturers, allowing visibility of volumes but also the prices. "

Nicolas Sarkozy has defended his hand down the cost schedule adopted under his five-year seasonal and the permanent employees that will result from the social VAT. "97% of agricultural workers are covered by a 5.4% decrease in payroll taxes," he repeated. As for the little candidate Jacques Cheminade, which boasts a history of commercial counselor of France in New York, he is committed to "put innovation and research at the center of the debate on agriculture to meet the challenge of 2050, that of feeding 9 billion of men. "

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With rent "premium" (neighborhood prestige) set to 1 255 € / m² / year, Central London (West End, Midtown, City and Docklands) still holds the record for the most expensive place in Europe. Despite a decline in business, the rent "premium" has continued to increase throughout the year because of the shortage of Class A surfaces in the West End and Midtown particular. "This market has been driven by the technology sector, media, telecommunications and accounting firms," ​​says Dan Bayley, Director General for Central London at BNP Paribas Real Estate. The City has a lower rating but if we judge by the latest transaction carried out at 710 € / m² / year in the Leadenhall Building on 17,652 sqm leased by Aon, the insurance brokerage firm and reinsurance.  

Geneva on the top rent is € 818 / m² / year in a market but only on narrow 35 000 m² of offices.

Central Paris arrives in BNP Paribas Real Estate ranked third with an average premium value of 810 € / m² / year, sometimes exceeded in the seventh district, which is now part of Paris CBD (Central Business District).

Moscow climbed to fourth place with a rent of 544 € / m² / year in the downtown core that can reach 800 € / m². Conversely, on some streets listed under the rent reduction: Leningradskoe on Higway, 39, Olympia Park in the building, nearly 30,000 sqm were leased by Kaspersky Lab to 465 € / m² / year flexcheck cash advance.

Milan keeps fifth place at 520 € / m² / year, posting a stable rents despite an increase in transactions of almost 10%. The five other cities do not cross the threshold of € 500 / m² / year. Stockholm, however, comes close with a rent premium of 484 € / m² / year after rising nearly 13% in one year, closely followed by Luxembourg at 480 € / year / m increase of 5.3% …. ….

With 432 € / m² / year, Frankfurt is still the first German city in rental value and activity despite an increase in rents of just 3% and stability of transactions.

Rome maintains its 420 € / m² / year for almost two years despite a fall, this year 12% of its activity. It is also the only city in the Top Ten in not having increased in value during this period.

Munich comes in tenth position to 396 € / m² / year. "The city is experiencing strong growth, which reflects on the office property. Rents have jumped 10% in a year in take-up has almost doubled in one year, from 599,000 m² to 883,000 m², "said Piotr Bienkowski, Executive Chairman of BNP Paribas Real Estate Germany.

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• Why the French Rugby Federation (FFR) she wants to have its own stadium?

Like the FA with Twickenham Rugby, the FFR wants to have its own sports arena in order to control the revenue generated by the sport. This is not the case today. Indeed, as part of an agreement that binds the Stade de France since 1998, and until 2013, the FFR plays its games in the Six Nations tournament in the home stadium of La Plaine Saint-Denis, as well as a part of his tour matches. Which implies to comply with a timetable and costs a lot of money: 400,000 euros per game.

Moreover, the federation does not take advantage of significant economic benefits, such as revenue from the operation of the lodges or advertising space, returning to the consortium of Stade de France. In total, between 1998 and 2008, the federation estimated 160 million shortfall. "It's an entrepreneurial logic on the part of the FFR, which aims to develop its own production, explains Stéphane Raffalli, deputy mayor of Ris-Orangis and carrying a project site. Unlike football, ticket revenues are crucial to the development of rugby. " A connection that confirms Serge Blanco, vice president of the FFR in charge of the project, and believes that the future stadium will include "recover monies, and to distribute differently between amateur and professional" * ….. …

• What are the characteristics of the speaker?

It will have about 82,000 seats. To avoid the trap of "white elephant" (these stages abandoned or operating only a few days per year), the federation wants a multifunctional enclosure. Like the Stade de France, which receives about fifty events each year, the future new stadium will be able to accommodate sporting events as well as concerts, fairs, conferences, trade shows … Another priority of the project: the retractable roof (which should avoid any disappointments such as the cancellation of the France-Ireland 11 February), and the lawn removable for holding non-sporting events. Finally, it asks the candidate sites a footprint of at least 15 acres, good access and control over land.

• How much will it cost?

The estimated cost for this stage of the fifth generation of 600 million euros. A budget of size: for example the future stage of the Enlightenment of Olympique Lyonnais, will cost 450 million euros to 60,000 seats. The FFR will bring between 150 and 200 million euros. The remaining funding will come from private partners, led by the assumptions used in naming (a practice for a brand to give his name to a sports arena). The federation wants a first opening of the new stadium grandstands in 2017, later than in 2018, a depreciation of equipment in 2024.

• Where the stadium will be built there?

Two candidate sites are still in contention: and. The design of the new stadium remains the prerogative of the FFR, which will select architects. In turn, sites must "lend credibility to the project perimeter around a living" explains Stéphane Raffalli. Sales events, accessibility, presence of businesses, green spaces, leisure village: the proposals are to develop multiple sites. The main difference is in the current environment. At Orly Thiais, we put forward a site of 55 hectares, "that already works."  

The site Thiais-Orly, also a candidate.

LE FIGARO. – How do you with a year follow-up the last pension reform?

Danièle Karniewicz. – It was inevitable to act on levers and short-term increase in the age of departure was the parameter most effective in lowering the stress deficits by 2018 payday loan. And we are already seeing the impact on the accounts of the general scheme: CNAV should reduce its deficit in half by 2012 and the flow of retirements begin to slow this year to produce 8.7 billion euros in savings in 2020.

Measures François Hollande

The Institute has calculated the company eight measures developed by the Socialist candidate in the primary. First, the creation of 12,000 teaching positions per year, or 60,000 on the five-year term. This would cost 360 million euros per year, cumulative $ 1.8 billion in 2017. "These new posts create an implicit debt to the State, which undertakes to pay the pensions of these agents when they reach retirement age," says the Institute. The rating is saltier contracts for generation, exempting charges for three years as a young recruit companies while maintaining a senior job.This measure, the five-year cumulative, burden on public finances from 30.5 to 33 billion.

Another strong measure: the extension of the RSA under 25 years of activity without preconditions. The Enterprise Institute estimates that 120,000 to 200,000 young people could be affected, which would represent an annual cost of 528 to 876,000,000. With "a serious risk of imprisonment in a youth inactivity trap and a significant risk of fraud", the RSA representative "70% of the money diverted to family allowance." The Institute also estimated the cost of the massive development of renewable energy and reducing from 75 to 50% of the nuclear power generation by 2025. The bill? 10.9 billion a year.If this effort can reduce French imports of energy, it will be "on the other hand a negative effect on the purchasing power of households, through the rising cost of energy bills," warns the IDE.

The measures of the Socialist Party

Winner of the primary, Francois Hollande has not yet specified what action the program he intended to resume the PS no fax payday loans. The Institute has calculated the company in the main. The establishment of a public early childhood, a key measure of the project would cost between 4.5 and 5 billion per year. Half the budget of the justice! The bulk of the bill would come from the creation of 360,000 childcare places (3.8 billion per year … just by operating costs), welcoming children from 2 years to kindergarten cost him, by 720 million year.Much controversy as the assistant accused of favoring the creation of a study allowance for trainees is paradoxically less expensive. The Institute's $ 1.3 billion per year. The reason? This new allowance would replace other aid, and especially young people concerned only with limited resources. The bill would particularly high, however (9.6 billion per year), if the allowance was extended to all students, warns the Institute.

In a more traditional vein, the PS promotes the appreciation of the disabled adult allowance (AAH) and better care for older people, through the personal autonomy allowance (APA).According to the Institute, which takes the hypothesis of a revaluation of these allowances by 20% over five years, the AAH would cost $ 1.7 to $ 1.9 billion a year more, and the APA, 1, 5-2100000000.

Cell quantification of presidential projects, implemented by the Institute of the company, will now address the evaluation of the revenue side of the PS program. The question is whether Francois Hollande planned 30 billion of resources to balance its balance sheet. Last outstanding issue: the institute did not look back on the pension reform, suggested by the PS but never clearly put on the table by François Hollande. If this were the case, the encryption would rise much faster.

Tanning, led by Koh family since its inception in 1950, is listed on the Singapore Stock Exchange, it should be removed in the coming weeks.

This will be done via a holding company dedicated HLI Holding. It will acquire all shares of Heng Long to 160.8 million Singapore dollars, or about 92 million euros. LVMH will become majority shareholder of Heng Long, holding 51% stake. The Koh family is committed to reinvesting in the HLI holding up the remaining 49%.The Director General and Executive Director, members of the fourth generation Koh, will remain in place for at least the next five years.

The tannery produces between 200,000 and 300,000 skins per year, including crocodiles from Porosus high in Asia. Despite the change of ownership, it will continue to supply customers other than LVMH.

Heng Long is riding high. Its sales surged in the first half of this year to 36.3 million Singapore dollars (20.8 million), it was up over 50%. During the same period, the net result of the tannery was even more than doubled.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

The extent of the fraud trader in London, Kweku Adoboli, has had because of this determination. "The Board regrets the decision of Oswald Grübel. The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. " This case was discovered on September 15, caused a stir in the world of finance. Rating agencies Standard & Poor's and Moody's immediately placed under review with negative implications the debt rating long-term 'A +' the Swiss bank.

Reputation under pressure

First estimated at $ 2 billion, losses due to fraudulent transactions conducted by Kweku Adoboli were revised upwards three days later business card.They eventually reach $ 2.3 billion (1.66 billion euros). An internal investigation was opened. UBS tracking the failures of its system of risk control. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses suffered by the bank. "The board is deeply disappointed by the loss from unauthorized transactions and fully support the independent investigation. Furthermore, it will ensure that support measures are in place to prevent such cases could occur again in the future, "promises UBS.

It must be said that the bank is under pressure, as he tried in recent years to restore its reputation tarnished by the crisis "subprime" in 2008.The Federal Housing Finance Agency, the U.S. federal agency to oversee the mortgage market, accuses him of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking to return $ 900 million. The Swiss bank is also under investigation in France on suspicion of using tax evasion. Anxious to maintain the confidence of its customers, it manages the fortunes, the bank sent them a letter last Saturday. "Your assets are safe with us," she assured.

For its part, Kweku Adoboli, the trader, 31, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

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