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The Paris Bourse is a small step forward Monday in mid-session. After opening slightly lower, the CAC 40 0.18% ahead of midterm to 4077.75 points. To 15 hours, the increase was more candid with a gain of almost 1% to 4110 points. Despite the good performance of Asian markets and the close up on Wall Street Friday, traders play the card of caution after a session that saw the benchmark index climbing 1.51% Paris this weekend.

On other European markets, the atmosphere is also very hesitant. The FTSE London Stock Exchange was down 0.47% to 5973.23 points while in Frankfurt the Dax symbolically advance of 0.02% to 7186.80 points.

Investors should still have their eyes on the situation in the Arab world.In Libya, the opposition, strong control of the Eastern and Western cities, was preparing to march on Tripoli and Sunday tensions have spread Sunday to Oman, Sultanate strategically at the mouth of the Gulf. Faced with these tensions, crude prices were again on the upside, a barrel of Brent North Sea exceeding $ 113.Markets will also focus on the series of macroeconomic indicators provided on both sides of the Atlantic:

– In France, prices of industrial production recorded a fourth consecutive month of sharp rise in January, rising 0.9% from the previous month and 5.6% on their progress on year, according to Figures released Monday by the INSEE.

– Inflation accelerated in January in the eurozone to 2.3% yoy from 2.2% in December, but rising consumer prices has been weaker than the 2.4% announced until here, said Monday the EU statistics office Eurostat in a second estimate.

– In Germany, import prices rose more than expected in January from 1.5% a month to month and 11.8% annually, while the consensus gave 1.0% and 11 2% respectively.In Spain, the rate of inflation increased further in February to 3.4% year on year, its highest level since October 2008

– United States will be published income and expenditure survey in December (1430), the Chicago PMI for February (15.45) and the promise of home sales in January (16h).

Note that the currency market, the euro continues to rise, still supported by speculation about an increase in anticipated interest rates by the European Central Bank for the fight against inflation when the policy committee monetary institution meets Thursday. About 11:20 am in Paris, the euro bought 1.3839 dollars against 1.3749 dollars on Friday night.

Values to follow

EADS: -0.58% to 20.54 euros

The group should still be affected by the failure of the tanker contract.EADS may seek to acquire a European group fully exposed to the U.S. defense market, essential to his ambition of becoming a global player in the sector, analysts estimated.

Furthermore, the European aircraft manufacturer Airbus announced Monday in a statement it had received an order "farm" of three A330-200 of the Malaysian company, low cost AirAsia X.

Renault: + 1.36% at 43.53 euros

The carmaker Daimler signed a new agreement whereby the French manufacturer develops electric motors for Smart and Twingo ranges, while the German group will provide the batteries, said the head of R & D at Daimler, citing a German newspaper.Both groups and deepen their alliance forged in April.

Moreover, the Figaro says it in a week that Switzerland will provide the Paris prosecutor the result of letters rogatory requested to check whether two of the three executives on suspicion of espionage and licensees have received money in accounts in this country.

Alstom: + 0.17% to 42.99 euros, Veolia: + 0.49% to 23.75 euros

SNCF, Alstom and Veolia had applied to the realization of the line high-speed train between Orlando and Tampa but the new governor has just drawn a line under this vast project on the grounds of cost and underestimated considered overestimated revenues, according to information from La Tribune.

Carrefour: -0.01% to 35.54 euros

According to Le Figaro, the group could be separated from Dia hard discount its branch.It would become completely autonomous, with no managerial or financial relationship with Carrefour.

Hi-Media: + 4.73% to 4.21 euros

Speculation grows on the value as we approach the end of the period of reflection on the future strategic commitment to the activity of micro-group. Hi-Media, announced in mid-December that it had asked the investment bank NIBC Bank to study the various possible industrial and financial partnerships around its platform and its micropayment Allopass electronic purse Hipay.

CAM: + 2.76% to 26.82 euros

The group reported a 2010 net profit of 100.2 million euros, up 11%. Revenues climbed 3.6% to 2.676 billion.The dividend for fiscal 2010 amounted to 0.82 euro, up 5.1%.

Teleperformance: -1.58% to € 26.70

World number one call center announced Monday a drop in 2010 earnings due to charges related to a restructuring that results in job losses in France.Teleperformance has spent 47 million euros of provisions in its accounts for 2010 to restructure its operations in France, of which 45 million are related to the second plan announced last summer.

Eurofins: + 6.12% to 58.65 euros

The analytical services group posted a profit in 2010 of 23.4 million and saw its sales gain 6.3% to 680 million euros.

At the close of trading, April Group, Ingenico, Steria and Bureau Veritas will announce their annual results.

Natixis: + 0.14% to 4.28 euros, BNP Paribas: + 0.34% to 56.16 euros, Societe Generale: + 0.53% to 49.80 euros

The HSBC bank auxannonces resist.The first European bank has reported a taxable income in 2010, has more than doubled to 19 billion dollars (13.8 billion euros) but reduced its target for return on equity in the long term 12-15% against 15-19% previously.

France Telecom: -0.59% to 15.92 euros

The union CFE-CGC/Unsa France Telecom said on Sunday that he feared a "partial nationalization" of Orange Tunisia, a joint venture of the French operator, Tunisian authorities have announced the seizure of assets of the Group President Marwan Mabrouk.

Accor: -0.10% to 33.64 euros

Denis Hennequin, president and CEO of Accor wants to "work on the brands" and "awaken the spirit of innovation" Hotel Group which has just taken the reins, according to an interview published Sunday in Le Journal du Dimanche.

A formula that has rained, but that leaves open many files. The roundtable, chaired by Nicolas Sarkozy after his walkabout in the aisles of the Salon of Agriculture, was rather well received by participants. "He did not demagoguery and was really aware of what was happening in the farming community," said Florence Verheyden-Valade, breeder of bison in the Creuse. It was part of the panel of invited farmers, three women and four men, "representatives of all sectors and territories", according to Franck Louvrier, communications adviser at the Elysee. There was a producer from another sheep of the Puy de Dome, a pork producer from Vienna, a wine of Herault, a grain of Loiret and a breeder of Charolais in the Nièvre.

Discussion without taboos

For more than 90 minutes, the Head of State has listened in turn and answered their questions.Environment, rising raw materials, distribution, cost of labor, many topics were discussed openly and with details. Asked about the cost of labor by Patricia Rebillou, producer of strawberries in the Dordogne, Nicolas Sarkozy said: "We reduced by more than three euros hourly cost of seasonal workers, to 12.81 euros per hour to 9, 43 euros. Adding that "this reduction in social security employer had already cost the state 500 million euros" and it was not possible to go beyond. "Nicolas Sarkozy has memory and is familiar with his records," commented Michel for his part Hamel, a milk producer of the Channel.The latter was part of the 400 farm representatives who attended the roundtable held in Area 2000, a large room in the mezzanine in Hall 1 of the animals at the Porte de Versailles.

On the environment issue, widely discussed on Saturday, the audience applauded the head of state when he said the poster campaign of ecological association FNE. "It is hurtful, humiliating, totally cons productive in some ways shocking," said Nicolas Sarkozy. "You are loved by the French more than you think as evidenced by the success of the Salon of Agriculture," he said at the farmers.

Several decrees

In a goodwill gesture, the president did not come in without his wallet. A decree recognizing the activity of methane on farms is released this Saturday.

In addition to reducing the depletion of farmland in France – at a rate of one department every seven years – another decree was issued on the topic, believing that the show is moving files around the corner. It concerns the establishment of advisory boards of county farmland. A new structure must give notice before any sales of land into building land. Transactions will now be taxed. The tax proceeds will fund innovative facilities for young farmers.

"However, Nicolas Sarkozy said nothing about the case of photovoltaics, which allows farmers to reduce their cost of production," complained Jean-Pierre Fleury, Secretary General of the Federation Nationale Bovine and rancher in the Morvan. Another disappointment for farmers, lack of clarity of Nicolas Sarkozy vis-à-vis supermarkets."While the president has insisted on a better distribution of value added over the entire chain, but was not specific enough in its intentions," said Guy Vasseur, president of the APCA (Permanent Assembly of Chambers of agriculture). "We will continue to help you be more competitive and regulate the prices of agricultural commodities. I believe the future of French agriculture, growth, development and its contribution in the foreign trade of France, "said Nicolas Sarkozy. "A frank and direct dialogue," summarized the Youth President Jean-Michel Schaeffer, leaving the space 2000. "The lyrics is good, it acts better," summed up his side Beulin Xavier, president of the FNSEA.

The French industry was surprised by its strength at year end. Output rose 0.3% in December, after rising 2.3% in November, according to the latest statistics published by INSEE on Thursday. Economists polled by Reuters had forecast a decline of 0.4% over the last month of the year.

"It was difficult to expect the same rate as in November which was marked by a sharp catch up after a difficult month of October," said Alexander Law, chief economist at Xerfi. Excluding the energy sector, manufacturing output has remained stable at -0.1%.

Energy and construction at half mast

These figures conclude a positive fourth quarter for the industry, which has seen production increase by 0.4% from the previous quarter. Compared to the last three months of 2009, the rebound was significant (+5.8%).An increase fueled by all but two sectors: construction (-4.5%) and energy (-15.2%).

In December, the index has not been fired, as in previous months, for automobile production, which remains stable at 0.1%. These are indeed "other transport equipment 'that supported the production, up 6 free business cards.2%. "The production of capital goods went well in December with a 1% increase compared to November," says Alexander Law also.

With rare exceptions such as energy (1%), all other industries appears down to the image of electrical and electronic equipment (-1.1%) or other industries (textiles, chemicals , etc..), to -0.3%.

Conflicting forces

"We believe that industrial production will slow significantly in 2011," said Victoire Dumaine-Martin, an economist at Natixis.The activity should be subject to contradictory forces. It should be drawn on one side by the dynamism of Germany largest trading partner, but restrained from each other by depressed domestic demand in coming quarters.

Other figures published on Thursday, orders to industry in Japan have rebounded 1.7% in December, the first time in four months. Over the same period, German industrial production fell 1.5% due to catastrophic weather. A hiccup that does not undermine the strength of the industry in Germany.

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The English are trying to shake up the French market for fast food, dominated by the U.S. McDonald's. The British chain Pret A Manger could quickly establish themselves in France. The management of the company and the investment fund Bridgepoint, the owner, studying his arrival. Their strategy? Immediately propose to the French offer meets their dietary habits and make a name quickly on the territory with a hundred addresses minimum. To achieve this, an acquisition seems a prerequisite. Bridgepoint had also identified potential targets of fast food chains that already have at least a hundred units. They are few in number to fulfill this condition: Potato Bread, Crust and The Class Croissanterie.

"The decision for Pret A Manger coming to France is taken, says a close case.But nothing is done, since the arrival of the chain depends on the success of an acquisition. At this stage, discussions are most advanced with Apple Bread but can still roll over. "Founded in 1980 and acquired in 2004 by Acto Capital (Private Equity Groupama), Pomme de Pain is mainly located in the Paris region. The chain has made more than 60 million euros in turnover in 2009.

Pret A Manger, co-founded by two college friends Sinclair Beecham and Julian Metcalfe, opened its first store in London in 1986, where she quickly became a phenomenon. So much so that in 2001 McDonald's has acquired 33% stake. In 2008, the fund Bridgepoint has taken control of Pret A Manger, for 345 million pounds.

Pret A Manger has approximately 250 restaurants, mostly in Britain. The company also has a thirty addresses in the United States and a dozen Hong Kong.With over 4,500 employees, its turnover grew 12% last year, averaging 280 million pounds. On its website, Bridgepoint said that Pret A Manger wishes to increase its number of outlets by 15% per year and that the chain wants to become "truly global" through a "controlled expansion". Obviously, Pret A Manger will not hear talk of openness. "Do not ask us to open duty-free, because we do not, the company warned on its website. We do not like the franchise. "

Upscale sandwich

"The arrival of Pret A Manger in France can impact all the concepts of fast medium and high-end type Cojean especially those developed by distributors, starting with Daily Monop," said Bernard Boutboul, Director General of Cabinet Gira Council.He said the brand strength is its triangle sandwich bread upscale, which does not exist in France. In addition, the ingredients are fresh, organic and natural, and everything is manufactured locally. A la carte, salads, soups, but also sushi, croissants, baguettes, muffins, raisin, chocolate brownies … Drink: tea, coffee, chocolate, juice and smoothie. "Our wasabi mustard sauce is brown (not green fluorescent), our ham is pale (not pink) and our Maroon dried apricots (not orange)," said Pret A Manger on the Internet, while detailing the number of calories that products it sells.

Advertising is the buzz at this time of celebration. These days, two pieces of information are especially react on the web. The first of these relates to the German carmaker Volkswagen, whose last TV spot reacted all fashion bloggers. And for good reason: Karl Lagerfeld is the protagonist.

It was in German as the artistic director of Chanel touts new Polo and Golf models. Camera in hand, the creator of these enraptured many cars he would move from Paris to Milan. But his hopes are showered by Giabiconi Baptist, his muse and assistant in the advertising, who whispers in his ear that the models in question will only be available for the German market."They deserve to be in Paris," said Karl Lagerfeld, so, disappointed.

Karl Lagerfeld renews with the auto sector, two years after he donned the yellow vest for road safety in France. In Germany, the advertising, broadcast from December 22, continues to talk about her. So much so that the leadership of Volkswagen considering the decline in other media including Internet, print and display.

Gillette goes to Woods and Henry

The other ad news this year for Gillette. The mark of the U.S. group Procter & Gamble announced in its way as Tiger Woods and Thierry Henry embody more "masculine perfection." Their contracts for the Gillette Champions campaign, ongoing since 2007, will indeed not renewed their term on December 31."The Gillette Champions program will end the first quarter of 2011, said Michael Norton, spokesman for the group. Gillette Champions was created by the famous brand of shaving accessories namesake in 2007 and, like any brand, we update our marketing efforts to match our consumers, "he said simply.

Both athletes appear in several commercials alongside the Swiss tennis champion Roger Federer:

No information about the future of tennis at Gillette advertising and footballers Kaka and Lionel Messi has been unveiled. But one thing is certain: for all these sports, the end of the Gillette Champions campaign will result in a significant cut in their income. Thierry Henry's contract with Gillette was 5.6 million euros per year. It was around 8 million for Federer and Woods.The latter will suffer most from this decision. Indeed, his marital problems, which have already cost contracts AT & T and Accenture, its revenues have shrunk from 35 million.

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Everett is the largest industrial site of Boeing at 48 miles north of Seattle, Air France has come to shop on Tuesday. In the vast factory, Boeing models stars aligned: that day, five 777 aircraft are being manufactured. "Our production rate is currently five months against 777 by only three during the crisis," said a spokesman.

Air France has come to seek one of these long-haul. This is the 58th 777 fleet. But for a year and a half, the company had paused in its purchases of Boeing. This 777-300ER offers him a new lease of life with a unique interior equipment: new seats in all three categories Business, Premium Travel and Travellers, a new video system, a bed "almost flat" in business … "We've ordered eleven who we will be delivered by the end of 2015, "says Nicolas Bertrand, manager of the long-haul fleet.

Traffic recovery

Air France, like its competitors, has been a resumption of traffic growth in revenue and boosts aircraft orders. But in parallel, the company ensures its domestic debt. "We decided to delay the release of fifteen A340s and seven Boeing 747, said Bruno Matheu, the Chief Commercial Officer of Air France. We will refurbish the interior of the cabin, the seats and video systems no fax cash advances. " A renovation costing approximately EUR 10 million per aircraft. Other economy: the use of hirers. Indeed, the 777 that has acquired Air France-secret but for an amount less than the list price of $ 250 million-will be sold from Monday to Air Lease Corporation, which will lease to Air France. "This is one of finance, explains Bruno Delile, director of the fleet.We resell the plane and we pay rent for six to twelve years. "Half the fleet of the company is hiring. But in 2012, this funding will become meaningless because the companies will bring up rents as assets.

Boeing expects most Air France and KLM, which are ordered together for the first time one hundred units of 250 to 350 seats are decided. The 787 Dreamliner, fit this profile but is not yet certified. As for the A350, it is late, "We will make a recommendation to our branch at the end of this year," says Bruno Delile. It may be in favor of a builder, on the other, or both.The delay of the A350 in the place but if less favorable economic performance are important, we'll wait a bit before returning to more 787. "

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In just three months, Pierre Gadonneix has worked hard. Appointed Chairman of the Supervisory Board of Latecoere in September to find a solution to the OEM backing beleaguered airline, former President of EDF has increased its consultations: Airbus to Boeing through the Representatives of the American Spirit, who is studying the issue (our edition of 25 September) and the Strategic Investment Fund (ISF). "The goal is to introduce creditor banks Latécoère first bankruptcy in spring 2011," says Pierre Gadonneix Le Figaro. "We have contacts with ten potential partners. Our goal is to identify two to three patterns that satisfy the bankers in repayment of debt, customers, anxious to perpetuate their chain of suppliers, and the state, which wants to consolidate the sector aerostructure French, "says there.This is split between four parties: Latecoere Daher-Socata and Sogerma Aerolia and subsidiaries of EADS, parent company of Airbus. "I am much more confident than in September, because the debt is at the heart of the matter is now stable. Latecoere consumes more cash in their holdings. But it does not generate enough to repay what will happen when certain programs including the B 787 will be mounted in cadence, "said the president.

Daher-Socata competing

Despite this optimism, the record Latécoère is complicated to solve. Bankers and customers were staring at china dogs, saying they have already paid their tribute to rescue the small Toulouse.The first, by accepting a moratorium freezes 80% of the debt until the end of 2011, Airbus, ensuring four years of work load and paying in advance of development costs (200 million euros) free 3-in-1 credit report. Boeing, meanwhile, has agreed to pay on the nail the doors of the B 787, despite the delay of the program. "Nobody wants to take over the short-term debt," says an industrialist. Daher-Socata, still a candidate for the resumption of all or part of Latécoère, said he would put at risk in this case. His profile – healthy balance sheet, diversified business, half in the aeronautics industry – like the government, campaigning for the emergence in France of a Franco-French Spirit in a European context.

Latecoere carries a debt of 363.1 million euros to 113.6 million in equity (at June 30, 2010)."Latecoere has been an aggressive volume by taking packages between 2000 and 2002, when a dollar was worth more or less 1 euro. It was all financed by debt. These workloads generate a turnover of unprofitable with a parity of 1 euro to $ 1.40, "develops an observer.

Other things are disturbing. While its subsidiary Latelec was chosen to supply the wiring of the wings of the future A 350 XWB Latécoère won no contract Aerostructures, depriving themselves of income for over twenty years. He also encountered difficulties with the composite doors of the B 787, forcing Boeing to "resume work" in its Everett site in the United States. The problem is now resolved, ensure that Boeing has reached agreement in early 2010 with its supplier.

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Vivendi seeks to exit the procedure in which it is mired for months about his group's takeover of Telecom GVT Brazil. According to reports from Reuters, Vivendi has sent a proposal to the Brazilian competition regulator. Within the group of French media, we do not comment.

The investigation by the Brazilian authority is whether Vivendi had really 40% – the legal minimum – the capital of GVT when he announced in November 2009 that it had taken control. An ad that would have discouraged the Spanish Telefonica, which would also afford the nugget GVT.

For its part, Vivendi has always pleaded not guilty and repeatedly assured that it had complied with Brazilian law throughout the process that led to the acquisition of GVT.

If Vivendi managed to close the case, he could escape a heavy penalty to pay up to 1.2 billion euros fine.

Canal + remains "open" to the Spanish Digital +

Despite the dispute with Telefonica on the folder GVT, the French television channel Canal + pay (80% owned by Vienda) said to stay interested in an acquisition of its Spanish counterpart Digital +. In the Financial Times on Monday, its chairman Bertrand Meheut says: "We do not discuss but we are open."As a reminder, such a combination had been tried but had suffered a failure.

The media group Prisa, which owns Digital + history, had sold 44% of its capital last year to Telefonica and Italian Mediaset, to cope with the demands of its creditors.

In addition, Bertrand Meheut warned that his group is considering launching a possible pay-TV offering in Brazil with GVT. However, such an initiative is not obvious because free radio transmitters have the largest portion of the premium offer, "noted the French official. Canal + would expand its presence abroad, but his initiatives in Vietnam and North Africa have not been easy.

UBS buys more shares in Vivendi

On Monday morning at the Paris Stock Exchange, Vivendi is heckled.The shares retreated 1.17% to 20.25 euros, the worst performance of the CAC 40, up to 11 hours shy (+0.33%).

Investors shun the title as the broker UBS lowered its recommendation on the value of "buy" to "neutral" but maintained his price target to 20 euros.

"The price of Vivendi shares has appreciated 25% since its lowest of the year and short-term catalysts have played their role well," said UBS in a research note. At current, the Vivendi shows a decrease of 2.2% since the beginning of the year.

He explained that the increase after a possible buyout of minority interests in SFR is probably already included in prices and that the title could consolidate at current levels.

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Since the last decentralization, regions are responsible for regional express trains (TER). And the bill becomes increasingly burdensome. Indeed, the station sees its own costs increase. As part of the reform of special diets in late 2007, the railroad received wage compensation in exchange for lengthening the contribution period. Moreover, Réseau Ferré de France (RFF) has identified the tolls it charges to the station. However, some agreements signed between SNCF and regional councils provide that these costs can be passed on to the regions. This is the case in Burgundy. "The extra cost of pension reform will increase from 600,000 euros in 2008 to 2,300,000 in 2010 and $ 4.4 million in 2012. And this year we will have to pay 2 to 3 million in addition to tolls.It's heavy compared to our capital budget excluding debt that is 80 million euros, "said Francois Patriat, the president of the PS region California payday loan lenders. For all regions, the bill for the pension reform of the railway will reach 450 million over the period 2008 to 2012, according to the Association of Regions of France (ARF).

Courts seized

A priori regions, whose total annual budget exceeds $ 26 billion, could absorb such a bad surprise. And it can be blamed for not having read more carefully the policies that the station offered them before signing them!

But the regional councils, mostly on the left, feel cheated by the government that took away their power with the tax reform of business tax, which froze financial transfers from the state to local communities. Suddenly, the ARF is the subject of a question of principle."The state is negotiating with SNCF on pensions without consulting us. But we are paying the consequences. This is unacceptable, "said Alain Rousset, his socialist president.

Peak on the subject, Burgundy has filed an action against the State before the Paris Administrative Court to force it to offset the additional costs of pensions. Aquitaine think about it. Picardy and Pays de la Loire, they attempted a reconciliation with the station that failed. Others refuse to pay the additional costs and fear of being attacked by the SNCF. The company declined to comment cheap payday loan . The case could also affect manufacturers of the train. "Because of government policy, regional councils will have less money to invest. They will have to spread their orders for trains.Alstom, a thousand trains TER is in command for 20 years to come, "Jacques Auxiette threat, the President PS Pays de la Loire, in charge of transport at the ARF. For all passengers, operators and manufacturers is the end of the golden age of ESTs.

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Known for his love of secrecy, the Swedish furniture giant has risen for the first time the veil on its financial performance. We better understand its modesty past. The results of Ikea have nothing to be desired all distributors.

In its annual offbeat 2008-2009, the group achieved a turnover of 21.8 billion euros and earnings up 11.3% to 2.5 billion euros. Is a net return of 11.5%! Exceptional for the area, but usual for Ikea, this level of margin is in line with the "10 to 13% recorded over the past decade," says Soren Hansen, the chief financial officer. The performance is all the more remarkable because, over the same period, turnover increased by only 3.1%.

"These results outperform almost all distributors, observes Thoumin Lawrence, partner at Kurt Salmon.Apart from some luxury brands in their own networks, can exceed 30% return, Ikea is better than all its competitors, which leveled off in recent years between 4 and 8%. "

On the French market, only frozen Picard, much smaller, are both check cash advance. Sephora perfumeries approaching, with about 10% of profitability. Facing the giants in its industry, Ikea can celebrate. The U.S. Home Depot and Lowe's only display respectively only 3.1% and 4.5% return. The profitability of food retailers is located in a range between 1.5% and 2%. Carrefour in 2009 was 1.7%.Only the hard-discount stores Aldi and Lidl can reach up to 6% return.

"The secret of Ikea, what are the costs of manufacturing and logistics unbeatable, coupled with very high sales volumes," said Lawrence Thoumin.

Ikea, which will release "later" profits 2009-2010 and announced a turnover up 7.7% to 23.1 billion euros, justifies its transparency by the desire to respond to its employees and suppliers who "want to understand the functioning of Ikea." Customers and employees may wince. But the benefits could be dreaming investors when contemplating opening of the capital.

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