The Spanish crisis is serious, very serious. It weakens a little more of Europe, its growth and financial system. But, unlike Greece, Spain will not "explode" the euro. Person, even among the fiercest opponents of the single currency is considering an exit from Spain in the euro area. Spain, despite record unemployment, is not on the verge of bankruptcy. Its lending rate to ten years amounted to 5.86% Friday, but they have been higher: 6% mid-April, and 7% in November.

A priori, Spain will not need a bailout General as Greece or Portugal. The Standard & Poor's recognizes itself: the Spanish Treasury has already covered 50% of its funding this year. The country should have no problem to repay its creditors in 2012.

Famine budget!

However, Spanish banks are on the ropes. Savings banks are not the only ones being targeted. There is nothing surprising about that. Unemployment makes mortgage repayments more difficult, weakening bank balance sheets. Massive purchases of Spanish debt by financial institutions of the peninsula, with funds loaned by the European Central Bank (ECB), are not a panacea, far from it, especially if tensions persist in the bond markets.

At this point, the recapitalization needs of the Spanish banking sector are estimated at 50 billion euros: a sum equivalent to half of the Spanish public deficit in 2011. In other words, beyond the reach of government in these times of fiscal scarcity!

But not beyond the reach of the euro zone! The central bankers of Europe, Mario Draghi and Jean-Claude Juncker planchent discreetly on a bailout of Spanish banks able to calm the markets. It would involve the European Stability Fund (EFSF), or the European Stability Mechanism (MES), its successor from 1 July.

Since the alert on the Italian debt last summer, the euro area has assured his rear. It has a "firewall" of 750 billion euros due to cumulative lending capacity of two European rescue fund, the EFSF and MES. For its part, the IMF has increased its resources to $ 430 billion. As for the ECB, it has already injected € 1,000 billion in the banking system, and nothing prevents him to continue

.

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Elior not lose your appetite. Sales of the French group, number three European restaurants, jumped 10.4% during the year ended in late September, to 4.2 billion euros. The increase in trading profit was faster: + 14% to 254 million.

Bulimic, Elior completed in March fourteenth acquisition since leaving the Stock Exchange in 2006, swallowing Ansamble, based in Vannes, for an undisclosed sum. The group becomes co-leader, elbow to elbow with Sodexo, the catering in France, where he made last year 56% of its activity. Already number one in Spain, until its second market, Elior will become the leader in Italy with the acquisition of Gemeaz, which allows him to double its turnover. "We now have our three leading markets in Europe, and we can enter a new stage of our development," says Robert Zolade, chairman of the supervisory board and a 25% shareholder group.

The priority is to develop the catering concession (in airports, train stations, highways or parks …), which represented the third year of activity. Elior has won contracts Autogrill face of the Motorway of Poitou-Charentes (A10), one of the largest in France, and the Gare de Lyon in Paris. There he intends to set up signs and Costa Coffee Red Hippo, who will begin their free development. "We are the only operator present in both the catering and concession. We can install in the canteens of corners Paul, Exki and Bert's, "said Gilles Petit, the director general.

The sale of 75% held by Charterhouse easier

This is especially the United States that the group intends to develop its activity in concession. He has just picked up the management of its U.S. subsidiary Areas (600 million euros of turnover). "We now have a truly global hub catering concessions which will represent half of our business," says Gilles Petit, determined to win market share.

Elior is not abandoned, however, catering, more resistant to shocks in the economy. "In France we have a development potential in the areas of administration and education," says Robert Zolade. After winning the tender to manage the restoration of central Fleury-Merogis, Elior holds 20% market share of prisons in France.

For the current fiscal year, the group seeks organic growth of its business catering from 2 to 2.3%. For catering concession, "everything will be played this summer," says Gilles Petit.

Moreover, Elior has renegotiated the repayment of its debt (1.8 billion euros to 31 September), pushing 2013 to June 2017 the next major milestone. "We have no constraint in the implementation of our strategic plan," says Robert Zolade. This will allow the transition to English investment fund Charterhouse, a shareholder since 2006, to more easily find a possible buyer for its 75%.

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The war between the Galeries Lafayette and Casino about their joint venture Monoprix changes dimension. The two shareholders clash since January on the valuation of 50% held by Monoprix and Galeries Lafayette: 700 million euro under Casino, 1.95 billion according to the owner of department store chain. The battle now drift on managing and Monoprix on its pricing policy.

Jacques Dumas, counsel Jean-Charles Naouri, principal shareholder and CEO of Casino, sent an April 17 letter to Philippe Houze scathing, president of Galeries Lafayette and Monoprix CEO. He criticized "an excessive increase in food prices" at Monoprix. The price index of the sign, which compares its rates to the market average (set at 100), rose from 107.7 at the end of first quarter 2011 to 110 a year later.

"This abnormal increase explains a significant share of the increased turnover of Monoprix end of March 2012 (+5.9% yoy) and corresponds to the bulk of the growth in operating profit in the same period," according Casino, which accuses her partner of "sharp to distort fair assessment" of Monoprix.

Pointing to the risk that rising prices does escape the consumer and leads to lower sales of the profitability of Monoprix, Casino Philippe Houze asked to "give instructions to stop such practices and ensure a normal management Monoprix" . Clearly, "Monoprix must return to an index of 108 tariff, as provided in the medium-term plan established in November," decrypts a spokesman for Casino.

The group Saint Etienne "will implement all actions necessary to safeguard the interests of Monoprix and its shareholder rights" against the Galeries Lafayette, prevents mail. In 2007, Casino revoked leaders Franprix and Leader Price, accusing them of having raised prices to give him a high price for their minority interests in these signs.

Monoprix group will choose a side

Philippe Houze's entourage speaks of "baseless accusations" and ensures that the increases, required in July by Jean-Charles Naouri, date from the summer. Casino considers that the increase, justified initially, was too strong and it continued beyond the reasonable in January.

In a few weeks, the Commercial Court of Paris will examine the respective assignments of the two co-shareholders of Monoprix. Galeries Lafayette blame their partner to hinder the evaluation process of their 50% stake in Monoprix, Casino accuses his partner of having refused to let the end of March to Jean-Charles Naouri President of Monoprix, as provided for their shareholders.

Mail Casino is a part added to the defense and the prosecution of the group against the Galeries Lafayette. But it will impact the management of Monoprix. Officially, its chief operating officer, Stephen Maquaire, placed a copy of the letter of Jacques Dumas, retains the confidence of its two shareholders. But he must choose sides or not returning to an index rate close to 108.

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This contrasts with forecasts of real estate agencies. While Century 21 provides a stable property prices this year, Standard & Poor's anticipates a price decline of 15% by 2013. The demonstration of the rating agency is rigorous: in France, when borrowing capacity decrease, property prices nosedive. Between September 2007 and March 2009, borrowing capacity have receded by 7%, with the key to lower prices by 10% between March 2008 and June 2009. "In the next eighteen months, we expect a drop in borrowing capacity of the same magnitude, we read in the S & P memorandum, published yesterday. And also in 2012 we anticipate a 20% reduction in the number of home loans. "

That's why the rating agency predicted a price decline of 15%. To support his argument, it gives some examples of the greatest requirement of banks' property loans. By July 2011, the average credit was increased to 211 months (17 years and a half) against 237 months (almost 20 years) in March. As the number of credits, he has already plunged 40% last February. Another indicator that calls for a decline in prices: the real purchasing power is likely to decline in France, according to Standard & Poor's, in the first half, inflation would reach 1.3%, while disposable income would increase only 1% and would not know of developments in the second half. As for interest rates, they could rise to 5% by the end of the year, against 4.7% on average in December. Plausible macroeconomic data that fail to address one element highlighted by estate agents, psychological aspects related to buying a home. The coming months will tell if reason prevailed over passion, if S & P has better sensors that real estate professionals

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It would have been a shame to keep the good news to yourself! With two months ahead of the traditional Accounts Committee of Social Security, the government announced Tuesday that the results "still provisional" general scheme for 2011. The deficit reached 17.4 billion euros, 3.5 billion less than budgeted and $ 600 million better than expected in the fall. This "hole" remains the third highest in the history of Social Security, according to records from 2009 and 2010 mainly due to the crisis. The improvement should continue in 2012.

The relatively good surprise of 2011 comes from the health insurance. Its revenues were higher than expected and expenditures lower. "This is essentially care city," said its director for Voices. For Frederic Van Roekeghem although welfare is "slightly under-funded," balance the books "is within reach, without embarking on reforms brutal." A whiff of optimism that the two favorites for the presidential does not contradict probably because of brutal reform, there is no question in their programs.

A tax on CO2 emissions

Logically, Nicolas Sarkozy proposes the continuation of actions taken. Down drug prices and volumes consumed, rationalization of the hospital with the development of ambulatory care homes nearby emergencies to relieve these …: these measures should help contain rising health care costs in rates historically low of 2.5% per year. Faced with medical deserts, the president candidate wants to multiply nursing homes and assist in the installation in rural areas or the suburbs – an ineffective way to date – without seeing the freedom of settlement. Against the excess fees excessive, he put on the new system of government (voluntary physicians to limit the excess and reimbursement by complementary), which does not yet meet the main question.

Nothing fundamental about the pension reform after Woerth – only promise to pay the basic pension from the first of the month, instead of 8. Finally, funding side, social VAT will alleviate employers' contributions, so the cost of labor.

Francois Hollande,, cancel account this increase in VAT if it comes at the Elysee. He announced an increase of one billion euros per year pension contributions to fund its only specific promise in retirement: the possibility of retiring at 60 for employees who worked continuously for 41 years. But he also outlined on Tuesday lexpress.fr other avenues for funding Social Security is no longer based "solely on the work", "go further" in the financing of Medicare by the CSG in particular. This time it would reduce employee contributions – a measure of purchasing power rather than competitiveness, without maturity displayed. The socialist candidate also evokes a tax on CO2 emissions it would be at the European level, said his entourage. Responsible for the "social hub" of the Holland team, Marisol Touraine also promises to abolish social niches, beginning with the overtime.

What Safely restore the balance "on the five-year", with an increase in health spending of 3% per year. This envelope would enable hospitals to escape the alignment of their tariffs with those clinics, lower. Holland is also focusing on third-party payer in town doctors to limit the use of hospital emergency rooms. And to reduce the amounts paid out of pocket by patients, without increasing spending Safely, Marisol Touraine threat to frame the excess fees by law in the fall, except that physicians accept by there limits through negotiation. As for medical deserts, it envisages the partial transposition of the device begins to bear fruit in nursing: to ban fees for doctors free to settle where they are already many.

]]> http://lamarshbaptistchurch.com/safely-nominee-program/feed/ 0 http://lamarshbaptistchurch.com/family-businesses-are-looking-for-ways-to-grow/ http://lamarshbaptistchurch.com/family-businesses-are-looking-for-ways-to-grow/#comments Fri, 30 Mar 2012 04:16:12 +0000 admin http://lamarshbaptistchurch.com/family-businesses-are-looking-for-ways-to-grow/  

Family businesses are then threw in the presidential campaign. The ASMEP-ETI, the union of midsize (250 to 5000 employees) and property, chaired by Yvon Gattaz, this ten proposals to improve their competitiveness. "Our companies need time to create sustainable jobs. As they need time to grow and impose global brands, "says Philippe d'Ornano, vice president of ETI-organizing ASMEP Thursday at the Chamber of Commerce and Industry of Paris the grand prize of business and family heritage. "Therefore it is vital to promote their transmission. This is what allows the covenants Dutreil. Do not touch! "

These covenants have been established to promote the transfer of family businesses. The entrpreneurs plead for them to be "safe havens and improved, by exempting EWB and inheritance tax at 95% – instead of 75% currently – securities held as part of a commitment to conservation." They demand that business leaders can more easily prepare their succession. Specifically, a contractor must be able to transmit his company while remaining at the helm paydayloans.

While bank financing will be scarce, the ASMEP-ETI wants to create a bond market dedicated to midsize. The union also argues for the establishment of a large department of business on the model of Sustainable Development established in 2007. This would be a profound change of working methods of the state since the new department would under the responsibility of industry, SMEs, credit mediation, foreign trade and vocational training. It would exercise supervision over the Deposit, the Strategic Investment Fund (51% subsidiary of the Caisse des Depots), OSEO, the Directorate of Planning (Datar).

In social terms, the union plans to encourage the employment of older workers by exempting pension contributions and unemployment wages of older workers who continue working after reaching the required contribution period. This measure is also advocated by the Federation of German family businesses.

Then prices will drop? In this ritual question about real estate professionals meet today with a little yes. Certainly not a solid yes, frankly, but yes a little, and that is something. Even in the Ile-de-France and Paris, the traditional stronghold of the rise, things are changing. "In 2012, prices should fall by about 5 to 10% in the Ile-de-France," say solicitors. "We expect a relatively sharp decline in activity this year, about 20%, but a decline of more than 5% of prices in France," ahead of his side Pallincourt Rene, President of Fnaim, who is about to give up his siège.Au beyond the delicate exercise of global forecasting, rather symbolic as the evolution of prices can vary depending on the asset markets, all professionals describe the same picture, that of a market slows down, where transactions are less easily. But none ventured to compare the situation to that of 2008. "At that point, everything had stopped, said Sebastien de Lafond, President Meilleursagents.com. This is not the case today, the market remains fluid, even if transaction times are getting longer low fee payday advance. "What has changed in six months? Much and little at a time. Laurent Vimont, president of Century 21, says "a sharp contraction in sales, including in Paris." The slowdown is real: last year, with about 850,000 sales in the former, was a record. This year, professionals expect between 700,000 and 740,000 sales only. "We lost buyers since last July. The apartments and houses that have a default and are too expensive are the same most visited, "said Sebastien de Lafond. "What is new is that Paris is affected by volume, whereas it was the last market to be in 2008," said Mr. Bazaille, president of the Institute for Notarial real estate. The sluggish housing market is not good news for local authorities and public finances. And the change in taxation of capital gains might not make the tax revenue espérées.Finies, flights, quarter after quarter.

"More than at any price"

appetite for stone is real. Credits: Jean-Michel Turpin / Fedephoto