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Hesitation waltz yesterday at the Paris Bourse. After being undecided, the CAC 40 has finally risen from 0.17% to finish at 3910.01 points. Everywhere in Europe, stock markets have evolved sawtooth almost the entire session. At the finish, the indexes have ended in no particular order, the FTSE in London lost 0.08% while the Frankfurt Dax gained 0.17%.

The Paris market has recovered very end of the session, thanks to a small recovery on Wall Street. The NYSE, which also lacked enthusiasm in the morning after his fine recovery in recent days, trying to take a step forward at mid-term.Shortly after the close of European stock exchanges, the Dow Jones advanced 0.19% and 0.41% on Nasdaq.

While the pressure on the issue of debt Greek gradually eased after the successful launch of its loans, Fitch has rekindled concerns about the market deficits pointing to management by Portugal's budget deficit.

Banks in trouble

The rating agency said that a worsening credit rating of the country was "not excluded" bad credit payday advance . The market was also dampened by a load of the other major rating agency Moody's, against British banks.Analysts at Moody's explained that many of these institutions could see their grades degraded "to run if they failed to significantly improve their financial strength."

In Paris as elsewhere, banking stocks were immediately plunged into the red. Crédit Agricole has finally lost 1.41%, 1.49% Societe Generale and BNP Paribas 0.51%. Natixis fell by 0.78% and 0.93% of Dexia. Bad passes also for EADS. The group announced a loss of 763 million euros in 2009 after deciding yesterday to throw the towel in the race for tanker contract from the U.S. Army. The stock has lost 2.80%. Among the few increases in the day, Areva has distinguished (+ 3.59%) while held in Paris an international meeting on access to civilian nuclear power, the great specialty of the French group.

This is an example of a successful restructuring: nine months ago, Michelin announced its latest restructuring plan in France. A reorganization to enable the factories concerned "to undertake the changes necessary to ensure their sustainability," according Blehaut Frantz, director of Michelin France. At the cost of job cuts as the group is committed to "without resorting to forced departures.

Michel Rollier, co-director of the group, then stated that "the measures announced are not related to the crisis. To keep plants in France, we need to specialize and making them more competitive, "adding" will maintain a strong industrial base in France. The group also will recruit 500 to 800 people per year in France, over the next three years.

The restructuring implemented in 2009 are structured in two parts. A voluntary separation scheme which 1 875 employees responded.These are developments of late-career (early retirement pension). The second part concerns the consolidation of activities in three plants, with 1 093 job cuts. Among the employees concerned, "228 chose to go work in one of fourteen other sites Michelin in France, welcomes Blehaut Frantz. To facilitate this choice, the group has developed a wide range of mobility aids (removal assistance in finding employment for spouses …) . 516 employees are or will retire early – a choice that seems more in tune with the political time.

Helping conversion

Finally, "347 people have chosen a start, accompanied usually stay in their region," said Frantz Blehaut.In fact, these employees had no choice – unless you change the region – their post being deleted and, in the case of plant Noyelles les Seclin (North), their plant closed. However, they received severance pay of between 32 000 and 60 000 for the oldest with a plan to create business. Michelin has also established "career transition workshops, dedicated to the support of people leaving the group. A concept developed in 2008 when the plant closure Kleber Toul which had over 800 employees. This initiative includes the discovery of business recruiting. "We had set up workshops to discover the art of welding and industrial trades related to building, plumbing, electrician … And have some success." To date, 92% of the Toul found a job .Rather than support at arm's activities moribund better develop new ones where demand exists.

Lefigaro.fr / Jdf.com: In just under ten years, DreamNex has become the European champion of the Internet charming. What were the secrets of your success?

Patrice Macar: First, DreamNex was the first company to spell Internet with a quality, positioned on the high end, which addresses the general adult audience, namely men, women, and couples. In addition, there is no doubt that the sector is in vogue. Sexuality is no longer taboo. It is even likely. Sexy lingerie and sex toys have democratized, as evidenced by the series Sex and the City or the corner Toys Chics at Galeries Lafayette. Even M6 Boutique spent a night broadcast on its new range of sex toys.

Besides selling products, we developed our site Sexyavenue.com entertainment activity, with a video service (VOD), which has seriously accelerated with the spread of broadband. Again, DreamNex has cornered the French market. And the branch meetings has also had some success with its service Eden Flirt "for naughty games and free in a supervised environment.

In acquiring the Belgian Enjoy DreamNex early 2008 that declared its leadership at European level through its service XCAM, a kind of phone sex on webcams, where thousands of independent filmmakers around the world offer discussions erotic home.Buying Enjoy, for just over 40 million euros has been possible thanks to the IPO of DreamNex on Euronext (Compartment C) in March 2007, which then helped raise 15 million euros.

In recent years you've been very aggressive in the market by finalizing purchase of several companies. And you do not stop here …

We have no reason to stop there! Not only is DreamNex leader, but he is always alone on the European market very fragmented. In addition, we have the necessary cash to make acquisitions of our choice. In fact, since the IPO, DreamNex still has as much cash as all previous acquisitions have allowed a return on investment as we have been able to pay shareholders, while bailing out our cases.

In 2009, however, we took a break after four acquisitions in 18 months to restructure the group and maximize the new resources. It has centralized teams, we recruited new managers … But in 2010, one starts to hunt for great opportunities. It focuses on three areas that we know well. For now, DreamNex is strong in France, Belgium, Spain and Italy. We look for companies already well established, why not in Germany. We have two issues being discussed, but nothing is certain yet.

In 2009, your sales totaled 67.3 million euros, down 4.2% on a pro forma basis. What are your goals for 2010?

DreamNex activity, partly due to the vagaries of the consumer has finally stood up well in 2009. Surely it is because people are a little more at home and at restaurant or cinema.It does, they need to entertain. But it is true that we have found that the average basket of purchases on our site is a little less than before Payday Advance . Customers buy on average four products now rather than five.

Anyway, last year was pivotal. It was time to reorganize. The effects are already felt. Even if I never give targets usually I can tell you that the operating profitability of the group will win at least 5 points between the first and second half of 2009, reaching over 25% on the second part of the year .

You've decided to start a business of gaming. Is it not make too much diversification?

We realized that poker players, casinos, paris sports, etc..online customers and the Internet are actually charming in a hearing fairly close. DreamNex has the ability to generate audience. We can then exploit it and add another string to our bow. We will not incur massive investment in this activity. We will call for a turnkey solution for platform games through companies specializing in the field. The challenge now is to comply with legal constraints and heavy comply with specific regulations in force in different European countries.

By launching your own brand, have you played the card of profitability or is it rather a fun little marketing?

Both. It was first launched lingerie SexyAvenue. Now half of our products are sold to our brand. Since June 2009, we sell sextoys SexyAvenue.Note that sextoys now represent half of our total sales. For our sextoys, we chose 15 products that sold best on our site, we went to China, and we asked the same to our sign. Ultimately, the price is a little cheaper and our products SexyAvenue reap a gross profit of at least 70%. Value today, the brand recorded 27% of sales. We aim 30 to 35% in the short term.

What, ten years ago, you had the idea and the courage to get started in this business?

In fact, my ambition was to be undertaken on the Internet. I felt the revolution. I told myself that I must be part of this incredible movement. I wondered what kind of business I was targeting. I quickly noticed the United States, the adult business was going well. Meanwhile, in Europe, there was almost nothing, apart from sites in Pigalle …So I chose this niche, but with a real professional approach.

You must have had a hard time build your credibility at the beginning …

It is true that banks and other partners looked at me wrong at first. It was ten years ago and attitudes were different. There are still some people who are uncomfortable with the activity of DreamNex, but overall it's much more relaxed than before. Especially now that DreamNex is listed on the stock market and managed to get a good picture, relations are much easier.

Interview by Marine Rabreau.

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If these are the salaries of bosses who are the most frequently stigmatized, smaller does not make as many copies. An analysis by John Gatty, chairman of the management company portfolio JG Capital Management, is evident even in the inverse relationship that binds the market performance of the Small Business 90, and pay their boss!

Without claiming to have conducted a scientific study, the manager who invests heavily in these small caps of the SBF 250, compiled and classified statistics publicly available on the market performance of these 90 companies since 2001, and compensation their boss. The finding, paradoxical, compiled by JG Capital Management, is that, on average, over the boss's pay, the higher the stock market performance of the enterprise is low.

"Inverse correlation and shocking"

The nine companies whose stock price rose the most since 2001 (average 640% Hi-Media, Gameloft, Lacie, or VM Toupargel materials are involved) are those whose employers are paying less (203 payday loan € .000 in 2008). While nine companies whose stock performance was the worst (-76% on average over the same period) are also those whose bosses are better paid (675,000 € in average). They include Rodriguez, whose owner has received 1,439,000 euros in 2008, Eurodisney and GFI Informatique. John Gatty is that the observed sample (90 companies) can do together, because of its smallness, as special cases. The strength of these statistics suggest, however, perplexed.

Martin Hirsch and John Gatty have also a common platform to Echos, denounced the governance problems revealed by these statistics. For "almost all the companies in which we observe this inverse correlation and shocking claims to respect the requirements of the Code of Corporate Governance prepared by the MEDEF Adep and" they rebelled.

PC producers smile again. According to Gartner, it has sold nearly 306 million computers worldwide in 2009, against 302.2 million units in 2008. An increase of 5.2% in one year. In November, the firm analysts foresaw growth of 2.8% this year. This recovery was mainly driven by a surge in sales of 22.1% over the fourth quarter alone. While the basis of comparison is largely favorable. The global economy plunged into crisis a year earlier, with only 78 million PCs sold in the fourth quarter of 2008 (+1.1% over the same period in 2007).

Today, all regions of the world leave more beautiful. "The United States and Asia-Pacific had already been positive indicators in the third quarter, but fourth quarter results give more evidence of a global recovery," said Gartner analyst Mikako Kitagawa.For the first time in three quarters, in fact, the regions Europe, Middle East and Africa were up in the fourth quarter.

Redistribution of cards

A recovery has been particularly successful in producing Taiwanese Acer. The latter took the opportunity to eclipse Dell's second largest computer manufacturers in 2009, after flying his way to his American rival in the third and fourth quarters. Over the year, Acer has sold 39.897 million in total PC, a jump of 29.4% which enabled him to capture a market share of 13%. Dell, meanwhile, reported sales of 37.355 million computers over the year, down 9.1%. Its market share fell to 12, 2%, against 14.1% a year earlier.

The battle for second place does not seem to affect Hewlett-Packard, anyway. The American manufacturer is sticking to its first place. And by far.The world has sold 58.947 million computers in 2009, registering an increase of 11.3% comfortable compared to 2008. HP wins a market share of 19.3% (against 18.2% last year).

Sales from consumer PCs and cheaper

According to analyst Gartner, HP, Acer and Toshiba, the fifth largest producer with 15.495 million computers sold in 2009, received a "strong consumer demand." The business market, it remains uncertain. This is not the business of Dell, which has mainly specialized in selling office equipment. Finally, Mikako Kitagawa highlights the success of the cheapest PC. To demonstrate the success netbooks, often sold at less than 300 euros, continues unabated.Finally, the launch of the new operating system Windows 7 to fall was a great marketing coup for the holidays.

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Orange, SFR and Bouygues Telecom will now share the telephony market with a fourth mobile operator. Free, a subsidiary of Iliad, has won the fourth license enforced through Arcep cons 240 million euros. Free file has been evaluated using several criteria, the most important being the "coherence and credibility of the project" and the "coverage territory", according to the release of the Regulatory Authority.In exchange, the news was very well received as evidenced by the share price Iliad, the parent of Freer, earning 3.38% to 83.49 euros.

"The arrival of this new actor should have a positive effect on the dynamic market of mobile telephony and, more generally, should be a positive factor for the development of electronic communications services," said the Authority has long criticized the lack of competition in mobile telephony.

Free operator had made known in 2003 by "breaking" the prices of holidays, being the first in France to offer a triple play (phone / internet / TV) for less than 30 euros, forcing competition to align its rates. A floor rate which was recently taken down by Numericable, then taken to account by the con own subsidiary of Iliad, Alice.

Free "undertake (…) to open its mobile network commercially within two years after the issuance of the permit and to cover the next eight years, at least 90% of the population by its 3G network." In other words, the subsidiary of Iliad should offer its new phone packages as early as January 2010, the official date of award of the license, and no later than early 2012.

After several weeks of reflection, the verdict has finally fallen on the new method of fixing gas prices. The Ministry of Economy, which was to maneuver, just send the document to refer to the Regulatory Commission of Energy (CRE), for entry under the next year, after the publication of a decree .

The government, which ruled until then every three months on possible changes in gas prices, trying to remove a little of the game, at least in appearance. It will no longer once per year, one component of overall framing of the price curve of the molecule. This scheme seeks to prevent the State to meet in full psychodrama whenever Bercy opts for a rise in gas prices.

So now the company, GDF Suez, which will seize the regulator for a rate increase.Which regulator, after watching whether the incumbent's request is consistent with the pricing formula, make a binding opinion. Until now, the opinion of the CRE in the record setting gas prices was only advisory. In the new scheme, the Commission will therefore pose a greater weight.

However, uncertainties remain. In particular, what happens if gas prices are indexed on oil prices should fall? In the reference document, it is not called GDF Suez to decide in what direction. Similarly, it does not ask the regulator to pressure the company to obtain a reduction in charges.

"Let's just common sense: since oil prices are public, they bend permanently, GDF Suez will be forced to seek lower fares.Or the group will draw the wrath of both consumers and government, "says an industry expert.

Psychodrama

So much for the new scheme, at least in theory, developed by the government with the approval of other partners, beginning with GDF Suez. It remains now to see how it will apply in practice. It is hard, in fact, the government remain inactive in the face several repeated hikes in gas prices. Especially during elections, where the energy bill is regularly found in the heart of debates.

In short, despite government efforts, it is feared that this new device does not put an end to psychodramas on gas prices.

In the duel that pits the Air Europe to the United States, the advantage after the first eleven months of 2009, returns to the Old Continent, represented by Airbus. The aircraft manufacturer, the main division of European aerospace group EADS said Thursday it had recorded 225 orders since the beginning of the year and suffered 31 cancellations, a total of 194 net orders. On the side of Boeing, announced on November 24 last a net balance of 91 commands. The American group, behind more than two years on its proposed 787 (or Dreamliner) had received 204 orders in the first 11 months of the year but suffered 111 cancellations, all fleets.

The initial objective of Airbus, which was to achieve a balance in late 2009 from 300 gross orders, however, should not be reached. The exhibition in Dubai, held in November, has enabled the aircraft manufacturer to fill its order book.From January to November, Airbus announced that he had delivered 437 aircraft and is still on a table delivery of 490 aircraft, is about the same as last year. Until now, seven models of the A380 superjumbo has been delivered while the group still hopes to deliver 13 jumbo versions of their own this year. But he admitted that one or two deliveries could occur in early 2010.

The overall ceiling of tax loopholes Will it be lowered? The UMP general rapporteur of the Committee on Senate Finance, Philippe Marini, filed an amendment to that effect to the draft budget for 2010. He wants the overall cap, currently 25 000 plus 10% of income goes to 20 000 plus 8% of income. "The expected savings for the state are not huge. But this measure reflects our desire to limit the tax loopholes, "says Philippe Marini. And the senator also wants reform of the Scellier back to the original text submitted by the cabinet in September. The government had planned to turn green when the device supporting the rental investment, making it less attractive for homes not meeting the standard "low consumption". But the National Assembly had then reduced the impact of greening.However, Philippe Marini supports the amendment adopted by the Assembly of taxation benefits and work accidents. And he does not wish to return, for now, on the measures which the Assembly amended the tax shield (100% inclusion of dividends in the income deficit due one year on average). The question now is what will decide the Finance Committee on Tuesday and above all sitting senators. For his part, the president of the centrist finance committee, Jean Arthuis, will introduce his amendment removing the TFR, all being funded by the end of the tax shield, creating a sixth installment of income tax and higher taxes on capital income. Without any illusions about his fate.

The priority project to reform the finance chair of Obama might derail in Congress. Supposed to address the causes of the banking crisis that has triggered a global recession, this reform presented in June by Treasury Secretary Tim Geithner, was nevertheless well on in the House of Representatives. In the Senate, however, as in the case of health reform, things get complicated.

The chairman of the Banking Committee of the Upper House, Democrat Christopher Dodd has introduced a very different text of the draft Administration and Obama much more radical. His project, no Republicans rally seems further divide the Democrats the majority. The objective of Barack Obama to enact a law by Christmas is compromised because the vast open debate by Chris Dodd could drag on for months.The Senate and House of Representatives, each on its own agenda, must agree on a common text.

Dodd, Senator from Connecticut, neighboring state of New York resident and where many Wall Street professionals, wants to give the dish any system of regulation of American finance. His most controversial proposal is to remove the Federal Reserve full competence in supervising banks. The Fed does not deal more than monetary policy, what Barack Obama wants to avoid. Dodd calls for consolidation into a new super agency to monitor banks, functions now split between four agencies.

Two points of agreement

The senator vowed Tuesday that he did not seek in any way to "punish the Fed, even if it was a" complete failure "in its mission of regulating banks.Chris Dodd also said he was not attacking "individuals or personalities, but the system architecture. A precision is useful when Ben Bernanke, the Fed governor, will testify before Congress at the end of the month for renewal of its mandate.

The blueprint also provides for federal regulation of insurance companies. So far these are the U.S. states regulate insurers. For prevention of systemic risks, he proposed a new agency specializing in surveillance of the largest banks. It would, in retrospect, these establishments to fund the eventual rescue of one of them.But to better ensure that the taxpayer is requested, the rival project of the House, instead stating that a fund maintained by these banks too big to fail accumulates in advance the resources needed for a rescue.

Two points of agreement exist however between the Obama Administration and the powerful senator. The first is the creation of a new agency that specializes in the regulation of financial products distributed to the general public, such as mortgages or credit cards. A proposal was however rejected by the Republican camp. In addition, Chris Dodd accepts the principles of management salaries and bonuses for bankers posed by the White House. It is forcing banks to greater transparency and allow shareholders to vote on remuneration issues.

But the boards would retain the discretion to overrule.However regulators may prohibit any compensation deemed "excessive." Finally the most senior officials of banks would be forced to surrender their salaries awarded in the event of subsequent review of company performance.

Christopher Dodd, a key player "Ron Paul, the Republican who calls for an audit of the Fed's" The insoluble problem of the size of banks