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Since Friday, the plant Fralib is occupied by its employees. A situation that is denounced by the president of Unilever France, Bruno Witvoët. "This is unacceptable in a constitutional state, says in an interview in Paris-Today-in-France. Such a coup with hooded individuals armed with baseball bats and batons, it is not of union action, it's a commando! ". The boss of Unilever France claiming the expulsion "immediate and prompt action with law enforcement" employees, has also filed a complaint for "physical threats" from the police. "From fabrications," Olivier replied Leberquier, CGT union. According to the police of Aubagne, intervened at the scene, there would have been no collision.

"Holland must keep its promises"

"Closing a plant is always a very difficult decision, Bruno recognizes Witvoët. But in some cases – including tea bags – we have overcapacity. This is justified in stopping this site ". He said Unilever has taken responsibility in the case of employees of Fralib, accepting "to add additional resources for the revitalization of the local employment" as required by justice. "Funds for creating new jobs has increased from 1 to 1.5 million euros" and "each dismissed employee is entitled to an internal transfer, pay the same conditions, in one of six other plants in France , "he said.

This new twist, the 592nd day of the conflict comes as 80 of the 103 employees still struggle, of 182 initially received their letter of dismissal. At the same time, a moving company came to do a quote on the site, and management proposed the CGT to move out of its local business, or in organizing the escorted access, for reasons of safety concerns, dismantling machinery. A scenario rejected by the union, which wants to keep the tool working on site to implement an alternative plan of recovery of activity.

Given this situation, unions are demanding the intervention of Francois Hollande. During the presidential campaign, President-elect said: "Nothing is done, nothing is guaranteed and if victory comes, I will also be at your side, President of the French Republic, to get your site live, had he launched at a meeting of employees Fralib in Paris in February. "The company is now under the control of the CGT and the Netherlands should keep its promises. His election is a ray of hope, "says Olivier Leberquier. The standoff between employees Fralib and its direction is far from over.

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The principle of constant allowance

The allocation is a constant option contract of life insurance. This smooths market fluctuations by defining a distribution of amounts paid life insurance contract between the different media that he is leaning. The allocation principle thus applies to contracts linked life insurance.

Namely: in some cases, the allocation is also called constant distribution constant.

The operation of the constant allocation

The insured must determine its profile management, in deciding to assign to each holder a percentage of total capital. Thus, when losses are recognized following a stock movement, arbitration is automatically performed to rebalance the distribution of capital of the insured.

For example, suppose a contract of life insurance of € 10,000 allocated to fund 50% in euros and 50% unit-linked shares. After a year, the accounting units have experienced a gain of 10% and the euro fund a 3% gain. The contract contains so now € 5,500 units of account and funds in euros € 5,150 or € 10,650 in total. It is distributed to 52% unit-linked funds and 48% in euros.

The initial distribution intended by the insured is no longer respected: the contract is more exposed than expected stock market risk. The difference can of course get bigger every year. The option allows you to return to the desired proportion, 50% / 50%, to maintain the desired level of risk low interest rate personal loans.

Subscribe constant allowance

When subscribing to a multichannel contract, the insured may request an allowance optional subscription constant. It is however also possible for an insured to apply for the allocation constant during the contract. Therefore, it must determine its management profile based on several parameters:

-The frequency of rebalancing,

-The media involved in the arbitration,

-The threshold at which the arbitration takes place.

Note: often give rise to arbitrage costs. The constant allocation option is no exception to the rule.

Advantages and disadvantages of the constant allocation

The main advantage of the constant allocation is that it allows management to determine automatically matched to a profile. But it also helps secure the capital gains generated on the stock market by assigning them to more stable carriers.

The main drawback remains the systematic allocation constant, in the event of significant market fluctuations, can generate a lot of arbitration costs.  

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Vincent Bolloré influence he soon the fate of Vivendi? Anyway, Jean-Rene Fourtou, Chairman of the Supervisory Board, opened the door. And will even wish his presence. "There is no reason that Bollore is not involved on the board of Vivendi, if he is interested," he said Thursday at the general meeting of shareholders of the group.

Intentions of the "Little Prince", which began rising in the capital of Vivendi, are at the heart of all searches. Bolloré officially 1.1% of the entertainment group, but it would have already picked up on the stock exchange securities for up to nearly 2%. After finalizing the sale of its channels Direct 8 Direct and Star in Vivendi, he will own approximately 4% and would then make its debut on the board. This rise is "friendly," said Vivendi every time. "I am delighted that a French shareholder, a family group, deemed an investor wishes to mount a share capital of Vivendi", was recently confirmed to Le Figaro, Jean-Bernard Levy, CEO of Vivendi.

And no doubt that Vincent Bolloré not stop there way. Eventually, he would seek the threshold of 5%. Does he repeat not at will, for years, his ambition to create a large media group? By becoming the largest shareholder of Vivendi and participating in strategic decisions of the group, it would be in a position to influence the destiny of the only French group, which is a world of entertainment. It could also help choose the future leaders of Vivendi.

Bring into the fold of Havas Vivendi

As the capital of Vivendi is very fragmented, with no shareholder, Bolloré could obtain decisive weight without having to own a large block of shares. As he did at Havas, which he chairs by not holding "only" 32.8%. One of the scenarios considered by the observers would, moreover, that Bolloré Havas brings into the fold of Vivendi, in exchange for participation, without spending a lot of cash.

The time was well chosen, while the price of Vivendi, has less than 13 euros, has lost more than a quarter of its value since the beginning of the year. "In the 2000s, all valuations were excessive, we experienced a kind of madness market. We live it the other way today, even though we have never had such good financial results, never reached as much cash, "said Jean-Rene Fourtou.

At Vivendi, more assets may be of interest Bolloré. Canal +, of course. But also SFR, including Jean-Rene Fourtou said she would remain "largely beneficial despite the arrival of Free Mobile". Telecommunications devices can be particularly useful in boss Autolib ', because there are many in the telecom management system and localization of the electric car self-service. Finally, Morocco Telecom, which holds several equity in Africa, can generate synergies with the Bolloré Group. Strong presence in logistics in Africa, Bolloré manages ports, railways … It may be wise to develop telecom. Add to this the fact that Jean-Rene Fourtou and Vincent Bolloré get along well. As for Jean-Bernard Levy, he is the former chief of staff … Gerard Longuet ex-brother-Vincent Bolloré. Such an alliance would have three advantages. It makes sense from a strategic perspective. It could have a positive effect on the course. Finally, it could offset the rise of sovereign wealth fund of Qatar, which owns 2% stake in Vivendi.

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In computing, employment resists. According to forecasts by the Association for the employment of executives (APEC), the companies in this sector should recruit about 30,000 officers, as much as last year. Figures in line with those reported recently by Digital Syntec, professional organization IT services, software and technology consulting firm which focuses on "stability of recruitment in 2012" with the key more than 3500 new posts of which 80% of hiring managers and 35,000 in total. Despite a slowdown in growth, the sector remains a prime source of jobs for graduates: over half of the recruitments are for beginners or young engineers with less than five years experience.

Certainly, the lack of visibility is not conducive to economic euphoria. Currently, some larger customers put pressure on IT companies to lower prices and many projects are deferred. But at the same time, emerging markets draw activity and create jobs, especially for well-trained engineers. "These new deposits carriers include home automation, security or e-learning," says Philippe Tavernier, president of the Social Committee at Digital Syntec. Projects around mobility and modernization of information systems are also powerful engines of growth.

Impact of "cloud computing"

The "cloud" would be the most promising market. A new El Dorado for the employment of engineers? Régis Granarolo, president of Munci, a professional association of computer scientists, is a downside: "The cloud can probably create employment through the development of shared services, but it leads to losses due to outsourcing and the decrease in specific projects. Ultimately, the balance will be positive if the cloud goes heavily in SMEs and takes place in France and not through outsourced jobs. "

One thing is certain, the Internet continues to generate employment, particularly in start-up or well established web agencies. Ekino, the technology subsidiary of media group Fullsix, wants to recruit thirty engineers in 2012, mostly through job creation, to follow a strong growth poor credit personal loans. Developers 'front office', Java architects, engineers, computer scientists as PHP … that the company will most often seek out specialized schools. "Profiles so they asked are upping the ante on wages, laments Angel Michelozzi HRD Fullsix. Currently, existing courses do not produce enough of Internet developers. "

Consulting in SI, companies are also struggling to find the skills. For Neoxia, an SME with 50 people recruited fifteen engineers per year, these difficulties can be partly explained by a lack of appropriate training. "In general, curricula are five years late, sorry its CEO, Gilles Mergoil. If they can agree with the CAC 40, which are the last to adapt, they do not match the requirements of start-ups more advanced technologically. "

This "shortage", the employers also create themselves by finding all the same profiles of young engineers, rather, from the same schools and talent of communicating. "The skills are the foundation techniques, but the decision will be made on cross-curricular competencies, such as a sense of teamwork, listening skills, adapting to the culture of the company," said Francois Adoue, Director of the trades of the Internet. According to Bruno Fadda, associate director at Robert Half International, "the engineer of the Web, version 2012, must be strong technically but also have the marketing culture to meet clients' communications problems. A rare pattern. "

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The franchisor Monceau Fleurs he bitten off more than it can chew by acquiring Rapid'Flore late 2008 to become number one French? Three years later, the signs of indigestion were in any case become so important that the direction of the florist, which has 487 franchises in the Monceau Fleurs and Rapid'Flore and Happy, was forced to seek entry into backup procedure late last October. She feared not being able to meet its debt repayments -26 million euros, or 42% of its turnover in 2011 (61.8 million) – and wanted to concentrate on major reorganization, initiated a year ago .

Five months later, Monceau Fleurs is about to present its plan to emerge from the backup: the project of spreading the debt will be subject to creditors on April 2, and then to shareholders four days later. The downstream of the largest of these, Laurent Amar, grand-son of the founder of the group, which retains 68% stake in the florist does not have any doubt.

It is himself who decided to change everything or almost in the group he chairs, finding it necessary to surround himself "a strong and experienced team in the field of distribution and management of international companies ". The general manager was created operational for the group now operates in nine countries. It was given to Paul Mir, former Promodès, passed by PPR, Fnac and Kingfisher (Castorama …).

Market restructuring

The complete reorganization-finance, promotions, product management for roses and gerberas, as in the food-distribution shows its effectiveness free online credit report. Current operating income is again slightly positive in its last financial year (ended 30 September 2011), whereas it was negative by about 2 million euros a year earlier. However, this improvement is mainly due to a workforce reduction, increased from 205 to 170 employees grouped on one site in Villebon.

"We are busy making our size, coupled with the integration of Rapid'Flore, and the power of our three brands a real strong market also being restructured," said Paul Mir. According Xerfi, florists accounted for 54% of sales in value and 35% by volume of a market for flowers and plants by 2.3 billion euros. "Their market share, however, tends to fade for several years, primarily for the benefit of the garden," but also large food stores, says the firm.

Of a total of 15,000 florists in France, only 650 are members of a group, of which 490 are a Monceau Fleurs (in cities), Happy (with an offer based on decoration) or Rapid'Flore (in cities average). By offering more services to its franchisees, such as loyalty card or access to a new online store launched in the third quarter, Monceau Fleurs still hopes to strengthen its first position. But in a less risky.

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The efforts made by Belgium are unprecedented in history. The Socialist government led by Elio di Rupo announced this Sunday the adoption of additional measures of rigor. To 11.3 billion euros in savings adopted at the end of 2011 have now been added 1.82 billion euros of provisions negotiated into the night from Saturday to Sunday, and 650 million reserve if growth is below expectations. It took six days at Belgian coalition, which brings together six parties, the center-left to center-right, to agree on this new package, which aims to limit the budget deficit to 2, 8% of GDP in 2012. In 2011, it reached 3.8% of GDP.

"With this budget, our country is one of the best students in Europe. We considered the possibility of an economic situation even worse, "justified the Prime Minister Elio Di Rupo. The government is based on a forecast of almost zero growth for 2012 at 0.1% against 0.8% previously, as recommended by the European Commission.

No VAT increase

After the austerity measures announced in November – limiting the use of early retirement, decrease the duration of unemployment benefits, taxation of stock and stock options … – Prime Minister also wanted to convince voters of the fairness of the new train measures. "It is an effort fair and balanced. The government is making an effort in structural terms, both in expenditures and receipts. [...] But the new measures do not touch many citizens. "

Most of the additional revenue will come from an announced increased repression of the black, and a tax increase on tobacco and stock transactions. However, the minimum wage, the amount of family allowance or the retirement pensions will not be modified downward. "We do not touch to VAT, it does not touch the savings accounts. [...] Despite a very challenging environment, the purchasing power of citizens is preserved and the competitiveness of companies saved, "said the Prime Minister.

Last November, the rating is downgraded sovereign debt by the Belgian credit rating agency Standard & Poor's had precipitated the adoption of an austerity plan of great magnitude. The rating agency, which matched its rating a negative outlook, particularly doubted the ability of Belgium to break the political deadlock and to present a credible budget.

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The riposte was swift. Hours after the publication Saturday in Le Figaro in an interview with Philippe Houze, the boss of the Galeries Lafayette, a 50% shareholder of Monoprix, Casino has been keen to dot the "i". "We have never been and we are not our vendor 50% stake in Monoprix," says a spokesman for the group Saint Etienne.

Monday afternoon, the Board should reject the casino proposal Galeries Lafayette to sell half of Monoprix to 1.35 billion euros. And refuse to buy back that share the same amount.

"If the Galeries Lafayette wish to sell their interest, as seems to be the case, the Casino is ready to buy, says the spokesperson, but at a fair price based on realistic financial assumptions taking into account economic conditions and recovery current distribution undertakings. "

Last week, the co-shareholders have made public their disagreement over the valuation of the interest in Monoprix and Galeries Lafayette: 1.95 billion euros according to the group of department stores, 700 million according to Casino. This gap abyssal puzzles many observers. "Most analysts believe that the participation of Galeries Lafayette is 1.1 to 1.2 billion euros", says one expert dossier.

The two shareholders have adopted diametrically opposed calculation bases. The Galeries Lafayette is part of the business plan for three years conducted in the fall through the management Monoprix, which provides a 40% increase in EBITDA (EBITDA) of society. Casino side, it is estimated that this plan can be the basis for an assessment and it is emphasized that the Ebitda Monoprix stagnant since 2008, a sharp increase in the coming years is not credible. With McKinsey, Casino has worked on more conservative assumptions.

"Violation of agreements"

These persistent differences complicate the work of JPMorgan, the bank chosen for the tie. According to the Galeries Lafayette, Casino would like the bank is working solely on the basis of the McKinsey report. That refutes the group St Etienne, where it is said that the Galeries Lafayette want to limit access to the leaders of JPMorgan Monoprix. Conservative, the bank does not seem ready to make its own forecasts on the evolution of the activity of Monoprix no fax payday loans.

Pointing to Pessimism, McKinsey, Philippe Houze, also president of Monoprix, Casino accused of "not believing in the future" of the sign. Reaction was seen as insulting. "It's as if we accuse of having raised prices to inflate the results of Monoprix," protested there be at Casino. The group "rejects these false accusations, confirms its commitment to Monoprix and reiterates its confidence in the management and employees of the company."

A spokesman for Casino also ensures that the decision of the Galeries Lafayette to extend by one year the mandate of Philippe Houze as head of Monoprix is ​​"a frontal violation of agreements." In the entourage of the group St Etienne, it ensures that the owners of the Galeries Lafayette, Monoprix very attached to, have long sought to Casino to abandon its purchase option, before changing his opinion in December, faced with its commitment to take control of the sign. "Then they considered they had an incentive to sell quickly, Monoprix likely to be challenged by the arrival of other signs in the city center and the site-private sale of its textile department," says a close case.

Casino, which publishes its results Tuesday 2011, should recall at this juncture that the partial withdrawal of its subsidiary Mercialys should bring him 800 to 900 million euros in the coming months. Funding for a possible takeover of 50% of Monoprix would be no impact on its debt. Such an operation could easily be done in parallel with the takeover of Pao de Acucar, the Brazilian subsidiary of Casino, on 22 June. The group will then only pay $ 10 million. Finally, if the status quo were to continue on the control of Monoprix, unable to consolidate this subsidiary in Casino's accounts in 2013 "would have only a limited impact on operating profit of the group and would not change the net minority interests, "argues an expert in Casino.

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Andy Adam, by creating the page "No refueling on March 1 in Germany!" Was a huge blip on the canvas, quickly picked up by media across the Rhine. With an average price of 1.70 euro per liter of super (against 1.55 in France), gasoline saw its flaming course in Europe since January 1. Claim of individuals joined those associations, as ADAC, powerful organization that unites over 17 million motorists across the Rhine.

Rising prices is certainly caused primarily by rising oil prices and problems in the Middle East, but the spokesman ADAC also shows the finger of responsibility oil majors: the rising price of a liter "is a matter for enterprises, which make huge profits with. The market is monopolized by five major companies, which are not competitive, "she told the daily Rheinische Post.  

A signal to policy

Calling on Facebook, even if it materializes Thursday, March 1, will not change the policies of the major oil companies: "This will have no effect," says a manager of Esso the region of Ulm in Bavaria, interviewed by Südwest Presse newspaper. "It does not annoy anyone. Right now there are even more and more people are filling up for fear that prices will rise again tomorrow. " The fuel will not be purchased on the first will be taken the next day, betting professionals.

This action and its resonance is still a strong signal to motorists to the German government, in a time when state coffers are full. The German tax authorities because it may alter several devices to reduce the cost of transportation. In addition to VAT and taxes that affect the fuel, the Ministry of Finance has the ability to play on the tax relief enjoyed by motorists. The ADAC claimed that assistance to motorists who use their cars to get to work from 30 to 40 cents per kilometer. The ministry declined for now to make a move. These are the neighboring countries who benefit: the Polish and Czech gas stations are under attack on the eve of the weekend.

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"It took us a while to get to the current situation. We will need some time to get out, "said Meg Whitman, arrived at the helm of HP five months ago. She spoke Wednesday night to mark the publication of first quarter results (ended Jan. 31) group.

Quarterly net income fell 44% to $ 1.5 billion, for a turnover down 7%, to $ 30 billion. The group anticipates a further decline in sales for the current quarter, weighed down by falling sales of PCs and printers. These divisions are still suffering the consequences of statements by the former CEO, Leo Apotheker, who suggested last August that HP would stop producing PC. To this were added the shortage of hard drives, a result of floods in Thailand, and the economic downturn. Finally, the PC division and tablets (PSG) has seen its sales drop by 15% in value and 18% by volume. This decline is likely to cost in addition to HP's leading position worldwide PC. The U.S. could be dethroned in the coming months by China's Lenovo. The direction of HP also noted the weak consumer demand for printers and evoked a reorganization of this division that has long been the cash cow of the group. For the current year, Meg Whitman still expects a profit of $ 6.3 billion.

Reduce expenses

"We must invest to save, save to grow," said Meg Whitman, without even specifying the amounts listed online cash advance. "We must optimize our supply chain and reduce the number of our references," she added. "The electronics industry is interested in the effect of increasing production methods introduced in the automobile: a common platform from which several models are broken," says one industry expert. For example, a frame may be common to one or two PCs, a tablet and a hybrid product. One way to significantly reduce development costs and production. This mode of industrial production would respond perfectly to the deployment of Windows 8, scheduled for the end of the year. The new version of the operating system from Microsoft is designed to promote convergence between PCs, tablets and smartphones.

Moreover, the allusions to Meg Whitman to the need to develop a simpler system ("one HP"), more integrated, suggest that job cuts are not ruled out. "Our big customers want to deal with a single point of contact when speaking to HP," she said. A way as to emphasize the importance of a presence in both the hardware (PC) and services. Meg Whitman also took care to reaffirm its confidence in the future of the company, its ability to adapt to changing conditions.

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