If you want New York to live differently, then run to the Frieze Art Fair. Exciting and refreshing, this brand new contemporary art fair was modeled on its sister London that takes place in October, just before the FIAC in Paris, in Regent's Park fast payday loan no faxing. It really comes out of the box because it takes the visitor far north of Manhattan, on an unknown island, but accessible by ferry, bus or taxi.

Randall Island which hosts the Frieze Fair. Photo credits: FRIEZE ART FAIR NEW YORK

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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The former trader Jerome Kerviel, who was sentenced in 2010 to a record loss of Societe Generale (SocGen) of nearly 5 billion euros, Friday filed a complaint for "fraud in the judgment" against his former employer. Kerviel Societe Generale accuses of misleading the Paris criminal court in not informing him that she had recovered, thanks to a French tax scheme, 1.7 billion euros on 4.9 billion that she believes she lost because of financial transactions undertaken by the trader.

At trial, in October 2010, the former trader was considered solely responsible for the loss suffered by the bank in early 2008, in a financial crisis. Convicted of embezzlement, forgery and using false and fraudulent introduction of data into the computer system of the bank, he was sentenced to five years in prison, three strong, and damages of four colossal, 9 billion euros.

The complaint is filed "for a simple reason," namely that Societe Generale "has failed to say she had received a sum unduly from the tax authorities of $ 1.7 billion euros, "said his lawyer David Koubbi in Europe 1. In a statement released in the evening, Societe Generale said "take note" of the complaint and announced that it "has asked his lawyers to sue for false accusations in the shortest possible time." SocGen also argues that it "will present its case at trial on appeal."

"Fictitious transactions"

According Koubbi Me and some accountants, the bank should not have this deduction because its systems of control of traders like Kerviel had found wanting in this case high quality business cards.

The lawyer asked last week to the French Parliament to establish a commission of inquiry into the tax rebate obtained in 2008 but he had not been reported during the trial of Jerome Kerviel. Shortly after the first verdict, news reports had revealed that the bank had taken advantage of a device that enables companies to benefit, in case of extraordinary losses, a tax deduction of up to one third of the amount lost, or the normal tax rate for corporations. SocGen had explained that the "tax treatment of losses related to fraudulent activities of Jerome Kerviel was done transparently, in accordance with tax regulations."

The former trader also said that Societe Generale has made fictitious transactions similar to yours at the same time. Interviewed by Europe 1, David Koubbi explains: "We discover in the quite extraordinary volume of documents comprising the record that there is a document where it says that Societe Generale has made itself" of "sham transactions ( …) before January 18, which is the last day that Mr. Kerviel was on the premises of the General Society, and then subsequently, on January 21, 2008, when he was not on the premises of the General Society ".

The appeal of Jerome Kerviel, 35, will last from June 4 to 28  

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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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"Levy:" We see customers back Free Mobile "

Nostalgic for 7 on 7, the emission of TF1 mythical 1980s and 1990s, will closely follow the two election night of 22 April and 6 May 2012 BFMTV. They gather Anne Sinclair, current director of the Huffington Post website France, and Ruth Elkrief, the editor of the news channel. Anne Sinclair was presented 7 on 7 September 1987 to June 1997. After retiring from the small screen, the show, renamed Public, was presented by Ruth Elkrief from 1998 to 2000.

This is Anne Sinclair herself who suggested to Alain Weill, CEO of NextRadioTV, the parent of BFMTV, to attend both evenings, confirms the latter. "Many of these talents will come together on two evenings BFMTV," he adds.

18 am to midnight, special editions of April 22 (first round of the presidential election) and May 6 (second round) will be led by Alain Marshall, host of "20 hours" on the news channel. It is surrounded by two great figures of the chain Olivier Mazerolle and Ruth Elkrief, faithful since the launch of BFMTV on TNT in 2005.

Anne Sinclair will discuss some of the columnists on the board including Alain Madelin, Luc Ferry, Dély Renaud, Eric Brunet, Jacques Seguela, Jean-Francois Kahn, Caroline and Christopher Fourest Jakubyszyn, the managing editor of the RMC radio, other NextRadioTV subsidiary.

Organizing publicity stunts

The partnership between the Huffington Post and BFMTV France is practically limited to the presence of Anne Sinclair easy payday loans. The site will broadcast the images of BFMTV well, but not participate in the device's web news channel.

Despite a plateau prestigious BFMTV no exception to the calling with "a priority to live in the campaign headquarters of various political parties and a priority to images," said Alain Weill.

The arrival of Anne Sinclair on the set of BMFTV is one of the "success stories" in which the chain is familiar. For his first presidential campaign in 2007 BFMTV, whose hearings were still confidential, was observed by organizing the debate between Ségolène Royal and François Bayrou between the two towers.

In seven years, the small chain of information has emerged in the French media landscape. Created from scratch in 2005, today it is the first in France with an audience share of 1.6% in February, according Médiamétrie. An audience twice that of its rival on DTT, i-TV, a subsidiary of Canal +, however, created in 1999.

The third news channel, LCI, TF1 subsidiary, has no occasion to interfere in the match as it is broadcast on DTT, cable and satellite.

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SFR on Monday launched an aggressive promotional campaign. Its triple play offer, including the high speed internet, HD television and unlimited fixed telephony is available from 14.90 euros per month for a year, instead of 31.90 euros. The price is EUR 19.90 instead of 37.90 euros, with unlimited mobile telephony. SFR mobile subscribers receive an additional 5 euros, bringing access to triple play 9.90 or 14.90 euros a month, according to the chosen tender. These rates also apply for a subscription fiber.

The promotion of SFR, which formalized the replacement of its CEO last week, is limited to first 5000 subscribers and will end this Friday. It recalls the operations performed by Free site in partnership with the Sales-privees.com, who proposed in 2010 a triple play to 10 euros per month, then to 1.99 euro next year. It also places the price of the subscription neufbox at Alice's, offer low cost Free. This package, just highlighted to Free, includes the Internet, fixed telephony and television from 11.98 euros per month.

The offer is part of SFR in a particular context, however, since the arrival of Free in the mobile sector. In 2011, its competitor has maintained a very high margin of 39.3%, thanks to its activity in ADSL, which allowed him to expand into the mobile. Free on the fixed address could be a way to respond to its new mobile offerings. Meanwhile, SFR also seeks to support its recruitment in the fixed. In 2011, its subscriber base grew by only 3.2% (5 million customers), two times less than the growth of Free (4.8 million subscribers).

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"SPECIAL – War of operators

Corsairfly becomes … Corsair International. "A change but not revolution," agrees Pascal de Izaguirre, CEO of the airline of TUI. The leaders of the giant European Tourism chose a facelift to revive the company acquired by Nouvelles Frontieres in 1990 when Jacques Maillot was at the controls. At the time it was called Corse Air International

.

Everything has changed since: the German TUI shareholder meeting in France Marmara Tourinter, New Frontiers and renamed the airline Corsairfly stripped a quarter of its workforce … He has invested hundreds of millions of euros to transform the old a charter company whose regular cabs devices have been fully refurbished mid-2013 with a budget of 36 million euros.

Financially, the subsidiary of TUI could not afford a complete change of name: "Rather than spend a fortune to switch brands, it is better to devote resources to what the customer appreciates the ground or on board" , says Pascal de Izaguirre CEO of Corsair International.  

Erase the image and low-cost charter

A budget of 2.5 million euros will be spent on change of visual identity (logo creation, uniforms, aircraft painting). The first plane scratched white and blue logo of the retro graphics will be delivered in July. The other six, including two new A 330 will follow until mid-April 2013.

But another reason is given by the CEO of Corsairfly to explain the lack of boldness in the choice of name: "The Corsair brand is extremely well known. Hostesses and stewards are known to be friendly and smiling. "The old company Nouvelles Frontieres is certainly an image associated with cheap, but also a Spartan comfort payday loans direct lenders.

"Corsair will celebrate its 31 anniversary this year, little known company such longevity, defends Pascal de Izaguirre. Many have disappeared, new arrivals are. We remove the "fly" but also the name of "smiley" logo TUI, not to hide our group membership, but to erase anything that might suggest the charter or low cost. "…. ….

The team of TUI wants to play the card of elegance, high quality services, while remaining competitive on price. The number of seats "open sea" (comparable to a business class) increases from 24 to 36 in the Boeing 747 and 18 to 26 in the A 330. "We have invested heavily in-flight services, airport lounges to Orly, Pointe-à-Pitre and Fort de France, and soon the meeting …"

New destinations

The relaunch of the company scheduled two years ago falls to one of the worst periods through which the world of air: the rates are low while the cost of jet fuel has stabilized at a very high level that weakens companies.

"This does not undermine our vision and direction, says the CEO of TUI France. We are currently addressing the structural problems of the company and it is not challenged by economic factors. TUI, our shareholder, has powerful resources. He made a choice that takes the long term. "

Corsair International will also review its destinations in September, the company will cease to serve Miami. Instead it will open a line to Punta Cana in the Dominican Republic, a destination that has grown 15% since the beginning of the year.

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Friday, teams of Deutsche Bahn and SNCF, already associated with the Paris-Frankfurt, will celebrate the opening of a common line between Frankfurt and Marseille – bypassing Paris – via the new Rhine-Rhone. An opportunity to show the harmony that exists today between the two companies.

Because the prospect of greater competition in Europe has clearly brought the views of the two incumbents, long time rivals. Rüdiger Grube, CEO of the German group, pointed out Tuesday in Paris to a gathering of journalists. "There are still a year I would not have thought that we would Guillaume Pepy (SNCF's CEO, Ed) and I agree on all issues!" "We support all the necessary standardization of equipment, the market opening, the creation of a European regulator's rail …, "he says.  

An ally against Brussels

What has happened, then that could heal the scratches between the two competitors? One and one can actually help in their fight on the organization of competition in their respective markets. In France, Guillaume Pepy wants to emulate the French system of railways on that of the Rhine. And what better lawyer than Rüdiger Grube, CEO of Deutsche Bahn up as a model, could he find to plead this cause? SNCF had the starring role: it umbrella in a joint holding company, the infrastructure manager – in this case Réseau Ferré de France which is among other guarantor of opening the network to new entrants – and the commercial exploitation . The French government, following the Focus on the railway have explored ways to put right a French model of breath last November, expects copies of various stakeholders at the end of this month payday loan lenders.

And on the other side of the Rhine, Rüdiger Grube has also found an ally in France to defend his case in Brussels. For the German model does not satisfy the European Commission. It believes that a pooling group manager of infrastructure and operational activities does not guarantee a fair treatment in respect of competing rail companies of the DB. Last year, the Commission has even raided the headquarters of the DB to investigate possible abuse of dominant position in the supply of electricity to private operators.

Views on Thalys

The discussion between SNCF and DB go beyond the single issue of governance of the rail. For Rüdiger Grube, they could also be extended on the ground and running. Deutsche Bahn admitted and have designs on Thalys, TGV serving Belgium, Holland and Germany, which he holds 10% interest alongside the SNCF (62%) and Belgian railways (28%). "Staying at 10% does not suit us. We're in discussions internally about whether we should go out or go for a 50/50, "said Grube. And beyond in coming decades, the CEO of DB, well imagine a merger of the two groups. "Right now, it's too early but when liberalization has advanced. In twenty or thirty years … "

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2011 a year full of contrasts in terms of employment. After a positive first half, payroll employment has declined significantly over the second half of the year. In the fourth quarter of 2011, the French economy has destroyed 22,600 jobs in the principally market sectors (-0.1% over the previous quarter), according to revised figures released Thursday by INSEE.

This is slightly less than the third quarter, when for the first time in two years, the statistician public records a decline in employment of 31,500 jobs (-0.2%). Gave its provisional figures until the third quarter slightly creates jobs. With a dynamic first half, 67,300 jobs have been created, however, over one year is a positive trend of 0.4%.  

The ACOSS, which accounts for job creation on a slightly different scope, in turn finds a changing "stable in the last quarter as in the previous quarter, after five consecutive quarters of increases," with 9,300 jobs created.

Temporary employment down

Over 90% of job losses announced by INSEE result of the decline in temporary employment. The trend is accelerating in the fourth quarter, with 21,100 destroyed in acting positions, against 12,900 the previous quarter. A first after nine quarters of the rise, INSEE said. This leading indicator of labor market, more sensitive to cyclical fluctuations, does not bode well from the beginning of 2012.

In detail on this last quarter, the industry, which had suffered severely from the crisis of 2008-2009 before stabilizing its workforce in mid 2011, again losing 1700 jobs, slightly less than the third quarter (5100) . Over one year, the sector recorded a negative trend of 0.1%, or 2,100 jobs destroyed. This is less than the construction, which lost 0.8% of its workforce over one year (11,900 jobs) and 0.3% in the fourth quarter (4600 positions). After a decline in service employment excluding temporary in the third quarter, the fourth, however, found a small increase (4,900 jobs).

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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