Business World |

Accor is ahead of schedule of asset sales. On Monday, the hotel group announced the sale of the walls of 48 hotels for 367 million euros. The real estate transaction, Accor calls "major in Europe, which should be finalized by the end of 2010, includes 31 hotels in France, 10 in Belgium and 7 in Germany, for a total 6,300 rooms. It concerns 28 Etap hotels, 13 Ibis, Novotel and a SuiteNovotel 6.

These hotels will continue to be managed by the group under the same signs – there are 28 Etap Hotel, 13 Ibis, Novotel and SuiteNovotel 6 – under a variable lease for a period of 12 years renewable 6 times Accor's initiative, or 84 years total. The average rent will be equal to 19% of turnover.On the basis of turnover in 2009, the rent would amount to 22.4 million euros according to Accor.

Under the lease, the new owner will assume responsibility for structural maintenance investments in hotels, insurance costs and property taxes.

The deal includes a renewal program of 47.6 million euros, 33 million euros financed by the acquirer, thus enabling Accor to accelerate the deployment of new generations of rooms Etap and Ibis in a forty establishments.

Chief objective of reducing debt exceeded

This operation, carried out for 80% of the amount from the insurer Predica (a subsidiary of Crédit Agricole) and the balance at the corporation Walls Land (Land subsidiary of Regions), will have a positive aimpact 282 million euros 2010 net debt of the hotel group and three million euros per year on its profit before tax.

The group had announced in May a program to dispose of hotel assets amounting to 2 billion euros over the period 2010-2013. He then indicated that such transactions were to reduce its debt of around 450 million euros in 2010 alone and more than half of that amount had already been the subject of transfer agreements.

With 282 million euros announced today, Accor therefore exceeds its annual target of reducing debt.

ALSO READ:

"Accor offloads the Compagnie des Wagons-Lits

"Growth is accelerating for Accor

"Edenred managed its IPO

"Accor's ambitions for his company services

Most of the people assume all individual health insurance plans to be similar. And it is here they do the mistake.

Monday, Le Monde has turned a page of his story in a calm atmosphere. Once is not custom. Upon completion of the supervisory boards of the World, offers the trio Pierre Berge, Xavier Niel and Matthew Pigasse ("BNP") received 11 votes. The other nine votes abstained. Employee representatives had 9 votes, and Louis Schweitzer, Chairman of the Supervisory Board, which made the difference in making its voice and that entrusted to him by Claude Perdriel, boss Le Nouvel Observateur and unsuccessful candidate for the resumption of the World. Louis Schweitzer has done everything to ensure that The World is lost in a new crisis between the employees and field representatives (Lagardère and Prisa, La Stampa, Pierre Lescure, Jean-Louis Beffa …).

Over the weekend, in the daily columns, he emphasized the seriousness of the financial situation and warned: "I hope there will be convergence." At the end of the supervisory board, Gilles Van Kote The president of the Society of Editors (RS) welcomed "the gesture of a great lord of Claude Perdriel, which withdrew its offer and voted for its competitors. On Monday morning, Claude Perdriel and Orange announced they were withdrawing their offer, drawing the lesson of the plebiscite of employees of the World for the trio "BNP". Indeed, on Friday, the different societies of staff (Le Monde, Le Monde Interactif, Telerama, International Mail, employees, managers …) have made an overwhelming majority (between 80% and 91% for the Society of Editors World) for the trio Pierre Berge, Xavier Niel and Matthew Pigasse. After the vote, will open exclusive talks with the trio BNP.Beforehand, prospective buyers are, as they had committed 10 million euro move before July 5 to cross to Le Monde's financial deadlines July 10 and have enough money to take all summer . "Then, in late July or early September a new supervisory board will endorse the negotiations and the deal should be finalized in late September or early October," said Gilles Van Kote.

Negotiations with Lagardère and Prisa

In total, Pierre Berge, Xavier Niel and Matthew Pigasse provide 110 million euros. Therefore, they will control 64.65% of capital. For the first time in the history of the world, workers will abandon the majority stake and control group. The trio "BNP" had taken the measure of the importance of this decision. That is why he insisted on preserving the editorial independence of publications group.Better, it should make a gesture in their favor. Pierre Berge has promised to create a foundation with 10 million euros destined to gradually increase the share of employees to 33%.

With other shareholders, Lagardère and Prisa, also diluted, dialogue should engage. Following the recapitalization, Lagardere will have only 5.86% of capital, and Prisa 5.1%. Lagardère cons grin and heart. In the vote, he refrained. "This is a position consistent with what we've always said. We did not oppose the rescue of the World while taking care to preserve our interests, "responded Khiroun Ramzy, the spokesman of the group. However, Lagardere clearly leaning in favor of the trio Perdriel, Prisa, Orange, with whom he had begun negotiations for the acquisition of its stake in the holding company and Le Monde Interactif. In total, he was to receive nearly 40 million euros.The trio "BNP", everything remains to be done. "The investors must now specify their intentions. Everything depends on the proposals they will make us, "adds the group. However, the trio "BNP" remained unclear. If he says he must "return to the activity in the digital world", it does not specify the amount he is prepared to pay to redeem the 34% of Lagardère in Le Monde Interactif.

The other loser is the media giant Prisa Spanish. The group led by Juan Luis Cebrian came late in the battle alongside Claude Perdriel and Orange. He has to defend its interests in the holding head. But his stance in favor of an issue of the daily morning have undermined his bid.

ALSO READ:

Le Monde: the New Orange Obs and throw in the towel

The Federal Reserve took action Wednesday in a hesitant economic recovery in the United States by renewing its commitment to keep rates unusually low for an extended period. The Fed funds rate has been maintained in a range from 0% to 0.25%, which it has not budged since December 2008.

In his statement issued after a two-day meeting, the central bank is lowering its assessment of the pace of recovery, revealing pockets of weakness. It also is cautious about the volatility of financial markets, given the debt crisis in Europe. But she still insists that the economy will emerge gradually from the worst recession it has seen in decades.

"The financial support under the overall economic growth, which mainly reflects what is happening abroad," the Fed said in its statement.

The Fed President Thomas Hoenig, Kansas City has expressed its disapproval for the fourth consecutive time, holding that the commitment of the Fed to keep rates ultra low long could perpetuate a cycle of alternating periods of high growth phases and depression.

Realtors Falters

The Fed also notes that the economic recovery is underway. But short of what she observed in April, when she said that the economy continued to strengthen.

The monetary authorities have also noted a slowdown became evident in real estate. In April, it was noted that one starts to straighten. On Wednesday, they simply say that these starts "remain at a depressed level. It is true that the indicators are really not good. On Wednesday, new home sales for May fell 32%.This unprecedented decline in new home sales in May reduced to little hopes of a speedy resumption of growth.

As for consumer spending, the central bank said they "are increasing but remain constrained by high unemployment, modest revenue growth and a decrease in the rich heritage." In April, the Fed had referred to an acceleration of these costs.

The Fed also notes a recent slowdown in inflation, citing a drop in prices of energy and other resources.

Most economists believe the next move on interest rates will be higher but some of them say the central bank should consider other ways to boost growth and credit. What must be added the problems of the debt in Europe and the employment indicators also disappointing.

While the Paris index ended the session fifth consecutive increase, and finished with 3661 points on Tuesday night against 3380 points a week earlier, the CAC 40 does not seem to want to stop. At the opening Wednesday, the benchmark index of the Paris meeting starts up sharply from 0.72% to 3687 points.

In six sessions, the CAC 40 rose 9.1%.

Elsewhere in Europe, the counters are green as well: the DAX index of the Frankfurt Stock Exchange opened up 0.45% to 6203.01 points, the Footsie-100 from London to 0.56% in 5247 11 points.

Early this morning the Nikkei is ironed beyond the 10,000 points and by 1.8%. Same trend in U.S. markets, which closed Tuesday on a sustained growth over 2%.

In the first exchanges to 9:00, the euro is still evolving up 0.2%: $ 1.23 rating than he. Oil, he, trades at more than $ 77.The gold is worth more than 1233 dollars.

The large statistics of the day are American

From the macroeconomic side Wednesday in the euro area, 11 hours, the second estimate of inflation for the month of April will be unveiled.

In the U.S., housing starts, producer prices and industrial production for the month of May will be known between 14.30 and 15.15, before the opening of U.S. markets.Then, the traditional weekly crude inventories will be published.

Rodriguez's boss resigns after indictment

The specialist luxury yacht on Tuesday announced the resignation of its president, Alexander Rodriguez, indicted and jailed last week in a case of banditry, and substituting the group's founder, Gerard Rodriguez.

The scoring title, which had been suspended at the request of the company, will resume Wednesday.

Zodiac Aerospace: 1.83% to 44.7 eurosLe group, whose sales fell 7.6% during the first nine months of its fiscal year, said receiving encouraging signs of restarting the industry aeronautics in a context of more favorable exchange rate.The aerospace supplier confirms its annual targets.

In an interview with the Tribune, Zarrouati Olivier, CEO, says there is no plan to merge with another actor can French aviation capital and no operations are planned at this time with a group foreign

Distribution: showdown on judicial coffee pods Nestlé sued for infringing its competitor Sara Lee (Coffee House). According to information of Figaro, the casino dealer would also be covered by the complaint.Nestle, the world leader in food and owner of Nespresso, sued Friday in front of the Tribunal de Grande Instance of Paris the U.S. Sara Lee, which sells in France for use in coffee pods Nespresso machines under the brand Gold ( coffee house).

GDF Suez: -0.16% to 25.4 euros Tuesday, the group headed by Gerard Mestrallet did not hide his satisfaction at the announcement of the signing of a contract to build a gas power plant of a capacity of 1730 megawatts (MW) in Saudi Arabia. The operation is substantial. The future plant, which will be commissioned in late 2012, an output slightly above the EPR (1600 MW), for a price much lower: 2.1 billion dollars.

Suez Environnement: 1.47% to 14.5 euros The group announced Tuesday night that AA successfully placed a bond issue of 500 million euros over 12 years, due 2022 at a rate of 4.123%.

Ubisoft: 2.84% to 7.98 euros The company will offer four games straight out, November 4, the new gaming device from Microsoft, which will be followed by eight others currently in preparation, "said CEO Yves Guillemot to Echos.

Sanofi Aventis: -0.08% to 50.9 euros The French pharmaceutical group has signed an agreement to acquire Canadian independent group Canderm, a specialist in dermatology.This acquisition will allow Sanofi-Aventis to double its turnover in public health in Canada, according to a statement.

In addition, the company managed to obtain a refund of the medicine disorders dy heart rate, Multaq, 65%.

Dassault Aviation: 1.33% to 608 euros The Defence Minister Herve Morin said on France Info "fanciful" press reports that the modernization of combat aircraft Rafale required by the Emirates would buy 60 aircraft from four to millliards five euros of development costs, partly at the expense of France.

Ginger: +1.2% to 16.85 euros The Dutch Grontmij Ginger will buy at a price of 28.20 euros per share, creating the fourth largest European player in the field of consulting engineering, with a combined turnover 1.1 billion euros and 11,000 employees, both groups announced in a statement. The offer price values the company 120 million euros.

Experts are still at work, especially in four communes of Charentes-Maritimes, and the final figures will not be known until Thursday. But government has given an estimate on Wednesday: about 1,400 homes flooded during the passage of Xynthia end of February will be completely destroyed and can not be rebuilt in the same place, the area is considered extremely dangerous. This raises the issue of compensation for affected families.

"The amount of compensation to owners will be determined by the area (central sales of furniture plus the state – the Paris region – the management of unclaimed estates or vacant, ed.) The price will be based on the value of the house before the storm hit, "says the Department of Ecology.No question of compensation so fixed, but estimates made on a case by case basis with local officials.

Barnier Fund

The relocation of families should be through acquisitions amicably. The State may, however, to expropriate in case of disagreement. The compensation scheme will also be different depending on the damaged condition of the dwelling. If the house has been damaged, the insurance will pay compensation. Barnier Fund, created in 1995 for the property exposed to natural disasters and concurred in part by insurance premiums, make up the difference between amounts paid by insurers and the estimated value of the house.

If housing has however suffered no damage, but care must be razed, the fund will be responsible for the acquisition of the property without interference from insurers.The validity of permission will not come into account, the judicial inquiry liability will follow. "The goal is to enable victims to relocate quickly," says the department does not wish to increase the damage of the disaster victims with months of procedures.

ALSO READ:

"Xynthia: Bussereau considering a tax increase

"Xynthia: building permits in question

Soon card Vigilance Coast

"Xynthia: the state will fund 50% of repairs to levees

LE FIGARO. – Sales of Fnac fell 1.9% last year, while operating profit was progressing. Have you preferred the return to growth?

Christophe Cuvillier. – We have managed to combine growth and profitability. Our performance is higher than the market in most countries where we operate. We gained market share in areas of the disc and video, thanks to Blu-ray, which FNAC is well placed. Most actions to strengthen our dynamic sales have begun to bear fruit, such as selling video games of chance.

In France, sales leveled off last year after two years of declines. 2010 will Does the year of recovery?

We strive to boost sales.We will continue the deployment of passion spaces in Paris, the provinces and abroad with fifteen new space devoted to comics, to the hi-fi, classical music … All three shops in Paris where we opened the first seven The growth in sales departments concerned is 5 to 10 points above average. We will also carry three to fifteen spaces our stationery.

What is your strategy to accelerate sales on the Internet?

Internet is at the heart of our strategy, we will strengthen the complementarity between the Web and our stores. Our goal is to achieve 10 to 11% of our activity fnac.com in 2010, against 9% last year. A new iPhone application will be launched in late May Customers can interact with the store via their mobile to view a product description or read reviews from users.We will also launch several community sites. Three will be in place by June on comics, manga and photography.

You've also created a "marketplace" …

The space of intermediation between sellers, individuals or professionals, and Internet was far open to sale of editorial products (books, CDs, DVDs …). It will be extended in 2010 to technical products, and offered to customers wishing to order in store. In 24 hours, the entire supply to be so accessible, wherever you be!

Apple multiplies the opening of Apple Stores in France. How do you react to this competition?

This we do not particularly pleased, but it is exciting. If Apple is so ambitious in France is that a lot of success with Fnac, where he conducts much of its sales.We will continue to be a partner with our 25 spaces dedicated to the brand.

Have you decided to sell your 40 stores Fnac Eveil & Games?

We are currently investigating several policy options.

Fran?ois-Henri Pinault, the CEO of PPR repeat last year he wants to sell the Fnac. How do you manage the company and its 14 600 employees in these conditions?

This changes nothing. My horizon is 2015-2020. We will continue our strategy is to build strong positions in stores and on the Internet in France and abroad. Regarding a future new shareholder, it will be important to respect the concept of Fnac.

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. Cr?dit 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.

At the risk of scaring a few more customers of the French ports, the CGT chose continuity in strategy from one year to the next … After a one-day strike on 6 November and a strike overtime from that date, the association of ports and docks union's relaunch its action against the port reform, passed in Parliament July 4, 2008. The CGT called employees of large seaports, where it has a majority, with two strikes of 24 hours this Monday and next Monday. This should lead to a new terminal block of the seven major French ports.

"The answers we received were not likely to reassure all ports, the federation called to amplify the movement," says the union, whose representatives have met with Transport Minister Dominique Bussereau ago weeks.

For the CGT, the "Recovery Plan ports" of the government aimed to "privatize the autonomous ports. "Where are the development projects of traffic? Where are the 30 000 jobs that were created? "Asks the union. For the latter, the only concrete project since the passage of the reform, the LNG terminal Verdon Bordeaux, has been barred by the government.

Business bloodless

More importantly, the union opposes the measure lighthouse, the transfer of cargo handling activities (cranes and personal) of major ports to private companies, for which the procedure is being per-port basis.Given the crisis that has severely affected the sea traffic, the time would be particularly ill-chosen, the union argues: "The operators and major arms, which are the major claimants of this reform are now dying and unable to lead the transfer of tools and secondment of personnel. "

In Marseille, one of seven ports affected by the reform, Pascal Galeota, general secretary of the CGT major seaport, boasts a "moratorium to reinforce the activity, while the government seems determined to keep on schedule to be in order walk as the recovery will occur.

But the CGT leader Marseille insists: "We feel that nobody knows where we go." Reform is much more complicated to implement due to poor economic conditions, "said union leader, who refuses" transfer deficit bloodless enterprise. The question is whether these blocks are the best way to help businesses affected through this difficult period …

ALSO READ

The Port of Marseille tries to complete its reform

The gross public debt (government, social security and local authorities) continues to rise. At the end of the third quarter, gross debt under the Maastricht amounted to 1457.4 billion, up from 29.4 billion the previous quarter, according to figures published by INSEE on Tuesday. "Expressed as a percentage of GDP, it is approximately 75.8%, up 1.9 points," says the National Institute of Statistics. In the second quarter, the debt had reached 73.9% of GDP.

The increase over the period, less than that observed in the second quarter (61.1 billion euros), was driven in particular by the increase in debt of the state. To finance the budget deficit, the state has cut its debt of 23.4 billion euros.The debt has also funded a stake in the Company making state participation in a French bank, Cr?dit Agricole 3 billion, INSEE said.

The social security funds have also contributed to the increase in gross public debt to the tune of 5.9 billion euros, "particularly as a result of increased indebtedness of the ACOSS (3, 9 billion euros), "details the INSEE.

The government has included in his bill to finance the debt was still progress to 77.9% of GDP at the end of the year. In 2010, it expects debt to 84% of GDP, without taking into account the large loan.

Moreover, net public debt, which includes cash and short-term is highest increase over the period, the gross debt.It was heavy with 57.1 billion euros over the second quarter, rising late September to 1331.5 billion. In case a "sharp decrease in cash of the State (-28.3 billion), returning to a level close to that of a year ago," said INSEE.

ALSO READ:

"Debt: France, no better than Spain

The France fly into record debt

»VIDEO ANALYSIS:" The markets can absorb for the moment the debt "

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.