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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 war between the Galeries Lafayette and Casino about their joint venture Monoprix changes dimension. The two shareholders clash since January on the valuation of 50% held by Monoprix and Galeries Lafayette: 700 million euro under Casino, 1.95 billion according to the owner of department store chain. The battle now drift on managing and Monoprix on its pricing policy.
Jacques Dumas, counsel Jean-Charles Naouri, principal shareholder and CEO of Casino, sent an April 17 letter to Philippe Houze scathing, president of Galeries Lafayette and Monoprix CEO. He criticized "an excessive increase in food prices" at Monoprix. The price index of the sign, which compares its rates to the market average (set at 100), rose from 107.7 at the end of first quarter 2011 to 110 a year later.
"This abnormal increase explains a significant share of the increased turnover of Monoprix end of March 2012 (+5.9% yoy) and corresponds to the bulk of the growth in operating profit in the same period," according Casino, which accuses her partner of "sharp to distort fair assessment" of Monoprix.
Pointing to the risk that rising prices does escape the consumer and leads to lower sales of the profitability of Monoprix, Casino Philippe Houze asked to "give instructions to stop such practices and ensure a normal management Monoprix" . Clearly, "Monoprix must return to an index of 108 tariff, as provided in the medium-term plan established in November," decrypts a spokesman for Casino.
The group Saint Etienne "will implement all actions necessary to safeguard the interests of Monoprix and its shareholder rights" against the Galeries Lafayette, prevents mail. In 2007, Casino revoked leaders Franprix and Leader Price, accusing them of having raised prices to give him a high price for their minority interests in these signs.
Monoprix group will choose a side
Philippe Houze's entourage speaks of "baseless accusations" and ensures that the increases, required in July by Jean-Charles Naouri, date from the summer. Casino considers that the increase, justified initially, was too strong and it continued beyond the reasonable in January.
In a few weeks, the Commercial Court of Paris will examine the respective assignments of the two co-shareholders of Monoprix. Galeries Lafayette blame their partner to hinder the evaluation process of their 50% stake in Monoprix, Casino accuses his partner of having refused to let the end of March to Jean-Charles Naouri President of Monoprix, as provided for their shareholders.
Mail Casino is a part added to the defense and the prosecution of the group against the Galeries Lafayette. But it will impact the management of Monoprix. Officially, its chief operating officer, Stephen Maquaire, placed a copy of the letter of Jacques Dumas, retains the confidence of its two shareholders. But he must choose sides or not returning to an index rate close to 108.
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Lactalis and its milk producers finally bury the hatchet. After several months of tensions, the global dairy products (Lactel, President, Galbani) reached an agreement Monday with representatives of its 14,500 producers, who collect five billion liters of milk. It took the intervention of the Ombudsman for agricultural trade relations as they agree to contracts that govern their trade relations now. Several calls to order the Minister of Agriculture have also been required to bend Lactalis. Among its competitors, including Bongrain or Danone, contracts have already been cordoned off.
The stakes are high. This is to prepare the end of milk quotas by 2015. Contracting business relationships between manufacturers and milk producers has been decided by the law of modernization of agriculture. Until then, these relationships worked on oral agreements, valid from generation to generation, and producers were paid on a monthly basis.
Reorganization of the sector
After several meetings, Lactalis and its producers have agreed on an "operating agreement". The Laval group is pleased to have offered "one of (the contract) most successful of the profession." It mainly offers "free transferability of the contract", the "no-monthly-payment imposed deliveries and settlement of supplies of milk in two monthly installments."
Especially, Lactalis has water in his wine, because the group now recognizes organizations (POs) as partners in the negotiations low fee payday loans. So far, the group wanted Laval to negotiate individually with producers, who feared an unfavorable balance of power.
A decree endorsing the creation of these organizations should be published shortly. OP local and regional associations of POs could coexist. Meanwhile, we must "work structuring" of these future producer organizations, Franck believes Guehennec, coordinator of the producer group Lactalis. "This is what one looks forward," he added.
Producers may elect by April 30 whether to integrate the OP. Still, many discussions always take place at industry level, such as on indicators for each company to fix the price of milk.
The agreement between Lactalis and its producers comes at a time of profound change in the sector, phase concentration, particularly in cooperatives. The number of farms (75,000 in total in France) is expected to decline over the coming years. Experts estimate that between 4,000 and 5,000 farms are disappearing each year as part of alliances, dispositions or retirements. These movements should also allow the emergence of true French champions.
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It would have been a shame to keep the good news to yourself! With two months ahead of the traditional Accounts Committee of Social Security, the government announced Tuesday that the results "still provisional" general scheme for 2011. The deficit reached 17.4 billion euros, 3.5 billion less than budgeted and $ 600 million better than expected in the fall. This "hole" remains the third highest in the history of Social Security, according to records from 2009 and 2010 mainly due to the crisis. The improvement should continue in 2012.
The relatively good surprise of 2011 comes from the health insurance. Its revenues were higher than expected and expenditures lower. "This is essentially care city," said its director for Voices. For Frederic Van Roekeghem although welfare is "slightly under-funded," balance the books "is within reach, without embarking on reforms brutal." A whiff of optimism that the two favorites for the presidential does not contradict probably because of brutal reform, there is no question in their programs.
A tax on CO2 emissions
Logically, Nicolas Sarkozy proposes the continuation of actions taken. Down drug prices and volumes consumed, rationalization of the hospital with the development of ambulatory care homes nearby emergencies to relieve these …: these measures should help contain rising health care costs in rates historically low of 2.5% per year. Faced with medical deserts, the president candidate wants to multiply nursing homes and assist in the installation in rural areas or the suburbs – an ineffective way to date – without seeing the freedom of settlement. Against the excess fees excessive, he put on the new system of government (voluntary physicians to limit the excess and reimbursement by complementary), which does not yet meet the main question.
Nothing fundamental about the pension reform after Woerth – only promise to pay the basic pension from the first of the month, instead of 8. Finally, funding side, social VAT will alleviate employers' contributions, so the cost of labor.
Francois Hollande,, cancel account this increase in VAT if it comes at the Elysee. He announced an increase of one billion euros per year pension contributions to fund its only specific promise in retirement: the possibility of retiring at 60 for employees who worked continuously for 41 years. But he also outlined on Tuesday lexpress.fr other avenues for funding Social Security is no longer based "solely on the work", "go further" in the financing of Medicare by the CSG in particular. This time it would reduce employee contributions – a measure of purchasing power rather than competitiveness, without maturity displayed. The socialist candidate also evokes a tax on CO2 emissions it would be at the European level, said his entourage. Responsible for the "social hub" of the Holland team, Marisol Touraine also promises to abolish social niches, beginning with the overtime.
What Safely restore the balance "on the five-year", with an increase in health spending of 3% per year. This envelope would enable hospitals to escape the alignment of their tariffs with those clinics, lower. Holland is also focusing on third-party payer in town doctors to limit the use of hospital emergency rooms. And to reduce the amounts paid out of pocket by patients, without increasing spending Safely, Marisol Touraine threat to frame the excess fees by law in the fall, except that physicians accept by there limits through negotiation. As for medical deserts, it envisages the partial transposition of the device begins to bear fruit in nursing: to ban fees for doctors free to settle where they are already many.
Family businesses are then threw in the presidential campaign. The ASMEP-ETI, the union of midsize (250 to 5000 employees) and property, chaired by Yvon Gattaz, this ten proposals to improve their competitiveness. "Our companies need time to create sustainable jobs. As they need time to grow and impose global brands, "says Philippe d'Ornano, vice president of ETI-organizing ASMEP Thursday at the Chamber of Commerce and Industry of Paris the grand prize of business and family heritage. "Therefore it is vital to promote their transmission. This is what allows the covenants Dutreil. Do not touch! "
These covenants have been established to promote the transfer of family businesses. The entrpreneurs plead for them to be "safe havens and improved, by exempting EWB and inheritance tax at 95% – instead of 75% currently – securities held as part of a commitment to conservation." They demand that business leaders can more easily prepare their succession. Specifically, a contractor must be able to transmit his company while remaining at the helm paydayloans.
While bank financing will be scarce, the ASMEP-ETI wants to create a bond market dedicated to midsize. The union also argues for the establishment of a large department of business on the model of Sustainable Development established in 2007. This would be a profound change of working methods of the state since the new department would under the responsibility of industry, SMEs, credit mediation, foreign trade and vocational training. It would exercise supervision over the Deposit, the Strategic Investment Fund (51% subsidiary of the Caisse des Depots), OSEO, the Directorate of Planning (Datar).
In social terms, the union plans to encourage the employment of older workers by exempting pension contributions and unemployment wages of older workers who continue working after reaching the required contribution period. This measure is also advocated by the Federation of German family businesses.
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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It is a return that is breathtaking professionals malls. Two years ago, Simon Properties, the U.S. leader "malls", was sold to Unibail-Rodamco seven assets in Poland and France for 715 million euros. Mid-January, the American land, listed since 1993, sold to Immochan the 49% stake in a joint venture operator of shopping centers in Italy. After these operations, it had more activity on the Old Continent. Withdrawal then analyzed as a movement of distrust of Europe, a territory considered unattractive, with the sovereign debt crisis and a shaky consumer.
Surprise return to Europe
Thursday, Simon has taken everyone by announcing in reverse repurchase, to 1.5 billion euros, 28.7% of Klépierre to BNP Paribas, which will retain 22.2% for at least a year. A real strategic move, given the size of Klépierre: present in thirteen European countries with 271 units, the French property cashed 945 million in rent in 2011. "We are the largest European donor of H & M, McDonald's or Sephora," illustrates Laurent Morel, the chief executive of Klépierre.
Simon does not mention the real reasons for his return to Europe. "The euro-dollar exchange with a strong U.S. currency had to play because it made the operation less expensive for Simon," says one industry expert. Laurent Morel another analysis: "If Simon did all these movements is that he certainly believes that investment in our society is much more than its previous operations in Europe." In any case, the king of American shopping centers, became the first shareholder of Klépierre, do not plan to make up the numbers. Now it is his boss, David Simon, who will chair the supervisory board of the French property. The management team of Klépierre, it remains in place. But in a year when BNP Paribas may sell its 22%, the financial analysis firm Aurel BGC believes that Simon will launch a takeover bid.
The French property will therefore have to deal with this actor unknown to the public but is very heavy. Last year, for example, Simon achieved a turnover of 4.3 billion dollars (3.2 billion) against 1.26 billion euros just for Unibail, the first European property of commercial real estate. Same imbalance in market capitalization: Simon weighs $ 41 billion, against 13.5 billion for the French leader. Is that the small American company created in the early 1960s by two brothers, Melvin and Herbert Simon, to operate a commercial center in Indianapolis, has come a long way. By dint of takeovers and mergers, it became an operator who owns nearly 330 shopping centers, located in the vast majority in the U.S.. With a few locations in Asia, including Japan.
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The government of Naoto Kan had indeed lost control of the situation in Fukushima, in full crisis following the tsunami of March 11, 2011. According to the independent commission of inquiry Rebuild Japan Initiative Foundation (RJIF), a copy of a 400-page report was leaked to the press on Tuesday in a few days before its publication, Japanese authorities have considered a time a "worst case scenario "that would have led to an outright removal of Tokyo. Or 35 million people including the town, which lies 220 kilometers southwest of the damaged power plant. This report is based mainly on the testimony of Yukio Edano, spokesman for the government of the day, who says he worked on the assumption of a "chain reaction diabolical" if the nuclear reactor site would have exploded one after the other. "If this had happened, it was quite logical to conclude that we also lost Tokyo," he told investigators, according to The New York Times.
In lack of information on the extent of the disaster Fukushime, but anxious to avoid a general panic, the government has attempted to distill reassuring messages to the population. "We really just brushed against the worst case scenario, but the public did not know at this point," says Yoichi Funabashi, former editor of Asahi Shimbun and founder of the inquiry. This secret project evacuation of the Japanese capital, which Reuters obtained a copy, was presented to Prime Minister Naoto Kan – who resigned last August – by Shunsuke Kondo, Chairman of the Japan Atomic Energy Commission, two weeks after the tsunami. He did not finally been unsheathed. "It was a crucial time during which I was not even sure that Japan could still function as a state," Naoto Kan admitted in an interview with the Japanese agency Kyodo News, last September.
Tepco wants to "abandon the central"
Far from overwhelming the only Japanese government, the pin also RJIF Tokyo Electric Power Company (TEPCO), the operator of the plant in Fukushima, whose lack of transparency during the crisis has already been highlighted in numerous reports. Its leaders have also refused to cooperate with investigators RJIF. According to their study, TEPCO sought, the worst of the crisis, to evacuate the atomic site where employees were trying to control the disaster. This is Naoto Kan himself that would have forced the utility to continue its work maintaining on-site employees. For experts, without the insistence of Prime Minister, the accident would still Fukushima degenerate, causing even more catastrophic consequences. Thus concludes Yoichi Funabashi, "Naoto Kan has had its flaws and moments of absence, but his decision to go into force at Tepco and insist that the company does not abandon the plant has saved Japan." .. ……
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