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Time to innovation is not always compatible with that law. Joaquin Almunia, European Commissioner for Competition, has captured the difficulty and to regulate the Internet. "These markets are rapidly changing especially benefit from an early resolution of competition issues," he said Monday during a press briefing.

This has prompted Brussels to propose a settlement with Google under investigation for abuse of dominant position opened in November 2010. The Internet Group has a few weeks to propose changes to its services on the European Commission. In exchange, it will close its investigation, like that Brussels did for E.ON in 2008 and IBM in 2011. This would allow Google to escape a fine of up to 10% of its turnover. For its part, the regulator can hope to have an impact on the market before that certain players are completely suffocated.

Brussels expects improvements in four areas of Google. The first is the prominence of its own services in the search engine – to the detriment of Dailymotion YouTube for video, Google Maps Mappy privileged rather than to the location. The second concern of the European Commission for copying contents of thematic research services, including the opinion of online, on the pages of Google.

In the field of advertising, Brussels believes the problem that Google imposes exclusivity to advertisers is in the sponsored links. Finally, the European regulator calls for Internet accounts to the group on portability of purchased PPC campaigns on AdWords.

Google disagree

The European Commissioner for Competition detailed the grievances of Brussels in a letter to Eric Schmidt, executive chairman of the group. "In this case, Google has repeatedly expressed its willingness to discuss concerns that the Commission could, short of an adversarial process," Joaquin Almunia also recalled.

But the band plays Mountain View caution. "We have just begun to study the Commission's arguments. We do not agree with his conclusions but we will be happy to discuss any concerns they may have "in this case, reacted Al Verne, Google spokesman in Brussels. Google might as well play on the fact that the digital landscape has changed in two years and now he needs to face new competition, with the rise of social networks and mobile.

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The first thing to do while deciding upon an insurance policy is to get the term quotes from various life insurance companies.

 

"2011 was a very good year. The outlook is quite favorable for 2012. There will still be strong growth, "said Jean-Paul Herteman Wednesday, Chairman of the Group of French aeronautical and space industries (Gifas), which comprises almost 300 companies large and small. Last year, orders were up 17% to 53.9 billion euros thanks to the success of the Airbus 320neo, ATR regional aircraft and engine that equips the Leap 320neo Airbus A, B MAX 737 C and 919 Chinese Comac. They represent four years of production.

The sector remains the leading French exporter with 23.5 billion euros export. 77% of its consolidated turnover. Research investments represented 15% of turnover (38.5 billion euros). "They have never been higher. Innovation is the key to success, "said Jean-Paul Herteman. But some sectors are faring better than others. The turnover of the space industry is stable at 4 billion euros. The defense is uncertain.

As the United States and other European countries, France will reduce the budget for the armed. "The impact should be spread over time," commented Jean-Paul Herteman. He believes there is a strong consensus among political leaders of all stripes to preserve the defense industry and its dynamism.

In aerospace, Airbus, Safran, Zodiac and other businesses benefit from the good resilience of global traffic, which continues an upward trend. The low-cost airlines equip themselves. The American buying aircraft consume less fuel as the Airbus A 320neo guaranteed personal loan approval. "In business aviation, you feel a slight shudder," noted Jean-Paul Herteman.

Carbon tax: "Europe can not isolate"

Despite a promising outlook, the aviation industry has struggled to find the staff they need. It has certainly increased its workforce last year in France from 3.2% to 162,000 employees. They recruited 13,000 employees and 4500 apprentices trained, but she could hire more. SMEs do not attract young people. They suffer from a lack of awareness.

To change this, the sector can now train apprentices in a large group and one of its subcontractors. But this measure will not suffice. "There is a problem of supply and demand. The offer of Education Is at our request? I do not think so, "said Thierry Voiriot, chairman of Aero-SME Gifas.

Another difficult issue: the decision of Europe to impose since 1 January a carbon tax on airlines around the world. This has caused a tremendous outcry. China is threatening to freeze orders 55 Airbus (our editions of March 31). Anxious to avoid a trade war that would penalize the French aerospace industry, President Gifas regret that Europe has made this decision unilaterally. He called for a solution is found at the international level. "Europe can not isolate themselves," said Jean-Paul Herteman.

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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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France could seek to accelerate its transition energy. In fact, the country's fuel bill has reached a new record in 2011, up from 32% to 61.4 billion euros, according to figures from the Commissioner General for Sustainable Development announced by Les Echos. The energy bill of France and represented 3.1% of GDP, last year against 2.5% in 2010.

This increase was driven by soaring oil prices. The average price per barrel of oil a year has indeed established last year to $ 111, not seen since the nineteenth century. The price of unleaded gasoline and have reached new heights last week, to 1.6211 euro on average for a liter of unleaded 95 and 1.6610 for that of 98 unleaded, according to data released yesterday by Ministry of Sustainable Development. This price is still below the record high of 1 fast cash without a hassle.4541 euro per liter recorded in May 2008.

Since late 2011, gasoline prices beat record after record in France, propelled by the combination of geopolitical factors that keep crude oil prices at very high levels, and weakening of the euro against the dollar , which amplifies the cost of black gold once its converted value in the single currency.

Nuclear energy has however enabled France to reduce its energy dependence as the country has a net electricity exports by 2.6 billion euros. The development of renewable energy has also enabled France to reduce the weight of its energy dependence.

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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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The meeting between German Chancellor Angela Merkel with British Prime Minister Cameron, far from marking a reconciliation, a deed the differences between the two countries on the edges of Europe. Despite the cordial declarations of the two heads of government, differences on the issue of saving the euro continues. "Germany's interests, Britain has its own," acknowledged David Cameron at the end of the meeting.

The issues are still there and no solution in sight, the Chancellor conceded. Britain still refuses the idea of ​​a tax on financial transactions, supported by Paris and Berlin, because it severely handicap the City of London. On the issue of greater involvement of the European Central Bank to resolve the crisis of the euro, which promotes London, the German chancellor has proved inflexible.

Happy! Bernard Tapie alongside the greatest patrons of the planet. Here are the results of a survey Way Opinion on leadership and the qualities of a good leader conducted among 300 business leaders and our colleagues unveiled Monday by the Parisian. The former head of the OM occurs in the top 5 managers behind Steve Jobs (the first), Carlos Ghosn, Bill Gates and Michel-Edouard Leclerc.

Asked Monday by Le Figaro, the former head of the said OM has naturally flattered by the result but did not seem surprised. "People have accepted my statements on TV that have contributed to enhancing the business entrepreneur, he says. For years it was believed that the corporate world was synonymous with sadness and we do it not amused. I helped to change that image. "

"Good players become ill on arrival at the OM"

Bernard Tapie has little original definition of a good manager, is "to want its employees to offer the best of themselves to excel payday advance. The priority is not to be loved but to lead them to discover their full potential. " The most original are the examples come to mind the old boss "My former assistant became assistant Pinault and not the assistant of a hardware dealer" and the players of the OM – Papin , Wadle, Pele – were good players when they were recruited and then become real stars.

"Being a great manager was to make them grow up, says that to date remains the only French boss to win the Champions League. Today, good players become ill on arrival at the OM. This is the stereotype of bad management or bad environment. "

The publication of the sales of LVMH this morning, showing a 15% increase in sales in the first nine months of the year, shows that the luxury sector is beyond the gloom. It is now concentrated around a very small number of listed companies. To play the stock market, investors in Europe the choice of three values: LVMH and Hermes International in France and the Swiss Richemont, owner of brands including Cartier, Montblanc, Alfred Dunhill and Lancel.

In exchange, these groups are distinguished by the same characteristics. First of all, a very strong sales growth which is an essential element of appreciation to investors at a time when fears of a slowdown are increasingly strong in manufacturing and services.Markets expect according to the consensus published by Bloomberg in a 19.2% increase in sales of LMVH this year, against only 10.2% growth on average for the CAC 40 companies (excluding financials). Hermès expectations are even higher (25%). Richemont is penalized by the rise of the Swiss franc, but the market expects (excluding currency effects) to a 19% increase in sales, a level equivalent to that of the previous year.

Good resilience to the crisis

Most of the increase in sales due to the presence of these groups in emerging markets where growth remains strong. LVMH achieves almost 40% of its sales in Asia and the region at Hermès International represented 45.3% of sales in the first half to 590.9 million euros.Although the annual rate of China's growth fell from 9.5 to 9.1% in late September, the outlook for luxury business are very well oriented in these regions.

This exceptional situation leads to multiple capitalization rates of 16.5 and 16.8 times earnings expected for 2011 for LVMH and Richemont, which places them at levels much higher than the 8.6 expected for the CAC 40. Hermes is the subject of recurring rumors of a takeover bid, particularly on the part of LVMH, is paid for his part more than 48 times earnings estimates for the current year. In exchange, a high multiple is certainly synonymous with vulnerability, but in the minds of investors, it is clearly synonymous with exceptional value.

Result, in contrast to Richemont who suffer from the appreciation of the Swiss franc, most of these titles were very well in the market downturn.The course of LVMH declined only 9.4% since the beginning of the year and one of Hermes International prances among the highest growth of the year with a 50% increase since 1 January. While much of this increase was due to speculative buying, what are the prospects for growth and profitability that reassure investors.

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The contract whopping 42.6 million euros a year signed between the French Football Federation (FFF) and Nike Will it deflate like an old windbag? Girls Team France soccer unwittingly gave a good penknife into the balloon in qualifying, against all odds, for the 2012 Olympic Games.

Background: In 2008, The Christmas Graët, then vice-president of the FFF, signs the "Contract of the Century" with Nike: 320 million for the period 2011-2018. This negotiation will be the argument of his election as president. At that price, the Graët sells equipment for national teams.And bang, that the France team that female become pampered football in France, makes his way to the London Games guaranteed high risk personal loans.

Problem: all the French Olympic teams – football, basketball, athletics – must participate in the Olympic Games under the banner of Adidas, the equipment of the National Olympic Committee of French sport (CNOSF). This did not escape the law of Nike, which, according to RMC, call … € 10 million for breach of contract! The CNOSF, attacked on his prerogatives and paid by Adidas, will not compromise. Nike either. One of two things: either the new president of the FFF "sold" which does not belong to him or he had bet on the failure of the Blue qualifications.Charles Gautier

Canal +, Verallia, Lucien Barrière, Groupama and may soon Groupon Facebook … Months pass, and delayed plans to introduce as … Since the beginning of the year, stock markets have surpassed the dismal 2008 record of the number of IPOs interrupted, postponed or simply canceled. According to Dealogic, as of 1 January, 215 companies all markets (one more than the previous record of 2008) and have temporarily waived or not to stock their projects. The valuation of these suspended projects is estimated at 44.1 billion dollars.

As many failures as successes

Finally, with 224 new listed companies, plans IPO in 2011 materialized just above groups who backed down … Reveals a situation very unfavorable market conditions for the candidates to the adventure market."A successful introduction requires both companies which want to move in the markets and investors willing to commit, explains Philippe Kubis, capital markets partner at PwC. If the materials are there, the latter remain far behind, in a context of uncertainty in the business plan of candidates for introduction. In addition, operations are often arrested in very early stage, which means more delays than cancellations of projects. "

On June 20, the materials group Saint-Gobain Building and renounced to introduce an immediate business of bottles and jars, Verallia. Two months later, the CEO of Wendel (Wendel largest shareholder) welcomed the decision, finding that ca "was not a good start to the stock market history."Alongside 59 other companies had suspended their plans after the official launch of the operation, Verallia escaped the summer meltdown of financial markets, which saw the CAC 40 lost 18% between late June and early September. "The very low current valuations are not conducive to achieving the project, adds Philippe Kubis. The adequacy of the valuation of a company with market conditions at a given time is a key to the success of an operation. However, companies do not want an introduction to the discount. "

Market volatility, however, is not solely responsible. In September 2010, the hotel group Accor has sought to withdraw from the group of Casinos Lucien Barriere, via an initial public offering, and market conditions much more calm.No more successful for this group suffered from poor stock market performance of its competitor Partouche, and especially of a development strategy too unconvincing to raise funds expected.

Tell a story

A successful introduction presupposes an attractive project for sale to investors (a "story to tell," according to experts). From this point of view, some candidates still have a stock speech ambiguity, or an economic model that have not been sufficiently proven.

Best example: the site group purchasing U.S. Groupon. The group was founded by Andrew Mason enthusiastic market for two years by the brilliance of its growth. What to think about a possible introduction free credit score. But the news could cool investors.The site, which is a valuation of $ 20 billion, would be delayed by several months its plans stock, following the refusal by the federal authorities of certain elements of his record. The group took many liberties with the accounting to embellish his figures, making it the most beautiful bride. The kind of hocus-pocus that would certainly not digested the market if the group had been rated! Especially since Groupon continues to widen its losses under the weight of investment in advertising and marketing commitment to support its growth.

In terms of social networks, some uncertainty still exists about how to value companies. "The valuations given for these sites seem important in light of an economic model that looks a little, says Philippe Kubis.It seems to move towards a model including user fees, which ultimately enhance the strength of their profile, and investor interest. "

Constraints rating

A case which also the developer of video games on social networks Zynga. Again, the Securities & Exchange Commission (SEC) had requested more information on the group's activities. What backward one month (November) the first steps in Zynga Stock Exchange. Even Facebook, social networking superstar, endless hesitation. Its founder Marck Zuckerberg, fear of such an operation a shift in focus of its product development teams to financial performance. From this point of view, the market performance of its professional counterpart, LinkedIn tends to reinforce his caution.Despite a triumphant introduction to the New York Stock Exchange last May, the group rating today in its opening price.

For SMEs, the fund raising smaller first appear easier. Following the example of specialist endomicroscopy Mauna Kea, which easily lifted in early July about 50 million euros on the Paris. Innovative technology, and markets more stable: the stage was set to attract investors. But since then, the small company founded in 2000 has not escaped the stock market panic. After being flown by 43% during the first two trading days (a common occurrence during IPOs), the title of the listed company has 13% below its price of admission.

Mauna Kea in its IPO price

For SMEs, the fund raising smaller first appear easier.Following the example of specialist endomicroscopy Mauna Kea, which easily lifted in early July about 50 million euros on the Paris. Innovative technology, and markets more stable: the stage was set to attract investors. But since then, the small company founded in 2000 has not escaped the stock market panic. After being flown by 43% during the first two trading days (a common occurrence during IPOs), the title of the listed company has 13% below its price of admission.

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