Business World |

Passed by the National Assembly in late 2010, then by the Senate last January, the law establishing a social price of water has just been enacted. After similar measures on Legaz and electricity, that social progress was a little past unnoticed as recalled by Le Parisien on Tuesday-Today in France. It will apply from 1 January 2012.

Since the consecration of the "right to water for all" by the law of 30 December 2006, several voices were raised for that right to be accompanied by a financial guarantee that any individual can access drinking water for food and hygiene, under economically acceptable. The idea of introducing a social tariff was included in a report of the Economic, Social and Environmental Committee (EESC) in April 2009.The report noted that while the number of file unpaid treated water dispensers public and private sectors was increasing: 33,500 records of individuals unable to pay their water bills had been well reviewed in 2008.

Even if water is cheaper in France than in most European Union countries, to 3.40 euros per m3 on average 5.16 euros cons such as Germany, a recent study by the services public water and sanitation confirmed recently that the water prices had risen faster than inflation in recent years, an average of 3.3% annually since 2004. Pioneer, the city of Libourne in the Gironde has taken the lead in establishing a very low rate of 0.10 euro for the first 15 cubic meters and then a gradual increase in the price up to 200 m3.

The social tariff introduced by the text published in the Official Gazette on February 8 does not set the price that must be applied per cubic meter of water consumed, as in France each municipality is responsible for ensuring the public water service. The text proposed by the UMP Christian Cambon provides services managers of water services revertants 0.5% of their revenues to fund departmental housing solidarity (FSL), which centralizes and distributes aid in housing and Power and telephone. The goal is to help households struggling to pay their bills. ASPs will also be equipped with an additional EUR 50 million from 2012. The government also pledged to establish a preventive system to help families in situations of default.

ALSO READ:

The Senate creates a "right to water"

"ACT No. 2011-156 of February 7, 2011 published in the Official Gazette of 8 February concerning solidarity in the fields of water supply and sanitation

"The price of water increases faster than inflation

"Ile-de-France: the price of water will decrease by about 6%

"EDF: the social rate low to OJ

"Gas: a special tariff for vulnerable households

"War of the water in the Paris region

"The EESC report of April 29, 2009

The third group of French support of dependence Medica announced Friday a global annual turnover exceeds the expectations of financial analysts. Over the whole year just ended, billings totaled 538.9 million euros, up 12.1% against a target of 10% announced by management in early . At constant scope, the growth reached 6%.

With these good results, Jacques Bailet, the CEO of the group, confirmed its commitment to grow the sales of Medica 45% over the period 2010-2012, according to announcements made in January 2010, shortly before the IPO of the company. As to increase its development in a sector undergoing consolidation, and reduce its debt level, management had decided to resort to financial markets, rising 9 February 2010 on Euronext about 275 million euros.

The group currently generates 70% of its sales in the operating of nursing homes (nursing homes), the rest of its business being conducted in support of temporary dependency (health care institutions and on psychiatry). In total, it manages approximately 13,800 beds, distributed in France and Italy, with about 3200 during construction or renovation. The reservoir bed yet unexploited thus provides part of its future growth. In total, some 170 institutions post their occupancy rates bordering 97%

A mixed stock assessment

Like the other actors listed sector (Orpea, Korian Le Noble Age ….), activity Medica therefore enjoys a high profile, reinforced by underlying trends carriers (aging population, probable introduction of a fifth branch of social security for the management of addiction …).Moreover, lack of childcare places in France ensures rapid filling of its establishments newly created or redeemed, and premium positioning allows him to go to the most creditworthy customers.

Stock market, these values are often sought by investors for their defensive nature. Yet since its introduction on the Paris market and the first listing of February 10, 2010, the title took only 10% low interest rate personal loans. And despite a jump of 8% during the first sessions. On the whole first year market, so the title has performed only moderately.

This average performance can be explained by the fact that the group has concentrated its efforts in 2010 on improving its financial situation. Heavily indebted as most of its competitors, Medica has renegotiated its bank debt last June to reduce costs and extend its maturity.This in order to meet another of its financial commitments, namely to reduce its net debt to less than three times its EBITDA operating by 2012, against about 7 times before the introduction.

Reconquest of investors?

This financial restructuring now underway, the fiscal year just starting should be for Medica, the acceleration of growth, notably through acquisitions. "Management believes the most favorable context, with one side of the targets of any size in growing numbers, and other potential players fewer" notes elsewhere Guillaume Cuvillier, an analyst at Gilbert Dupont. Of what to expect in the coming months further buybacks institutions in France and Italy.

This good news may be an opportunity for investors to search for the title again.Especially since the stock market environment seems to once again become more favorable to defensive stocks, while values have already called cyclic rebounded strongly in 2010. The payment in 2011 of a probable dividend for the year 2010 (for the first time) could also make it more attractive value. Management had indeed committed a year ago to pay a dividend of up to 20% of the net, starting the first year of return to profitability, which should be the case for 2010. The group will detail its annual results Tuesday, March 29, 2011 before the opening of the Paris Bourse.

ALSO READ:

"The makers of Medica

"Medica sells off the price of its IPO

"Medica successful IPO

"Nursing homes: a gold mine for investors

Asian stock exchanges choose divergent paths that mercredi.La closing unchanged on Wall Street and the European markets down Tuesday prompting investors to the region to exercise caution. All were suspended from the speech of U.S. President Barack Obama on the State of the Union. Barack Obama has talked in very general terms of the fight against unemployment, does not announce any concrete new measures to support short-term employment.

Moreover, the markets were disappointed by the mixed financial results published overseas.

In Japan, it is time for consolidation. The day after a session of strong gains, the Japanese Nikkei lost 0.60% to close at 10,401.90 points. The broader Topix index of all titles of the first table on his side dropped 0.71% to 922.64 points. The rise of the yen weighed on tencande.As for values, Toyota displayed a decrease of 1.73% after announcing the recall of 1.2 million vehicles in Japan, because of the risk of fuel leakage. The massive operation for nearly 16 models (not to mention their different versions) between May 2000 and October 2008.

Korea's growth at above 8 years

In China, the indices move in contrast to positive territory my credit score. The Stock Exchange of Hong Kong is gaining 0.44% at 23,893 points, after opening up 0.30%. For its part, the Shanghai Stock Exchange ahead of 0.60% to 2693 points. The markets, however, show caution due to a restriction of liquidity in the money market before the Lunar New Year celebration next week, dealers said.

Moreover, the sessions are more mixed. The Korean KOSDAQ climbed 0.23%, boosted by the announcement of higher than expected GDP in the fourth quarter of 2010.They increased by 0.5% over the previous three months. Over the full year, the increase is 6.1%, the highest in eight years.

In Australia, the S & P advance of 0.46%, while the Indian Sensex was down 0.95%.

Oil rises

Crude prices were up Wednesday in electronic trading in Asia, a movement of bargain hunting after declines in previous sessions, analysts said.

In morning trading, a barrel of light sweet crude for March delivery gained 24 cents to 86.43 dollars. Of Brent North Sea with identical maturity took 23 cents to 95.48 dollars.

Attention, a French cheese may hide another. Lactalis is no longer the only candidate tricolor redemption of 50% of Yoplait sold by investment fund PAI. According to several sources, Bel withdrew an information pack through the transfer process.

Unlike Lactalis, the owner of The Laughing Cow, Boursin Babybel and has no activity yogurt. But the opportunity to acquire a global brand in the ultra-fresh is worth studying closely. The group, which achieved a turnover of 2.2 billion euros in 2009, discusses in any case with the Strategic Investment Fund for a possible co-investment.

Irony of the case, Lactalis is a shareholder of Bel at 24% but without any power, the remaining capital is held by a family holding company no fax payday loans.For its part, the group led by Emmanuel Besnier has not received the file, after the rejection of its offer to $ 1.4 billion for the entire Yoplait to the chagrin of Sodiaal, who wants to remain a shareholder.

A score of candidates participating in the proceedings at that stage. Including Nestle, but PepsiCo. Tenders nonbonding are expected in early February.

ALSO READ:

The ISP could take a stake in Yoplait

"Yoplait made an acquisition in Canada

Click on the thumbnail to enlarge the graphic.

This is a crucial visit to the French presidency of the G20. Nicolas Sarkozy will confront this Monday at the White House, his proposed "new international monetary order," with Barack Obama, without whose approval nothing will happen. The two presidents will discuss for an hour of detailed program of the G20, before a luncheon devoted to foreign policy issues.

The economic result of the interview where he discussed the role of the dollar, the volatility of commodity prices and a tax to finance development, infuse the roadmap of the Elysee for the G8 and G20, to be presented by the President on January 24 in Paris.

Although it has sweetened its way, Nicolas Sarkozy has not abandoned the idea, launched two years ago, a "new Bretton Woods."The taunts of the Anglo-Saxon led him to change his expression to adopt the more sober 'new international monetary order. " But the target set by the very restricted circle of the president is just as bold.

For the Elysee, he is bringing order into the "current monetary mess," characterized by excessive volatility in exchange rates and capital inflows to emerging disruptive that multiply unilateral initiatives to curb the appreciation of their currencies.

The present monetary disorder is due, according to Paris, the decline of "King Dollar", faces growing competition from other currencies, the yen, the euro, the yuan soon, a trend that has increased since the end Bretton Woods in 1971."China has emerged stronger from the crisis, we must adapt the new world monetary order to the new economic order," says one as president cash till payday. "We want to encourage the development of other international currencies, including the yuan," insists the president's entourage.

"Our currency, your problem!"

A very sensitive issue for Washington. "This is not to diminish the role of the dollar," Does it invokes in Paris. "The dollar is a major currency, and we hope it continues to play a major role, but the relative strengths of currencies will change, which will cause increasing tensions, which the G20 should meet," said the entourage President, anxious not to turn the Americans.

To ease the "transition to a more diversified monetary terms," the French presidency of the G20 suggests strengthening the IMF's role in liquidity crises, strengthen coordination of economic policies and adopt a framework for response to sudden movements of capital. "Given the current monetary mess we have intuitions, we will compare to those of Americans," said the Elysee, which claims to have the support of Germany, China, Brazil and India.

On the merits, however, France regrets a reality difficult to reverse: the dollar, global currency, remains controlled by the Federal Reserve, without real regard for the rest of the world. "Our currency, your problem!" Had dropped John Connelly, Nixon's Treasury Secretary, when it announced the end of the dollar's convertibility into gold, August 15, 1971.To the chagrin of France who tries unsuccessfully to address this reality for forty years.

ALSO READ:

"G20: Sarkozy lunch with 19 international economists

"Nicolas Sarkozy sets out three priorities for the G20

Fighting poverty other than by gift, microcredit splint it for over thirty years. Microfinance institutions (MFIs) provide financial services primarily to small loans but also savings or insurance, those excluded from the formal banking system. Microentrepreneurs and have the means to create their own businesses, improve their living conditions and perhaps create jobs. But the year just ended was one of the difficulties for this model which has 150 million microentrepreneurs worldwide.

In 2010, the microfinance sector has indeed been affected, delayed by the global economic crisis.Jacques Attali, President of PlaNet Finance, the first microfinance institution in Europe, and Maria Nowak, founder and president of the Association for the Right to Economic Initiative (ADIE), formed in 1989 and a pioneer of microcredit in France, stress that the crisis has led to a decline in purchasing power, which microentrepreneurs have suffered. With the increase in indebtedness, repayment rates have declined and Adie reported a decrease in loans for the first time in its existence:

India: financial excesses and mass suicides

The crisis was not the only issue in the recent difficulties in the sector. 2010 was also the year when the failures of microfinance have come to light. Since summer, the industry is going through an unprecedented crisis in its fastest growing market, India.In a country with 70 to 80 million microentrepreneurs, the sector appears new financial windfall. Some MFIs have transformed into for-profit investment fund lucrative. Wishing to improve their profitability to attract new capital, they have increased lending to creditworthy borrowers and their repayments demanded aggressively. Contrary to its fundamental principle, microcredit has acted as consumer credit or even used … to repay previous loans! The downward spiral began, suicides of indebted borrowers and harassed by MFIs have unfortunately made the headlines in Indian newspapers.

Symbol of that drift to the pursuit of profit, SKS Microfinance, MFI leader, went public July 28, 2010 to raise 350 million dollars (268 million euros).To Muhammad Yunus, the father of microcredit and Nobel peace 2006, the IPO was "fundamentally wrong and a bad signal. Microcredit should not be presented as an opportunity to earn money. It must first be used to create the activity, allowing the poor to have a job. "

Regulate the sector

The Indian state of Andhra Pradesh, which alone has recorded 85 suicides borrowers, has already passed a bill to prevent these abuses and to limit high interest rates. The regulation is precisely the key according to Jacques Attali, who remains confident about the future of the sector in 2011:

In France, the industry should also be revived.A recent amendment to the legislation authorizes the microloan effect between individuals, resulting in a rise of sites of "peer-to-peer lending" as Babyloan.org.

Large firms take over

But social economy is no longer the preserve only of those institutions or the state. Large private companies seeking to maximize their profits, in turn seized the subject and launch in partnership with other actors in the social business.

Such as microcredit, the objective is to fight against poverty. But this time, we see the big picture: multinationals are encouraged to use their skills and cash to complete a specific project. First example: in 2006, associated with the Grameen Bank, Muhammad Yunus, Danone yoghurt product sold around 6 cents in Bangladeshi villages.Since then, the social business has invested in other areas: Grameen Phone, is a partnership with Telenor of Norway, became the first telephone operator in Bangladesh. For his part, Veolia Environment has partnered with the Grameen Bank in the field of water and Adidas is committed to making shoes at low prices for the Bengalis.

Virginie Seghers, a professor at the Institut d'Etudes Politiques in Paris, explains that social business is based on knowledge of field stresses the role of multinationals to improve their image and position themselves in markets that represent 4 billion future consumers :

France has put this principle into practice recently. For Martin Hirsch, the sector has experienced a real boom in France in 2010.The former High Commissioner for Active Solidarity, who co-chairs the pulpit "Social Business / Business and Poverty" HEC stresses the power and responsibility for these large companies to persuade them to embark on these projects:

Martin Hirsch presided today with Emmanuel Faber, Danone's number two, a partnership which has joined Schneider Electric for carrying out actions of social business in France.

For 2011, several projects will be tested: the creation of coupons for infant feeding products such as baby food and infant formula, a partnership with Essilor to reduce the cost of glasses and another with SFR to reduce the price Small telephone consumption. In one year, Martin Hirsch hopes to lead a dozen projects.

CAC40 should pause on Wednesday after two consecutive sessions. Concerns over debt and Moody's warning on Greece and Ireland could affect investment decisions. The day before the U.S. indices ended the session up to the inverse of Asian stock markets finished the session which have declined. Eyes will be on Wednesday to the United States that publish their sales growth for the third quarter this afternoon.

The Nikkei index of Tokyo Stock Exchange ended the day on Wednesday with a decline of 0.23%, investors, disappointed by the Japan External Trade Statistics and cautious before a holiday, having opted to pocket profits dealers said.

Statistical publications are many on Wednesday.Moreover, the U.S. GDP in the third quarter, investors be concerned with resales. In Britain, the growth figure for the third quarter will also be announced and the balance of payments and the minutes of the Bank of England.

When Moody's puts Portugal and Spain under pressure, the debt figure for 2010 fall. Unsurprisingly, the year 2010 was undoubtedly, in developed economies, that of the explosion of public debt. Thus, the net debt service of the U.S. state has increased by more than 2.000 billion for fiscal year 2010. The same applies to the United Kingdom: the country's public deficit widened more than expected in November to 16.8 billion pounds (19.8 billion euros) a month, or 2 billion higher than November 2009. The German and French indebtedness reached record highs.

As for values, the markets might react to the announcement of LVMH, which owns more than 20% of Hermes as a result of market purchases on and off the market, continuing its rise in the share of the group, while reaffirming not consider taking control or launch a takeover bid.

Moreover, the U.S. would Genzyme, the Wall Street Journal, now more willing to discuss with the group Sanofi-Aventis. The U.S. laboratory said so far his opposition to any negotiations so that Sanofi would not raise its offer as inadequate.

Total announced its intention to make its debut in the Brazilian sugar cane through its partner in Amyris to produce a series of biochemical products.By partnering with Brazilian companies, Total wants to claim 5% to 10% of the production of sugarcane in Brazil by 2020.

Veolia has signed a contract worth over one billion euros in turnover over one year to the operation of three regional trains in Bavaria, reports La Tribune. This contract is the largest of Veolia Transport in Germany.

The works of EDF will wipe almost 90 million euros in losses this year and needed an unprecedented austerity plan to restore its finances, according to Les Echos.

CAC40 off, Ingenico, who on Sunday rejected an offer for the entire company, said Tuesday evening that he had received no firm offer and was not conducting any discussion on its capital.

ALSO READ:

"Wall Street at its highest level since Lehman Brothers

Ingenico: end discussions redemption

"The Tokyo stock market is crumbling late in the session

"2010, a record year for public debt

Moody's puts Spain and Portugal under pressure

"LVMH owns more than 20% stake in Hermes

The crisis in the euro area does not affect the morale of French business leaders. The index of business climate established by INSEE increased further in December to 105 points against 104 in November. He gained 7 points since July. "Improving the business climate is evident in all sectors," noted INSEE. On Thursday, the leading index PMI for the month of December, however, noted a temporary decline in activity in December by the weather.

Business leaders were particularly morale in industry. The index gained 3 points in a month, to 103 points, returning to levels not seen since mid-2008, ie before the crisis. The increased activity is found at a level above the average long period, the order books found in pre-crisis levels. Inventories are considered low."The general outlook, which represent the views of industrialists on the activity of the industry as a whole, are also increasing," notes INSEE easy pay day loans.

The services are also dynamic. The indicator for this sector stood at 103 points, against 102 in November. "Entrepreneurs believe their activity has accelerated in recent times and it still accelerate in the coming months," INSEE recounts, but "job creation has fallen slightly in recent months." The outlook is still well oriented: business leaders have revised upwards their expectations for recruitment, "a sign that job creation could increase in coming months," said INSEE.

In retailing, the business climate continues to improve. The index stood at 108 points in December, against 106 in November."This progress is mainly attributable to those recorded in the general retail and automotive, that is to say the dealers, said Insee. The automotive industry benefits from the reductions granted by manufacturers to compensate for the gradual disappearance of the scrapping.

Slightly better but still unsatisfactory. The results of the second internal investigation into the degree of involvement of employees of EADS, Airbus' parent company, 15% of them said they felt only "involved" in their travail.Dans a letter Wednesday to 119,000 employees of the giant aerospace, defense and space, Louis Welsh, president of EADS, note that the rate of participation in this vast internal survey led by Gallup improved 10% since 80% of them responded to the survey, 22,000 people more than in 2009 when the first survey. Another positive signal for the direction of the group, "the significant increase from 10% last year to 15% this year, the total number of employees" involved in their work, which "deserves to be underlined, writes the president of EADS.

But, he admits, "we recognize that much remains to be done.""The survey shows the need to intensify our efforts to enable everyone to understand clearly what is expected of him. We also need to pay more attention to the quality of dialogue between managers and individual members of their teams, "says Louis Welsh. Despite a plan of management training provided to 4400 members of the coaching group, the troops believe toujoursévèrement their superiors more concerned by the projects and financial performance by their teams quick pay day loan.

"Unable to change things in a year"

Officially, the EADS management is not surprised with the result – still disappointing – this second investigation. "It is impossible in a group as big of a difference in one year. Especially as you work on the emotional feelings and therefore humans, "said-there at the group's headquarters in Paris.EADS will continue in 2011 the action plans to management level "where things started to happen" but also at lower levels where "we have not felt the wind of change". In the future, human management is reflected in the variable portion of compensation of managers who are rated by their teams.

Remains that employees show their loyalty, their desire to remain working within the group and pride vis-à-vis the products and services developed by EADS. But they suffer from a lack of recognition. "We must continue our efforts at all levels to develop a work environment more satisfying and challenging for all.(..) I invite you all to think and work together across organizational boundaries and geographical, "writes Louis Welsh inviting employees to ask their questions at its next CEO EADS chat (conversation with CEO) on 20 December.

EDF did better than expected. The electrician has published a turnover up 9.5% to 52.9 billion euros during the first nine months of 2010. The analysts were not as high as they expected a sales increase of 8% to 52 billion euros.

Sales of the electrician were mainly supported by the acquisitions made in 2009, including that of the Belgian electricity provider SPE and the redemption of the nuclear activities of Constellation Energy. "The first nine months of 2010 have been particularly marked by higher electricity sales volumes and prices overall declining trend internationally," says management.

Sales figures carried by the exchange

The activity is also progressing with a favorable currency impact, due to the depreciation of the euro in a year, the company said.In fact, at constant scope and exchange rates, growth in turnover of the group amounted to only 3.8% payday loans. During the first nine months 2010, EDF has made 51% of its turnover outside France.

With these figures on business, the group confirmed its earnings targets for the whole year. EDF seeks organic growth of its gross operating income of between 3% and 5%. As for the dividend, it expects stability. The electrician said that the target ratio of net debt / EBITDA ratio is now close to 2.5 and EDF welcomes this ratio comes out as "an enhanced level compared to the original target of between 2.5 and 3.

Management expects for 2010 now also on an availability rate of its nuclear plants in France – critical to its profitability – close to 78.5%.In late July, EDF said it was an availability rate of between 78.5% and 79.5% for the full year.