Operation pricing audit reveals "real excesses

Operation pricing audit reveals "real excesses----------Francois Fillon said in Blois Friday that the first results of the survey price verification launched earlier this week at his request reveal "the real excesses" on the part of manufacturers and distributors that the government intends to "denounce".

"The results will be known in a few days but already I can give you some ideas. Ago excesses, it is indisputable", the Prime Minister said during a visit to support the candidate New center of Blois.

After noting that the investigation of 60 million consumers published earlier this week which had highlighted a surge in the price itself consisted of "excesses", he added: "At the same time, there are some real excesses you encounter every day when you do your shopping ".

"We will expose those who engage in unacceptable increases their margins, which are not justified. You can not ban them. It is in a country where prices are free," he continued.

"There are prices of products that increase quite excessive, even though the raw material does not justify the increase," he said.

The head of government has taken for instance the same product based on wheat "which increases by 27% with a supermarket and declined by 4% in another."

"Nobody wants to control prices but at the same time, it is necessary that the French know that such and such a great brand, that any sign of the mass distribution does not lead well," continued the chef du gouvernement .

"Afterwards, the Parliament will have to decide in the spring by an increase in competitive conditions. It is putting pressure on the big retailers that we can bring down prices of products in our country", he added.

Regarding the "excesses" of the study by the consumer magazine, Mr. Fillon cited included in the goods-reference for a "honey-smoked ham" sold on the Internet.

"It is not quite in the basic basket of goods. I never ate smoked ham with honey," he added.

The Golden Parachute

Denis Gautier-Sauvagnac has been placed under investigation for "breach of trust" in the case of suspicious withdrawals on the accounts of the UIMM.
The Union of Metalworkers confirmed that he had paid to his former boss 1.5 million euros severance pay and that it would assume responsibility for the financial costs associated with a possible condemnation, but denies having bought his silence.

The former president of the Union des Industries metal trades (UIMM), Denis Gautier-Sauvagnac, indicted on January 15 in the case of suspicious withdrawals from the employers' organisation, has favourably negotiated his departure and care of a possible conviction. Thursday evening, the employers' organisation confirmed that he had paid to his former boss the sum of 1 .5 million euros gross for his departure.

On the other hand, the UIMM also acknowledged having committed itself to be financially responsible "sentences" in the case. "The tax convictions and not criminal," then explained Frederic Saint-Geours, the new president of the UIMM, speaking on Europe 1. Denis Gautier-Sauvagnac could be subject to a tax adjustment to have collected premiums on non-declared funds from the cash boxes of the employers' organisation.

Thursday, the weekly magazine Marianne had said that the second agreement had been "partially concealed certain officers" of the UIMM, which brings together leaders of the major industrial groups french. Information that the organization has rebutted: she says, the office took the decision "unanimously".

According to the weekly, citing a source close to the dossier, the two agreements, negotiated with Michel de Virville, president of the Unedic, the unemployment insurance since Jan. 31 and mandated by the UIMM, would target ensure the silence of Gautier-Sauvagnac, on the identity of the recipients of cash accounts of the organisation. Faux argues that even through Frederic Saint-Geours. According to him the award at Gautier-Sauvagnac were not paid for her silence, but on the basis of his impending retirement.

Legal proceedings against the UIMM?

In this case, "DGS" was placed under investigation for "abuse of confidence" after nearly 19 million euros have been removed from the coffers of the organization between 2000 and 2007, under its authority. Investigators suspect that most of these monies were used to finance covert unions. Asked about the new elements introduced by Marianne, Jean-Yves Le Borgne, DGS's lawyer, said that he did not have a comment to make, adding: "For me the heart of the debate is the flow social relationships. " Neither the UIMM, or Michel de Virville have reacted in the immediate future.

According to judicial sources, these two contracts, mentioned by Marianne, were not on file instructed by the judge Roger Le Loire Financial. According to a source close to the record, they could lead the court to consider legal action against the organization as a legal entity for "complicity" of heads charges against Denis Gautier-Sauvagnac.

The former president of the employers of metallurgy remains managing director of the organization and continue to receive a salary of approximately 20,000 euros per month. He announced on December 11 that he will leave the UIMM in 2008. According to a source close to the application, the General of the UIMM, Dominique de Calan, also was indicted on February 14 for abetting and harbouring of fraud, could have concluded similar agreements.

The president of Medef, Laurence Parisot, has interrupted his holidays and will return to Paris on the evening of Friday to "take the necessary decisions", it was said at Medef.

South Africa: France wins three agreements

The visit of President Chirac in South Africa with industrial french resulted in the signing of three agreements between the two countries.

France has won three new agreements with South Africa, following the visit of President of the Republic and a delegation of French companies. The state of South Africa is facing an energy crisis of great magnitude, because of outdated facilities and a demand for energy rising sharply. To remedy these shortcomings, the South African government plans to develop new coal and the construction of a second nuclear power plant. Alstom has won a contract for the construction of a coal-fired, with a value close to the 1.36 billion euros. The contract was signed with the company and will Eskom public infrastructure of the plant based in Witbank (Northeastern). The second contract is for the French Development Agency (AFD), on the financing of wind turbines for a total of 100 million euros again with the company Eskom.

Nuclear power in the mire

The group Areva was also present, as embodied by the President of the Executive Anne Lauvergeon. The group submitted to the State of South Africa a project on the construction of 12 nuclear reactors by 2025. The French is competing with the American company Westinghouse, and two participants expect the choice of government. The french president made his motivation on this issue before a forum of businessmen and french South Africa, launching, "We will fight for the market of central coal as nuclear, because we, we like this: take everything, it is easier than taking half. " The time for Anne Lauvergeon launch: "Allow me, Mr. President, to welcome the energy that could be described as nuclear devoted to the subject," by picking up the last contract covering vocational training. The latter refers to the program developed by the government on adult education. The program aims to alleviate the shortages of skilled workers, as a result of apartheid which saw many people of African origin private skills training.

Renault has signed the final agreement Avtovaz

Renault has signed the final agreement which will in the first half to enter the capital from his Russian counterpart AvtoVAZ, the maker of the Lada, against an investment of over one billion dollars (660 million euros).

AvtoVAZ is counting on Renault and its president, Carlos Ghosn, credited with the successful recovery of the Japanese Nissan, to revive the famous Lada built on the site of Togliatti on the Volga.

The president of Renault, which had concluded with the Russian group agreed in principle to this effect on December 8 last year, will enter the board of directors of AvtoVAZ with Patrick Pélata and Thierry Moulonguet, both CEO Deputy Renault.

The price paid by Renault is one of the largest investments by a French company in Russia after the agreement reached last year between the company and Total Russian export gas Gazprom to develop the giant deposit Chtokman.

It is also the largest investment made by a foreign automaker in the Russian car market, booming in recent years. Almost all major car manufacturers worldwide have opened or are committed to opening new factories in the country.

Russia has strong economic growth in the past nine years, thanks to its exports of raw materials, oil and metals.

According to analysts, Russia could soon become the first European car market.

AvtoVAZ is facing a decline in its sales, while the Russians, whose purchasing power increases, they tend to turn to the foreign brands. But it is this same purchasing power that makes Russia a target of choice for major automakers worldwide.

DOUBLE PRODUCTION AVTOVAZ

"Russia is one of the most coveted markets in the world for vehicle manufacturers," said Carlos Ghosn.

"I am very pleased that Renault had been chosen from among many candidates to be the strategic partner exclusive first Russian automobile manufacturers," he added.

Renault intends to almost double the production of AvtoVAZ to bring it to 1.5 million units by 2014, with Lada models, but also Renault.

The french group will pay one billion dollars for its 25% (plus one share) plus 166 million dollars according to the results of 2008-2009 AvtoVAZ.

AvtoVAZ already had a partnership with GM since the 90 years to produce vehicles including all-terrain jeep.

At one point controlled by his leadership, AvtoVAZ came back into the fold of the state in recent years, the Kremlin wishing to keep their hands on the industrial assets considered strategic.

The group is controlled by both the Russian arms exporter Rosoboronexport, a subsidiary of the Russian public Technologies and by the broker Troika Dialog.

Renault will buy its involvement with Troika, which will also put on the stock market in the fall of up to 25% of the remainder of its stake in AvtoVAZ to make the action more fluid.

In the long term, Russian Technologies and Renault will be shareholders in equal shares in AvtoVAZ with 25%, said a press release.

After its entry into AvtoVAZ, Renault plans to produce seven million vehicles a year. The french group plans to consolidate the results of AvtoVAZ in its accounts.

Renault, Nissan, is the number three global automotive industry, behind General Motors and Toyota.

NRJ: refocusing plait à la bourse

In an interview with Les Echos, the Chief Executive Marc Pallain have indicated that they want to concentrate on its media activities. A repositioning which seemed to please the market.

NRJ "2010" there seems convinced markets. The title of group broadcasting is indeed very sharp rise this morning to 14.78%, following the announcement by the Chief Executive Marc Pallain in an interview with news of the establishment this plan to focus on its Media activities.

To do this, the group could open the capital of its technical publisher, TowerCast. "We would even be willing to become a minority if that is a potential buyer wanted. This would finance investment to come to TowerCast which has a high growth potential, "said Marc Pallain on a daily basis.

NRJ "2010" will also spend a savings plan, which should be achieved, as compared to current figures, 20 million euros per year in 2010, and "the bulk of which will be reached in 2009".

The group could also reduce its exposure in three countries, namely Finland, Austria and Germany via the opening of the capital or disposals. For Marc Pallain, the hi could come from television and the Internet, both of which have performed well at the beginning of this year. In addition, the elimination of advertising on television should France in the longer term benefit NRJ 12, but also Nostalgie, whose audience is similar. "

HSBC France will sell 400 branches to Banques Populaires

HSBC France will sell 400 branches to Banques Populaires
The group Banques Populaires entered into exclusive negotiations to buy the British HSBC seven regional banks operating 400 branches in total. Its offer amounts to 2.1 billion euros.

La Tribune understood yesterday that the ICC was in the best position. They are finally Banques Populaires, which were selected Friday to begin exclusive negotiations to buy the seven regional banks owned by HSBC France. These banks Chaix, Dupuy, Parseval, Marze, Pelletier, of Savoy, Credit Commercial Southwest and the, SMC. Banques Populaires said to have offered 2.1 billion euros for those establishments that operate 400 branches in France and are particular about 425,000 customers and 62,000 professionals. The offer does not apply to agencies under brand HSBC (formerly RTC and Banque Hervet) concentrated in the major urban centres, or other trades HSBC (investment banking and markets, private banking).
For HSBC, this assignment is an opportunity to "redeploy its capital into other investments as part of the rebalancing strategy of his activities on behalf of emerging markets and segments with high growth," said Stephen Green , chairman of the HSBC group. It would affect only less than 40% of customers of HSBC and France less than 20% of pre-tax income of the subsidiary. Meanwhile, the Banques Populaires group sees such an acquisition means "to accelerate its momentum of conquest in the vicinity of the bank," said its chairman, Philip Smith. By adding to the 400 branches currently owned 2745, it actually happen before the Société Générale, current fourth national network with 2989 branches.

Button pays for independence

Button pays for independence
The CEO of the General Society has invested 1.5 million euros out of his own pocket in the capital increase subscribed by Dexia in particular, while BNP Paribas prepare a bid.

Daniel Bouton participated personally to the increase in the Company's share capital. According to a document of the AMF, the CEO of the bank has invested 1514 million euros of his personal funds in the operation, which can be purchased until Friday evening. This collection of 5.5 billion euros is to guarantee the independence of the bank, weakened by the loss of 4.91 billion euros after a trading fraud.

But predators remain on the lookout. BNP Paribas would seek political endorsement to launch a bid on its rival. The weekly Le Point has indeed revealed Thursday that "Michel Pébereau and Baudouin Prot, the leaders of BNP Paribas, continue to be the headquarters of the Elysée and Bercy, in the hope of a green light to their plan of recovery of the firm. Both bankers know that such an operation can only be successful if it is friendly. They also know that Daniel Bouton is hostile and that only an injunction came from above could do bend. "

BNP Paribas has denied conducting such negotiations. The bank, which had attempted to absorb the General Society in 1999, described this information from "pure market rumour." A month ago, investors had speculated on an offer of BNP Paribas on its rival for 92 euros per share. Thursday, noise referred to a supply of 1.2 action BNP Paribas, plus 18 euros for each title of the General Society. The action of the bank headed by Daniel Bouton then jumped, appearing at the top of the CAC 40 index with an increase of 2.3%, while BNP Paribas yielded 3.75%.

An analyst interviewed by lefigaro.fr believes that "BNP Paribas is the only pretending that has potential for success, and there is no hurry to carry out this operation." According to him, the agitation was observed yesterday speculative. "These rumours are intended to excite the financial community that the capital increase goes well. Banks and private equity holdings can go to the capital of the General Society, attracted by the low prices of securities and believe that the bank will return to a higher level of valuation in a few years. "

Dexia said Friday morning having subscribed to the capital increase of the Company. The participation of the Franco-Belgian group stood at 1.13%

bull and bear eurovs doller

The euro has registered a new record against the dollar and is currently traded at more than $ 1.52 against the euro. In an interview with Reuters, Pierre-Antoine Dusoulier, president of Cambiste.com, talks about the causes and consequences of this new bout of weakness of the dollar.

FC: The dollar has exceeded the 1.50 dollar against the euro, expecting sure that the dollar reaches such a level?
PA D: This new bout of weakness of the dollar is not a surprise, since the euro has continued to appreciate against the dollar since 2003 and 2005.
Several factors have helped propel the dollar to peaks including the proper figure of the Ifo or the speech by Fed chairman who has made his uncertainties about a resumption of growth in the United States.

FC: More generally, how can we explain such an appreciation of the euro against the dollar?
PA D: A combination of several factors both macro economic and technical plays for an appreciation of the euro against the dollar. The economic picture is very bleak for the United States or the American crisis does not appear to be spread to the euro zone. In addition, the interest rate differential advantage now to the European currency. In addition, the emerging countries are increasingly preferred the detention of currency reserves in euro rather than the dollar, which undoubtedly contributes to an appreciation of the single currency.
The speculative factor is also involved in this movement rise of the euro against the dollar. Indeed, operators are increasingly likely to consider currencies as an asset class in their own right, and proceed to the reallocation of assets in the dollar to the euro as with traditional asset.

FC: What is the impact of the weak dollar on European industry?
PA D: There is often a tendency to overstate the impact of a strong euro on European industrial fabric. A strong currency also has interests in particular for importers who see their production costs decrease or we have more importers than exporters in Europe. The exchange intra euro zone is predominant on the old continent.

FC: Exceeding the psychological threshold of $ 1.50 against the euro promote Does joint action by the central banks?
PA D: The thresholds are psychological advantage taken into consideration by speculators and by the central banks ...
Moreover, concerted action by central banks does not always work. It is important that those involved were convinced of the effectiveness of these measures so that they are implemented and they generally act like self-fulfilling prophecies.
Since 2001 2003 following an intervention by the central banks, which had reduced the exchange rate of 1.3 dollar to 1.18 dollar against the euro. However, the euro resumed its march forward in the future ...

FC: What are your prospects for the coming months? And in the longer term?
PA D: In the short term, we expect a small correction of the single currency. In the long term however, the euro should, we believe, continue to appreciate against the dollar. We do not see any sign of weakness of the euro at both fundamental and technical. Thus, the 1.55 dollar threshold for a euro could be reached this summer and the helm of 1.60 may be exceeded before the end of the year.
Interviewed by Mathilde Golla.

"Unemployment may not fall every month"

"Unemployment may not fall every month"The number of registered unemployed at the end of January ANPE in category 1 reached 1.9 million, an increase of 0.7%.

Young consult ads for lANPE Young consult ads for the ANPE (c) AFP
"Unemployment may not fall every month" is the reaction that had Francois Fillon, Friday, February 29, the day after the publication of unemployment figures. "What counts is its focus on the year. Month of January traditionally is a month that is not good."
"It is indeed a drop in unemployment in our country. Nevertheless, in order to achieve the goal of full employment that has set is going to require even more thoroughgoing reforms," he said.
Faced with this optimism, the PS has estimated that the government was "overtaken by the reality": the rise of 0.7% in January 2008 in the number of unemployed is the translation logic of slower growth in France (1.5 % in 2008) and the severe economic and social difficulties faced by our country ". The opposition believes that the government will have to face "the failure of its economic and social policy".

Read also

* Euro area: unemployment remains at a historic low
* Euro area: inflation confirmed to a more high-ever
* How far the euro will rise?

All Business News
1.91 million unemployed

The number of unemployed has risen by 0.7% in late January, compared with December (13,200), reaching 1.91 million, or 8.4% less than a year earlier.
In late December, the official barometer was down 9.3% over one year.
The number of registered unemployed in categories 1, 2 and 3 off reduced activity, which includes people willing to accept a part-time, temporary or interim one, stood at 2,029,700, also up 0.7 % compared with December (-9.6% compared to January 2007). This figure approaches the definition used by INSEE for calculating its unemployment rate.

A level "historically low"

Christine Lagarde reacted to the figures by saying that "other indicators in the labour market are well-oriented" and citing "job creation remained robust in the 4th quarter, and employment in the interim, who "rose in Q4."
"The recruitment difficulties, including the increase was moderate, however, reach high levels that fully justifies the reform of public employment service by the Act of February 13, 2008 on the operational merger of the ANPE and the Unedic" , "said Minister of the Economy.

Eiffage said that he did not negotiate with Sacyr Vallehermoso

Eiffage said that he did not negotiate with Sacyr Vallehermoso

Eiffage does not always negotiates with the Spanish Sacyr Vallehermoso under the legal conflict between them and rejects the solutions mentioned by the Spanish group, reported that its CEO Jean-Francois Roverato.
Eiffage does not always negotiates with the Spanish Sacyr Vallehermoso under the legal conflict between them and rejects the solutions mentioned by the Spanish group, reported that its CEO Jean-Francois Roverato.

He also indicated that a chief operating officer would be appointed to Eiffage "by the summer". Benedict Heitz had resigned in early December 2007 from his position as general manager.

"We were invited to the Elysée Palace on January 14 in the morning and Mr. del Rivero (Sacyr president) has put forward a number of ideas that were not consistent with the decision of the MFA. Je n ' I could not give my approval to ideas that were inconsistent with the position that we defend in the courts, "said Jean-Francois Roverato at a conference on the results of 2007.

In June, the Financial Markets Authority (AMF) had invalidated a public offer of exchange on Sacyr Eiffage, in the belief that the group had acted in concert with other shareholders Spanish, and demanded the release of a new bid Eiffage on, partly in cash at a price of 127.29 euros.

Luis del Rivero has proposed including the repurchase of a portion of Eiffage shares at a price lower than 127.29 euros, the sale of securities "at a high price", or the takeover of APRR, said Jean-Francois Roverato.

"Eiffage serenely awaiting court decisions and does not negotiate with Sacyr," he added.

The Paris Court of Appeal will decide on April 2 at the request of Sacyr this decision by the AMF. The Commercial Court of Nanterre must then make its decision on May 6 Sacyr's request to cancel the general shareholders french group of 18 April 2007.

THE No. 2 COULD COME FROM OUTSIDE

According to Les Echos, February 7, the Caisse des Depots (8.5% of Eiffage) and CNP insurers, Axa and AGF would consider a resumption of participation in Sacyr Eiffage at a price close to the current stock-market price. "I have observed that nobody nothing wrong," said Jean-Francois Roverato.

Eiffage also appoint a director operational before the summer and its board of directors will determine in April that it will propose the dividend for 2007 at the general meeting on June 25.

Referring to the future of No. 2 Eiffage, Jean-Francois Roverato felt perfectly "imaginable and inconceivable" he comes da Vinci and Bouygues, indicating that a "half dozen" candidates were in the running.

"If the successful candidate has knowledge of the profession, my role will diminish quickly. If this did not happen, that would take a little more time," he added.

Jean-Francois Roverato has also suggested that the conflict with Sacyr could compel Eiffage to think twice before embarking on operations of external growth.

Asked about a possible interest in Cegelec, he said: "If Cegelec comes on the market, we will see what should be done, especially if it was after resolving our legal issues. Strategically, of course, we we are interested in developing in the areas of installing and maintaining multi-techniques. "

NO INTEREST FOR ADP

"An important move towards concentration in Eiffage could open the field to a questioning of the mandatory bid. This is an issue that we must look carefully," said Jean-Francois Roverato.

The CEO of Group B-TP also stated qu'Eiffage did not wish to purchase securities ADP.

In terms of outlook, the group believes that 2008 will be "a year of low activity in public works," but that 2009 will mark a return to "a stronger". It targets a total turnover of 13 billion euros in 2008 (excluding acquisitions), the year for which it expects "a return to a normal level of achievement" for its subsidiary metal construction Eiffel, impacted by provisions' last year.

"We are confident in maintaining margins in our backlog, ie in 2008. For now, we still do not see a tragedy on the horizon, even though the situation of the property is cup" also said Jean-Francois Roverato.

In exchange, Eiffage fall of nearly 6% Friday on the stock market after the publication of 2007 results and 2008 outlook considered disappointing, prompting some analysts to revise down their opinions on the title.

Around 12:30, the action loses 5.94% to 56.20 euros, while its European sector index fell by 1.32%.

Good results illustrate Vivendi regained its credibility

The good results of Vivendi in 2007 could consolidate its recent return to grace, if not in the financial markets (action backed off as the rest of the CAC 40), at least among analysts.

The group french media and telecommunications published Friday, February 29, an adjusted net income of 2.8 billion euros (8.3% compared to the same period in 2006). Its turnover increased by 8% to 21.6 billion euros.


Company
VIVENDI

EUR 26.09
-2.10%
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Even in the marginal income group, pay television, and especially the games are the two activities that grew the fastest. Thanks to the online game "World of Warcraft", the turnover of the subsidiary Vivendi Games has exceeded one billion euros. In telecommunications, the main trade group, Morocco Telecom was up almost 20% of its operating profit. In 2008, the leadership of Vivendi was expected earnings growth in "comparable" to that of 2007.

For some analysts, Vivendi is now contained value "defensive" on the stock market, able to resist better than others to the vagaries of the business cycle. "Half of the income came from telecommunications activities, where subscriptions dominate. They are less sensitive to a slowdown in consumption," said Conor O'Shea, an analyst at Kepler Equities.

The financial situation very difficult group in the summer of 2002 - when he was faced with debts that he could not meet - is now forgotten. In July 2002, Jean-Marie Messier, its high-profile CEO, accused by some of the french business establishment to have lost their sense of reality, is forced to resign. It pays for a policy of diversification considered to be too fast and too expensive.

Forgotten also the era Jean-Rene Fourtou (summer 2002-spring 2005), during which the successor to "J2M" seeks to redress the group accounts, but which analysts blame did manage a "Syndic bankruptcy. " In fact, tens of assets that Vivendi sells to replenish its funds: its publishing division, its shares in the television bouquet Echostar, a large share of its American assets with the sale of Vivendi Universal Entertainment.

Almost forgotten finally doubts on the strategy led by Jean-Bernard Levy, a lieutenant of Mr. Fourtou became CEO of the group in 2005. For a long time, analysts have focused their criticism on the supposed lack of coherence of the group, on the lack of synergy between its various businesses. But the failure of a takeover bid (OPA) of the American investor KKR, in 2006 (which was the dismantling) and the fact that Vivendi has since increased its major acquisitions, has restored confidence in the market .

In 2006, Vivendi has announced the acquisition including the satellite platform TPS and BMG Publishing, in music publishing. In 2007, he announced the acquisition of the publisher of Activision games and climb to 100% of the capital of Internet service provider Neuf Cegetel.

While some point the persistence of a strong "haircut holding company (the market value of Vivendi is lower by about 30% to the sum of its various activities), while others, such as analyst of a large bank French, believe that "it can not be said that if it were independent, each of the four trades Vivendi would be better managed."

One negative point remains: the decline in adjusted operating profit of SFR, the mobile phone subsidiary of Vivendi, which still weighs 42% of sales and half of profits in the group. Among other explanations, the fact that his great rival Orange (France Telecom) has won exclusive distribution of the iPhone, the phone Apple has been pushing SFR a costly bidding to retain or gain new subscribers

Dell, vs wall street

The world number two has published yesterday a profit down 6.5% to 679 million dollars, with an increase of 10% of its turnover, as part of its fourth quarter

The Wall Street expectations were dashed. Dell, which issued a profit yesterday, down 6.5% to 679 million dollars, with an increase of 10% of its turnover, as part of its fourth quarter, raises questions.

The number two worldwide PC already trying for several years to regain market share lost to competitor Hewlett-Packard - which has delighted leadership. It has faced over the period to several non-recurring charges, including a charge of $ 83 million for research and development. The group also suffered side effects from its dependence on its domestic market, from which it derives 51% of its turnover.

Reductions in staffing, acquisitions, prices of components and abandonment of the famous "Dell model of selling directly to the benefit of the distribution in stores, the new operation of the business Texas has yet to prove itself.

The group announced through its fiscal year ended 1 February 2008 a profit of 2.94 billion dollars, an increase of 14%.

Tax Evasion: the Committee on Finance wants names

Didier Migaud and Gilles Carrez "want to read the list of names" escaped tax in Liechtenstein.

The chairman and rapporteur of the Committee on Finance, Didier Migaud (PS) and Gilles Carrez (UMP), reported today in a letter to the Minister of Budget, Eric Woerth. The latter said that they "wish to take this opportunity to read the list of names held by the ministry as well as suites that Bercy intends to give to this case" tax evasion. Didier Migaud also wants to "implement" the interparliamentary cooperation between the Committee on Finance of the National Assembly and the Bundestag (Germany). He said that he had "been in touch with his German counterpart to consider joint initiatives in the direction of Vaduz (Liechtenstein's capital)."

Earlier in the day, Eric Woerth said that "in the interests of transparency," he asked, "if they wish, to the chairmen of the Finance committees of the Assembly and Senate and the General Budget rapporteurs" to come at the Directorate-General for Taxation (IMB) refer to data available to it. "According to him:" The case took a scale that it is important that they be informed of the measures being taken by the IMB. "

Checks in "a few weeks"

He also responded to comments made Wednesday by the PS deputy Arnaud Montebourg, who expressed surprise that the government has received a list of 200 fraudsters without having immediately prosecuted. "I refer to Mr Montebourg his law studies. There is a tax law that could not transmit (a record) to justice after a tax audit and the opinion of the Commission of tax offences, so I was not there. "

As for the work of the investigators, Eric Woerth said that the list was being verified. Then, "we déclencherons personal checks, depth on each person on whom there is a suspicion," he added. Such controls could still take "some time, a few weeks."

independence of energy

The European Ministers of Energy have been unable to agree on a common core of principles to be observed to ensure the independence of energy carriers vis-à-vis major integrated groups such as EDF and GDF.

OUR OFFICE IN BRUSSELS.

The dish menu at the working lunch of European Ministers of Energy, meeting in Brussels yesterday, did not turn out to be unanimous. After two hours of discussion disturbed by the surprise of E projects. ON, the Twenty-Sept failed to agree on a common core of principles to be observed to ensure the independence of carriers energy vis-à-vis major integrated groups such as EDF and Gaz de France.

The Commission, which denounced the "inherent conflict of interest" in such groups gas or electricity, proposed last September a draft directive aimed at forcing these behemoths to sell their transport networks in a manner that ensures the 'independence. But a group of eight countries, led by France and Germany, denies that vision. Shortly seduced by the option of the Independent System Operator as an alternative by the Commission, they proposed a "third way" to establish the conditions for an "effective and efficient separation" between sellers and transporters of energy provided up to a separation heritage.

During a particularly lively discussion, ministers British, Swedish, Danish and Dutch mostly rejected the text proposed by the Slovenian presidency of the European Union, which sought to synthesize yet the conditions necessary to obtain any agreement and should serve as a basis for future negotiations. They insisted on demanding more guarantees on the "third way". A resumption of the board, in the early afternoon, the Slovenian presidency could not but note the existence of "differences". "There was, on the one hand, nineteen Member States and on the other eight countries that offered an alternative to that of the Commission. Today, there are twenty-two or twenty-three that are reasonable to consider this alternative as the only way out, and four who are really hostile, "relativisait at the exit of the council Minister of the Ecology, Jean-Louis Borloo. "The third way is not abandoned, he stressed. Rather, the Slovenian presidency has said that several options remain on the table. "

Only about consensus, the horizon referred to reach a political agreement. "All member states are in agreement on one point: we must reach an agreement by June," said yesterday the EU Commissioner for Energy Andris Piebal

Action chemical group Rhodia fell by more than 20%,

Action chemical group Rhodia fell by more than 20%, Thursday, February 28, on the Paris Bourse. Despite a doubling of profit to 129 million euros (62 million in 2006), despite a dividend payment for the first time in five years, despite an increase of 5.6% of turnover (5.08 billion ' euros), investors have punished 2008 outlook clouded by higher raw material prices and the continuing fall in the dollar.


By early morning, the title had lost 7%, analysts believed the results slightly below their expectations. But the unscrewing of title occurred when Jean-2008 in the company's ability to pass on a continuous increases in the price of energy and raw materials.

Until now, the repositioning of Rhodia market segments where the customer had no choice but to accept price increases had worked well. But Thursday, Mr. Clamadieu said that "a further significant increase in the price of raw materials and energy in the fourth quarter of 2007 would affect the start of the year 2008". He estimated the cost of this increase to 80 million euros in the first quarter of 2008 only after it had been 120 million euros "only" on the whole of 2007.

Although the order books are full of Rhodia, although the crisis subprimes savings away from a group BTP, the markets have punished mostly uncertainty

declining annual result due to a difficult year-end

The reinsurer recorded a decline in its annual net profit, penalized by the sharp drop in its performance in the fourth quarter. For the year, net income was down 9% to 4.2 billion Swiss francs, better than expected. But in the fourth quarter, it rose from 1322 billion francs to 170 million. Over the year, the group suffered a loss of 240 million francs in loans structured. However, the premiums increased from 7.3% to 31.7 billion, a performance in line with expectations.

The combined ratio of the group took him less degraded than expected, it reached 90.2% in 2007 to 90% in 2006 but 93% expected. For the financial year 2007, Swiss Re will propose a dividend of 4 Swiss francs, up from 3.40 francs a year earlier.

Jacques Aigrain, chief executive of the group said that this was the second best score of the group in 144 years of existence. The division Risks and Damage has registered its best performance of all time according to the group, which also highlights the positive development of business investment, despite the difficulties of the market.

Relying on the latest movements, Swiss Re estimated that it will record a further loss on the CDS structured credit of 240 million Swiss francs. But he says that the devaluation was offset by the positive developments of its investment portfolio

Relocation: Electrolux is about to desert the Ardennes

The announcement of the relocation of the plant washing machine high-end Revin (Ardennes) to Poland imperils some 700 jobs by the unions. The company management has refused to comment…

Reportage Isabelle Labeyrie (2'5 ")

Having retained the factory director of Electrolux Revin (Ardennes) yesterday into the evening, the unions have obtained the holding of a central council extraordinary March 13 next year, announced the CFE-CGC. This should allow CEC to know a little more about the proposed relocation to Poland of production of washing machines upmarket. A project which, according to the CFE-CGC, imperils the medium-term 700 jobs site Ardennes.

However, the announcement that the company management do not wish to comment at this time, would be "contrary to the submission made in September 2007 on a voyage of trade unionists in Poland. At the time, the leadership called "reverse an industrial strategy, namely the production of washing machines in low-end and Poland upmarket in France," says the union.

Meanwhile, the unions are honing their arguments: Polish plant, whose construction has required 21 million euros of investments, would "not achieve the expected profitability." For while the workforce is actually cheaper, lower productivity levels as well. And the exchange rate with the euro also becomes less interesting.

Electrolux has approximately 1,500 employees in France, half of them at headquarters Senlis (Oise). Earlier this month, the group published a net gain in steep decline for its fiscal 2007, restructuring costs have weighed heavily on the outcome of the fourth quarter.

In 2005, many factories Electrolux in Europe, threatened by relocation, had come to strike.

Dexia exceeded expectations in Q4 despite the crisis

Dexia exceeded expectations in Q4 despite the crisis

Net income, group share, Dexia fell by 25.3% in the fourth quarter 2007, under the impact of impairments related to the crisis in credit markets at its American subsidiary FSA, which specializes in the enhancement of credit and on its own investment portfolio. At 587 million euros, it is clear nonetheless well above expectations of analysts surveyed by Reuters (338 million). / Photo Archives / REUTERS / Yves Herman

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Dexia announced a net profit before exceptional decreased in the fourth quarter of 2007. However, this result is well above market expectations thanks to its abundant cash flow which enabled it to take advantage of strong tensions year-end on the money market.

The Franco-Belgian bank has also displayed a solid performance in his first job, the funding of local governments.

The net result, group share, in the quarter amounted to 587 million euros, while analysts surveyed by Reuters anticipated the averaged 338 million.

Retired exceptional items, it had risen by 14.2% to 603 million euros, an amount too much higher than the 477 million expected by the consensus.

Dexia has not escaped provided to the crisis of credit markets, which resulted in impairment of assets at FSA, its American subsidiary that specializes in credit enhancement, to 203 million euros, as well as on his own investment portfolio, for his part used in bond trading, to the tune of 90 million (before taxes).

Its impact has been particularly hard on the equity of the group who declined further (-9.8% to 11.51 euros per share) in the fourth quarter because of the inclusion of unrealised losses on the bond portfolio, which stood at 2.2 billion euros at the end of December, up from 779 million at the end of September, when he posted unrealised gains of 891 million a year earlier.

IMPORTANT IMPACT ON THE RESULTS

Dexia argued that this change is solely due to the widening of spreads credit rather than the quality of its portfolio and that those losses are destined to disappear when the situation becomes normal.

She nonetheless worried some. Christophe Ricetti, an analyst at Natixis Securities, believes that the results are rather good, but that the impact of the crisis on the balance sheet, even if it is purely accounting is "important and would be even more so if the first quarter stopped Today ", which undermines the traditional image of defensive value Dexia.

Dirk Peeters, analyst at KBC, prefers to emphasize the "excellent" figures published.

Excluding exceptional items, the gross operating result (GOP) grew by 13.3% to 775 million euros, was also significantly higher than the anticipated 684 million, thanks to revenue up 8.7% 1,779 million (1,658 million expected).

The difference compared to expectations can be attributed in large part to the division treasury and financial markets ", which has reached a positive contribution of 80 million euros, while it was expected loss of 11 million euros because of impairments.

Dexia said that these were largely offset by gains on the money market, which has experienced a severe strain on the months of November and December and its important place in the liquidity situation of structural lender.

BOND OF PRODUCTION OF APPROPRIATIONS

The financial services to the public sector, a trade which Dexia is the world, have done a little better than expected, with a contribution of 334 million, up 16.8%, compared with 313 million expected.

Their income grew by 14.3% on a comparable basis in the fourth quarter and should continue to do so at a steady pace, the bank reporting an increase in production credit of 44% over the period.

By comparison, the contribution of retail banking activity has stagnated at 150 million euros in the fourth quarter.

Quoted in a press release, the CEO, Axel Miller, suggested that Dexia was one of the banks in a position to take advantage of the new environment created by the financial crisis because of its high liquidity and the quality of its assets.

This is particularly true of its American subsidiary FSA, which, although it has been penalized by 461 2007, remains to this day the only booster credit ratings AAA was never threatened, with a very limited exposure to the "subprime", which allows it to gain significant market share.

The group also stressed that he knew of no funding problem, having been able to raise since the beginning of the year, more than five billion euros on the bond market to conditions that have not deteriorated.

It displays and a Tier 1 ratio of 9.1%, which should be even higher, to 11.5%, in the new solvency standards Basel 2. The bank reiterated that the paid-up capital by the new standards used to finance its development, as well as share buybacks.

Reflecting its confidence, it extended for the period 2008-2010 its goal of average annual growth of 10% in earnings per share before and after exceptional, as well as an annual dividend increased by at least 10% .

The dividend for 2007, amounting to 0.91 euro per share, shows an increase of 12.3%.

In Paris Bourse, the action Dexia lost 1.19% to 15.77 euros around 10 am, under-performing the European banking sector (0.53% decline for the sector index.

oil prices

Oil prices changed summit Friday morning, after passing in the night $ 103 to New York and $ 101 in London, driven by the plummeting dollar, speculation about the decision of OPEC in Vienna next Wednesday, and various threats on the supply side.

In New York, a barrel of light sweet crude has for the first time exceeded 01H00 GMT Friday to the helm of 103 dollars, registering a new historic record at $ 103.05. Around 11:30 GMT on the New York Mercantile Exchange (Nymex), it was worth $ 101.96, down 63 cents.



The barrel of Brent North Sea for delivery in April was also propelled to new heights and has raced in the Friday night to $ 101.31. Around 11:30 GMT, in London, it s'échangeait at $ 100.30, down 30 cents.

Over the past three sessions, euro and oil fly indeed records in records, in a striking parallel, the dollar fell Friday to 1.5239 dollar for 1 euro.

"A weaker dollar makes raw materials denominated in dollars more attractive to investors buying with other currencies," explained analysts independent firm John Hall.

This technique has accéleré movement due to more fundamental reasons, including market concern on the decision by OPEC, which meets next Wednesday.

"The group of exporting countries (is) under great pressure to increase its production," noted analysts at the Sucden brokerage.

"I do not think we will do anything if prices remain at this level, however, said Friday in the AFP Choukri Ghanem, Libyan Minister of Petroleum.

Analysts also agree that the cartel will resist calls to both consumer countries for an increase in orders its members the hardest, Iran and Venezuela, for a supply reduction .

Prices are also supported by geopolitical threats, including the legal conflict between oil giant ExxonMobil and Venezuela, the hardening of tone between Iran and the international community and the repeated violence in Nigeria, the first African producer of crude.

Oitec collapsed on the stock market after disappointing forecast

The specialist materials for semiconductors foresees a drop in its turnover by 20% in the current period and an operating loss of about 9 million. The title has lost almost 20% on the stock market.
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The descent into hell continues.

New blow for Soitec of Trafalgar. The action of specialist materials for semiconductors collapsed from 19.61% to 4.14 euros yesterday on the Paris Stock Exchange, after the announcement of a new warning on results.

The group anticipates an operating loss in the range of 3% of revenues during the 2007-2008 fiscal year ended June 30 and expects a turnover of 296 million euros, down 20% compared from the previous year.

This announcement comes one week after the dismissal of Deputy Chief Executive Officer of the company, Pascal Mauberger, and the return at the controls of CEO, Jacques-André Hauberton-Hervé ( "Les Echos" February 20, 2008). It has further accentuated the fall of a course which had already lost almost half its value since the beginning of the year, after having declined by nearly 70% in 2007 ...

As in the past, Soitec is the victim of its high dependence vis-à-vis its two major customers, IBM and AMD, which alone generated nearly 70% of the turnover of the group. Both players have reduced their orders plates silicon on insulator (SOI) of 14% over their initial commitments. Used in game consoles and next-generation microprocessors from AMD, this material can increase the performance of chips while reducing their consumption.
Strong dependence on dollar

Faced with an offensive of his great rival Intel, AMD has nevertheless lost market share on all segments (servers, desktops and laptops) in 2007. Soitec has also been penalized by its high exposure to the dollar, while its costs are mainly in euros. "A 10% fall in the dollar has an effect of 3 to 4 points on Ebit of Soitec," said Jacques-André Hauberton-Hervé, during a conference call. In this context, Soitec has chosen to focus on a "conservative" scenario for 2008-2009 with a turnover almost stable at constant exchange rates.

This assumption has been the effect of a cold shower to financial analysts more optimistic. Just a week ago, Fortis still considering an increase of 6% in 2008-2009, to 316 million euros.

Soitec table also hopes to improve its operating profit, excluding the charges related to the construction of its plant in Singapore (about 30 million). The group will be in the red by integrating them.

To redress the helm, the french intends to improve its recycling silicon purchased, while maximizing its investment in R & D. "This is not the first time the group through an area of heavy turbulence," said Jacques-André Hauberton-Hervé. Our priority will be to spark fresh orders from Asian smelters as TSMC and UMC. We expect a new wave of growth from mid-2009. "