The Medef and the UIMM unable to find agreement

The meeting on Tuesday between the president of the employers' federation of Metallurgy and Laurence Parisot has not gone well. There is in particular no agreement on the issue of warrants exercised by the UIMM in joint organizations.

The amount of compensation to the former boss of the UIMM is still in debate
The amount of compensation to the former boss of the UIMM is still in debate
The tug-of-war initiated by the president of Medef with its powerful federation of metallurgy is far from finished. The meeting held Tuesday between the two main players in this affair, Laurence Parisot, president of Medef, and Frederic Saint-Geours, president of the Union of Industrial and metal trades (UIMM), they have not allowed to agree. "The interview was not satisfactory. Issue warrants remains open," said a spokesman for the Medef. The UIMM had abstained for its share of any comment.

Clearly, the president of Medef not satisfied with the decisions taken by the leadership of the UIMM after the controversy over severance pay by Denis Gautier-Sauvagnac, its former president. Emergency Meeting Monday, the office of the UIMM did not accede to the main request by the president of Medef: that the leaders of the UIMM make all their mandates. Only the secretary general of Renault, Michel de Virville, resigned as president of the Unedic.

In contrast, the governing body of the federation has decided to re-examine the benefits of "retirement" obtained by Denis Gautier-Sauvagnac, under investigation for breach of trust in the case of cash withdrawals at least 19 million euros between 2000 and 2007 in bank accounts in the UIMM. But no question of depriving the former president of the UIMM, which was for years one of the key leaders and negotiators of Medef, any cheque of departure. According to the operative actuelleement planned, it should reach 1.5 million euros, plus the assumption by the UIMM tax consequences of the case of cash withdrawals.

"It is normal that if retired parte it with something," said Monday night on France 2 the president of the UIMM Frederic Saint-Geours, recalling that Denis Gautier-Sauvagnac is "employee" UIMM past 15 years. " DGS, which was still managing director of the UIMM, and Dominique de Calan, his deputy, also under investigation in the case of withdrawals suspects, were forced to leave.

Reactions to the twists and turns of the case have multiplied UIMM Tuesday. The former president Jean-Louis Safran Béchat, a member of the UIMM office, said that Michel de Virville must resign from the office of the UIMM because he himself has negotiated severance expenses of DGS. "When it was reported in the press that he had 13 months' notice and more than four years of compensation, many board members were shocked," said Jean-Louis Béchat on BFM. However, the transaction obtained by Denis Gautier-Sauvagnac was unanimously approved by the officers of the UIMM in December.

Meanwhile, the president of Renault, Carlos Ghosn, supports Laurence Parisot's determination to improve the functioning of employers' bodies. "If there is suspicion, where lack of transparency, where mistrust, it must change," said Carlos Ghosn on France Inter. The Union professional craft (UPA) said his side "disturbed" by "the negative image that comes with the social partners and rejects any linkage between the different organisations," she says in a statement.

For Frederic Saint-Geours, traditional practices of the UIMM supposed to "loosen social dialogue", in the words of DGS, have become parties of the past. "I am here to make it no longer exists," he said Tuesday on France Inter. He promised that the UIMM soon be "exemplary" in terms of its functioning and management, and said that his federation could certify its accounts as of this year, as the president of Medef wishes. "I understood that the aim of Laurence Parisot was transparency, clarity," he stressed.

Remaining on the reservation so far, the Prime Minister Francois Fillon has approved Tuesday the attitude of the patron saint of Medef, believing it was "good response". "Everybody was shocked by both the amount of severance pay by Denis Gautier-Sauvagnac, but especially by the method," he said on Europe 1. However, the "role of government is not a substitute for justice," stressed the Prime Minister.

Trade unions believe that the time of structural reforms employer organisations rang. "We want Laurence Parisot finally accepts that we can discuss the financing of organisations and their representativeness in the same way that we are talking to the unions," said Tuesday on France Info Maryse Dumas, confederal secretary CGT .

FO stresses the paralysis that the case involved in the sector negotiations and the joint bodies. "On unemployment insurance, supplementary pensions, what will be the" employer? "At least on the timing, there will be some problems," said on BFM secretary general of the FO, Jean-Claude Mailly. However, it does not "interfere" business management.

Mediterranean Union: Sarkozy is a step towards Merkel

Nicolas Sarkozy, in an effort to defuse a worrisome disagreement between Paris and Berlin, has made concessions to Angela Merkel on his draft Mediterranean Union, without ambiguities, the experts felt Tuesday.

Since Tuesday, the Prime Minister Francois Fillon french and German government differed on the contents of the compromise "the Union for the Mediterranean", announced by the German chancellor and the president french Monday evening in Hanover.

The announcement was all the more spectacular than discord was evident, leaving speculate on a sustainable blurs.

"We have found a compromise around the Union for the Mediterranean we all want and that the two excluded person," said Sarkozy.

"We agree that this is a project of the EU," said Merkel who has defined as a reinforcement "to a higher level" of the Euro-Mediterranean Barcelona, which was launched in 1995 and currently down.

Mr. Sarkozy has announced a "Franco-German proposal at the next European Council" on 13/14 March in Brussels on the project.

The Germans considered it unacceptable a draft excluding non-Europeans bordering on the Mediterranean. The only option is an ambitious project open to the 27 EU countries: African immigration by Gibraltar has implications in Madrid as in Tallinn, Berlin argues.

A draft restricted to a few countries bordering carries a high risk for the division of Europe, Germany is looking to its neighbours to the east and so forth, arguing Angela Merkel.

For Martin Koopmann of the German Society for Foreign Policy (DGAP), the German firm has paid: "Sarkozy has abandoned a crucial point, the involvement of countries bordering only."

Ulrike Guérot of the European Council for External Relations (ECFR) said that "evidence was made" in Hanover that "when it becomes too serious in the Franco-German couple, mechanisms operate." "There is an emergency brake and enough institutional mechanisms to prevent the crisis behind and degenerate," she says.

According to Ernst Hillebrand, of the Friedrich Ebert Foundation, Mr. Sarkozy is "learning": "depart from its policy announcements" and "discord like that around the Mediterranean Union will become increasingly rare."

Mr. Hillebrand, both partners have to make concessions. "The French must accept grin teeth they can not do everything alone at European level", but "Germany should consent to France more leeway."

Henrik Uterwedde of the German-French Institute in Ludwigsburg (southwest), does not mean that the dispute be ended: "when we break two or three times porcelain, recoller demand much more time. (. ..) Yesterday's meeting could not erase everything. Waiting acts. "

In Paris, it is assumed, for example, that funding issues are not settled, because they are the purview of the EU states.

A government spokesman in Berlin said Tuesday that a comparison made a few hours earlier by Mr. Fillon between the EU and Mediterranean cooperation forum "Council of the Baltic Sea" did not correspond to the state of discussions. What has been agreed "has nothing to do with the Council of Baltic Sea States," said a spokesman in Berlin.

This council is certainly noted the experts, a forum for cooperation of some without excluding other, but with limited powers well: "Knowing Sarkozy and ambitions of France, I doubt that he wants to create a widget for the gallery "Henrik Uterwedde judge.

Colonial continues discussions with DCI

The two major shareholders of the Spanish Colonial Real Estate Group said Tuesday that they were discussing with Investment Corporation of Dubai (DCI) in order to reopen negotiations.

They further state that in no case may ensure that an agreement will be concluded for qu'IDC reopens its offer.

A little earlier to sources close to the case told Reuters qu'ICD were still being discussed with Colonial although the funds ruler of Dubai has indicated that a takeover bid for Spanish real estate group debt had expired.

"Discussions continue as creditors want to avoid placing under judicial supervision (Colonial), which appears to be the only outcome if the negotiations for a deal fail," said a banker under cover of anonymity.

DCI had explained in a press release that the shareholders of Colonial and himself were unable to reach agreement within the deadline he had set, namely before the deadline on Monday.

The authority of financial markets Spanish CNMV suspended share listing Colonial and asked protagonists - ICD and the two principal shareholders of Colonial Luis Portillo and Nozar group - to clarify their position and to clarify whether they intend to reach agreement. The CNMV has asked them to issue a press release as soon as possible.

In his previous release, DCI not explained why discussions on its bid three billion euros in cash and securities were at an impasse.

DCI called a discount, or better conditions on a syndicated loan of 4.66 billion euros contracted by Colonial and the divestiture of the housing, which could change the conditions of the offer.

THE MARKETS DUBITATIFS

The share price of Colonial has plunged by nearly 14% accentuating a decline of 28% since the announcement of the offer of DCI Wednesday. The title has erased some of its losses following the announcement by Reuters of the continuing negotiations to show a decline of 5.7% to 1.16 euro, during suspension.

Former President Luis Portillo and the family Nozaleda, which together hold 52% stake in Colonial, have conducted extensive discussions with DCI on the prices and terms of the transaction, after having initially agreed to sell their shares to Gulf funds.

The success of the bid was conditional on an agreement with creditors Colonial: Royal Bank of Scotland, Eurohypo, Calyon, a subsidiary of Credit Agricole, and Goldman Sachs.

The possible failure of the operation exposes creditor banks to impairment of assets, less than resume themselves part of the assets of Colonial, which has already failed to meet some of its commitments, or to renegotiate these claims an option considered highly unlikely by bankers in the current crisis of credit.

The market doubted the success of the offer of DCI on Colonial, what reflected the decline in the Spanish title of the proposal since the fund.

DCI is the only one to make an offer, to be paid in cash, at 1.85 euro per share, or by means of financial instruments issued by ICD, to 2.25 euros per title. This offer should have been followed by a takeover bid for the subsidiary of Colonial Foncière Lyonnaise.

Colonial has become a prey since the collapse of its stock market price in December, after unbuckling of derivative positions on the title, which had already suffered from fears of a crisis on the Spanish property market.

Roche warns of possible psychic Tamiflu

Roche warns of possible psychic Tamiflu

Roche and the Food and Drug Administration announced that they had warned the doctors of psychiatric disorders associated with taking the antigrippal Tamiflu, some of which have resulted in a fatal outcome.

In a letter dated February, the group detailing instances of delirium and abnormal behaviour observed for the most in Japan.

This warning follows the advice of a committee of experts from the FDA, which met in November 2007.
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Nissan expects a slowdown in growth in Europe

Nissan Motor expects increases in sales in Europe in 2008/2009 slightly lower than around 11% recorded during the fiscal year that will be closed at the end of March, said a leader of the Japanese automaker.

"We always work on the budget (for the fiscal year which starts in April), but we expect a growth a bit lower (than 2007/2008), but comparable," said Brian Carolin, Sales & Marketing Nissan Europe in an interview with Reuters.

Nissan, the third Japanese automaker owned 44% by Renault, said its sales volume grew 11% over the fiscal year 2007/2008 to reach 600,000 vehicles, including fifth marketed in Russia.

Carolin said not to expect a growth in the mature markets of Western Europe this year but to a strong demand in Eastern Europe, particularly in Russia.

Nissan is currently building its first factory in Russia, near St. Petersburg, which is scheduled for release at the beginning of next year 50,000 vehicles, 4x4 X-Trail and Teana sedans assembled exclusively for the Russian market.

In Western Europe, Nissan expects "some growth in volume, mainly due to the success of the 4x4 Qashqai which led him to add a third shift of production at its plant in Sunderland UK.

"We have 70,000 customers still waiting for this car (in Europe)," said Carolin

Technologies and automobiles weighing on the Paris Bourse

The Paris Stock Exchange closed down Tuesday for the fifth consecutive session, weighed down by the automotive sector and technology and by the feeling that the banks are far from having finished with the crisis markets credit.

The CAC 40 index, which had opened up, returned to the starting point for the small rebound started on February 12 to close at 4675.91 points, down 1.41%. The decline of nearly 6% since February 26.

As in recent sessions, the fall was made in volumes means, 7.15 billion euros for the entire market, with 5.84 billion on the only values of ACC 40.

All places in Europe have closed in sharp decline, Frankfurt signing the worst performance (-2.17%) under pressure from Bayer, which has suffered a legal setback in the United States for patent protection of its flagship contraceptives. London has limited the damage with a decline of 0.87%.

As for the pan-European index, the EuroStoxx 50 lost 1.78% and the EuroFirst 300 1.45%. The weakness of American markets in the morning helped to accentuate the decline in places of the Old Continent: Europe at the close, the Dow Jones ceded 1.13% and the Nasdaq composite 1.09%.

All sector indices ended in the red in Europe, with the exception of that of commodities (+0.3%), particularly through the bond of 6.83% of Eramet.

But the technology and the automobile have lost respectively 3.74% and 3.43%.

INTEL ON TECHS PESE

The former have accused the impact of the downward revision by the microprocessor giant Intel, its gross margin for the first quarter. Nokia (-5.15%) was the main victim of this warning in Europe, while in Paris, Alcatel and Lucent STMicro lost 4.42% and 4.38%.

The automobile was a victim of cautious statements on the evolution of the European market made by the industry at the opening of the Geneva Motor Show, including PSA Peugeot Citroen. The latter has dropped 5.88%, 5.10% and RENAULT MICHELIN 5.25%.

The financial finally have suffered from fears of additional significant impairments at Citigroup, fed by an analyst note, and about a leader of fund sovereign Dubai believing that the giant American bank, which lifted 30 billion for dollars from a very large majority of investors in the Gulf since last November, would still need capital.

CREDIT AGRICOLE SA, which publishes its annual accounts Wednesday, fell by 3.37% and SOCIETE GENERALE of 3.12%. BNP Paribas has limited the case with a drop of 0.46%.

Against the trend, SCHNEIDER ELECTRIC has gained 1.52%, operating a rebound after a drop of almost 9% over the previous four sessions.

The dollar has fallen further against the euro at 1.5206, but the American light crude, which was dealt a time above 103 dollars a barrel, was relaxed late in the day in Europe to fall just above of $ 100.

Axa UK wants to acquire the British broker SBJ Group


PARIS (Reuters) - Axa UK, which brings together the group's activities Axa in the UK, announced that it had made an offer on the entire share capital of SBJ Group Limited, which specializes in brokering and consulting insurance products.

"This acquisition will significantly strengthen the distribution capabilities of Axa UK," says the company in a statement.

The offer of Axa UK was approved unanimously by the council SBJ Group, the company controlled by private equity American Capital Z Financial Services.

The company expects to realize in 2008, a number of (cases of more than 85 million pounds.

The financial terms of the transaction were not disclosed.
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List of Values followed Tuesday on the Paris Bourse, where the CAC 40 index yielded 1.41%.

List of Values followed Tuesday on the Paris Bourse, where the CAC 40 index yielded 1.41%.

* The automotive sector has reacted badly to the downward revision by PSA Peugeot Citroen its growth forecasts for the European market in 2008, the manufacturer tablant now in a market stable or even slightly down, compared with a forecast of a stable market even a slight increase six months ago. Biggest decrease in the ACC, PSA has dropped from 5.88% to 49.31 euros, MICHELIN 5.25% to 62.42 euros and Renault 5.1% to 66.76 euros.

* STMicroelectronics fell by 4.38% to 7.42 euros, while the world's largest semiconductor maker Intel revised downwards its forecast profit for the 1st quarter. ALCATEL LUCENT has sold its share to 4.42% to 3.68 euros. SOITEC also lost 6.75% to 3.59 euros and was at its lowest since November 2004. The whole technology sector

* AXA fell by 3.04% to 21.40 euros. Several intermediaries have reduced their target courses and / or recommendation for the insurance group in the wake of the publication of its 2007 results. Exane BNP Paribas rose from "outperform" to "neutral", General Company has reduced its target of 24 to 22 euros while staying "neutral" on the title and Credit Suisse reduced its target to 30 euros from 31 while remaining "outperformance".

* The bank remained under pressure against a backdrop of crisis in credit markets, in particular because of fears of new large impairment of assets at Citigroup, fed by an analyst note. An official of a fund ruler of Dubai felt his side that the American giant would still need to attract. CREDIT AGRICOLE SA, which publishes its annual accounts Wednesday, fell by 3.12% to 17.21 euros, SOCIETE GENERALE from 3.12% to 67.42 euros and DEXIA by 2.08% to 15.06 euros.

* EADS, which had risen by 9.24% Monday in response to the contract of some 23 billion euros won by Airbus to supply tanker aircraft to the American army has lost 4.31% to 18.22 euros. Analysts remain concerned about the impact on the group of the depreciation of the dollar and by the risk of rollover cycle with respect to civil aviation.

* SCHNEIDER, strongest of the few increases in the CAC 40, rebounded from 1.52% to 75.43 euros after four sessions of decline that has been lost over 9% for the title.

* EDF has continued its decline (-2.4% to 58.64 euros) for the fourth consecutive session, while speculation has started again in Madrid on a takeover of Iberdrola (+2.3%) after the Spanish elections .

* ERAMET, up 6.83% to 538.60 euros, hit by meeting a new historic high of 552.38 euros, benefiting from investor appetite for raw materials and commodities. The DJ Stoxx index of commodities has been the only one to finish in positive territory on Tuesday.

* M6 yielded 3.78% to 14.52 euros after the publication of 2007 results showing an operating current of 236 million euros, in line with expectations. Oddo Securities talk about results "no surprise" but has lowered its recommendation to "accumulate" from "buy" with a new target of over 18 euros from 21 in part because of a context that is expected to remain difficult (sluggishness in the advertising market, negative base effect).

* APRIL GROUP backed off from 17.86% to 33.95 euros after the publication of 2007 results marked by a dramatic decline in operating profitability in the second half.

M6 anticipates a "slight" increase in advertising revenues in 2008, in a market where the visibility is low, and hopes to accelerate the growth of its consolidated sales, "said Nicolas de Tavernost, president of Executive of the group.

"We expect a slight growth in advertising revenues for M6 in 2008, and more for the digital channels," he told a press luncheon on the occasion of the publication of the group's annual results.

In 2007, advertising revenues of the group rose by 6.9%, with 4% for channel M6 and 51.1% for digital channels (W9, Paris First and Teva).

"I do not want to give too precise figures today because, quite frankly, we do not know," he added. "Given that the first quarter is not good, it is not expected significant growth in the advertising market for television history in 2008."

When asked whether the group would be able to accelerate the growth of its consolidated sales compared to a rate of 5.7% recorded in 2007, he replied: "I think we should do better. Depend But it many acquisitions. "

He said that M6 had in mind an acquisition in the internet for an amount "in double figures". In this sector, already owns the M6 online business Mistergooddeal.com.

Nicolas de Tavernost also stated that M6 was not interested in an acquisition in the digital terrestrial television (DTT), as opposed to TF1, or by Towercast, including broadcaster NRJ plans to open the capital.

The CEO of M6 said also predict an increase in the cost of grid channel M6 to 365-375 million euros this year - some 50 million for the broadcast rights of the Euro 2008 football -- compared to 299 million in 2007.

The cost of the grid went down by 1.1% last year compared with 2006, when M6 had invested 30.5 million euros related to the broadcast of the World Cup qualifiers.

For 2009, Nicolas de Tavernost analysts said that M6 did not maintain the cost of the grid at the same level as 2008, or even increase it, despite the absence of major sporting event to broadcast.

"We want to invest in programs," he stressed, commenting indication of its 400 million cost grid for 2012.

IMPACT OF THE ABOLITION OF FRANCE ADVERTISE ON TELEVISION

As TF1, M6 should benefit from the plan to remove part or all of the advertising on television in France from January 1, 2009, according to the wish of President Nicolas Sarkozy. The commission, chaired by Jean-François Copé due to deliver a progress report in mid-April and its final conclusions on May 31.

Nicolas de Tavernost has amounted to about 70 million euros a positive impact on M6 would total abolition of advertising on television in France 2008, based on net advertising revenues of 600 million euros for the channels public, if we exclude various elements such as sponsorship and the costs of governance.

"Of these 600 million, there should be two-thirds for television, including 200 million euros on new channels and 200 million for the historic chains," he said, anticipating that two - third of these 200 million go to TF1 and M6 third, or about 70 million euros.

Nicolas de Tavernost also said foresee a doubling of the turnover of W9 in 2008 compared to 25.8 million euros achieved in 2007 with a target of 110 to 120 million within the next two to three years. But he expects no balance of current operating income for this channel by that date, after a loss of eight million last year.

The M6 closed down 3.78% to 14.52 euros under-performing media index (-1.4%). Oddo Securities lowered its recommendation on the title of "buy" to "accumulate" considering the annual results' no surprises'.

M6 issued Monday evening a net operating profit 2007 in line with expectations thanks to an increase of 6.9% of its advertising revenue and announced the payment of a dividend of one euro to 0.95 euro in 2006 .

"Even if M6 should benefit from its coverage of the Euro 2008, the advertising market has adversely impacted by pressures on consumers, the rise in producer prices and the strong euro," written on its side in UBS a note.

RTL Group, a subsidiary of Bertelsmann, owns 48.6% stake in M6 and the Belgian businessman Albert Frère 5% through to the National Portfolio (NOC), according to the website of the group.

Renault wants to improve the effectiveness of the main factory of the Russian automaker AvtoVaz, reorganize group's relations with suppliers and regenerate the supply of its brand, Lada said Tuesday Patrick Pélata, Deputy Director General Mark on the diamond.

"Beyond that, if we have the opportunity, we will use the capabilities of the Togliatti plant to produce Renault vehicles and why not Nissans," he said on the sidelines of the 78th Geneva auto show.

Renault concluded on February 29 its initial stake in AvtoVaz, the number one automotive Russian, to the tune of 25% to a little over one billion dollars (660 million euros). The amount is the largest ever made by an international manufacturer in Russia, a market currently considered by specialists as one of the most promising in the world.

"The Russian market is growing as fast after China. Around 2012 or 2013, or even perhaps before, some four million vehicles could be sold each year, it will be the biggest European market," Patrick Pélata said.

"We have to be in Russia but we must be there with a team of suppliers and a solid cost structure in order to achieve competitive very quickly economies of scale," he added.

He said qu'AvtoVaz should therefore invest in its production, but declined to specify in what proportion.

Renault has its own factory in Russia, on the outskirts of Moscow. Nissan is also present in St. Petersburg.

The brand wants to lozenge also increase production of the Logan for the Russian clients. The company is expected to double its annual production to reach 160,000 vehicles at the end of 2008.

"There is a big potential for low-cost cars in Russia, this trend should continue given the increase in the purchasing power of the population," said Patrick Pélata.

In Europe, the Logan is marketed by the Romanian Dacia.
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Boeing ask the Air Force

BoEing said Tuesday that it had asked for immediate explanations for the U.S. Air Force regarding the tanker aircraft contract of $ 35 billion it has lost the benefit of a consortium and Northrop EADS.

Boeing added that the Air Force has scheduled a US meeting with Boeing on March 12 at the earliest, but he believes that this date is too late to be consistent with the practice in public procurement.

Boeing wants to know why it was presented as a candidate subject to the "highest risk," says Mark McGraw, vice president of program Boeing 767 tanker. "It is important for us to grasp how the Air Force has come to its conclusions," he said.

Bill Rigby, French Wilfrid Exbrayat

PSA Peugeot Citroen is anticipating a potential slowdown in the European automobile market in 2008 due to the reversal of Spanish and British markets, said Tuesday Chief Executive Christian Streiff.

A spokesman for the automaker french however said from Paris that PSA had not changed its view on the evolution of the European automobile market since the publication of its annual results in February.

PSA now provides a European market stable or even slightly down, compared with a forecast of stability or slight increase six months ago, said Christian Streiff.

This statement caused a serious decline in the action which closed down 5.88% to 49.31 euros in Paris stock exchange while the Renault finished down 5.10% to 66.76 euros .

But according to the spokesman, these words do not constitute a new vision of things and were already taken into account in February.

The CEO of PSA also stated that the situation of the American economy should not lead to major setback in Europe.

Christian Streiff also said that the group was working on new models for entry level for specific emerging markets while making it clear that they are not of low-cost vehicles like Logan Renault or "Nano "Indian manufacturer Tata Motor.

Christian Streiff also indicated that PSA was working on the launch of five cars premium, in a tone just below the high-end cars (C6), the first outings planned by the end of 2009.

He also stated that the group would make a decision on a partnership for its new factory in Russia and the installation of a third plant in China by the end of the 1st semester 2008.

Generale de Sante, which the market questioned

Refuge. Among the niches that seem immune to a possible drop in growth, health still remains. The General Health ranks first in terms of European private hospitals ... Since its takeover by Italian interests, the attractiveness of fellow title is reduced with the reduction of its speculative and a floating weak. Nevertheless, the value still offers many advantages ... The organic growth is buoyant, 'drivée' structural phenomena arising from the ageing population. The company's policy is to acquire new facilities regularly which also contributes to the growth in revenues.

Indicators green. With efforts in the field of productivity and allocation of resources, the results are on high levels. The year 2007 has been thwarted from this point of view by the surrender of a portion of the real estate assets of the group. The backlash of this cash entry consists of the payment of rent coming negatively impacting the margin ... Another recent event on this title with the distribution of an exceptionally large coupon to enable new shareholders to return in part in their money. Net debt has risen significantly over the past year and now appears around the Billion Euros. In the new fiscal year, the firm plans yet maintain its investment programme.

Market Evolution. Recent developments in the title suggests that the profile of the firm is nothing defensive. The title loosely indeed 40% since mid-December 2007 ... The sudden disinterest of investors for the 'mid-cap' has a lot to do, as well as annual results as mixed. Despite the decline in price, the recovery is far from being ridiculous, close to the billion euros ... If the value of the company on operating results, it revolves around 14/15 times. The basics of the group is quality, it will retain the balance of the line to play a possible buyout of the minority.

Renewable. The niche of renewable energy has been highly sought after by investors, but this craze has fallen since the outbreak of the financial crisis in the summer of 2007. Some cases are still valued on high levels, while others have seen their recovery to deflate significantly ... In the last 6 months, the action Vergnet displays and triggered a sharp fall in which is linked in large part to the sharp decline in revising its 2007 expectations. This announcement has been very bad indeed when it occurred shortly after the arrival on the stock exchange in the dossier, which has not frankly contributed to the credibility of management.

Retard. Initially positioned on water pumps, the company has redeployed to a market full of the future. The company is the only player in the french wind with a very specific offer. It is a range of wind turbines that folds in less than an hour in the event of a hurricane warning! Customers are recruited in the Caribbean, the South Pacific or the Indian Ocean. A general awareness of the limits of fossil fuel reserves has added confidence that their use would result in global warming ... The wind is a real answer to global energy issues. The delay in the business plan as it was unveiled at the beginning is related to the postponement of several tenders. The 2008 targets were, however, confirmed.

2008 reinforcements. After fiscal 2007, which resulted in a decline in billings and a net operating probably in the red, the new vintage is in a more enviable. Turnover is expected to almost double the contribution of a new branch in the sun. In this context, the recovery has returned to more modest 77 ME, especially as net cash approaching 20 million euros. The comparable abroad are trading on a much higher. Hoping that management has learned the lessons of 'profit warning' issued in 2007, we can move on this issue promising.

midcap

Midcaps. Like many average values, the title Mr Bricolage suffered on the stock market since the summer of 2007. Many investors had decided at the same time to withdraw their "ball" of this document compartment, the drop in valuations has been very strong. The specialist craft qualifies annual accounts in good bill, which should contribute to better public awareness of the value to the financial community. Recall that the group is number one in the segment of medium-sized cities with a crafts market, which increased 3.7% over last year. In the past year, increasing the network both in France and abroad contributed to the resumption of sales.

Management. A change in management led to trade-offs within the network with a cost control tighter. A portion of the walls of the stores was sold in order to concentrate resources on the development of the park and improve the balance sheet structure. The operating margin was thus recovered, while net debt was reduced and weighs more than 43% of shareholders' equity, compared with 70% a year earlier. The process of opening new stores will be maintained in 2008, which will contribute to the improvement of sales with a forecast of higher margin ... Overall, the group reported ambitions to the year 2011 to increase the turnover of existing stores and to continue rising profitability.

Market. However, it also raises the near future, although the market french DIY is a beginning of the year 2008-mast. The controversy on the purchasing power here is a reality with consumers increasingly sensitive to prices ... Anyway, the new team at the head of Mr Bricolage seems to have taken the measure of the various problems that affected the company. The income is recovering significantly and this trend is expected to continue over the next few vintages. The multiple décotés appear, which leads us to recommend the purchase of the value for the medium term

Accounts midterm

Half Year. LaCie today to issue accounts to the midpoint of its 2007-2008 fiscal year with a content mixed. From the side of billings, the evolution is well aligned with organic growth of 24%. Despite an increase in competition in the entry level market, the company managed to significantly improve its positions thanks to the many launches that have been made. In detail, it is Europe that builds sales while the United States is falling behind. It is at the level of profitability that the account seems a little fair. The operating margin is reduced slightly with the effect of a lesser weight of high value-added products in the composition of sales.

Archos. The investment made in Archos has resulted in a depreciation of 2 million euros following the decline in the manufacturer of mobile devices. Regarding the coming months, LaCie indicates that the price war with its major competitors has become even more pronounced this is not likely to facilitate the process of raising profitability. The firm headed by Philippe Spruch intends to continue its active policy in terms of innovation and it also aims to redeploy commercially in the United States which should help to boost sales. Estimates are not made public on the whole of the current year.

Mastery. In a context not obvious to manage, LaCie preserves accounts fairly solid while its net cash position remains largely positive. Investors, however, showed their caution on this issue with a valuation which is hardly demanding to 9 times estimated profits in the current period. For several months, the context is morose on the mean values with a feed salesman who continues to undermine most of the records in question. Patience is a virtue essential on this segment of the document because it is necessary to wait until the current fears are lifted before seeing investors finally be seen. LaCie Concerning in particular, we are in favour of retaining the record in a medium term

Manutan: tomorrow who will sing again?

Despite the economic slowdown ambient Manutan has just concluded a transaction external growth to complete the offer by the group held by the family Guichard. It is a British company that specializes in remote sales of storage solutions. The total turnover is around 18 million pounds, while the operating margin target appears beyond 9%. Funding for this acquisition poses no problem, because Manutan has a wide net cash. This windfall is a good use here while the return on cash remains low.

Activity. The activity of Manutan seems to be starting to suffer from an unfavourable economic climate which makes the management caution about its estimates of activity on the current vintage. The family firm also feels the need to breathe and to consolidate its positions after two vintages marked by strong growth in key financial indicators. In fiscal year 2006/2007, turnover has thus gained 15%, while net profit improved by 45%. Effective control operating expenses and the rise of sales through the Internet support such buoyant profitability. However, investments should climb to power on the new vintage which will weigh on the accounts.

Segment. We have already had the opportunity to repeatedly highlight the mistrust which currently suffers excessively mean values. The shareholder with this scarce commodity exchange that patience will not fail to see the positions it took at this time will enhance significantly over time ... provided that placing on the right horse. Manutan is the epitome of a well-managed company with average Moreover, speculative dimension related to a possible sale of the control block held by the family shareholders. We therefore believe that we can put down on the record in the area of 45 euros.

SFR arrived on the market for IP Centrex

- As operators increasingly offer fixed-mobile convergence, SFR made his entry on fixed in enterprises. The operator targets SMEs with 20 to 500 posts.

Under the generic name of "One Solution" SFR, SFR Entreprises offers five bids based Centrex, thus deleting the PABX. All these offers have the same prefix because "the idea is to introduce businesses as their sole interlocutor in terms of telecom," says Franck Esser the CEO of SFR.

Two of them, it is the novelty, the sets concern: "Centrex SFR One Fix" and "One Fix Connected." For the launch, the operator had completed its mobile network using a portion of the fixed network of Neuf Cegetel. It has installed its own management platform calls Centrex and uses software softphones Thomson Cirpack.

A network integrators

The integrator AmecSpie supports the installation: creating links DSL installation of the new IP phones and redesigning the LAN. The trade is handled by the subsidiary Future Telecom and partners, mainly from computers. 70 were recruited under the programme Mobile IT Program launched earlier this year.

Buoyed by specialized operators as B3G or Acropolis, the market for Centrex is addressed today by international operators like BT or those from Verizon and mobile such as Bouygues Telecom and SFR Entreprises now. Very competitive market, it is complex to capture because it requires a variety of skills: telecom networks, telecom integrators, information technology integrator and distributor indirect. With its new offerings, SFR will now face up to competition from software houses and all the players in the unified communications.

SFR Launches Business also offers Connected, which resembles the offer Centrex but with the PABX. An offer so-called "Duo combines fixed and mobile, the employee's terminal choosing indifferently. Finally, just two bids for tenders to replace older: "absolute" One SFR SFR replaces Absolu (launched in January 2006) for mobility with unlimited calls SFR and "replaces" One Office Area Office for mobility within of the company.

The founder of Skype leaves his executive functions

The founder of Skype leaves his executive functions


Change of leadership in Skype, the specialist in voice over IP: Niklas Zennstrom, founder of the historical society, is leaving his post as CEO to become just non-executive chairman of the board. The director of the strategy for eBay, which bought the company in 2005, Michael van Swaaij, will play its succession pending the arrival of a replacement official.

Before Skype, Zennström was behind Kazaa, the famous network peer-to-peer.

EBay has meanwhile announced a payment of $ 533 million in the form of bonuses, some of the shareholders of Skype. It is a contractual obligation set at the takeover of the company, which had climbed to $ 2.6 billion. The auction site had promised an additional premium to shareholders, depending on the results and the number of users of VoIP. The ceiling was $ 1.7 billion.
Skype currently represents 5% of sales from eBay. In the first quarter of 2007, the service has made $ 79 million turnover compared with 35 million a year earlier. With 196 million registered users.

Centrex, VoIP or hybrid offerings: hosted telephony adapts to its audiences

IP Convergence Expo - While the major operators are honing their offerings centrex, alternatives hybrid-type wiring or Voice over IP PBX seduce enterprises still hesitant towards the IP telephony (ToIP) fully hosted.

1 - Centrex: essentially functional benefits

Remue-household in the market for centrex, formerly occupied by some specialists and a Orange Business Services fairly discreet. SFR and Bouygues Telecom are indeed launching of tenders, with the key to a true fixed-mobile convergence, which is one more argument for a synonym for outsourcing deal.

An operator centrex hosts indeed a platform shared IP-PBX provides terminals and delivers value-added services such as linkages with different types of applications: contact management or CRM, steering features telephone, supervision and reporting. Through his ability to escape the constraints of deployment, centrex is also particularly appropriate when the company has several sites, and many users nomadic or telecommuting.

In return, centrex impose two constraints. First, the company must abandon the existing infrastructure. A choice only if the PBX approaching its end of life. Secondly, it must agree to take the risk - which tends to fade - a quality and continuity of service lower. As to the cost, billed 15 to € 30 per month per user (as national communications are included or not), it is generally not synonymous with savings.

2 - VoIP: a purely economic logic

Tenders for voice over IP (VoIP) eliminate the problem of inheritance, as they are to install a bridge between T0 interfaces (interfaces to access a network ISDN) of the existing PBX and IP network service provider, through an ADSL or SDSL. Migration is borne by the operator, including number portability. For users, it makes no difference. Indeed, the value-added services are non-existent or marginal (email or link with Outlook to manage outgoing calls).

Interest is only economic. The connections France Telecom are removed and the bill takes the form of a monthly package including national communications (eg 49 € per month per link T0, portability and installation included, among IC Telecom). "The cost of connection and communication is still 75% of the budget of a telephone company. By drastically reducing this, the VoIP offerings have a genuine interest, although in the medium term it is not a way forward, "says Yves Peligry, head of the unit unified communications among corporate Niji.

These offers are often offered by providers of centrex themselves, as IC-or B3G Telecom, who see it as a way to get a foothold at the customer. "Our VoIP service accounts for a third of our sales and remains stable, despite the fact that about 15% of customers migrate annually to the centrex," commented Patrice Giami, CEO of B3G. (More. ..)

Nicolas Amestoy, Scholè marketing: "Companies are struggling navigate through the jungle of offerings ToIP"

IP Convergence Expo - On the occasion of the show (3 to 5 October in Paris), the research firm Marketing Scholè presents its "center of ToIP among businesses" (*). A state of a technology which is struggling to establish itself in SMEs, as explained by its director general.

ZDNet.fr - What does the ToIP in France today?
Nicolas Amestoy - 11.9% of companies have adopted a solution VoIP (ToIP) or Voice over IP (VoIP), which represents 29500 businesses and 2.75 million jobs integrated fixed or DECT. They are mainly large companies (250 or more employees), 33% of them have migrated to 11% of SMEs.

The ToIP offers great potential, but it remains far from any tidal waves. Companies are delaying their wait-and renewal of equipment. The spontaneous awareness buyers remains too weak to lead off. 12.1% of firms planning to migrate, or 31400, three million jobs and some 100000 PABX.

The rise of box general public have encouraged businesses to move into ToIP?
Although they motivate the leaders of TPE interested in ToIP, with two reservations: the quality of communication for individual box has been problematic, and free can not be applied in the company. The box model of the general public has an incentive effect, but so limited.

What are the factors for the development of ToIP?
The park installed PABX in France is divided according to their seniority in three thirds: a third less than three years of existence, one third is between three and seven years, a third displays last more than seven years of age . The latter figure shows strong potential for renewal and therefore a comfortable base for the transition to ToIP. Companies multisite are most likely to do it. 20 to 22% of communications being intersites, penetration offers ToIP is significantly higher. There is also a growing interest in the ToIP based on the size of companies.

So what is the trigger for a solution ToIP: the economy or services?
Undoubtedly, our study makes clear, expected the economy is the key to ToIP. 78% of respondents expect to save on the cost of their communications, 79% of firms with 10 to 249 employees and 62% of those whose size is greater than 250 people. Large companies are particularly interested in the savings in terms of services, whether the services or maintenance operations. 53% of companies who are considering their migration even expect a saving of 20% or more on their telecom budget.

Conversely, what are the disincentives?
Some questions remain about the real earnings that will result from this, and, most importantly, companies are still struggling to be found in the jungle of offers to detect and correct. Credit providers will be "evangelize" yet, especially in these SMEs devoid of telecom and often responsible. In total, 39% of companies not equipped with ToIP have just heard, reflecting a lack of information.

The voice quality is also seen as a barrier by 46% of respondents. In total, for large firms, the amount of investment which appears to be the main obstacle, in 69% of responses; followed by the voice quality, 46%, and the redesign necessary data networks 45 %.

Said El Ketrani, Ilexia: "The interest of all the players in the ToIP is interoperability"

IP Convergence Expo - The interoperability between the hardware and software of ToIP is not assured. Explanations on this situation with Said El Ketrani, CEO Ilexia, who launched a label to try to harmonize the offer.

ZDNet.fr - What is the issue of interoperability in a draft ToIP?
Said El Ketrani - An example: you take an IP telephone, you become part of a local network or extended. However, integrated into a switch is already a form of compatibility, what I call vertical compatibility. Your phone must accommodate devices with different protocols, installed by manufacturers often different.

There is a second form of interoperability: Interoperability cross. The IP phones, for example, come from different manufacturers such as Thomson or Nokia. To work, they require managers of calls. They come from other manufacturers that have decided to work with a number of protocols and no further! For example, H323 for the major operators or SIP for alternative operators. In short, the client finds himself with another problem of interoperability and can have the feeling of being bound hand and foot.

The issue of interoperability therefore meets several times in the construction of a project ToIP. With two major consequences. One in terms of choice for SI: choose interoperability impact the entire chain IT and telecom. The other in terms of standards: the movement will be on a scale unmatched since the normalization of ISDN and requires a very precise eve of this movement of standardization.

Suppliers have any real interest in this interoperability?
They have no choice, they are no longer alone in the world! Competition comes from everywhere: other actors Network and the ToIP, but also open source, can be seen with the rise of Asterix. Therefore, increasingly, ensure interoperability. The buyers become aware that customers, which is why we are launching for a label suppliers for interoperability. We bet that all systems can communicate and that it is everyone's interest. We act in full independence. For example, our training has never wanted to be a substitute for those manufacturers. Our label interoperability will be an accelerator market.

And later clients, are they aware of this need interoperability?
For the user you have two ways to address this interoperability. First for callers. If you want, for example, establish communication between two IP positions, one Alcatel and Nortel each other in two different companies, you must spend three different protocols to communicate both IPBX of different brands. We must show them these issues.

Still, for more complex communications with value-added services. It is essential to determine if that version is compatible with the rest of the facility. ToIP These projects are very complex and structuring; watch as businesses and particularly CIOs are very developed in terms of ToIP.

The Ministry of Agriculture goes all-IP for its communications

IP Convergence Expo - The Ministry of Agriculture and Fisheries will upgrade to voice over IP for its communications, as part of an upgrade of its information system.

The Ministry of Agriculture and Fisheries will update its information system so that it now manages all of its communications. It will then rise to the VoIP for telephony.

The maître d'oeuvre is the operator Neuf Cegetel, which was surrounded for the occasion from various partners: Alcatel-Lucent, Cisco, NextiraOne, Spie Communications and Telindus. The amount of the project has not been specified, but it is one of the largest of its kind for Nine.

It is indeed for a period of 8 years and covers 800 sites dependent on the ministry. The meeting of voice and data streams on a single IP network will enable ministry employees to benefit from the unified messaging - convergence of telephone and e-mail messaging and instantaneous. The provision of nine also includes mobility services (VPN) and IP video.

The operator also highlights "cost savings through sharing of communications applications on a network voice and data (data) unified."

Nine presents the solution adopted by the ministry, known as "9 Ipnet ToIP" on the show IP Convergence Expo

Bouygues Telecom, and Prosodie Avaya associates around the hosted VoIP mode

IP Convergence Expo - The company Prosodie, together with Avaya equipment and the operator Bouygues Telecom, the exhibition presents IP Convergence Expo solution hosted VoIP mode. The IP telephone (IPBX) are installed at Prosodie.

Prosodie The company, which specializes in hosting online services to large accounts, a VoIP solution a little. It is proposed hosted mode, ie that the IP telephone (IPBX), provided by the equipment supplier Avaya, they are not at the customer but in the data processing centres (datacenters) Prosodie .

For mobile telephony, the company has partnered with Bouygues Telecom to improve the quality of service. "The voice can switch at any time on the GSM network via the Bouygues Telecom. This eliminates all the problems of quality of service inherent in IP network infrastructure, "says Lionel Gély, head of the offer telephony business at Prosodie.

This solution hosted VoIP mode is currently deployed for "a big account with 500 branches in France, 'said the head without disclosing his identity. It is featured on the show IP Convergence Expo (3-5 October at the Porte de Versailles)

EBay prohibits the VoIP service on its site Jajah

Technology - The auction site denied that his clients use technology proposed by the company Jajah VoIP to communicate around a product for sale. One way to protect its own solution Skype, which provides the same service?

The burning cloth between the specialist in VoIP Jajah and eBay, the first complains that its users' blacklistés "with the auction site in some countries.

In recent days, Jajah offers Internet users who have chosen its solution to communicate via IP to create their own button to place on their site staff in order, for example, to allow their visitors to contact them easily through this interface. A button that is theoretically also possible to place an advertisement on eBay, to enable buyers to easily contact a seller.

But eBay does not allow parasitize its strategy, the company owns the solution of VoIP Skype she bought in 2005 for 3.3 billion euros. It offers its users to show a little icon "Skype me" next to their names, to invite potential buyers to come into contact with the seller. The system is still in testing.

According Jajah, eBay informed by e-mail some of its users that the inclusion of buttons on its auction pages were prohibited by the terms of the site. This practice falls within the framework of this that eBay called "inappropriate relationship", which forbid the integration of links and connections to other systems cat.

The tabs Skype, not provided by eBay also banned

"EBay is the only problem to find value added benefits provided by Jajah buttons," says the company. "Because of its millions of registered users, it is difficult to identify an organization Jajah inappropriate," says its founder, Roman Scharf. "EBay is literally silenced its customers. Jajah has found an economical and easy to communicate [buyers and sellers], which is the foundation of a successful auction. "

Contacted by ZDNet UK, eBay defends its course of action: "The tabs are prohibited Jajah not our policy on the links, which has been in place for years and is valid throughout the world," said a spokesman. "We actually test the integration of Skype buttons on eBay, but they are anyway not permitted on the pages of ads themselves. "

The company says it encourages its customers to use only the standard feature "Ask the seller a question", to get in touch with the custodian of a small ad. "This is an important step to ensure that the transaction is secure and remains on the market place eBay. "

Unified Messaging: The solution Microsoft sows trouble at Cisco and IBM

With its offer unified communications combining instant messaging, e-mail and IP telephony, Microsoft has positioned itself facing Cisco, but also IBM and its solutions collaborative workspace. Reactions gathered at the salon IP Convergence Expo.

The launch of the unified communications solution Microsoft Office Communications Server 2007, concerned the telecom world. A palpable anxiety which was browsing through the booths of the exhibition IP Convergence Expo, held from 3 to 5 October in Paris. Especially as the editor of Redmond chose to present his solution to visitors to a booth featuring a hundred PCs. It is France Telecom, the first integrator in France, which will distribute the solution of the firm to a network of 300 integrators certified on the range Exchange. A strike force of 8000 distributors.

A new concept of "partner-competitor '

At Cisco, Microsoft partner for nine years but also a promoter of unified messaging, the official position refers to the press conference held last August by Steve Balmer and John Chambers. "Four ideas emerged: the customers do not want open competition. We must therefore try to be interoperable, to the extent possible we respect the standards, but in some respects we are competitors, "says Pierre Ardichvilli, head of market development at Cisco. Translation: we must now speak of "partners"-competitors, business partners on some issues and on other competitors.

IBM and its Lotus installed bases are also in the spotlight. At Big Blue, one speaks of "collaborating" unified, but the ambition is the same. "We are on the market two years," says Pierre Fleichmann, marketing manager, one of the only ones who dare to challenge Microsoft at a round table. IBM set sametime 7.5, its new platform Lotus open source in order to provide service to competitors Office Communications Server 2007.

Customers lucid

As for the customers, the move by Microsoft is seen as a threat to telecom players. "They make the detection of the presence and will be tomorrow, collaborative, electronic document management (EDMS) and all the functions needed on a workstation, whether from computers or telecommunications," says Antoine Plantier department "telecom networks and security" of Renault. And added: "The day Microsoft will be able to do everything, or almost in terms of telecom services, and where Google will be present on the sector through its forms in ASP, that will happen to existing telecom specialists? "

One issue that will inevitably be raised at the next world exhibition GSM Congress in Barcelona (11-14 February 2008). Microsoft will announce a new incursion, this time on mobility.

MySpace functionality embedded VoIP Skype

The MySpace community network will integrate voice over IP, via an agreement with Skype, a subsidiary of eBay. Its members can then call their contacts via chat house or via the Skype software. The system will operate indiscriminately to other members or MySpace users of Skype. It will be available in twenty countries where the community site offers a localized version, including France. The financial terms of the agreement were not disclosed.

In a statement, the two companies emphasize the importance of the community gathered, "with more than 110 million active members each month, and more than 220 million users of Skype, the partnership allows the meeting of two platforms for the most popular communication on the Internet, to create the largest community connected through [VoIP services]. "

What MySpace does not say is that only a quarter of its members use its interface MySpace IM chat, and that it must face the rising star of the web community Facebook. It must respond to avoid being supplanted by the ecosystem that this network is being established, pushing the creation of new applications. Meanwhile, Skype has had difficulty convincing its parent company eBay to its true value, and therefore seeks to expand its user base.

This product was elected 'Recommended Product'

Between making ultraportables with small screens and portable but heavy resistance, Panasonic offers a third way here with a CF-Y5 features a display of 14 "strong, independent and even carrying a module 3G.

Telephone service quality fixed soon scrutinized by Arcep

The Arcep wants to establish, in 2008, a device for monitoring the quality of telephone service fixed networks for residential offerings. "It will contribute to consumer information and encourage operators to monitor and improve the performance of their service," says the telecom regulator, who wishes to include tenders based on the network as well as classical voice over IP ( VoIP).

This overview will resume the same pattern as that for the past 10 years on mobile or covering the quality of services (http://www.appel118.fr/). This will be a priori operators to provide public information about the quality of their telephone service, according indicators and measurement methods predetermined. The Arcep already offers a list of criteria, including the rate of defects per line and the time of repair, the period of preparation of communications and the volume of complaints about billing.

From this perspective, the telecom regulator today launched a public consultation to solicit the views of interested persons. Depending on the results, he will propose a device that must be approved by the Minister responsible for electronic communications.

Orange finalises new variants of its multimedia modem

- Orange finalises new variants of its multimedia modem: "minilivebox" to be launched in the second quarter of 2008, the Flybox for emerging countries, through the new Livebox Pro, the only bear fiber optics.

Gartner interviewed 52 french ISD on their priorities, and strategic business for 2008. A majority said that their budget is increasing.
The decision (Business Intelligence), software packages (ERP, CRM, and so on.), The new communication network solutions, including VoIP, are the main technologies are attracting the most interest among managers of information systems french. This has been indicated by a study conducted by Gartner with 52 CIOs interviewed about their priorities, and strategic business for 2008 (see tables below)

The study shows, however, that IT budgets in France will increase by 3.15% this year. In comparison, this growth will be 3.37% in the rest of the world and to 3.07% in Europe.

63% of CIOs interviewed said that their budgets will grow in 2008, 25% indicate that it will remain stable and that 12% decrease.

Finally, they plan to allocate 62% of their IT budget for the operation of the company (compared with 63% in the rest of the world), 20% to develop (versus 21%) and 18% by the turn (versus 16% )

Mobile Solutions

First in the history of telecommunications in France, the French have a more phoned from a mobile than a fixed in Q3 2007. That fall the regulatory authority for electronic communications and postal services (Arcep) stating that this is a comparison of the volumes of communications.

The difference, however, still remains slight, but reflects a trend. Between July and September of the year: 24.09 billion minutes of communication have been passed since the mobile against 23.91 for a set. Compared to 2006 over the same period, the volume of fixed communications has won only 0.2% when he took the mobile 4.6%.

In addition, the authority notes that "a telephone subscription in four matches now to a service of Voice over IP." Voice over Internet accounted for one third of the total volume of communications on fixed line, or 6.6 million minutes of communication (+79.1% in a year).

Freebox mode

The ISP offers its subscribers who have an iPhone to exploit its network of IP telephony through software to be installed on the machine. Named Siphon v1.1, it allows Apple to smartphone to connect to Wi-Fi Freephonie server of the operator, used for its own VoIP service.

This software uses the SIP protocol, the VoIP.

This system is supposed to work at home via the Freebox mode Wi-Fi, but mostly by nomadic usage, since "a Wi-Fi hotspot open to the SIP," says Free on its site. Since a hotspot, the user will be able to connect to the server remotely Freephonie and take advantage of the unlimited telephony to fixed metropolis.

Interface iPhoneSur its site, the ISP any explains how to install and use the application of VoIP. Note that Siphon v1.1 supports only iPhone unblocked ( "jailbreaké"), with version 1.1.2 or 1.1.3 firmware modified with rights to run the program.

The operator has already planned to change his solution: "This service will be extended soon to all users in the world with an iPhone or an iPod Touch (*) irrespective of their operator subject to accessibility to a SIP service. "For the moment, this offer is available in" beta test without collateral, "says Free.

Siphon for Free

This software allows subscribers to Free to spend unlimited calls over a Wi-Fi network with their iPhone. Soon it was released and that we succeed in installing Siphon for Free.

engo rises 6 million euros to develop its market place services

The start-up of France, which distributes software VoIP competitor of Skype, announced a new fundraising. Six million euros, including four harvested from a new investor, the fund Ventech .. The balance paid by its shareholder, Neuf Cegetel.

This amount will allow Wengo to continue its repositioning as a place of service. In late January, the company has entrusted the development of its VoIP software opensource MBDSYS to society.

Now ellle will focus on its business services and advice online, says David Bitton, its founder, to our colleagues in the Journal du Net. The goal is to increase the number of partnerships with e-commerce sites or services companies to the person. Wengo has already signed, for example, with Price Minister, or AuFeminin Cdiscount.

The online marketplace Wengo currently about 3500 advisers, who offer their services and advice through calls fee

"diversification and audiovisual rights

The media group has a net profit of 168.7 million euros. Its sales rose by 5.7%. The digital channels reach equilibrium.

The group M6 today issued a group net income fell to 168.7 million euros in 2007 2006, which incorporated the accounts 256.8 million euros profit activities held for sale. Net income from continuing operations and are up 11%.

At the same time, its consolidated sales grew by 5.7%, of which 7% under its advertising revenues (M6 channel, digital channels, press and internet), and 4.2% for non-advertising . Note that the digital channels recorded an increase of 51.1% of their income from advertising.

The operating margin from continuing operations was, however, up by +5.9% to 236.1 million euros.

In detail, the antenna M6 contributes to the tune of 681.6 million eurosau turnover and 196.5 million in operating income. The digital channels (100 million euros in turnover) reached equilibrium, with a slightly positive contribution to operating income (0.3 million).

Finally the contribution of "diversification and audiovisual rights" displays a turnover of 45.7 million euros, a decline of 10.6% compared to 2006, due to "developments on the various contrasting Trades' growth poles and web offset VAD and the results of M6 Interactions.

The Executive Board will propose a dividend of 1 euro per share to the General Meeting to be held on May 6, 2008.

it announced Monday the appointment of Phil Harrison to the post of deputy director general, the new leader is also expected to join the board of directors of the group.

'With the recent appointment of David Gardner to the position of Chief Executive Officer (CEO) executive, Phil and David together will form the basis of the management team that will lead the transformation of Infogrames and Atari brand position among the first companies online game ', the group says video games in a statement.

Phil Harrison will be responsible for overseeing the studios and the development of content for the group and expand its publishing activities, including strengthening its product portfolio through new offers games online and offline as well as through recruitment designers and developers of talent.

Sodexo finalises its acquisition Brazilian
The group catering french finalized the acquisition of the cheque and card services group VR in Brazil for an amount of one billion reals (about 405 million euros).

This activity, including the buyout was announced in September, will be consolidated in the accounts of Sodexo over six months during the year 2007-2008, according to a statement of the group. "With this acquisition, Sodexo becomes market leader cheques and card service in Brazil, with a volume of issuance of 2.4 billion euros at current exchange rates and a portfolio of 50,000 clients and 5 million beneficiaries , it is stated.

The cards and cheques service (gift certificates, gas cards, tickets restaurants ...) represent the second group Sodexo business, which occupies the second place behind World Accor.

Established in 1977, the group VR third cheques and credit card services in Brazil, has achieved a turnover of 4 billion reais last year (about 1.56 billion euros)

slow growth in the fourth quarter of 2007

Economic growth in the euro zone slowed in the last quarter of 2007 as a result of the decline in the consumption of households and public spending.

The gross domestic product in the euro zone over the last three months to the end of December is still 0.4% higher than the third quarter, and 2.2% higher than the last quarter of 2006, according to statistics released Tuesday by Eurostat.

The rate of growth in the euro zone yoy has been adjusted downward compared to the first Eurostat estimate, which stood at 2.3%. The growth rate from the previous quarter meanwhile remains the same as the initial estimate.

Eurostat also reduced its estimates of GDP growth in the third quarter, to 0.7% from the previous quarter and 2.6% over the year, against 0.8% and 2.7% previously.

The slowdown in the fourth quarter was mainly due to the decline in consumer spending, which fell 0.1% during that period, compared with an increase of 0.5% over the three months to the end of September. Public expenditures have also decreased by 0.1%, while the growth of investment spending has fallen to 0.8%, compared with 1.2% in the third quarter.

In 2007, the euro area economy grew by 2.6%, a slight slowdown compared with the 2.8% recorded in 2006. The American economy grew by 2.2% last year, while Japan's economy grew by 2.1%.

The slowdown in demand in the euro area probably reflects the tightening of credit and a decline in confidence, households and businesses concerned about the consequences for the economies of turbulence on the financial markets towards the end of the third quarter

A giant automotive and heavy weights

A giant automotive and heavy weights is going to see the light of day in Germany. The supervisory board of Porsche gave Monday 3 March, the green light to take control of Volkswagen (VW), which already holds 30.96%. At the same time, VW announced the acquisition, for 2.9 billion euros, the manufacturer Scania lorry.


This double announcement paves the way for the establishment of an industrial empire, which will run from the legendary Porsche 911 trucks of 16 tons through the Golf. A gigantic set weighing 150 billion euros.

After several months of discussions, VW has managed to convince the original shareholder of Scania, Investor, a holding company owned by the Wallenberg family, to sell its shares. Thanks to this operation, the first European car manufacturer to ensure an absolute majority of the voting rights (68.6%) and amounted to 37.7% of the capital compared with about 21% previously.

VW has thus well positioned to convene a grand alliance in the area of heavy goods vehicles between Scania, the German MAN, which he owns 29.9% and its truck business in Brazil. If he was born, the new entity would be propelled European number one vehicle to the general industrial Swedish Volvo-Renault Trucks. But for the time being, no question of merger. "We continue to believe in the potential of a union. But it does not matter, neither now nor in the near future," said Dieter Pötsch, finance director of VW.

But in the eyes of analysts, such a combination is now a matter of time. "Volkswagen is well known that an alliance would interesting synergies and the band will surely, in the coming months, increasing its stake in MAN," says Ferdinand Dudenhöffer, director of the Center of Automotive in Gelsenkirchen. "The question is whether its majority shareholder Porsche will not decide to take himself a lead role," he says.

In any event, Ferdinand Piëch, chairman of the supervisory board of VW and principal shareholder of Porsche, is going to be his dream to create a giant transport happen. "Our goal is to create alliances automobiles most innovative and most productive in the world, able to measure up to international competition increasingly harder," said Wendelin Wiedeking, CEO of Porsche, which says to write , with VW, "a new chapter in automotive history in the context of a fair and collegial cooperation." It remains to make this new giant on the industrial and social plan. The bold gamble looks

CD is still being discussed with Colonial

Corporation of Dubai (DCI) is still in discussion with Colonial although the funds ruler of Dubai has indicated that its offer on the Spanish real estate group debt had expired, said sources close to the case.

DCI said in a press release that the shareholders of Colonial and himself were not able to reach an agreement within the deadline he had set, namely before the deadline on Monday.

An agreement between the shareholders, creditors and sovereign fund with $ 82 billion is not completely ruled out, according to two sources, and negotiations are continuing.

"Discussions continue as creditors want to avoid placing under judicial supervision (Colonial), which appears to be the only outcome if the negotiations for a deal fail," said a banker who requested anonymity.

The authority of financial markets Spanish CNMV suspended share listing Colonial and asked protagonists - ICD and the two principal shareholders of Colonial Luis Portillo and Nozar group - to clarify their position and to clarify whether they intend to reach agreement.

The CNMV has asked them to issue a press release as soon as possible.

In his previous release, DCI not explained why discussions on its bid three billion euros in cash and securities were at an impasse.

DCI called a discount, or better conditions on a syndicated loan of 4.66 billion euros contracted by Colonial and the divestiture of the housing, which could change the conditions of the offer.

Nozar, Colonial and DCI have declined to comment while Portillo has been unable to be reached in the immediate future.

The share price of Colonial has plunged by nearly 14% accentuating a decline of 28% since the announcement of the offer of DCI Wednesday. The title has erased some of its losses following the announcement by Reuters of the continuation of negotiations, trading at 1.16 euros before the suspension, or a decrease of 5.7%.

Former President Luis Portillo and the family Nozaleda, which together hold 52% stake in Colonial, have conducted extensive discussions with DCI on the prices and terms of the transaction, after having initially agreed to sell their shares to Gulf funds.

The success of the bid was conditional on an agreement with creditors Colonial: Royal Bank of Scotland, Eurohypo, Calyon, a subsidiary of Credit Agricole, and Goldman Sachs.

The failure of this acquisition presents the creditor banks to impairment of assets, less than resume themselves part of the assets of Colonial, which has already failed to meet some of its commitments, or to renegotiate these claims, option considered highly unlikely by bankers in the current crisis of credit.

The market doubted the success of the offer of DCI on Colonial, what reflected the decline in the Spanish title of the proposal since the fund.

DCI is the only one to make an offer, to be paid in cash, at 1.85 euro per share, or by means of financial instruments issued by ICD, to 2.25 euros per title.

This offer should have been followed by a takeover bid for the subsidiary of Colonial Foncière Lyonnaise.

Colonial has become a prey since the collapse of its stock market price in December, after unbuckling of derivative positions on the title, which had already suffered from fears of a crisis on the Spanish property market.

Ben Harding, French Gilles Guillaume and Stanislas Dembinski

Business & Area / Energy & Environment

Catering
Sodexo finalises its acquisition Brazilian
The group catering french finalized the acquisition of the cheque and card services group VR in Brazil for an amount of one billion reals (about 405 million euros).

This activity, including the buyout was announced in September, will be consolidated in the accounts of Sodexo over six months during the year 2007-2008, according to a statement of the group. "With this acquisition, Sodexo becomes market leader cheques and card service in Brazil, with a volume of issuance of 2.4 billion euros at current exchange rates and a portfolio of 50,000 clients and 5 million beneficiaries , it is stated.

The cards and cheques service (gift certificates, gas cards, tickets restaurants ...) represent the second group Sodexo business, which occupies the second place behind World Accor.

Established in 1977, the group VR third cheques and credit card services in Brazil, has achieved a turnover of 4 billion reais last year (about 1.56 billion euros).

A giant automotive and heavy weights is going to see the light of day in Germany

A giant automotive and heavy weights is going to see the light of day in Germany. The supervisory board of Porsche gave Monday 3 March, the green light to take control of Volkswagen (VW), which already holds 30.96%. At the same time, VW announced the acquisition, for 2.9 billion euros, the manufacturer Scania lorry.


This double announcement paves the way for the establishment of an industrial empire, which will run from the legendary Porsche 911 trucks of 16 tons through the Golf. A gigantic set weighing 150 billion euros.

After several months of discussions, VW has managed to convince the original shareholder of Scania, Investor, a holding company owned by the Wallenberg family, to sell its shares. Thanks to this operation, the first European car manufacturer to ensure an absolute majority of the voting rights (68.6%) and amounted to 37.7% of the capital compared with about 21% previously.

VW has thus well positioned to convene a grand alliance in the area of heavy goods vehicles between Scania, the German MAN, which he owns 29.9% and its truck business in Brazil. If he was born, the new entity would be propelled European number one vehicle to the general industrial Swedish Volvo-Renault Trucks. But for the time being, no question of merger. "We continue to believe in the potential of a union. But it does not matter, neither now nor in the near future," said Dieter Pötsch, finance director of VW.

But in the eyes of analysts, such a combination is now a matter of time. "Volkswagen is well known that an alliance would interesting synergies and the band will surely, in the coming months, increasing its stake in MAN," says Ferdinand Dudenhöffer, director of the Center of Automotive in Gelsenkirchen. "The question is whether its majority shareholder Porsche will not decide to take himself a lead role," he says.

In any event, Ferdinand Piëch, chairman of the supervisory board of VW and principal shareholder of Porsche, is going to be his dream to create a giant transport happen. "Our goal is to create alliances automobiles most innovative and most productive in the world, able to measure up to international competition increasingly harder," said Wendelin Wiedeking, CEO of Porsche, which says to write , with VW, "a new chapter in automotive history in the context of a fair and collegial cooperation." It remains to make this new giant on the industrial and social plan. The bold gamble looks

Brussels to close ranks to denounce the appreciation of the euro

in Brussels to close ranks to denounce the appreciation of the euro against the dollar. "Under the current circumstances, we are concerned about excessive exchange rate movements," said the chairman of the Eurogroup, Jean-Claude Juncker, after the monthly meeting of major Finance of monetary union.


The Luxembourg Prime Minister underlined that it was "the first time" he used those words. "Markets surréagissent compared to the short-term indicators and should look at the fundamentals," he added, while the single currency has reached in the course of the day 1.5266 dollar.

Earlier, the president of the European Central Bank (ECB), Jean-Claude Trichet, had himself broke the silence he needed when he participates each month at the Eurogroup: "In the circumstances , I consider it very important that has been reaffirmed by the American authorities, including the Secretary of Treasury and President George W. Bush, that the strong dollar policy is in the interest of the United States "at he said.

THE DILEMMA OF THE ECB

The tone adopted Monday by the Europeans in contrast with the cacophony that sometimes characterizes their positions in foreign exchange. Willingly peak against the strong euro, the French Minister of Finance, Christine Lagarde has contented itself "elements of language" prepared extensively with its counterparts. "There are psychological thresholds," she said soberly to justify the firmness displayed by the Europeans.

Concerned by the exchange rate, the leaders of the area, however, have expressed their confidence in the ability of the European economy to resist the crisis of American mortgages. "In a difficult environment, we know that we are not immune," said Joaquin Almunia, the Commissioner for Economic and Monetary Affairs, "but our economy shows a strong resilience." While the bad news accumulates in the United States and Europe, the Commission confirmed on Monday that inflation had stabilised in February to 3.2% in the zone. A record level and a dilemma for the ECB, in a two day meeting of its governing council Thursday in Frankfurt.

In this context considered highly uncertain, several officials in the area have questioned the recent statements made by Dominique Strauss-Kahn, the Director General of the International Monetary Fund. The ECB "did its job well in containing inflation" but is "over" because it "does not have a political counterweight in the person of a real European Minister of Finance who will be in charge of growth," estimated the number one of the IMF in an interview with Le Monde on Monday.

"I do not think the ECB is too powerful. It works well," replied the Dutch Minister of Finance, Wouter Bos. "We do not share the analysis of M. Strauss-Kahn, "said Mr. Juncker recalling that the situation was identical to the Maastricht Treaty was approved in France "referendum". The chairman of the Eurogroup has once again reiterated that the euro zone did not need a "revival plan" as advocated globally by the boss of the IMF. Mr. Juncker said that "make every effort" to avoid second-round effects, ie an increase in wages precipitated in the wake of soaring prices.

Erome Kerviel demand his release, hearing on March 14

Incarcerated since February 8 in Paris, the trader of the General Society Kerviel Jerome, which is charged record a loss of 4.9 billion euros, requested his release, it was learned from the prosecutor general in Paris.

This request will be reviewed next March 14 by the Board of the direction of the Court of Appeal of Paris. The submissions of the prosecutor general has not been provided in the immediate future.

Set examination on January 28 for "forgery, use of forgery, breach of trust and introduction into a system of automated processing of data," Jerome Kerviel was left initially been released under judicial supervision by judges Renaud Van Ruymbeke and Francoise Desset.

The prosecution appealed and the Board of instruction followed his request on February 8, citing the need to protect the investigation, the risk of absconding abroad, pressure on witnesses and consultation with ' any accomplices or co-sponsors.

The suspect, imprisoned for Health in Paris, was heard four times by the judges since the beginning of the investigation, which did not allow for the time to uncover other possible criminal responsibility or complicity.

In its latest developments, the case was more complicated than what was originally submitted by the Company.

An examination of the positions taken by the trader on futures contracts on stock indexes in Europe shows that had begun long and initially had "plunged" with a negative position of nearly 2.2 billion ' euros in June 2007.

The crisis of "subprimes" starting to fall European financial markets, positions Jerome Kerviel then increased to a credit of 500 million euros on 31 August, adds on.

At December 31, 2007, the position was passed credit of 1.4 billion euros. These positions have not remained virtual, as the General Society had originally suggested, but they have been liquidated and reported to the bank.

The manoeuvres of the trader continued, and management of the bank claims to have discovered on January 18. Liquidées between 21 and January 23, the positions have produced a total loss of 6.3 billion euros.

After subtraction of gains trader of EUR 1.4 billion has emerged the figure of a loss of 4.9 billion euros, the only finally announced by management.

Throughout these transactions, several warnings have arrived at the bank, one of the company Eurex, which did not bring his layoff. For lawyers trader, the history of the case Kerviel supports his statements to the police and judges that his superiors could not ignore its manoeuvres and closes its eyes