World and National News

• Why the French Rugby Federation (FFR) she wants to have its own stadium?

Like the FA with Twickenham Rugby, the FFR wants to have its own sports arena in order to control the revenue generated by the sport. This is not the case today. Indeed, as part of an agreement that binds the Stade de France since 1998, and until 2013, the FFR plays its games in the Six Nations tournament in the home stadium of La Plaine Saint-Denis, as well as a part of his tour matches. Which implies to comply with a timetable and costs a lot of money: 400,000 euros per game.

Moreover, the federation does not take advantage of significant economic benefits, such as revenue from the operation of the lodges or advertising space, returning to the consortium of Stade de France. In total, between 1998 and 2008, the federation estimated 160 million shortfall. "It's an entrepreneurial logic on the part of the FFR, which aims to develop its own production, explains Stéphane Raffalli, deputy mayor of Ris-Orangis and carrying a project site. Unlike football, ticket revenues are crucial to the development of rugby. " A connection that confirms Serge Blanco, vice president of the FFR in charge of the project, and believes that the future stadium will include "recover monies, and to distribute differently between amateur and professional" * ….. …

• What are the characteristics of the speaker?

It will have about 82,000 seats. To avoid the trap of "white elephant" (these stages abandoned or operating only a few days per year), the federation wants a multifunctional enclosure. Like the Stade de France, which receives about fifty events each year, the future new stadium will be able to accommodate sporting events as well as concerts, fairs, conferences, trade shows online cash advance… Another priority of the project: the retractable roof (which should avoid any disappointments such as the cancellation of the France-Ireland 11 February), and the lawn removable for holding non-sporting events. Finally, it asks the candidate sites a footprint of at least 15 acres, good access and control over land.

• How much will it cost?

The estimated cost for this stage of the fifth generation of 600 million euros. A budget of size: for example the future stage of the Enlightenment of Olympique Lyonnais, will cost 450 million euros to 60,000 seats. The FFR will bring between 150 and 200 million euros. The remaining funding will come from private partners, led by the assumptions used in naming (a practice for a brand to give his name to a sports arena). The federation wants a first opening of the new stadium grandstands in 2017, later than in 2018, a depreciation of equipment in 2024.

• Where the stadium will be built there?

Two candidate sites are still in contention: and. The design of the new stadium remains the prerogative of the FFR, which will select architects. In turn, sites must "lend credibility to the project perimeter around a living" explains Stéphane Raffalli. Sales events, accessibility, presence of businesses, green spaces, leisure village: the proposals are to develop multiple sites. The main difference is in the current environment. At Orly Thiais, we put forward a site of 55 hectares, "that already works."  

The site Thiais-Orly, also a candidate.

ArcelorMittal Lorraine, Photowatt, Lejaby, media coverage of industrial sites in need is strong. This is not surprising, given the economic difficulties in Europe. This increase is also due to stakeholders-employees, union leaders, but who understood that they will get a very careful listen policies. There is much to gain in the current circumstances.

• ArcelorMittal firm capacity throughout Europe

Lorraine blast furnaces at ArcelorMittal no longer produce steel since last summer. The leaders of the world's leading steel explain that this closure is only "temporary", due to weak demand for steel on the Old Continent. Besides, ArcelorMittal closed other sites in Belgium, Spain, Germany or Romania.

• Photowatt is taken by EDF

The Commercial Court has adopted the EDF takeover offer on Monday. 355 employees and apprentices Photowatt will remain in the company. The other 70 will be reclassified within EDF. Under bankruptcy protection since November 8, Photowatt has been affected as the entire solar sector by drastic revisions of installation aids. The arrival of EDF on this issue was nothing obvious. Nicolas Sarkozy announced himself on February 9 during a visit to the Fessenheim.

• Fralib again in the news

Francois Hollande gave the site Fralib Gémenos, in the Bouches-du-Rhone, on the front of the stage. February 24, before the employees of this factory that manufactures the Elephant tea, he asked the gratuitous transfer of the brand. The proposed closure of the site, owned by giant Unilever, date 2010.

• Six-month suspended sentence for the Petroplus refinery

The Petit Couronne refinery will be restarted in May. The Anglo-Dutch giant Shell will deliver 100,000 barrels of oil to Petroplus, its owner. This delivery will allow six months of operation. The site's future is not assured. He is a victim of excess refining capacity in Europe, weighing on profitability payday loan. In the Bouches du Rhone, the LyondellBasell refinery was closed and since the beginning of the year.

• Doubts about the future of Peugeot-Citroen in Aulnay

The poor results of the annual Peugeot-Citroen have not reassured the employees of the site of Aulnay. "Reductions in surplus production capacity in Europe is inevitable," said Philippe Varin, Chief Executive. The question of the future site of Aulnay necessarily arises: the manufacture of the Citroen C3 is planned until 2014 and a closure to this horizon was discussed in an internal document last June.

• A leather specialist for help Lejaby underwear

Sofama, a subcontractor of LVMH, which employs 200 people, finally came to the rescue workers of the factory Lejaby Yssingeaux early February. The situation was very precarious. The commercial court of Lyon had indeed retained in mid-January an offer providing for the permanent closure of the manufacturing shop Yssingeaux.

• The Goodyear site north of Amiens still for sale

The Goodyear site north of Amiens is in crisis for five years. Since December 2010, agricultural tires business, which employs more than 500 of the 1,350 employees of the site must be assigned to the American Titan. The latter has renounced the acquisition last December, before sitting down again to the negotiating table in January, under the Ministry of Labour.

• Renault places an order at the Fonderie du Poitou

Mid-January, the industry minister, Eric Besson, who said the large orders placed by Renault at the Foundry in Poitou. Specializing in automotive cylinder heads, the subcontractor is placed under bankruptcy protection since October 19. The Commercial Court has extended this period until 14 March. Several takeover bids were submitted.

Galeries Lafayette and Casino are at war over control and recovery of Monoprix, they each own half the capital. Philippe Houze, president of Galeries Lafayette and Monoprix, explains for the first time its views on the subject.

LE FIGARO. – Why have you started the process of selling your stake in Monoprix?

Philippe Houzé. – In March 2011, I proposed Casino to renew our partnership for three years. After my numerous reminders, the group let me know the end of September it could grant me one more year. This proposal is a totally inappropriate. I realized that Casino wanted to settle in Monoprix and consolidate the company to 100% in its accounts, without paying the price. Our group can not agree to see and leave the company he founded and directed the last eighty years. If he wishes to take control, Casino has a purchase option at the price of expertise together with a control premium of 21%. He does not want to exercise it. Under these conditions, we have to consider the sale, but the evaluation not be taken as the exercise of our put option.

How do you explain that your participation Casino evaluates to 700 million euros, when you consider it to 1.95 billion?

Our estimate is based on the uniqueness of Monoprix. Fifteen times Ebitda, is the acquisition value of the Dutch Hema, the company that has the profile most similar to ours. Our multiple is only 11. As for the valuation of Monoprix Casino, it is very worrying. It is based on a McKinsey report that completely destroys Monoprix saying the group is not equipped to cope with the arrival of supermarkets in the city center and the emergence of e-commerce and its textile business not resist. If Casino do believe that Monoprix is ​​only five times its EBITDA, it leaves me president, I will continue to ensure value creation for shareholders.

Why did you refuse to pass on to Jean-Charles Naouri President of Monoprix?

Wednesday, Casino changed the course of the Board in order to begin, less than an hour later, a communication sequence cleverly orchestrated. In fact, Casino resulted in not being able to present a candidate for President of Monoprix and so was fatal to any other solution than my renewal.

But if Jean-Charles Naouri was a candidate, you would have refused

.

Can you imagine the Galeries Lafayette to accept the head of Monoprix a president who does not believe in the future of the company and who would have all the means to redeem us to devalue our participation at lower price?

Is divorce inevitable?

The attitude of Casino reinforces our idea that it is impossible to continue with a partner in total conflict, which promotes an MTP totally degraded. At the annual meeting of its branch patterns, Casino asked the Deputy CEO of Monoprix not to present his strategic plan, though approved by Jean-Charles Naouri … The current situation is not feasible in the long run. It is damaging to Monoprix, its customers and employees. This conflict affects a major Monoprix and its 20,000 employees fully dedicated to the company. If Jean-Charles Naouri does not accept the values ​​and philosophy of Monoprix, does not comply with the specificity of this format, the company will not resist.

Are you ready to negotiate?

We do not seek to negotiate. We want to return to legality, that is to say, enforce the protocol and allow JP Morgan to evaluate independently Monoprix. Casino tries to block this process. I was reappointed for one year as President of Monoprix. The statutes allow me to be extended four more times. I assume all my functions. Our goal is that Monoprix is ​​run by people who believe in the company, its officers, its values, and are determined to make it succeed. Casino will not, by devious means, take control of Monoprix, because the company would be hostile.

Are you still willing to buy out Casino in Monoprix?

Wednesday, Galeries Lafayette reiterated their offer on Feb. 10 at Casino redeem its share to 1.35 billion euros. I'm surprised that this proposal was not presented to the Board of Casino, I'm a member and including Galeries Lafayette are the third largest shareholder. Jean-Charles Naouri assured me that the offer would be discussed at council Monday. We have the means to finance the offer, if accepted.

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White smoke comes not yet held Monday in Brussels, where a decisive meeting of the Eurogroup on Greece. It comes from the Italian Presidency in Rome, and the headquarters of the European Central Bank in Frankfurt.

After a phone conversation with Angela Merkel and Prime Minister of Greece Lucas Papademos, Friday, Mario Monti issued a statement encouraging: "At the end of this conversation, which came in the details and which was conducted in a constructive spirit, three participants were confident that an agreement on Greece can be reached Monday, the Eurogroup. "

So far, mistrust prevailed. Especially since the previous Eurogroup, on Greece, was canceled Wednesday. "This time, an agreement is likely," said Jean Pisani-Ferry, director of the Bruegel think-tank in Brussels. "Otherwise it's too late, there will master more technical details …", he adds.

The challenge of this size Eurogroup is: give Greece its private creditors and the green light to launch the second bailout of Greece, estimated at 130 billion euros, to avoid a default in Greek debt falls from 14.5 billion euros on March 20.

That Greece is committed to the reforms demanded by the troika, beyond the April elections, Germany, Finland and the Netherlands had planned mid-week to split the bailout to not pay, firstly, that the sum needed to rescue private, or 30 billion euros. 

Exchange of debt

But this scenario is complicated, difficult to read for the markets, has been criticized by the IMF and European lawyers, who see it as a source of additional blocking with private creditors, asked to relinquish 70% of the value of their securities. "This option is no longer on the table," said Deputy German Finance Minister, Thomas Steffen. "We are ready to have a solid basis for a decision Monday," says the German Finance Ministry in Berlin.

The European Central Bank has brought his stone to an eventual agreement. Its chairman, Mario Draghi, submitted Thursday night, the vote of the Governors, the exchange of 50 billion euros of Greek bonds, which should allow eventually to redistribute 12 billion euros to Greece, which allocated to debt repayment countries. For its part, the IMF would be willing to contribute to the new rescue plan by a loan of 13 billion euros, reported last night the Wall Street Journal on its website.

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PSA announced this morning its annual accounts. The group recorded an operating profit of 1.31 billion euros, against 1.79 billion a year earlier. The net profit is not apparent at 588 million euros, against 1.13 billion euros in 2010. Meanwhile, turnover rose by 6.9%, to 59.9 billion euros.

Peugeot loses money on its core business, namely to build and sell automobiles. To be precise, the industry grouping of PSA Peugeot Citroen and recorded an operating loss of EUR 92 million in 2011. In the second half, the deficit in the division has even approached the 500 million euros. Outside this perimeter, the Chinese subsidiary is profitable but it remains small (404,400 vehicles sold).

After a brief stint in the green, the action has continued to sink throughout the session. At 16 hours, as the same fall of 6.9%, to 14.07 euros.  

Peugeot said it plans to open the capital of its subsidiary Gefco, specializing in logistics. He also plans to sell the walls of his Paris headquarters. This is to return cash to the group. It is perhaps this aspect that worries investors.

These efforts include a major program of asset sales of 1.5 billion euros. This amount includes the sale (completed in February) of the car rental company to quote an American group for 440 million euros, the IPO of the highly profitable logistics subsidiary Gefco, which PSA could take about 560 million, and dispositions of real estate assets – including the walls of the Paris headquarters of the Avenue de la Grande Armee – to 500 million.

Vague and cautious outlook from Moody's

Beyond the figures, investors are sensitive to the perspectives of PSA. THERE is no forecast of operating margin. It is unclear whether Peugeot will be profitable this year. The group expects a 5% drop in sales in Europe, including a 10% decline in France. Growth should be at the rendezvous in emerging countries.

For its part, Moody's placed under surveillance in his note on the group. If the rating agency's rating deteriorates, Peugeot would be in the category of junk bonds.

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"Prefer the OEM vehicle manufacturers

The announcement is far from trivial. Japan's Mitsubishi Motors said Monday it would cease production of passenger cars in Western Europe, the Netherlands, after 2012. "It is not viable to start production of a new model" in this factory from 2013, the group said. "This plant was the only car in the Netherlands", his "closing is a catastrophe" for 1500 employees, was responsible for the sorry a majority union.

Beyond the Japanese company, Europe became a continent cursed the automobile. As manufacturers unveil their financial results, the list of those who lose money will only continue to grow. The French PSA Peugeot Citroen will announce Wednesday a "significant loss" of its automotive division in the second half of 2011. This operating deficit, due to its performance-cons in Europe, could exceed 500 million euros according to some analysts.

His rival Renault, which should instead have made money on his heart of business, would have recorded a negative margin of 2.9% of its automotive business on the continent estimated by Barclays Capital.

For its part, Fiat has acknowledged that its consumer brands had lost 500 million euros last year in Europe. The Standard & Poor's threat also to lower the note from the Italian. Americans also are struggling. Ford reported last year an operating deficit of $ 190 million in the fourth quarter. As for his compatriot General Motors, its German subsidiary Opel remains its weakest link. German manufacturers should be among the only ones remaining beneficiaries in Europe last year, analysts said.

The outlook is even bleaker for 2012. Increased from 16 to 13.6 million cars between 2007 and 2011, European car sales are expected to drop 3 to 5% this year, according to Euler Hermes. To maintain their market share, brands may be tempted to continue the price war that rolled margins for several months.

"Given their exposure to this continent, Renault and PSA will lose money in Europe this year" in the car, said Philippe Houchois, an analyst at UBS. To make matters worse, France, a key market in terms of both volume and profitability for both manufacturers, expected to fall by 6 to 8% according to Renault.

This market decline should exacerbate the problem of overcapacity in Europe. The rate of plant utilization was only 82% last year in Europe, according to PWC. Clearly, the sites are equipped to manufacture 3.9 million cars more than they produced.

Too much capacity in Europe

The situation varies greatly between countries and brands. Plants of certain German manufacturers are working at 90% of their potential, while the utilization rate of the French sites is limited to 70%, experts say (and should fall further this year). But "if the Renault plants in Turkey or Romania at full capacity, they operate at only 60% and 30% of French sites Douai and Sandouville," said Gaetan Toulemonde, an analyst at Deutsche Bank. However, experts believe that a plant must operate at 80% expect to be profitable.

In Italy, Fiat plants operate at only 50% of their possibilities. An unfavorable environment which will impact negatively on the group's operating margin in Europe in 2012, says Standard & Poor's.

Beyond the case of Fiat, "there is too much capacity" in Europe: "The only remedy I know of is to close plants," Judge Sergio Marchionne, the boss of Fiat and Chrysler. Only two manufacturers have broken this taboo: Fiat precisely, by closing a factory in Sicily, and Opel, curtailing its Antwerp plant.

But if the U.S. government encouraged their manufacturers to close plants during the crisis, European governments are unlike anything to protect jobs in an industry that employs more than 2 million people.

While only a few months of the presidential debate on the "Made in France" is central, PSA did not specify what would happen to its site of Aulnay after 2014, until which time production is ensured of the C3. Remains to be seen whether the band will make an announcement in the second half of 2012, as envisaged in an internal document of the summer of 2010.

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Renault continues its offensive on the niche of ultra-low cost. According to La Tribune, the manufacturer plans to build a car for the price shock of 2500 euros. Specifically, the newspaper said, citing economic "internal sources", a team Renault-Nissan has come into being on 1 January next year to develop all entry-level models of the group, and a platform an engine at a very low cost payday loans in 1 hour. This morning, the manufacturer confirmed to AFP that Detourbet Gerard, who led until the range low-cost Entry (Logan, Sandero, Duster) umbrella program.

Designed for emerging the poor, this car should allow Renault to boost sales as its traditional markets crumble. On the Old Continent, the debt crisis now weighs on sales of the group.

Gran Via, Saturday afternoon, thousands of Madrid overflowing sidewalks to rob the shops in the center. Plaza Santa Ana customers compete tables for a drink and some tapas … According to a recent survey, 68% of Spaniards say they are happy despite the economic depression. The Spanish crisis is a strange crisis. Five million unemployed, a growing debt to half-mast and the edge of the alert levels, but the fiesta continues. On the surface, anyway.

The costs of the crisis, in fact, are unevenly distributed. On the one hand, those who keep their job. Possibly concerned about the situation, their objective situation has changed little since the crisis began, three years ago. On the other, 21.5% of those unemployed, whose number is increasing. Poorly defended, forgotten unions, their suffering is silent.The bank is threatening to enter the apartment of the family, a three bedroom 45 m2 Carabanchel, a neighborhood south of Madrid online payday loans. "A desahucio" expulsion of more. In 2010, 100,000 Spanish families were evicted four times in 2007!

Caritas, the equivalent of Catholic Relief Services, published three years the results of the Observatory of social reality. The figures are more alarming each year than the previous year. Juan Jose Lopez, the research department of the NGO, said the number of persons received by Caritas has more than doubled since 2007: 950,000 people have knocked on the door of the association in 2010 against 400,000 three years ago. "The situation worsens and becomes chronic."

If the threat is executed, Alejandro is considering several options. "Yes I Can camp, but my mother is 60 years old.

Financial markets have returned to levels prior to the Europe Agreement. After the Greek Prime Minister George Papandreou announced a referendum by the Greek end of the year, the Cac 40 lost more than 9% over the last three sessions to fall below the 3100 points. Heads does one to a fourth consecutive session of decline? Probable: after opening on a technical rebound by nearly 2%, the Paris index off again down in the late morning. Halfway through, he advanced modestly from 0.30% to 3077.67 points.

In Asia, the Tokyo Stock Exchange fell by over 2% to 8640.42 points, while China's financial markets have now returned and rose slightly.

On the foreign exchange market, the euro regained some strength to climb 0.83% in late morning at 1.3775 dollars."More than a referendum Greek, what are the consequences of such a decision are disturbing, that the will of the populations of other European countries to express their disagreement through a referendum," said Laurent Berrebi, Chief Economist Groupama Asset Management on BFM Business payday loan online.

In addition, the Prime Minister, François Fillon, will hold talks in late morning with the leaders of banks on the implementation of decisions of the last EU summit and the financing of the economy.

Vigilance on banking stocks

On the corporate side, banking stocks should still hold the attention well after the Greek government has cast doubt on the effective starting date of the settlement of the crisis of sovereign debt area. In Paris, BNP Paribas is leading the CAC 40 (3.99%, to 29.70 euros).

Financial markets have returned to levels before Europe Agreement. After the Greek Prime Minister George Papandreou announced a referendum by the Greek end of the year, the Cac 40 lost more than 9% over the last three sessions to fall below the 3100 points. Heads does one to a fourth consecutive session of decline? Not so sure if we are to believe some positive signs tangible and despite a sharp decline in the Tokyo Stock Exchange over 2% to 8640.42 points, China's financial markets have now returned and grew slightly.

Moreover, after falling more than 3% over the last two sessions, the euro started from the front, going above the $ 1.37 mark at 1 paydayloans.3735 dollars (0.53 %).

Thus, the CAC 40 futures contract maturing in November rose 1.7% to 3120 points."The hopes are placed in a sign of further easing to come, to ensure that the U.S. economic recovery do not bow," said Jonathan Sudaria operator for Capital Spreads.

France and Germany asking for explanations in Athens

On Wednesday evening, the markets will be attentive to the scheduled meeting between Nicolas Sarkozy, Angela Merkel, George Papandreou and the IMF. A meeting which follows the approval last night by the Greek government for the holding by the end of a referendum on the European Agreement last Thursday.