World and National News

Findus is about to change hands. Three years after buying the French leader in frozen, its owner, Lion Capital, calls into sales. The investment fund, which has got hold of last year's Frozen Picard, is given two months to complete the transaction. He has hired investment bank Rothschild on this issue. Two candidates were nominated.

After writing last week in the management, staff representatives will be received Monday morning in Noisy-Le-Grand, at the headquarters of Findus France as part of a central works council (CEC) extraordinary. A representative from the shareholder will also be present. The sale of Findus would have to be formalized.

At Boulogne-sur-Mer, where the factory is located in the French group, employees are in shock. In late July, announced with great fanfare Findus have "saved" in extremis its plant relocation.Lion Capital had then committed $ 11 million in three years and create fifty jobs. This allowed to increase by 25% the production capacity of the plant, which manufactures the famous Croustibat breaded fish sticks.

Sales growth of 8% in 2011

At a time when the group is about to change hands, its French subsidiary has never paid as well. In early September, its chief executive, Matthew flaps, which took over in 2005 and recovered the activity, anticipated sales growth of 8% in 2011. Findus France, which is given five years to grow 50% this year should exceed the threshold of 200 million euros. The group, which launched eleven new products in September, also plans to invest the radius mellitus.

He also removed the last year of palm oil revenues apples hazelnuts and other breaded fish.The dynamism of the business, coupled with the withdrawal of Nestlé (Maggi) radius frozen, Findus allowed to steal first place in the Hexagon. The radius of the frozen ready meals, it is nonetheless the third, behind Maggi and Mary (LDC).

In France, Spain, Britain and Scandinavia, Findus is not his first change of ownership. In 2000, Nestlé had sold the specialist frozen Swedish EQT fund while retaining a portion of the business, now sold under the brand Maggi Frozen. Six years later, Findus was found in the bosom of another fund, Capvest. Lion Capital is offered it in 2008 by paying 1.2 billion euros. This allowed him to bench other funds, Permira and BC Partners, which could again review the case.

Alain Minc is an essayist and near the head of state.

LE FIGARO – The government Wednesday presented a series of measures to reduce the deficit. Austerity, winning all countries, no risk does not reduce growth?

Alain Minc – No, because we are in a new paradigm. The French were the first more concerned with issues of debt through employment. With the power budget, we can rebuild the confidence of economic agents: households are encouraged to thaw out their savings and consumption, business investment. It is manufactured and growth. Submit a budget that would encourage lax instead to save more and thus consume less.The triptych in a world crushed by the weight of the markets is, under budget, trust, growth.

What steps should be taken virtuous?

Personally, I hope a large extent: the 27 EU countries simultaneously increasing their two-point VAT rate. It would be readily absorbed and deficits would be reduced immediately. But it's not for today. Apart from that, we need to focus on controlling government spending. There is still some leeway in this area. But that will not help if we do not address local government spending. It will also examine the non-controlled welfare state, in other words, take action politically and technically difficult to better control health expenditure.This last point requires a long process.

How?

The government is against the wall on its forecast deficit of 4.6% of GDP in 2012, and will do anything to achieve it. But with regard to the defense of the AAA, it was France as a whole is forced to cope. This note is a "national treasure" co-owned by all the French. You need to have well aware that nine months of the presidential elections, the statements of the two main governing parties in France, right and left, are scrutinized by credit rating agencies. The left would be as responsible as the right to lower the note in the coming months if she is economically unsuitable proposals during the campaign.

But the "golden rule" will not be passed.

No, because the Socialist Party opposes it.It is very unfortunate: it is important to give the Constitutional Council the power to censor a budget law does not respect their commitments. The Socialists had better vote to commit to the "golden rule" by requiring counterparties to the government. This would have given them a "chastity belt" in case they win the election.

Are you in favor of a tax on high salaries?

There is a problem obviously symbolic. It is of course legitimate, in the present context, it takes effort – exceptional – the rich. This should take the path of a direct tax levied on high income of around 0.5% above 150,000 euros, rising to 4 or 5% over one million euros for example.But beyond a fiscal contribution, I regret that senior executives have increased their earnings in recent years and today signed manifestos calling for a higher taxation of high income! Their real responsibility is not to engage in excesses of the social contract of their own business. Also, I think we need to align the taxation of capital on that work payday loan lenders. It is not normal for the first shows a gap of 16% with the second (PIT + CSG).

The debt crisis in Europe is cause for concern?

Yes, more worrisome than the upheavals stock as a debt crisis can block overnight access to a State for financial markets and freezing its banking system. However, the ECB has a tool box to avoid it. By the way, we must remember that we are facing a debt crisis, not a euro crisis.I do not know what the crisis of an overvalued currency by 20%, as is the euro against the dollar. Objectively, fears about the financial strength of big countries (Italy, Spain) in the euro area do not make sense.

Yet fears about their health are strong cyclical.

Spasms current will of course impact on growth. Everything will depend on the duration of shocks and jolts coming. This impact could be on the order of 1% of global GDP. That said, we are in a situation radically different from the 2009 recession. You can not compare the balance sheets of banks in September 2008 to today, undoubtedly the best. Three years ago, they were packed with toxic assets.Today, traders are concerned to see them hold treasury Italian! You have to be stupid to believe that the right of a State such as Italy, able to tax a very large domestic savings, are as dangerous as subprime. Italy will never default because if Italy jumps, Germany, which is one of its major suppliers, and jumps as the global economy collapses. This will not take place.

Banks, especially French, you seem so strong enough to weather the storm?

Of course. The markets speculate on Societe Generale, thinking she might suffer from a default of Italy or Spain.But if these two countries are lacking, all banks in the world will fail: it would be blind to believe that a single major bank like Societe Generale, can fall without all its competitors plunge with it! That's why the world will never let down Italy and Spain. By the way, I do not understand the attitude of major European banks, which in times of crisis cut their credit lines to their colleagues believed to be the most fragile. The banks are all connected to each other and should instead show their solidarity.

Rating agencies are they guilty of the current situation?

The big banks and investors are primarily responsible for the weight gained by the three major rating agencies in the world.These financial institutions, for reasons of economy, have removed their analytical services, de facto subcontractor that activity for credit rating agencies. Basically, the only real complaint that can be sent to these agencies is that they do not know the note states – who do not notice as a business. Judge the soundness of a country requires a great culture of the local economic history. For example, the agencies never take into account the weight of the informal economy. But in a country like Italy for example, this economy is from 25 to 30% of GDP, which changes considerably the situation in terms of credit analysis. As the United States, they are the backbone of the global financial system. As such, they are above any notes!

So last night, Wall Street closed up, supported by good figures on private employment, and that Friday morning, Asian stock markets are displayed in green, in Europe, the trend is positive too. In Paris the CAC 40, which took 0.47% yesterday to close at 3979.96 points, titillates the 4000 points in early trade (0.47% to 3998.78 points), it reaches a threshold regularly but beyond which it fails to settle.

The European Central Bank (ECB), anxious to curb inflation, raised interest rates yesterday for the second time of the year and reported new turns of the screw to come despite intensifying debt crisis in the euro area. In the wake of this decision, the euro rose against the dollar before they resell them in the ground this morning (-0.14% to 1.4338 dollar), investors have built long the new monetary tightening.

The U.S. employment on the radar screen

Today is expected to 8:45 the monthly budget of the state in late May. But first, the Bank of France will deliver its business surveys in industry and market services in June.At noon will unveil the INSEE index of construction costs and commercial rents in the first quarter and oil prices and imported raw materials in June.

American side, we expect first unemployment figures and employment in June (1430) and then those of consumer credit in May (21 hours).

Supply: one and a half late for Renault

Renault (-0.01% to 40.47 euros) will produce its electric batteries in 2014, a year and a half behind its original schedule, another disappointment for the automobile manufacturer that makes the electric car the major axis of its future.

EDF (-0.60% to 27.18 euros) will invest 250 million euros in the Romanche valley, on the road to Alpe d'Huez to replace six old hydroelectric plants by a new underground structure , the largest hydroelectric project group in France.The rating agency Standard & Poor's said Thursday it fell one notch to "AA-" with stable outlook, the rating of the long-term debt of the EDF group, considering that the support of the French State group had increased.

Sanofi (0 cheapest personal loan rates.63% to 55.65 euros) Thursday announced the termination of a study on the use of Multaq in patients with permanent AF, where the most severe heart problems. In addition, Merck and Sanofi announced Thursday the appointment of Jean-Paul Kress as President of their European joint venture of Sanofi Pasteur MSD vaccines.

BNP Paribas (0.25% to 51.95 euros) is the last candidate in the running for the takeover of German bank IKB, but an agreement is not imminent, said Thursday a source close to the .

Gourgeon renewed at Air France-KLM

Air France-KLM (-1.09% to 10.41 euros).Pierre-Henri Gourgeon, renewable for four years as CEO of the company, said Thursday that the group had always announce its mega-aircraft order this summer and that Airbus and Boeing offered every other competitive products.In addition, the Franco-Dutch group announced a 2.9% increase in traffic in June and decreased 1.7 points to 82.1% of cooeffecient occupation.

The bank BNDES Brazilian public refuses to take sides in the battle between the French distribution group Carrefour and Casino (-1.22% to 65.82 euros) for control of the Brazilian distributor CBD-Pao de Acucar, said Director, Luiz Eduardo Melin.

The developer Kaufman & Broad (3.10% to 21.65 euros) confirmed predict a doubling of its annual results with the amlioration its gross margin and control of its operating costs and expenses Financial.

Given the green light Thursday by the shareholders of the transatlantic exchange operator NYSE Euronext to merge with Deutsche Börse marks a victory for its chief executive Duncan Niederauer, who has strongly defended the project since mid-February.

Chaumet (LVMH: 0.50% to 129.60 euros) has a good dynamics of sales and is now focusing on its watch business to increase its presence in the global market. Louis Vuitton has announced the acquisition of the studio of Swiss watch The Making of Time, for an undisclosed sum.

Seb (balance 74.77 euros) announced that it had been authorized by the Chinese authorities to raise its stake to 71.3% stake in Chinese Supor Group.

The blows rained down from all sides on Google. Friday, the U.S. competition has announced the opening of an investigation into the Internet group. Today was the turn of French society 1PlusV attack. Editor of topics such as search engines ejustice.fr, Google it assigns to the court of commerce of Paris to seek redress for damages caused by anticompetitive practices of the American giant. 1PlusV assesses his damages at 290 million euros, corresponding to the lost revenue (74 million) and potential revenue lost since the establishment of its business in 2007. The company also claims the publication of the disputed practices on the home page of the famous search engine.

"Unfair Competition"

This assignment in Paris in addition to two cases brought against Google by 1PlusV in Brussels.The first complaint, filed in February 2010, led the European Commission to investigate Google in November 2010. A few months later, in February 2011, filed a complaint 1PlusV further to extend the complaint to all of its search engines. It accuses two things at Google. First, the search engine "rigged" results in both favoring its own thematic search engines (called "vertical"), as in the book, video, maps, and feeding its index data Public collected without the consent of the site publishers business

Operation Seduction. For its 27th edition of the Cinema Festival, the National Federation of French cinema (FNCF) wants to give a "spotlight" on the cinema, in the words of Marc-Olivier Sebbag, its general secretary. He recalled that after a very good year in 2010 "where more than 206 million viewers" went to the cinemas, attendance was "very bad" at the beginning of the year. According to figures from the National Film Centre, it appears down 11% from January to May over the same period last year, to nearly 98 million entries.And "even if there was a catch-up from mid-May, since the decline reached 15% over the period from January to April," said Marc-Olivier Sebbag.

In this context, the Festival Theatre which offers sessions to 3 euros from June 25-July 1, is seen as a weapon of choice by professionals to attract new visitors to their rooms. Seen as a catalyst, the event is to allow "to start the movies until September," said the secretary general of FNCF. For "the film calls the film" Jean-Marie Dura abounds, general manager in charge of the network of UGC, which account 350 rooms in France. Clearly, the increase in attendance expected to help promote summer outings, and his battalion of blockbusters such as the latest installment in the Harry Potter saga.And to encourage a little more viewers to come back, UGC decided during the week to double the reward points offered for each session that can take advantage of free places to run.

No World Cup this year

In addition, Jean-Marie Dura setting the combination of early summer, coupled with a "weather appropriate" (or ideally, a time to pig!), For the edition to be profitable. Confident, he said that unlike last year, "the event does not fall in the middle of World Cup," considering that the football was then diverted most of the rooms moviegoers.

Programming side, nothing was left to chance, since movies for youth were clearly preferred.Are expected, among other things, the outputs of Kung Fu Panda 2 (with the voices of Angelina Jolie and Dustin Hoffman) and student Ducobu, a comedy by Philip Chauveron with comedian Elie Semoun-star, "who looks very strong, "says the director of UGC.

The "catching up" began

Marc-Olivier Sebbag, the bad beginning of the year can be explained by "an offer may be less important than last year." "The month of January was not good, take the example of the general secretary of the FNCF.But keep in mind at the same time last year, we had Avatar … "Knowing that the James Cameron blockbuster was paid for the luxury of breaking the record revenues of Titanic, having cashed in fact almost $ 1.9 billion worldwide, about 15 million admissions in France.

However, "Avatar should not forget that we had the same period a series of films that have 3 to 5 million tickets," insists Jean-Marie Dura. The Chief UGC cites Little White Lies (5.3 million admissions), Inception (4.9 million), or Toy Story 3 (4.3 million). According to him, the secret of a good year lies not in the success of one or two blockbusters, but rather "a large bouquet of films that are each their audience," said he. Now from this point of view, a "catching up" the beginning of the year dying "began in mid-May," he argues.And, thanks to movies like Fast and Furious 5, Thor, or the Family Pirates of the Caribbean 5. "Since January, we are more than 6% in admissions compared to last year," he says.

Similarly, the industry can count on the second installment of Harry Potter and the Deathly Hallows. Highly anticipated, the film has already attracted the enthusiasm of fans.On eBay, tickets to a preview screening at the Palais Omnisports de Paris-Bercy, in the presence of the film crew, are trading up 54 euro instead, more than double the original price (25 euros) .

Testimonials – What do you think of the film festival? More generally, are you satisfied with the film offers at the moment? Tell us about your experiences in the comments below or email temoin@lefigaro.fr.

ALSO READ:

"Record revenues for European cinemas in 2010

"Incidents in the cinema: an ordeal for relatives

"Fnac Allociné and engage in e-cinema ticket

It's official, the Express-Roularta group, which publishes the Express or read particular, actively considering the future expansion. At a general meeting held Friday, the society of editors of the monthly economic confirmed to all employees of the group that many assumptions were being considered for this newspaper, whose circulation has declined in France paid 2010 from 6.5% to 140,311 copies, according to OJD.

"Nothing has been decided yet but what is certain is the group's desire to stem losses by reducing payroll," says one union source.Among the possible scenarios, which will decide the future of 32 employees: turning the magazine supplement of The Express, all journalists bring economic group in a cross-pole working for several reasons, pass on a quarterly basis by a high-end magazine, or sell.

Expansion employees are under pressure last year. The erosion of sales of the title is yet online, or below, from that observed in the overall economic magazines, down 7.3% last year, according to OJD.

Confidence motion

Magazines such as the monthly Capital (Prisma) or the weekly Challenges (group Le Nouvel Observateur) have seen their circulation decline of France paid 7% and 8% business card.But operating losses accumulated by L'Expansion – 12.3 million euros in five years, including 2.4 million in 2010 – and the failure of the new format of the magazine launched in April 2010 have alerted the newspaper's owner, the Belgian group Roularta Media. A social movement last year and passing a motion of no confidence against the leadership of the group, on May 18, have apparently he finished to convince to make a new crop, it more drastically.

Corinne Pitavy, the CEO of Groupe Express-Roularta and Christophe Barbier and Eric Matton, who co-leading the pole mass media, have sent their proposals to Rik de Nolf, president of Roularta Media Group and its main shareholder. June 24, during a council, an expert should be appointed to audit the financial situation of the newspaper, right after the warning issued by staff representatives in late May.

The player has to use default in the articles of figaro payday loan.fr. maj3

The days are not alike at the Paris Bourse. In the wake of a rise of 1.63%, amid relief on the Greek case, the CAC 40 has canceled much of its gains on Tuesday. The Paris stock index was down 1.05% at 3964.81 points.

U.S.: Manufacturing activity slowed and job creation disappointing

Investors were disappointed by the indicators on employment and growth in the United States.The employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Construction spending rose 0.4% in the U.S. in April, according to a Commerce Department estimate released Wednesday in Washington, and contrary to that of analysts who had forecast a decline of this indicator.

Manufacturing activity has slowed markedly in the United States in May, according to the index of purchasing managers released Wednesday by the industry trade association and ISM fell to 53.5%.

The industrial sector in the euro area slows

In France, the unemployment rate fell slightly in the first quarter of 2011, to 9.2% of the workforce in France (9.7% overseas departments included), down 0.1 points compared revised figure for the fourth quarter of 2010, INSEE announced Wednesday.

Moreover, the PMI industry is back to 54.9 after 57.5 in April. The growth in output and new orders fell in May to their lowest levels since seven and ten months, says Mark.

In Germany, the final manufacturing PMI rose to 57.7 in May against 58.2 in the flash estimate and 62.0 in April, its lowest level since October 2010. The price index of inputs had also its biggest drop since November 2008, to 70.5 in May (71.2 in flash estimate), after 80.3 in April.

Overall, the signs of decline observed in industrial production in the peripheral countries of the eurozone weighed on its manufacturing growth in May, show the final results of the survey Markit.The Markit PMI manufacturing index for the euro area stood at 54.6 in May, after a flash estimate of 54.8, against 58.0 in the month of April, its lowest level since October.

As for currencies, the euro still progressing against the greenback on Wednesday, but remained confined in 1.4450 dollar. Late afternoon in Paris, the European single currency was worth 1.4445 dollars against 1.4397 dollars late Tuesday. For his part, a barrel of oil lost 0.76% to 101.92 dollars.

Operators abused

Axa: 1.45% to 15.05 euros

The group, which has detailed a plan Wednesday to strategic investors, will sell its Canadian subsidiary to Intact Financial.

Peugeot: -0.83% to 29.16 euros, Renault: -0.84% ​​to 39.09 euros

Registrations of new cars rose 6.2% in MayRenault saw its registrations tumbled 18.2% as reported, while PSA Peugeot Citroen, for its part, showed an increase in registrations of +12.5% ​​compared to May 2010.

Schneider Electric: -1.22% to 113.20 euros

The group announced Wednesday a takeover bid of $ 2 billion (1.4 billion euros) to Telvent, a specialist in systems for managing energy infrastructure, water and transport.

France Telecom: -1.51% to 15.66 euros, Bouygues: -0.95% to 31.79 euros, Vivendi: -0.59% to 19.28 euros

The mobile phone is possibly carcinogenic but no formal proof establishes the link between mobile use and brain tumors, cancer specialists have said Tuesday the World Health Organization (WHO).

Arkema: -2.23% to 74.47 euros

The group will enter the CAC Next 20, the antechamber of the CAC 40, and CNP Assurances will be withdrawn with effect from 20 June, the Council decided on scientific evidence of NYSE Euronext Paris. In a statement, Arkema said that NYSE Euronext enters the CAC 60 and the Large NOC is withdrawn. The reverse operation is performed for the CAC Mid 60.

Neopost: -1.72% to 61.15 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Theolia: 6.11% to 1.39 euros

The group announced Wednesday it had signed an MoU with the National Electricity Morocco (ONE) to develop and implement an entire fleet of 300 megawatts (MW) in Tetouan near Tangier.

Lagardère: +0.11% at 28.41 euros

The group has completed the bulk of the sale of its international magazine to Hearst, which should have a negative impact of EUR 35 million on operating profit of Lagardere Media for 2011. These disposals will impact is the objective announced in March a growth of around 10% of its 2011 operating profit at constant exchange media, which included the magazine internationally.

Neopost: -1.72% to 61.15 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Belvedere: -1.72% to 61.30 euros

The CEO challenge the fines against him required by the representative of the college's Financial Markets Authority (AMF).

The markets took fright on Friday night after a new European cacophony. Greece had threatened to leave the euro in discussions with the European Commission, reports the website of German magazine Der Spiegel quoted a government source in Berlin. The major European capitals have refuted this information.

"These items are a challenge, undermine the effort of Greece and the euro and serve speculative games," said the Greek finance ministry said in a statement. "The assumption of an outflow of Greece to the euro area is completely fanciful", has also assured Bercy.

Despite denials by the French, German and Greek, the single currency accelerated its decline against the dollar. Friday night shortly after 19:30, the euro lost nearly 1% to 1.4381 dollar. Rumor sign a new stage, and this information is disturbing.It is not surprising that the euro will weaken, "said one analyst at a U.S. bank.

Meeting in Luxembourg

An emergency meeting was held between some finance ministers from the eurozone guaranteed approval cash loans. The president of the Eurogroup Jean-Claude Juncker, has denied that a meeting devoted exclusively to Greece took place. Still, according to Reuters, the German Finance Minister Wolfgang Schäuble and his Minister Jörg Assmussen are in Luxembourg for a meeting. These discussions would focus on topics such as Portugal, Greece or the succession to the head of the European Central Bank (ECB), but "nothing more," said a source in the euro area to the agency Press.

Contradictory statements agitate the euro area in recent weeks about a possible debt restructuring Greek.Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring is "the only way forward so that Greece is a little relieved and creditors that help to solve the Greek problem." The ECB president Jean-Claude Trichet, for his part flatly denied Thursday that event.

Sunday, many children will go to the Easter egg hunt. A religious symbol, synonymous with abundance and renewal, but also an opportunity to enjoy chocolate in all its forms. "Easter is the traditional appointment with the French chocolatiers. The values ​​of sharing and conviviality carried by the support chocolate consumption during the festive periods, "explains Florence Pradier, general secretary of the union of chocolate.

So last year, purchases of other chickens and rabbits chocolate rose by 3.87% over the same period of 2009. In total, 13,400 tons were tasted in France to mark the Easter weekend, an average of 223 grams per person. At the sales charts, eggs, large or small, still occupy the top of the podium, even though dinosaurs or dolphins have appeared in the windows of chocolate."The large eggs or small eggs filled chocolates, milk and black are the most requested," said Arnaud Tavares, manager of the store of the Marquise de Sevigne in Paris' sixteenth arrondissement.

A distribution channel with bakeries and pastry shops account for 15% of chocolate sales in France as against 85% in supermarkets. "For us, Easter is the strongest period of the year before Christmas," Sophie adds, director of the Museum of Chocolate in Strasbourg, where traditionally it is the Rabbits and hares are popular. Taking into account the Christmas sales, which are chewed 33,800 tons of chocolate, these two periods of the year totaled more than 12% of annual sales of chocolate from France.

The price of cocoa beans has doubled in two years

"During holidays, the French are more likely to eat chocolate with an increase of 600 tons sold at Easter and Christmas 2010, the two highlights traditional chocolate consumption," says Florence Pradier. With 6.3 kg per capita in 2010, 378,000 tons, France is the 5th-largest consumer of chocolate behind Germany (11.3 kg), the European leader, and the United Kingdom (10.9 kg), his heir apparent.

In the kingdom of His Majesty, the Gauls are distinguished particularly because they are much more dark chocolate lovers as the rest of the British. The fans see it as the "only real" chocolate. In fact, dark chocolate is 30% of consumption in France, against 5% in other EU countries.During the year, the shelves are especially popular with just under a third of sales, ahead of sweets, appetizers, and other rocks, totaling a quarter of sales. The rest is divided between the spreads (19%), cocoa powder (15%) and chocolate bars (11%).

However, doubling the price of cocoa beans in two years following the civil war in Ivory Coast that supply 40% of the world, has curbed the appetite of the French. The shelf price of which is the benchmark rose 10% in two years. Result: chocolate sales on the single period of 2010 decreased by 2.9%. The question is how the market will evolve after the lull in Abidjan. Difficult to read in the dregs of cocoa!

ALSO READ:

»COMPUTER GRAPHICS – The fate of the chocolate market crisis